Member Info for wraith

As a shareholder, very happy with this news myself;-

FARM-OUT DISCUSSIONS CONTINUING WITH POSSIBLE NEAR-TERM DRILLING

Forward Operations

Discussions with potential third party farminees are continuing and depending on the outcome of these discussions, drilling could take place in either 2019 or 2020 (subject to regulatory consent). The latest internal well cost estimate is less than $15 million, exclusive of mobilisation.

BW

Excellent news, RNS link ;-

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PVR/13827854.html

BW

Interesting video from;-

The University of Trinidad and Tobago
Published on May 29, 2017.

Improving Oil Recovery in T&T - Dr Krishna Persad ;-

With EOR using CO2 , you can get up to 70% to 90%, of your Peak Primary Production (mentioned from 14:18 into video).
Source : https://youtu.be/N-Wwd1I9hT0

BW

Assume it relates to PVR's other licenses, Olderandwiser,.....my thoughts are Newgrange, guidance there is only US$15m to drill.

BW

Ireland,...guidance is, drill 2020, producing through Corrib to market 2022.

BW

You ask, which has most upside to s/p,...that depends on ones Gross average s/p level,...in my case, I have a much lower Gross average s/p, for my PVR shareholding, than the 15.5p s/p you mention,....here at EOG, my Gross average s/p, is deep underwater, by choice,...PVR, is by far the largest shareholding in my portfolio, & I see massive upside potential, for the s/p there (from the 15.5p level you mention), PVR already have Total Farmed into FEL 2/14 (after the two dusters), which has the undrilled Diablo prospect,....now Exxon Mobil Farming into the Lolar prospect,....well that speaks volumes to myself,......my EOG shareholding, which I have neglected of late (on the back burner), has now got my attention again.

BW

Holding both EOG & PVR myself glasgowpunter,....with the Exxon Mobil news, pleased I am.

BW

I think Newgrange has a good chance of being Farmed Out this year,...when reflecting back on what Mr. Colin Lui commented ;-

"Mr. Colin Lui , Chairman of APEC Energy Enterprise Limited commented:

"APEC, supported by Jianyin Investment Company and China Offshore Services Ltd, are very pleased to have strategically joined forces with Providence and Lansdowne to develop the Barryroe field. This field has significant recoverable resources and we look forward to jointly developing this opportunity. Whilst the Farm-Out Agreement has been agreed specifically for Barryroe, the parties have also agreed to jointly investigate further opportunities in other licensed blocks offshore Ireland in the future."
Source : https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PVR/13584024.html

My thoughts are, it could be Chinese that Farm Into Newgrange.

BW

Next year is going to be very interesting here at PVR Bronxville,...we already have,Total Farmed into FEL 2/14 , which has the undrilled Diablo prospect ( https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PVR/13716512.html ),...now Exxon Mobil joining the scene, very happy with that news.

BW

Thanks for that information Bronxville,...I was not aware of that, found article,..... source link below ;-

https://www.independent.ie/business/irish/exploration-boost-as-exxon-mobil-takes-stake-in-prospect-37415592.html

BW

Your welcome granto,....the important thing to remember, for myself, is,... the Loan, is a non-recourse loan facility ;-

"APEC will finance, by way of a non-recourse loan facility (the "Loan"), the remaining 50% of all costs of the Barryroe Partners in respect of the Drilling Programme;

The Loan, drawable against the budget for the Drilling Programme, will incur an annual interest rate of LIBOR +5% and will be repayable from production cashflow from SEL 1/11 with APEC being entitled to 80% of production cashflow from SEL 1/11 until the Loan is repaid in full;
Source : https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PVR/13584024.html

also;-
"BINDING BARRYROE FARM-OUT AGREEMENT SIGNED

DRILLING PROGRAMME OF 5 FIRM WELLS AND 2 OPTION WELLS SET TO COMMENCE IN 2019

CASH ADVANCE PAYMENTS OF $19.5 MILLION TO EXOLA AGREED
Source : https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PVR/13797485.html

