Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Petrel preliminary results follow offshore licence awards ‘The challenges are big, but so too the potential prize’ HTTP://www.irishtimes.com/business/energy-and-resources/petrel-preliminary-results-follow-offshore-licence-awards-1.2697976
UK exploration firm Europa Oil and Gas is sitting on an estimated four billion barrels of oil equivalent and 1.5 trillion cubic feet of gas in Irish waters. http://www.irishexaminer.com/business/uk-oil-firm-europa-oil-and-gas-declares-4bn-barrels-in-irish-waters-403956.html
LO 16/24 is located in a strategic sector of the Porcupine Basin close to the known hydrocarbon discoveries of Burren (Lower Cretaceous), Spanish Point (Jurassic) and Connemara (Jurassic). There are few emerging exploration areas with so many potential plays as the Porcupine - an under-explored basin with up to 10km of sediment. The recent major discoveries in the Flemish Pass basin, offshore eastern Canada, have re-focussed industry attention on the Upper Jurassic, particularly in South Porcupine, while along the basin margins the exciting potential in the Lower Cretaceous, prolific in West Africa, also remains undrilled. LO 16/24 has potential for both Jurassic and Lower Cretaceous prospects. Petrel's technical experts' interpretation of legacy traditional 2D seismic data indicated Lower Cretaceous 'pinch-out plays' in the southern section of the acreage, with the potential for up to 310 million barrels of oil equivalent gross mean un-risked indicative resources. Separate Apto-Albian plays in the northern section of the acreage awarded also have considerable potential, but need reprocessing and reinterpretation of the expanded seismic data set to give estimates with greater confidence. Licensing Option 16/25 is in the Eastern Porcupine Basin, closer to shore, and encompasses 260 sq. km of the entirety of Block 45/27. Block 45/27 lies within an embayment on the eastern margin of the Porcupine Basin. Sediment was fed into this area in Lower Cretaceous time from the Celtic Platform to the east, and particularly from the adjacent Túr Igneous Centre. The principal play, so far identified, is for up-dip pinch-out of Lower Cretaceous units against the basin margin. Interpretation of legacy 2D seismic data indicates potential for closure at these levels within the block. It is premature to estimate recoverable volumes but the strength of competing bids and companies operating on similar acreage nearby highlights the prospectivity of this part of the Porcupine. This area is covered by the 3D seismic programme acquired by Kosmos Energy in 2013. Petrel has bid and agreed a work programme on each Licensing Option. This includes the purchase of additional seismic data (not already in Petrel's database), after which we will reprocess and re-interpret the enlarged dataset. Following the completion of this work programme, Petrel will have the option to apply to convert each LO into a full Frontier Exploration Licence (FEL). David Horgan, Petrel Director, commented, "The resounding success of the 2015 Bid Round has transformed the Irish Atlantic, and especially the Porcupine Basin. When we first applied for acreage in 2011 it was a lonely path. Financial markets were sceptical and the industry unconvinced. We have persisted with our work on and evangelising of the Porcupine Basin." "There were three discoveries in the Porcupine Basin in the period 1978-1981, of which the Spanish Point discovery is due to be re-drilled
Oil, Gas Roundup Source: SMW Petrel Resources' (LON:PET) shares soared after it was awarded two new licensing options in the Porcupine Basin, offshore Ireland, as part of phase 2 of the 2015 Atlantic Ireland round. The award to Petrel Resources is in two separate licence pptions: the north-western Porcupine Licence Option abuts the Conamara oil-field found by BP in 1983, and includes Block 35/01 and the available portion of Block 35/02, which are immediately to the west of the Conamara oil-field. This licence also includes Block 26/26 and the available portion of Block 26/27, immediately to the north-west of the Conamara oil-field, with similar structures identified. The second licence option in the Eastern Porcupine includes the entirety of Block 45/27, which has been covered by a 3D seismic programme in 2013. This area was sought-after and abuts acreage awarded after aggressive work programme bids by larger companies. The Department of Natural Resources will shortly publish a map showing the blocks awarded and the companies obtaining the awards. Petrel has a 100% interest in the two-year Licensing Options. Following the completion of a work programme, Petrel has the option to apply to convert the licences into Frontier Exploration Licences (FELs). Petrel director David Horgan said: "We are delighted with the award of these Licensing Options, particularly given the strength of competing bids. The quality of our new acreage is shown by the participation of larger companies in the round, and the aggressive work programmes they bid. "The resounding success of the 2015 Bid Round is a credit to the authorities and to companies involved in marketing the Porcupine Basin's potential - as well as the transformative discoveries in Canada's Flemish Pass, which the industry believes to be a geological twin for the Porcupine Basin. "These awards are an endorsement of the strong technical work of Petrel that supported our bids. Major and mid-cap oil companies have also taken acreage, which validates our long standing belief that the Porcupine Basin is underexplored and has reserve potential. This licensing round's success shows that the Porcupine Basin is becoming an international exploration hot-spot. We expect to further grow our Porcupine Basin presence in the future." * * * HTTP://shares.telegraph.co.uk/news/article.php?id=5354408&epic=PET
