Member Info for wraith

Newgrange is indicated for drilling 2019/20 (AVALON indicated drilling is 2021) LONGWAIT,..with a, "Work up well location and site survey programme for shallow NEWGRANGE exploration well", indicated under "Forward Activities". This info, is all in the PVR Presentation link, in my last post. PVR also mention "Twin track farm-out process" under "Forward Activities",(in Presentation link),....having already proven in 2017, that farmouts are now achievable,....I'm looking for a twin farmout of Newgrange & Barryroe,....if no more Farmouts are achieved, my view is, PVR & LOGP will go ahead with the drilling of Barryroe alone,...personally do not expect to see PVR drill Newgrange alone. The "TOTAL FARM-IN" to AVALON you mention;- "₋ Farm-in agreed with TOTAL E&P Ireland B.V. (�TOTAL�), a wholly owned subsidiary of TOTAL S.A ₋ In consideration for TOTAL taking a 50% working interest and operatorship in LO 16/27, TOTAL agreed to: ₋ Pay its pro-rata share of past gross costs of c. US$ 0.175 million ₋ In addition to its pro-rata share, pay 21.4% of the past and future costs during the 2-year term of LO 16/27, subject to a gross cost cap of US$ 1.33 million ₋ TOTAL also agreed that, in the event that the JV agree to convert LO 16/27 into a Frontier Exploration Licence, and a subsequent decision is taken to drill an exploration well, TOTAL will pay 60% of the drilling costs, subject to a gross well cap of US$ 42 million ₋ Subject to this, the resultant equity in LO 16/27 will be TOTAL 50% (Operator), Providence 40% and Sosina 10%  CAIRN OPTION ₋ Exclusive Option agreed with Capricorn, a subsidiary of Cairn Energy PLC , where Capricorn has the right to farm-in to a 20% working interest in LO 16/27 from Providence and Sosina ₋ The Option can be exercised by Capricorn within 60 business days of the completion (plugging and abandoning) of the 53/6-1 well on Frontier Exploration Licence 2/14 ₋ In the event that Capricorn exercise the option, Providence, Sosina and Capricorn will enter into an agreed Farm-in Agreement to effect the transfer of a 20% working interest in LO 16/27 to Capricorn, based on the following terms where Capricorn will: ₋ Pay its pro-rata share of past gross costs of c. US$ 0.175 million ₋ In addition to its pro-rata share, pay 8.6% of the past and future costs during the 2-year term of LO 16/27, subject to a gross cost cap of US$ 1.33 million ₋ Capricorn also agreed that, in the event that the JV agree to convert LO 16/27 into a FEL and a decision is taken to drill an exploration well, Capricorn will pay 24% of drilling costs, subject to a gross well cap of US$ 42 million ₋ In the event that Capricorn exercises the Option, the final equity in LO 16/27 will be TOTAL 50% (Operator), Pro

You are welcome LONGWAIT,...I was also surprised, that Newgrange is indicated before AVALON,....from memory, a Newgrange well, could Cost just North of $20m,.... figure ($20m) was mentioned in an interview clip, (second half of 2016, interview). Having taken another look at PVR Presentation link, it gives the following guidance on, "Forward Activities";- " NORTH CELTIC SEA BASIN ₋ BARRYROE Well Programme ₋ Twin track farm-out process ₋ Jurassic exploration assessment � BARRYROE & regionally ₋ Opportunistic application of new technologies to �squeeze� existing data sets ₋ Continue to progress marginal fields assessment � HELVICK, HOOK HEAD, DUNMORE ₋ Evaluate new opportunities for licensing  SOUTHERN PORCUPINE BASIN ₋ Integrate recent 53/6-1 well results into basin modelling studies for FEL 2/14 ₋ Assess potential of the pre-Cretaceous DIABLO prospect and monitor Nexen-CNOOC Iolar well ₋ Commence assessment of FEL 3/04 (DUNQUIN SOUTH) early stage 3D seismic products ₋ Work up well location and site survey programme for shallow NEWGRANGE exploration well" Source: http://www.providenceresources.com/sites/default/files/PVR%20INVESTOR%20PRESENTATION%20-%20H1%202017%20RESULTS.pdf (on page 43). With these two, particular, possible Farmouts (Newgrange & Barryroe) being sought,....the PVR Strong Cash Position, Barryroe drill being progressed,...Total & Cairn news awaited,...all reflected, by a Market Cap of �36.61m (s/p@6.125p),...have been, & will continue to be, a Buyer at these s/p levels, myself. BW

