Member Info for DelBoi

Big congratulations to Alan, Ståle and all involved. Fantastic result.

No problem 1cagney, I trust the information that I have been told on this, coming direct from the company. We can agree to disagree. It’s gonna be announced shortly anyway I’d image.

Certainly agree with you on the green element Ps. As far as financing, the reality is, service companies are now more then even being forced to evolve. The pipeline of greenfield projects being brought forward by majors is dwindling, even nonexistent. When you consider the scale of BR, this proposal will look very attractive to service companies willing to accept some risk in return for a share Equity and ultimately free cash flows. We know BR could produce 100k bopd in time. Financing won’t be an issue imo, particularly when using a phased Dev framework with fixed costs. I’m familiar with the risk profile of some of these companies and their appetite to move into this space. I have no doubt the companies involved will silence some on this board.

1cagnay. The majority of the North Sea is a sweet waxy crude, at atmospheric temperature, unrefined its actually solid. Like holding a brown, light, flexible piece of clay. Happy to show you some pictures if needed. (Worth Googling) Platform Shutdown periods cater for the maintenance process in involved, pigging pipe etc. Heated pipes is now very common in the North Sea, a specialty of Subsea 7. Worth remembering, This is what the the consortium members do day in day out. Very technical.

- google subsea well heads and Christmas trees, manifolds, umbilicals. That will give you a flavour.

No conspiracies, It’s pretty straight forward PVR can’t use a listed companies name/brand to promote its position/ SP without permission. Does that really surprise you? These are massive multi national corporate companies, google a few from my lis as an example. SpotOn is a private company so can be discreet, PVR can’t.

Ps I’ve worked in the North Sea, as a subsea engineer with various super majors and more recently with Aker Solutions. The dept of knowledge here in the reservoir quality, permeability, darcy and pressure is of a very high standard. Also worth considering the reprocessed 2018 , 3D seismic. No surprises here imo

Not to be pedantic, but Equinor won’t be part of the consortium. The reason being, the consortium is made up of blue chip world class service providers. Not super major oil companies.

My guess would be some of these...
halliburton
schlumberger
Aker Solutions
Baker Hughes
transocean
One Subsea
Subsea 7

These are the guys who, design manufacture and implement every aspect of what it takes to bring an oil field into production. Shell, Exxon, Chevron, Statoil Etc..all rely on the likes of these companies for their expertise.

We are in effect skipping the middle man using this very unique approach...this could be what the future of field development looks like. Strap in.

1cagney, I wouldn’t say wishful thinking, It’s all in the AGM slide pack. The “Focus and Priority” slide is particularly interesting.

http://www.providenceresources.com/sites/default/files/july_20_agm_presentation_2019_and_operational_update.pdf

As if life isn’t sad enough we get to watch a melt down in humanity on this BB.

Couple of nuggets from the AGM.
-Exola Dac now includes all our assets.
-Alan mentioned the potential to develop the wider assets in a phased manor utilising BR as a hub.
-Potentially PVR/SpotOn taking a more aggressive approach to developing BR...are they looking at early production?
- On that bases, we know SpotOn have access to a Norwegian export debt facility.
-Blue chip partners
-Already looking at rigs
- “We could drill two wells tomorrow if we wanted”

Alan demonstrated a very strong understanding of the BR reservoir, I would argue that these guys further along then we think.

GLA- 15p first target.

For the avoidance of doubt LW, I got this from PVR this evening.

“The infrastructure ban focussed upon LNG. Barryroe is an existing licence and these are exempt from the ban on gas exploration and infrastructure. The government
Policy wording covering our situation is quoted in the recently issued annual report. Best regards. “

Personally, I think this actually puts more importance on Barryroe now.

It has no baring on Barryroe LW. And ultimately BR will be developed using an FPSO.

I will say it again. This won’t come as a surprise to most, but Barryroe is completely ring fenced from the exploration permit debate. Why? Because it’s appraisal. All the regulations and permits are in place to bring Barryroe through to production. Potentially even early production. The money warning given last year was a reflection of that.

Move on with your lives, your only tormenting yourself, it’s embarrassing.

“SpotOn Energy, a Norwegian consortium, and a preferred Barryroe farm-in candidate, subscribed £300,000 to the funding and have been offered a period of exclusivity until 31 October 2020 to assess the potential of the Barryroe field and to agree farm-in terms. SpotOn Energy also agreed to invest a further £200,000 for Providence shares within six weeks of the date of the of the announcement of the conditional placing and these funds were subsequently received. Providence and SpotOn Energy are now fully engaged in assessing the field appraisal and development plan, and in developing the partnership arrangements which will be required to conclude and implement a successful farm-in.”

I don’t disagree, previous management were completely reckless, destroying SH value.
I’m not here to argue that or the farce that was APEC. If you sold up, why torment yourself watching a company that’s now under new management bring the only one PVR asset of actual value to production?

Institutional investors back Alan Lynn.
SpotOn invested £500k - fact.
-Site survey permit
-Consortium members announcement
-Exclusivity
-Formal Farm Out agreement
-Site survey
-Drill plan and target location
-Drill Permitting process
- Operational update - commencement of appraisal.
- Early production / production planning
- $50-$60 oil*
- CPR and 2P reserves update

15p - 20p +

In 12 to 18 months IMO That’s why I’m here!

This won’t come as a surprise to most, but Barryroe is completely ring fenced from the exploration permit debate. Why? Because it’s appraisal. All the regulations and permits are in place to bring Barryroe through to production. Potentially even early production. The money warning given last year was a reflection of that.

Move on with your lives, your only tormenting yourself, it’s pretty embarrassing.

Good thread posted on Twitter

https://twitter.com/aim_bagger/status/1269191431668879362?s=21

https://twitter.com/javierblas/status/1269641502935912448?s=21

Looks like we might be seeing $50 crude sooner than expected.

100% focus on Barryroe now, exactly where it should be IMO. Results clear now, ready for the next piece of news.

Article from The Currency.

So, who are SpotOn? “SpotOn Energy is a vehicle. Part of their business model involves taking advantage of the Norwegian export credit facility which they can do as Norwegians. But they have got to have an overseas company which is buying Norwegian goods for export in order to avail of that facility. SpotOn is sort of a vehicle that has been set up to allow them to do that,” Linn says.

I ask Linn how close they are to being ready to go. “They’ve got most of it already in place actually. But what they will do now is customise it for Barryroe, they will bring in a consortium of service companies that they have worked with before and do work with now in many cases.”

“They will contract into this consortium so there will be a full contractual relationship. They will then work together with us to appraise and develop the Barryroe fields. Assuming that we get to final terms and come up with an agreement then fundamentally we will be doing a farm out of the Barryroe equity. SpotOn will farm in. It will be conventional in that respect. And SpotOn will eventually be – a large proportion – owned by the consortium.”

JH “ SpotOn Energy is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development, working with a consortium of world leading services providers to deliver development projects. The SpotOn Energy team has extensive experience designing and constructing semi-submersible drilling rigs for North Sea deployment and also in the design, development and asset integrity management of offshore facilities.”

The picture is starting to become a bit clearer now, Alan has done a fantastic job engaging with these Norwegians, a really impressive team now forged. Hard not to feel excited about the next stages of this development. And with Spoton now invested in PVR you’d think the terms of any agreement will be mutually beneficial.

No inside information shared , just a casual chat about SpotOn Energy, who they are, their access to funding and the potential they see in Barryroe. I also followed up on some of the points discussed in the article from the currency.
Very experienced background staff, Ex BP, Shell, Aker Solutions, Baker Hughes and Schlumberger.