Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
AJED, There will be other posters that can confirm my credibility. Number at the bottom of the Spoton website. I Spoke to Ståle Fjelland at 17:35 !
I spoke with the CEO of SpotOn Energy group yesterday evening. He confirmed the £200k will be with PVR this week, also sounds like the consortium is now established. Lots going on including separate projects in the UK North Sea. Glad to have these guys on board and I get the feeling the consortium partners will surprise the market. GLA
Also worth noting from the article is that SpotOn is UK based so that it is able to finance the project through the Export Credit Norway scheme. This will be the primary source of finance.
Check out https://www.eksportkreditt.no/en/
https://www.eksportkreditt.no/en/case/billion-kroner-australian-contract-for-onesubsea/
Given the background here I can completely understand why ppl are dubious. But this isn’t some shady Chinese outfit with no industry experience. These Norwegians are subsea specialists, and with respect to Barryroe this is operationally low risk development.
I feel it would be wise to look at this in context of the oil and gas service industry, it’s currently suffering one of the lowest project activity rates of all time. Literally no new business coming in, international service companies such as Aker Solutions would view Barryroe as a huge opportunity to fill capacity, deferring payment in exchange for a share of the field, a model that’s already been introduced by Aker.
It’s the perfect environment for this type of deal, the price of oil has started to recover and IMO will likely be $50bbl + in 18 months.
It’s worth Noting that the image of the subsea system on the SpotOn Energy website is of the Jetta Field. Operated by Aker BP .I suspect the BR field will be developed in a similar low cost, phased, subsea fashion.
https://www.offshore-technology.com/projects/jette-field-north-sea/
Interestingly, from their LinkedIn profiles the SpotOn management held senior roles in Aker Solutions and BP.
Its worth checking out the LinkedIn profile of both Ståle Fjelland and Alec Svendsen.
Extract from the Currency.
I ask Fjelland who the backers are. “We will say that when we have all our formalities in order. We have an agreement with them, but we need to transfer that agreement across to Barryroe basically. We would like to have that signed before we go on [and name the members of the consortium],” he says.
Fjelland said SpotOn had already successfully tested its model on a project in Britain. He also said it was working with Pareto Securities, a respected Oslo headquartered investment bank with 500 employees that specialises in financing oil and exploration as well as shipping.
“We will use Pareto for any additional cash we may need in the market not covered by the consortium,” Fjelland said. He said he would be happy to discuss the members of the consortium when “every nitty gritty is signed off.”
Fjelland said he had looked at Barryroe previously in 2015. “At that time, it was not really ready,” he said. “What we are looking for is a field ready to be developed. We consider Barryroe to be now ready to be developed.”
“There needs to be some appraisal wells, of course. Some work needs to be done, but it is close enough for us to be interested and big enough for sure.”
Tom Lyons (TL): Tell me about your own experience. You have worked in the exploration industry for over 30 years…
Ståle Fjelland (SF): It is closer to 40 years! Myself and Alec and my team have 30 to 40 years of experience. Alec who will be the future CEO, he has 40 years’ experience internationally mainly with BP at a very high management level. For the rest of us, we have built offshore units to Norwegian and UK safety standards, so we have a lot of experience.
TL: Who is Alec?
SF: Alec Svendsen. Alec is Norwegian with a British passport. His mother tongue is English but he is Norwegian in his heart even if his first language is British. A strange combination!
TL: Clearly you see this as an opportunity. Is it also an opportunity for Ireland which is facing a likely recession?
SF: Just forget about the present economic situation for the moment. This is big. Our team looks at this as an opportunity for Ireland for sure.
“We don’t think we have to be on defence mode or hide ourselves from the general public”
Nothing in this game is a home run Ranger, and I certainly wouldn’t be running to production companies straddling breakeven atm. A rare few look attractive.
However in the context of the environment we are currently living in, Barryroe will provide rural jobs, economic stability and energy security at a time when the country is deep in recession with huge debt amounted as a result of C-19.
“Natural Gas is now providing over 71% of electricity in Ireland.... this offshore Irish, non-fracked, non nuclear resource is keeping the lights on in a time of crisis.” IOO
In line with that, Ireland has the necessary infrastructure in place to implement a Carbon Capture and Storage solution to reach its climate emission targets and a skilled and educated workforce to enable it.
