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With acknowledgements to Sobeit on iii thread (long term holder of over 5 years). This is a pretty good post he made which illustrates the low risk here at the present SP Level: While the SeaEnergy move was good for Lansdowne there are a few other things about Lansdowne that make them interesting. The first is that Lansdowne is protected from liquidation by its holding in Barryroe. If it was to get into financial trouble before a farm-out it is clear it has enough value in Barryroe to satisfy its current share price and probably a price up to 5p. After all, even in a fire sale, Lansdowne's 20% in Barryroe is worth far more than £30m. To show that Lansdowne, at its current price, is undervalued you only need to check out http://tools.morningstar.co.uk/uk/stockreport/default.aspx?tab=5&vw=own&SecurityToken=0P00007YXA%5D3%5D0%5DE0WWE%24%24ALL&Id=0P00007YXA&ClientFund=0&CurrencyId=BAS There you will see that 4 major shareholders hold over 50% of the equity with LC Capital Master Fund Ltd holding over 27% alone. Are all of these charity cases? Definitely not. So, at some point Barryroe will come into focus and the share price will reflect more of its value than it does at present. And just to discount that there is anything wrong with Barryroe you have only got to check out Mott MacDonald, the major consultancy firm, who did the Barryroe feasibility study in 2013 and who still have it on their website to know that they would not have it there if there was anything wrong. Go to the following link and page down to where you see under Projects "Barryroe" and you can read what they did for Lansdowne and Providence and since it is still there, nothing has changed in the meantime. https://www.mottmac.com/ireland

Ah well...Stop fallin out chaps. Not lookin too bad today so far. Here's to a good afternoon session. Off Topic I know but.... Anybody had a look at that HUR? Looks like a good un to me!

I'm half expecting a holdings RNS informing us of a substantial buy relating to all or part of the SEA shares that were sold off last week...but WTFDIK!

Trades seem to have dried up a bit after an early flurry of activity....

I'm not quite clear me self who pays for the drill and the platform. Must backtrack on this one and do some research.

This is a new story BT. Where can I find out more about this... NUOG or MFDEVCO? I asume you are aware that the FUGRO Searcher survey vessel was spotted early this week doing a survey pattern in the vicinity of Helvick and Hook Head marginal fields?

Are you sure of that?

Time to shake out the auld money tree and have a wee top up methinks

Read the rns that popped out about an hour ago fm. seller cleared.

I don't think that would cut it with the company's main backer Steve Lampe or the other ii's who have been here for the last 5 years or longer. I don't know what number would be acceptable if they decide to cut their losses but remember this used to trade as high as 65p a share. I'm expecting a lot more than 2.38 even to cut my own substantial paper loss.

I'm not sure how solid your assumption is that the fund raise will only allow logp to keep the lights on until mid 2017. My own view is that they have sufficient to keep going rather longer. As far as a takeover is concerned....the price would have to be on many multiples of present sp, as major long term investors bought in here at much higher price than current one. I can only see a buy out occurring once a farmout has been done...or as part of a farm out deal.

I don't know fm. It's a pretty substantial trade by logp standards for sure!

Yeah...Not a bad start FM. Strange that PVR not moving the same way. Would be nice to see the price moving up a bit as well though.

Emm... that doesn't look like a mouth watering deal to me on first glance...considering that LOGP should have some money coming back to them as sunk costs on explo to date as part of a farm out.

Don't even go there mate!

And more recently look at how Aminex has bounced back....

Looks like we've frightened all the buyers away with this discussion!

Yeah... I'm just hoping we get some kind of reasonably satisfactory outcome soon. Some guys over on the iii board feel that Goldman Sachs upping their stake is PVR is a very good omen, time will tell. I've got a shedload of these bought cheaply in recent times and a decent profit on these would offset some losses I've incurred on earlier purchases made years ago when the SP was much higher

I think everybody knows that the valuation is much too low (in the event of a farmout) The problem is that there are a number of unknown factors which make it difficult to arrive at a really solid number. 1/ How much of the 70ish million barrels will LOGP be able to hang on to? The idea was always to go for retaining 50% of this...lets hope this happens. 2/ How much money will the farminee put on the table to cover back costs, which are quite considerable? 3/ How complicated and costly will it be to develop the field and what percentage recovery can be achieved? 4/ What is the value of the tax credits that the developer can offset against the field development cost? 5/ Will the farminee also farm into the very substantial unexplored exploration targets that underlie the already identified 2C resource? 6/ What will the oil and gas price be going forward? I dare say that Steve Boldy and Tony O'Reilly and their respective teams have been analysing and brainstorming all these issues for years now and could come up with some kind of decent estimate. So have all the other interested parties down the years. Getting a farmout done on a basis that is acceptable to both parties and to the companies backers has always been the challenge. And then there is the annoying issue of SLE having a 4.5% net profit interest in PVR's 80 percent stake in the field. Thankfully this does not effect LOGP. Some of these questions will only be answered when the field has been properly appraised. In the meantime I am tending on the conservative side. But thanks for raising this question of valuation, as it has given me an opportunity to get my head around this again after putting these shares on the back burner (so to speak). On reflection I think that the estimate of around 10.5 pence per share is very very low, but if we could get the share price moving into that territory in the first place and get the damn field appraised and a Field Development Plan agreed and costed, then that would be the springboard for the share price to advance much further (all going well).