Yes kevin1977,.... I had noticed, that late reported 1,500,000 Buy (reported as a Sell),..(imo). BW

It's also fairly quiet, on the PVR board ekofisksean,....there is a lot of info on Barryroe, in the (September 21st , 2017) PVR presentation link below;- http://www.providenceresources.com/sites/default/files/PVR%20INVESTOR%20PRESENTATION%20-%20H1%202017%20RESULTS.pdf BARRYROE, NORTH CELTIC SEA BASIN (SEL 1/11) ₋ Farm-out discussions continued, (on page 11 of link above). PVR Cash position, (on page 14 of link above). On page 16 of link above, the following Barryroe info is given;- "BARRYROE, NORTH CELTIC SEA BASIN (SEL 1/11) ₋ Extension to the 1st phase of SEL 1/11 to July 2019 and overall licence extension of 2 years to July 2021 ₋ New 3D seismic uplift provides significantly enhanced visualization of Barryroe reservoir interval ₋ Planning now underway for a well to be drilled in 2H 2018/1H 2019 ₋ EOI issued for drilling rig ₋ Revised well cost estimates for single vertical well of c. US$ 20 million". From page 34 onwards of link above, there is a lot of Barryroe info, (ie: Well costs US$ 20 million (DHC),.. US$ 5 million (side-track),..). BW

LONGWAIT,...Look under the heading;- "Forward Activities" "5 year Outlook � Potential Activity Offshore Ireland*",...on page 44, of PVR Presentation link below. http://www.providenceresources.com/sites/default/files/PVR%20INVESTOR%20PRESENTATION%20-%20H1%202017%20RESULTS.pdf Whilst mentioning AVALON, it's worth noting,.... on page 32, of the above presentation link, it shows how close AVALON is located, to the DUNQUIN NORTH residual oil accumulation. BW

PVR s/p@14.51p, would be very sweet, for myself ROCKLAWN,......as 9005Nelson observes, with Barryroe being progressed now, for a 2018/19 drill,... Newgrange farmout being sought, with a drill there targeted for 2019/20,.... Dunquin South, targeted for drilling 2020,.... AVALON targeted for drilling 2021,...Total & Cairn news awaited,...Strong Cash position,...been taking advantage, of low s/p here myself. Source: http://www.providenceresources.com/sites/default/files/PVR%20INVESTOR%20PRESENTATION%20-%20H1%202017%20RESULTS.pdf (page 44). BW

