Member Info for tidd83

appraisal and exploration*

Rocklawn this was a historic deal with SLE and PVR with SLE retaining a 4.5% NPI. The RNS is below; http://www.sanleonenergy.com/media-centre/news-releases/2011/december/23/barryroe-licence.aspx Additionally and to assist review page 46 on the latest financials for SLE, their 4.5% is on the books at €42.6m even after write down. http://www.sanleonenergy.com/media/3267162/san-leon-report-2017-lores.pdf As I said, LOGP hold a 10% stake and whilst the existing resource already dwarves the MCAP here the enormity of the exploration upside which has only been previously briefly tested is huge. The fully funded drill program will combine both appraisal and drill, at £14m with next to no overheads until end of a substantial program you are looking at a huge uplift to value even today. I firmly expect this to do a similar move to JOG as news begins to come in.

Have their 4.5% stake in Barryroe valued in their books at around €43m. LOGP hold 10% with a capitalisation of £14m. Spot the disconnect.

Charted for 2.8p https://twitter.com/share_talk/status/1045617303495352320?s=21

Sharing from ADVFN; Credit to Jimmy 23 over on iii. Nice to know he is still looking in. (That website has gone to pot and put off all posters): Barry roe deal done Market Discussions Lansdowne Oil & Gas (lse:logp) Jimmy23 8d Deal is done, this share price now massively undervalued. Five well drilling programs fully funded. Buy now. Jimmy created 8d last reply 1d 2 replies Jimmy23 4d At the current share price LOGP currently valued at $0.45 per bbl of independently certified 2c reserves with a carried interest in five wells to be drilled in about six months time and huge upside as posted on the PVR. Site. With an $80 oil price it would be fair to value them at $5 per bbl. huge upside here . Jimmy Jimmy23 1d Hard to believe this share price has not at least trebled from here. With a carried interest in five wells and ten per cent interest in 346 million bbl and a market capitalization of only £10.5 million the market has noticed logp. Seems to me they will be ripe for a takeover, and it will be a multiple of this share price and still be great value to an acquirer who gets all the upside of the deeper oil at barryroe. Take your position because this will happen quickly. J

jfk, in a positive manner absolutely.

Interesting point is the block is located close to the Kinsale Head Pipeline, I do wonder if we the consortium will look to utilise this on production. Could prove to be a stragic play and significantly reduce proposed CAPEX. In the meantime, if the program goes to plan and reserves are migrated and the existing OIP is expanded then LOGP could be sitting on a net +40MBO net. Since the work program is funded and overheads at corporate level are negligible then investors now have exposure to one of the largest undeveloped resources in Ireland for a minimal price. You can effectively hold a position through a huge campaign with a potential to book a substantial reserve base. Assuming a $3-5barrel value that would attribute $120-200m on a low risk play from a company with a capitalisation if £11m, a solid share holder register and as explained above minimal overheads.

Not much stock available, LC Capital and Brandon Hill collectively holding over 41% of stock. With the recent increase in stake from BH to 15.87% follow the money as it were.

Brandon hill have just loaded in circa £150k taking their stake to over 15%. Tells you all you need to know about how this is playing out, by all means wait but as Phoebus said many are reading this very wrong indeed. Added again today.

PVR are up circa 50% since the announcement of Barryroe yet LOGP have yet to move. At current value it would be slim pickings for the Chinese to swallow up an additional stake and take out LOGP via a bid. No question this is undervalued, 34mbo 2C already in the bag with a seven well funded drill program to commence with huge potential upside as well as converting the existing contingent OIP to reserves. I have increased my position since news, as has Brandon Hill by way of another 1.1%. True value is way off and I expect how consolidation is almost over this will begin to move north in quick succession.

And the beauty here MT is that the previous drilling from the 70s on Ortoire proves that the gas is there. As things go, the block is fairly low risk.