The Greens have to make the numbers stack up now! GLA
The irony is Mamms that all these electric cars, are and will be powered by nuclear, and coal or gas fired power stations. And the components, dash, tyres, panelling and seating all made from oil derivatives. But we can pretend that solar and wind will power the future, smoke and mirrors.
Also I was in contact with PVR, the expected schedule for SpotOn investment of a further £200k is this week.
I hope people recognise that the thesis for investing in PVR has dramatically changed. New management, new strategy, new office, less overheads and focus on low risk appraisal and development. This is in effect a new business with Barryroa sitting where it always should have been, front row central.
Alan Linn has nothing to prove, his experience speaks for itself, he’s actually found oil, appraised it, brought into development and onto production (multiple occasions).
The future is bright here IMO and I hope LTH get the chance to claw back what they deserve. GLA
PS, certainly even 25% retention would be a win in this environment IMO. In signing a farm out it triggers the process of turning 2C resources into 2P reserves, the SP will inevitably play catch up. By any metric even when you include the warrants, which have the added advantage of bringing cash into the business, this looks cheap.
Plus the 346mmboe 2C only accounts for 3 of the 5 formations, with further potential in the Jurassic - That’s where the smaller Helvick discovery was made, flowing at 8000bopd a few km away.
Potentially 1.6 billion bbls in place !
Naturally there are always risks, but under Alan, this imo now has the best possible shot at getting developed.
So PVRs share of Barryroe = 346mmboe 2C Resources. Currently valued at 0.08usd
To put that in context, North Sea 2C Resources sell between $2 & $3 and 2P resources sell between $6 & $7.
Assuming PVR retain 40% = 138mmboe 2C
That values PVR share currently at 0.20usd
Huge upside from here x 10 bags = $2
This does not include the deeper Jurassic play !
“We are actively engaged with SpotOn Energy discussing both technically and commercial arrangements and expect to be able to provide shareholders with regular updates on progress. “
Oil at the bottom of its cycle but now starting to turn upwards. PVR are perfectly poised to take advantage in this low cost environment. Timing literally couldn’t be better. Quite likely Brent will be trading up at $60 in 12 months time and I’m expecting this to be trading closer to 8p before long, very little shares available on the offer over the past few days.
Great stuff, that’s Barryroe ring-fenced for development so( all going well) Expected the greens would have looked for more, no complaints here tho.
Agree Battle, and once these Norwegian service companies are announced the rerate begins imo.
Hi Longwait.
I recently tagged LOGP and PVR in this tweet from Irish Offshore operator’s Ireland. If you click through with and msg me I’d be happy to share. I will also be starting a research group on BR shortly, we have lots of great info being shared in the Logp group too.
https://twitter.com/delboiaim/status/1252329506804817920?s=21
In the meantime have a look at the incoming SpotEnergy CEO.
https://no.linkedin.com/in/alecpsvendsen
Ranger I hope you do shake a few more out with that narrative, I want another 2m of these sub 2p.
What’s the next catalyst here, my view is we will get an announcement on who makes up the Norwegian consortium around the end of this month. SpotOn Energy will potentially subscribe for a further £200k at market price, I believe this will come in tandem with the consortium partner. RNS states “ Within 6 weeks” so that the 20th of may at the latest.
With SpotOn Energy then holding £500k of stock in PVR one would think it’s in there best interest to make the commercial terms favourable.
I’ve identified what projects the SpotOn energy management have previously been involved with. One in particular was one of the largest North Sea projects of recent times.
Won’t bother sharing research here, DM me if your interested. GLA
PVR is a completely different animal under Alan, I took the time to speak to him on 3 separate occasions so far, once he actually took the time to call me. Skeptics calling this a scam questioning his integrating need to do a bit more research. He’s got nothing to hide and his track record is flawless. After 30+ years in the game you think this guy is floundering around with circa £12m Mcap company with no potential? Seriously. Got my lowest buy in at 1.14p and more last week at 1.75p, couldn’t get into the fund raise as it was filled in a couple of hours, 90% institutions I’m told. If your gonna take the time to trash the company publicly due to previous managements failures, I suggest you give new management a call. I’m confident on where this is going...GLA.
https://www.thecurrency.news/articles/14502/reviving-providence-resources-we-consider-barryroe-to-be-now-ready-to-be-developed
Well worth the €5. Should silence a few here.