3rd June 2016 Petrel Resources plc ("Petrel" or "the Company") Award of Offshore Ireland Licences Petrel Resources plc (AIM: PET), the AIM listed oil and gas exploration company, is delighted to announce that it has been awarded two new Licensing Options (the 'LOs') in the Porcupine Basin, offshore Ireland, as part of phase 2 of the 2015 Atlantic Ireland round. This follows the announcement on 3rd June 2016 by the Irish Minister of State for Natural Resources, Mr. Seán Kyne. The award to Petrel Resources plc is in two separate Licence Options: the north-western Porcupine Licence Option abuts the Conamara oil-field found by BP in 1983, and includes Block 35/01 and the available portion of Block 35/02, which are immediately to the west of the Conamara oil-field. This licence also includes Block 26/26 and the available portion of Block 26/27, immediately to the north-west of the Conamara oil-field, with similar structures identified. The second Licence Option in the Eastern Porcupine includes the entirety of Block 45/27, which has been covered by a 3D seismic programme in 2013. This area was sought-after and abuts acreage awarded after aggressive work programme bids by larger companies. The Department of Natural Resources will shortly publish a map showing the blocks awarded and the companies obtaining the awards. Petrel has a 100% interest in the two-year Licensing Options. Following the completion of a work programme, Petrel has the option to apply to convert the licences into Frontier Exploration Licences (FELs). In preparing its applications, Petrel's strategy was to seek prospective acreage, in reasonable depth water, close to existing discoveries. Petrel applied for northern and eastern areas of the Porcupine Basin with geological potential. This approach has been vindicated by the two awards, overcoming competitive bids. Our work programme includes the purchase, reprocessing and reinterpretation of historic seismic and other data that is not already in the Petrel database, as well as the application of innovative exploration techniques. David Horgan, Petrel Director, commented, "We are delighted with the award of these Licensing Options, particularly given the strength of competing bids. The quality of our new acreage is shown by the participation of larger companies in the round, and the aggressive work programmes they bid." "The resounding success of the 2015 Bid Round is a credit to the authorities and to companies involved in marketing the Porcupine Basin's potential - as well as the transformative discoveries in Canada's Flemish Pass, which the industry believes to be a geological twin for the Porcupine Basin." "These awards are an endorsement of the strong technical work of Petrel that supported our bids. Major and mid-cap oil companies have also taken acreage, which validates our long standing belief that the Porcupine Basin is underexplored and h
The Irish Atlantic Margin Licensing Round has been awarded, even to PET! This was announced just shortly. K 2015 Atlantic Margin Oil and Gas Exploration Licensing Round - Phase 2 Awards ​ 3rd June 2016 Seán Kyne T.D., Minister of State for Natural Resources, today announced the offer of 14 new Licensing Options in the Irish offshore following the conclusion of the 2015 Atlantic Margin Licensing Round. These awards are the second phase of awards under the Licensing Round and follow on from the first phase of awards which were made in February of this year. A total of 28 new Licensing Options have now been awarded under the 2015 Licensing Round. The companies awarded Licensing Options will carry out work programmes that will deepen understanding of the petroleum potential of Ireland's offshore. Minister Kyne said, "The industry response to the 2015 Round has been very positive, with a total of 43 applications for Licensing Options received by the deadline last September. The response to the 2015 Atlantic Margin Licensing Round is by far the largest number of applications received in any licensing round held in the Irish offshore. At a time of very low oil prices, the strong interest in the Round is very positive" He added that, "Industry's response to the Round demonstrates the perceived positive prospectivity of Ireland's offshore and highlights confidence in the Irish regulatory process and the ability of industry to do business in Ireland." The offer of awards involves eleven companies, AzEire Petroleum, Capricorn Ireland, Europa Oil and Gas, Faroe Petroleum, Petrel Resources, Predator Oil and Gas, Providence Resources, Ratio Petroleum and Scotia Oil and Gas, all as Operators, along with Theseus who will partner Predator, and Sosina Exploration who will partner Providence. This brings the 2015 Atlantic Margin Licensing Round to a successful close. ENDS Note for editors: Fourteen Licensing Options are being offered in the second phase of awards as follows: AzEire – 2 Capricorn – 1 Europa – 4 Faroe – 1 Petrel – 2 Predator with Theseus as partner – 1 Providence with Sosina as partner – 1 Ratio - 1 Scotia - 1 In February of this year, fourteen Licensing Options were offered in the first phase of awards as follows: Eni with BP as partner – 1 Europa – 1 ExxonMobil with Statoil as partner – 2 Nexen – 4 Scotia – 1 Statoil with ExxonMobil as partner – 4 Woodside - 1
