Member Info for Phoebus

Good. They should wait for funds.

Great user name by the way. A nod to our dear leader no doubt.

There was no news before yet we hit 9p. Plenty of buys today yet SP is stuck at just over 6p. Can't imagine it's down to a poor result at Red Deer as we're still some way off scheduled TD. Any chance we're about to get a placing at 6p? Then again I'd've thought it better to wait until Heron-1 result is announced as it looks very likely to be a huge success and funds could be raised well north of 10p or 15p.

It's time to raise 12 months running costs. At this late stage you should not be pinning PVR's corporate survival on funds from APEC or a hail Mary funding. Sort out your corporate survival for another 12 months with a small dilution. Your failure to do so is causing significant and unnecessay damage to the SP both here and at LOGP. If you're having trouble getting funds you should try Primary Bid. Once you've raised the running cost you should wait for the Chinese payment to clear before proceeding with the site survey. If you insist on pressing on regardless I'd say it was time for you to go.

If we are to have another extension RNS next week I would urge you in the strongest possible term to take the opportunity to include direct comments from APEC indicating that they are fully committed to the investment in Barryroe and to explain exactly what is causing the delay in payment. You may find that such an assurance and clarification will dramatically improve market sentiment and make your funding issue significantly easier to resolve.

Careful with the Rappu word IJWT. I nearly choked on my breakfast. Forgot that was lurking beneath. Don't think I could cope with 500p per share by end of September. :D

Also, given the liqudity here £105K it's not the sort of amount you'd use for a P&D as you wouldn't be able to dump that much on a quick spike. This time next week operations could be underway. GLALTH

Spot on Ivans. That GBP 150,000 went in 21 minutes after the LOGP AGM started. Must have liked what they heard at the AGM regarding payment. Nobody puts that much down unless they are VERY confident.

8) Additional upside from licence extensions

The licence area has been extended by 180km2 since the last CPR to include areas that appear to contain field extensions to the south and south-east with potentially significant volumetric upside.

CONCLUSION

This gives a total recoverable potential of 1001 MMBOE gross or 100 MMBOE net to LOGP excluding additional upside from the Jurassic and licence extensions. No wonder APEC want to undertake such a large appraisal campaign. While I don’t expect to see final figures reach the upper levels indicated here I would think a figure of 500-600 MMBOE recoverable is quite possible, which would have a material impact on LOGP and its SP.

EXCELLENT ECONOMICS FACTORS

Additionally Barryroe benefits from some excellent economic factors.

1) VERY LOW TAX REGIME – Ireland has one of the world's lowest tax regimes for oil and gas exploration meaning more profit.

2) SHALLOW OFFSHORE – The field is in shallow water meaning less expensive rigs.

3) UNDER AN EXISTING FIELD AND ASSOCIATED INFRASTRUCTURE – The field is directly underneath the Seven Heads Gas Field, which is producing. As a result, there is already some infrastructure in place both at the field and onshore, meaning development costs will be mitigated.

4) NEAR TO SHORE – At only 30 miles offshore the field is relatively close to land compared with many North Sea fields, which again means lower development costs.

5) HIGHLY PRODUCTIVE WELLS – The field is highly productive. Following on from drill results, it was forecast that a 1,000 ft horizontal well could deliver 12,500 BOPD plus 11 MMSCF/D totalling 14,300 BOE/D, and that 41 such wells could be used. Obviously they will come on stream in batches, but this does indicate a very high aggregate peak production rate for the field. Read huge revenues.

Given the significant upside already highlighted at Barryroe and the scale of the upcoming drilling campaign, it’s quite possible that we will see a dramatic increase in 2C figures.

1) 345 MMBOE 2C in the Middle and Basal Wealden

At present the Barryroe Field is estimated to contain 2C 345.5 MMBOE recoverable gross, consisting of 266 MMB in the Basal Wealden, 45 MMB in the Middle Wealden and 34.5 MMBOE (266 BCF) in the two intervals combined. Four of the upcoming wells including one sidetrack will target the Basal Wealden.

https://www.investegate.co.uk/providence-res---pvr-/gnw/barryroe-oil-field-technical-update/20130405070026H0462/

2) 124.8 MMBOE P50 in the Lower Wealden

The Lower Wealden has already been drilled more than once. Well 48/23-1 logged about 120 ft of stacked hydrocarbon bearing sands with average porosities of 16% and hydrocarbon saturations of 70%. A failed well test in 1976 appears to be due to mechanical failure. The probability of this interval being converted to 2C looks very good. The interval is estimated to contain 416 MMB STOIIP, which at a 30% recovery factor would equate to 124.8 MMBOE.