BW

Hi razel2000,....you misunderstand,..... of those two positions, I had already closed 78.6% of the shares held on them, leaving 21.4% of the shares (Free) open,... having got the Gross Cost of the two positions back, with the 78.6% closings (done in 4 tranches), which left the 21.4% open (Free) shares,....in a Bull market, I would have let the 21.4% Free shares, left on the two open positions, settle to nominee,....... opening up fresh positions to go forward with,...as the market turned bear on me, adjusted my strategy, selling the 21.4% (in 2 tranches) of the remaining open (Free shares) two positions & have not opened up fresh positions to replace them.

BW

granto,..This MIRABAUD note also starts;-

"The recent signing of the farm out agreement to APEC was a major step towards commercialising
Providence’s 350 mmbbls (gross) Barryroe oil field. The agreement sets out the terms for an
expanded, comprehensive appraisal campaign, worth an estimated US$200-250m (US$80-100m
net to PVR), which is designed to both firm up recoverable volumes and gather data required for
the development of the field."
Source : https://researchmirabaud.mdcie.co.uk/MIRABAUD_TD_TRACK/external/download?q=18f57a4a21d3a995fd00ef8d7b565678cd4cc4da3vHHdcKQ3D4A9LXuif%2FuG4Fm4Xnq6JIyaWLYDbwZ%2FMys9f8ORtcUFgdIwFXLGLz3YTsfckL%2FRHapywNTXI7QdNM2%2BfJHZeC%2Fm5bKP74CmgSgxdHgwBqj75Nri6mEVrnJSXA5LA7mTb%2BaQ7YKkeCGWKhwHEBu4kjcEDuv04JfCqwWkkvks%2BuSJp23HwbgSiQ4pA1KhYSLIyTEjpxXf7yUcsg%3D%3D

BW

With Cash about the same as Market Cap, dougal66, ,... even in this bear market, can't see much downside for s/p from these levels,....therefore it is not a reason for me to sell,....as I said earlier, thinking about doubling my shareholding here.

BW

I'm very comfortable with my shareholdings Predators,....not all open positions are in profit, some are under water,...... all open positions that were in profit, are now closed,..... those that are in loss, I will let settle to nominee, as usual.

What I have done differently, is reduce leverage drastically, to adjust to the bear market.

BW

I'm still following part of my investing / trading strategy through, planned out before market sell off,...had already followed it through, here at PRD, before market sell off (locked in profits),...decided not to Buy anymore shares today, waiting to see how this bear market plays out (except for one of my shareholdings, where I am watching the ASK closely).

Today, followed my strategy through on one of my other shareholdings, where I finished locking trading profits into two open positions (closing the remaining 21.4% of those two open positions, in profit),...... the only influence the bear market has had, on my planned investing / trading strategy, is to stop me opening fresh positions.

Emotion, has no place in my investing / trading strategy,...nor do fear or greed.

BW

As you rightly point out Riskisprofit, we are now sitting about Cash Balance levels,....with Gemsbok, Lion, & Dik-Dik prospects, plus New Block, in for free,..... with Oil seeps seen on satellite, close to the mapped prospects,.....I decided earlier today, not to increase, any of my shareholdings, waiting to see, how this bear market played out,....but I may make an exception here, very tempted to double up, on my GBP shareholding,.....I cannot see much more downside to s/p here myself, even in a bear market,...watching ASK very closely now.

BW

Agree DelBoi,....PVR s/p, just being pulled back by the Bear,...not being overexposed (minuscule leverage, to forward cash flow) myself,....I do not have fear to deal with,...decided not to Buy anymore shares at present, but wait & see how this bear market plays out.

BW

Thanks for link ( https://twitter.com/angloafricanog/status/1050046958449111040?s=19 ) Kilkeelrambler,....sounds very good.

BW

Haha,...champayne,... that brought this tune to mind Scully12345 ;-

Tune : https://www.youtube.com/watch?v=P8JrirBz9Pg

BW