There was a lot of excitement in the papers some years ago regarding the potential Falkland Islands oil fields & this is starting up again. Read the article bellow. FOGL for example had a market cap of 300M pounds at one stage & is now suspended. Petrel Resources market cap is under 5M pounds. http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11545640/Race-is-on-to-tap-1bn-barrels-of-oil-in-the-Falkland-Islands.html I think the Irish waters are just as exciting as those at the Falkland Islands without the Argentinian political risk. I think Petrel Resources will be an exciting play. Of course there will be a lot of coverage in the press. Petrel may get nothing out of Ghana or Iraq so it's Ireland or nothing 4 me. Quite how long I will hold I do not know. I'm sure I will make a profit otherwise I would not have bought would I. If the 3D work shows drill prospects then that would be exciting for any share holders still in.
http://www.lse.co.uk/DirectorsDeals.asp?shareprice=EMG&share=man_group
Petrel looks forward to offshore Ireland seismic Share 12:02 25 May 2016 The seismic exploration phase is a pre-cursor to future drilling programmes, and as such represents an important step in unlocking the much talked up potential in Ireland’s Atlantic margin. Offshore oil workers conducting seismic survey "Ireland needs exploration wells drilled on the best possible seismic data.” Petrel Resources Plc (LON:PET) shares advanced as much as 9% in Wednesday’s early deals as it briefed investors on an imminent 3D seismic exploration programme offshore Ireland. The AIM quoted exploration junior has a 15% carried stake in one of two areas being assessed by Woodside Petroleum in the Porcupine basin, in Ireland’s Atlantic margin. Petrel’s stake is the Bréanann survey, which will be the second area surveyed. Boats are now on the way to the first survey area, referred to as Granuaile, which is some 150 kilometres south-west off the coast of County Cork. Subject to the Irish weather, surveying will start over Petrel’s Bréanann area in around 40 days. The company brought Woodside into the project back in 2013, via a farm-out deal, and the Australian oil and gas major secured further acreage earlier this year, through the first tranche of Ireland’s successful 2015 offshore licensing round. Petrel is among seventeen companies that applied in the licensing round, and it expects to secure additional interests in the second tranche of the round. The details could be announced by the Irish authorities in the coming weeks. The first tranche of licence awards were designed to give explorers the opportunity to carry-out seismic work in the 2016 summer operating window (deep offshore work is not possible all year round off the Irish coast due to challenging Atlantic conditions). The seismic exploration phase is a pre-cursor to future drilling programmes, as the modern 3D data allows technical teams to de-risk as much as possible before costly exploration drilling. "Ireland needs exploration wells drilled on the best possible seismic data,” said David Horgan, Petrel director. “Previous exploration wells mainly targeted relatively shallow water prospects. Technical advances and higher oil and gas prices have opened up new plays. The 3D seismic campaign underway this summer represents the state-of-the-art both in safety, environmental standards as well as technical competence. “The objective is to de-risk several leads and prospects to drillable status.” Horgan added that the prospectivity of Ireland’s Porcupine basin is now being ‘generally accepted’ in the oil industry. He noted that discoveries in Canada's Fleming Pass area have boosted exploration interest in Ireland’s Atlantic Margin, as they are seen by the industry as ‘twins’. Woodside’s surveys over the Granuaile and Br
If you’re looking for genuine growth stocks then focusing on smaller companies may be more profitable. One possible option is hedge fund firm Man Group (LSE: EMG). Man Group’s shares rose by 5% this morning after the firm said that it attracted new business during the first quarter, despite “challenging” market conditions. What interested me most in this morning’s update was that the firm’s algorithmic trading division, AHL, delivered investment gains during the first quarter. Poor results from AHL have been one of the main reasons for the firm’s slump in earnings over the last few years. Improved results from AHL could help drive stronger earnings growth at Man. Man shares currently trade on a forecast P/E of 11 and offer a potential yield of 4.3%. Further gains may be possible, in my view. HTTP://www.fool.co.uk/investing/2016/04/15/are-hsbc-holdings-plc-victoria-plc-man-group-plc-poised-for-explosive-growth/