https://www.investegate.co.uk/providence-res---pvr-/gnw/providence-resources-plc---barryroe-oil-field-----/20120905070207H8739/

3) 108.6 MMBOE P50 in the Purbeckian

Well 48/23-1 encountered a 70 ft hydrocarbon bearing sand in the Purbeckian, but did not test it. The interval is estimated to contain 362 MMB STOIIP, which at a 30% recovery factor would equate to 108.6 MMBOE. This interval is to be drilled by three wells in the upcoming campaign.

https://www.investegate.co.uk/providence-res---pvr-/gnw/providence-resources-plc---barryroe-oil-field-----/20120905070207H8739/

4) 27 MMBOE P50 in C-Sand

The 48/24-10z well tested gas from this sand. It is estimated to contain 216 BCF GIIP, which at a 75% recovery factor would equate to 27.0 MMBOE. This is the highest interval in the well so should be intersected in the upcoming program.

http://lansdowneoilandgas.com/wp-content/uploads/2018/05/Investor-Presentation.pdf

5) 41.1 MMBOE from increase in Middle Wealden RF to 30%

The current RF estimate for this interval is 15.7%, which seems rather low and is in contrast to the Basal Wealden RF of 35%.

6) 313 MMBOE 3C upside in Middle and Basal Wealden

Given the scale of the upcoming drilling campaign there is a good chance that at least some of the current 3C resources (624 – 311 MMBOE) will be converted to 2C or better. The planned four vertical wells are located across the geographic extent of the Barryroe structure and are designed to test the full potential of the Basal Wealden.

https://www.investegate.co.uk/providence-res---pvr-/gnw/barryroe-oil-field-technical-update/20130405070026H0462/

7) Further prospectivity from the Jurassic

No resource estimates have been made as yet for this interval, but it is to be drilled by three wells in the upcoming campaign.

Agreed. The upside on funding RNS is too big not to take a position. Could easily hit 4p on news especially given the lack of free float. After a very long wait it looks like operations could be underway very shortly. For a 10% share of 345 MMBOE 2C the current £11M market cap is a joke and that's without any of the upside from the planned 5-7 well appraisal and exploration drilling campaign. GLALTH.

Very good chance. And site survey ready to start any day. PVR now up 10%.

From 2019-06-28 RNS, 'The Company will be holding its AGM at the offices of Pinsent Masons LLP, 30 Crown Place, Earl Street, London EC2A 4ES on 29th August 2019 at 12 noon.'

So that huge buy over at PVR occured 21 minutes after the start of the AGM. I'm guessing someone felt very assured about the APEC payment after what was said at the AGM. Bodes very well IMO.

Definitely time to BTDF. With at least three wells to be drilled this year targeting Pmean 86 MMB P50 net recoverable, two of which are effectively very high COS appraisal wells, I didn't expect to have such a low buying opportunity at this stage. Heron-1 looks an almost dead cert to me and that alone would totally transform MATD. Still a week and a half to go until results are anticipated, so plenty of time to break 9p. GLALTH

just gone through at PVR.

and this will go vertical. If I were him I'd set a very low bar for signing an exclusivity agreement with a potential farm in partner, even a zero cost one. When he informs the market by RNS the SP will explode on mega volume and he can then do a placing into the major liquidity at a really good price. BPC will then easily have the funds to walk away from the farm out deal or to extract the very best terms from any farm out.

One week of dog sh_t after another.

Agreed ALGU. This is way oversold, especially with operations about to start. GLA

Also you asume that EXOLA, the operator of the licence has call on LOGP for 20% of survey costs in the event that APEC funds have not yet arrived. However, EXOLA is a subsidiary of PVR, not LOGP and as we have not seen the details of the APEC farmout agreement, which all parties have signed, we can't know whether EXOLA can call on LOGP for 20%, 10% or nothing at all. EXOLA is PVR, but EXOLA is not LOGP. It may be the case that PVR has to carry the can for the whole lot until APEC pays up.

Site survey payment and PVR's running costs are two separate issues. PVR needs to raise funds just to keep the lights on regardless of the site survey. LOGP is already funded for almost 12 months. As I said on the PVR board the other day, the correct course of action is for PVR to raise 12 month's running costs immediately and then hold off on the survey until the funds arrive from China. On the other hand, the fact PVR appears to be pressing on with the site survey at this stage suggest they are extremely confident of the funds arriving.

PVR is down less that LOGP which is ironic as they're the one's that need a placing to keep the lights on if funding delays continue. Tiny dilution over at PVR would see them good for another 12 months and give us plenty of time to wait for the funds to arrive from China. It's frustrating that PVR's failure to cover their own running costs is dragging LOGP with it. Get on and sort your running costs out with a placing Tony. You've had long enough.