No reason for the drift down given the last few news releases - all very positive, ahead of schedule and under budget. I’d imagine some significant updates will be on the cards in the near term and happy to increase exposure as such.

At £21m, if the operational update looks as good as expected and the company accounts look in order as I expect they will do then TXP should turn quite a few heads. I wouldn’t be surprised if we see a further increase at an institutional level on market on the wake of this if the price remains where it is. And then we have Ortoire.... a separate and transformational group of prospects.

Please can somebody share the below on ADVFN

Having spent the time to communicate with the company I can confirm there are no plans whatsoever to carry out a placing. They are comfortable that existing cash and cashflow is sufficient to fund even the 2019 program. The only way they will place is ifcthey wish to expedite the program and drill more aggressively. The operations update is expected in the coming weeks. I have requested confirmation to share the response verbatim.

Game changer. http://www.proactiveinvestors.co.uk/companies/stocktube/10585/providence-resources-eyes-up-multi-billion-barrel-exploration-targets-10585.html

Disagree. Low volume is swinging the price, nothing whatsoever to suggest as much. Next update on operations will be interesting, they were due end of September so anytime now, expect to see an announcement that 2000bopd has been reached and perhaps also an increase in reserves.

Now heading toward $81

Cont’d; Should this be proved then the incremental value uplift for PVR would be dramatic, increasing on a 2P basis alone the value of Barryroe to over 63p per share to PVR shareholders. This however does not account for any future cash flows should the reservoirs be ultimately put into production. The value to any one of the majors, or indeed APEC, even at a discount rate as high as 20% and with an oil price as low as $50 a barrel would be many, many multiples of this.

Align research note; News released on Thursday last week detailing the final terms of the farm in with the Chinese consortia APEC Energy & the consequent drill program at Barryroe was, as is ever the case with PVR, met with a seemingly muted response by the market. On Friday however it looked as if the “penny was beginning to drop” ref the implications for Providence Resources and the wider Atlantic margin basin with the stock picking up on decent volume. As an aside, market intelligence has revealed that a perpetual ongoing seller that has “sat on the stock price” for many, many months is now effectively cleared. When coupled with the company’s fundamentals, we expect the stock price to, finally, begin to reflect a modicum of the true value in the portfolio of licences as the countdown to Barryroe drilling begins next year. The revised deal incorporates additional drilling (four instead of three and two additional potential wells dependent upon drill results) which has been estimated at upto $200m in value. Set against a market cap of circa just $100m and a residual interest of 40% in the post farm in Barryroe field, this figure alone should illustrate the magnitude of the prize that the consortia see within Barryroe and the glaring disconnect in value ref the current PVR stock price as APEC clearly are not committing $200m without seeing upside of many times this. The cash receipt of $19.5m also illustrates how the balance sheet of PVR is being preserved with the prospect of a capital raise pre any Barryroe drill results now pretty much non-existent from what we can see, particularly set against the warrants that APEC have over 59.2m shares with a strike of 12p for 6 months post completion of the drill program. Incidentally, in the event of their exercise this would position APEC with just under 10% of the company. We do not believe this is a coincidence and the resultant stake would provide an ideal platform in our view, in the event of successful drilling, a likely potential wholesale swallowing of the company (more on this later). Let us remind ourselves of the key elements of the APEC farm in deal: There are no upfront nor actual drill period capital costs (the costs being defrayed pending actually putting Barryroe into production by way of, most importantly, a non recourse loan structure for the drill costs). PVR retains a 40% residual interest. The drill program comprises 4 vertical wells and 1 horizontal sidetrack together with 2 potential further horizontal wells. Cash payment of $19.5m to PVR. We have previously valued the Barryroe field net to PVR (138.5m boe) at circa $2 per barrel if moved to 2P status (from 2C) and which equates to approx 35p per share at the current FX rate. However, one of the major elements of this drill program is to prove up additional resources in the Wealden basins. Estimates run up to 3bn barrels of oil with recoverable amounts of upto 624m. Should this b