The world's leading oil exporters could be finally about to take action following the fall in prices. Members of the exporters' group Opec, together with some other oil producers, are meeting in Qatar on Sunday to discuss freezing output. They want to push up the price of crude oil, which is less than half what it was in June 2014 In previous episodes of falling prices, Opec has been much quicker to respond, often cutting output. The agenda for the meeting in Doha, the capital of Qatar, is a freeze in production. No cuts in other words, just a commitment to no more increases. But even that possibility has given some support in recent weeks to the price of oil. The low it reached earlier this year was about $27 a barrel for Brent crude oil, one of the leading international market prices. This week it has been very close to $45. That is to a large extent due to traders considering the possibility that some oil producers are close to taking some sort of action to push prices higher. It's worth emphasising that even at current levels the price of oil is far below where it was as recently as June 2014 - when it reached $115. The fall has hurt many oil producing countries. Earlier this week, the International Monetary Fund said it had damaged financial stability and the government finances in many of them. http://www.bbc.co.uk/news/business-36040711
(Bloomberg) -- Man Group Plc, the world’s largest publicly traded hedge-fund firm, increased Chief Executive Officer Emmanuel Roman’s bonus 43 percent to $2.5 million after shares doubled since he took over two years ago. Roman’s bonus will rise from $1.75 million a year earlier and his $1 million salary will remain unchanged, the London-based company’s compensation committee said in the annual report on Friday. Shareholders will vote on the pay report at the annual general meeting on May 8. Man Group’s assets under management climbed 35 percent to $72.9 billion in 2014, and the shares have doubled since Roman, 51, was named CEO in February 2013. They are up 21 percent to 194.9 pence this year. Acquisitions including Pine Grove Asset Management and Numeric Holdings helped push assets higher, while AHL Diversified rose 32 percent last year, making it one of the world’s best-performing hedge funds. Chief Financial Officer Jonathan Sorrell’s salary was increased 20 percent to $750,000 and his bonus left unchanged at $1.6 million, the compensation committee said. Rosanna Konarzewski, a spokeswoman for the firm, declined to comment on the compensation.
MAN GROUP, the world’s largest listed hedge fund, recorded a 62 per cent surge in adjusted profits before tax to $481m (£310m) for the financial year ended 31 December, on the back of higher performance fees and cost savings. The British fund manager also saw funds under management rocket 35 per cent to $72.9bn over the period, boosted by the $16.2bn brought on board through the year’s acquisition of US firms Numeric and Pine Grove. The firm received net inflows of $3.3bn after net outflows of $3.6bn in 2013. Chief executive Manny Roman said: “2014 marked a year of progress for the group with strong performance at [computer-driven] AHL funds, a full year of net inflows, the completion of the restructuring programme ahead of schedule and several key acquisitions and hires that have materially enhanced our investment capabilities and our North American business.” Roman, however, warned that sluggish short-term demand for the firm’s AHL products, combined with a slowdown in sales across its discretionary strategies and ongoing market volatility meant “we remain cautious in our near-term outlook”. HTTP://www.cityam.com/210330/man-group-profits-soar-2014 HTTP://www.funds-europe.com/news/15152-man-group-sees-surge-in-profits-and-fum-for-2014
Yes BOB TIDMEMG RNS Number : 0276G Man Group plc 27 February 2015 Man Group plc Share Repurchase Programme 27 February 2015 Man Group plc Share Repurchase Programme Man Group plc (the "Company") announces that it has entered into an irrevocable, non-discretionary arrangement with Credit Suisse Securities (Europe) Limited to repurchase on its behalf ordinary shares in the Company, up to a maximum consideration of US$175 million and subject to certain pre-set parameters, during the period from 27 February 2015 up to and including 31 December 2015 (the "Execution Period"), including during any "close period" or "prohibited period" of the Company (as such terms are defined in the UKLA Listing Rules) which may fall during the Execution Period. All shares repurchased will be cancelled. As previously announced on 25 February 2015, the purpose of the share repurchase programme is to return surplus capital to the shareholders. The arrangement is in accordance with the UKLA Listing Rules and the Company's general authority to repurchase shares and will be discontinued in the event the Company ceases to have the necessary general authority to repurchase ordinary shares. Enquiries Fiona Smart