Yep, looking forward to Holmwood drill, myself Tacuma,...the Holmwood well, has been assigned a geological chance of success by Europa of 1 in 3. Source: http://www.europaoil.com/operations/uk/exploration/PEDL143.aspx "PEDL143 (Holmwood) Weald Basin. South of Dorking in Surrey, PEDL143 contains the Holmwood conventional oil prospect. Holmwood is predicted to have conventional Jurassic sandstone and limestone reservoirs which are proven to be productive at the nearby Brockham oil field and at the Horse Hill oil discovery. The Holmwood prospect has been assigned gross mean prospective resources of 5.6 million boe with a range of 1 to 11 million barrels. Were it to come in at 5.6 million boe, Holmwood would become the fifth largest onshore oil field in the UK. As a result, Europa regards Holmwood as one of the best undrilled prospects onshore UK. Planning permission has been granted to drill a temporary exploratory borehole to a depth of 1,400m. The well is being planned for drilling in 2017 and has been assigned a geological chance of success by Europa of 1 in 3. Europa is operator with a 20% interest in the licence and has a full carry on its share of the exploration well costs up to a cap of GBP3.2 million. The results of the nearby Horse Hill well in PEDL137 which lies 8km to the east are relevant to the Holmwood prospect. Horse Hill is along-strike in a very similar geological structure and correlation of seismic data indicates that the Holmwood well will penetrate a similar stratigraphic section. In addition to producing oil from Portland sandstone reservoirs, Horse Hill also produced oil from micritic limestone formations in the Kimmeridge section. One of the peculiarities of limestone reservoir rocks (compared with sandstones) is that typically there are no, or very weak, direct hydrocarbon shows whilst drilling and often only inconclusive indications of hydrocarbons on electric logs. It is therefore encouraging that Horse Hill yielded 1,365 bopd aggregate flowrate from two limestone intervals, which suggests it is possible that the micritic limestone may be a �missed pay� in the Weald basin." BW

Barryroe, was the first asset I wanted to see progressed, after the Druid/Drombeg drill,....now that is happening, next, it would be great to see Cairn exercise their Option, & Farm into AVALON. Part of CAIRN OPTION;- "Capricorn also agreed that, in the event that the JV agree to convert LO 16/27 into a FEL and a decision is taken to drill an exploration well, Capricorn will pay 24% of drilling costs, subject to a gross well cap of US$ 42 million. In the event that Capricorn exercises the Option, the final equity in LO 16/27 will be TOTAL 50% (Operator), Providence 24%, Capricorn 20% and Sosina 6%." Part of TOTAL FARM-IN;- "TOTAL also agreed that, in the event that the JV agree to convert LO 16/27 into a Frontier Exploration Licence, and a subsequent decision is taken to drill an exploration well, TOTAL will pay 60% of the drilling costs, subject to a gross well cap of US$ 42 million" Source: http://www.providenceresources.com/sites/default/files/PVR%20INVESTOR%20PRESENTATION%20-%20H1%202017%20RESULTS.pdf (page 13). The above, leaving PVR and Sosina paying 16% of well costs(US$6.72m), which equates, to the Cost of an Avalon drill, to PVR, of US$5.376m for a 24% stake in an AVALON drill,(when using the US$ 42 well cap figure for well). Providence believes the Avalon structure could access a total hydrocarbon resource charge of around 8.67 Bbbl of oil and 21.43 tcf of gas, ( http://www.offshore-mag.com/articles/2017/09/providence-looking-to-drill-again-at-barryroe-offshore-ireland.html ). BW

It's looks like a good period, that we are now entering, in which to achieve a Barryroe farmout, (imo);- "Oil Trader Trafigura heralds end of �lower for longer� crude era." Source: https://www.energyvoice.com/oilandgas/151504/oil-trader-trafigura-heralds-end-lower-longer-crude-era/ "The age of persistently weak oil prices is nearing its end, with demand booming and a supply squeeze in the offing, according to Trafigura Group." BW

That's about s/p@9.65p (11 euro cent) backinblak, not much above my own Gross s/p (sub s/p@9p) average,at present...building my PVR Float shareholding (in Trading Account) at these levels,.... I need PVR s/p@14.89353p exactly, at present, for Float PVR shareholding exit level, to leave me holding a Free PVR Core (six figure, held in Two ISA's) shareholding,...my target is to reduce Float shareholding exit figure to s/p@12p level, so still buying at these levels myself. Hope it works out OK for yourself & other genuine PVR shareholders. BW

With only 597.66m shares in issue, s/p@8p would only be £47.81m approx,....now PVR progressing Barryroe drill, I would not be surprised, to see a Barryroe farmout,.... now PVR & LOGP appear to be going it alone (eg: Druid) with the drilling of Barryroe,....PVR, are now, also in a Strong Cash position,... Total & Cairn news awaited (Options), Avalon etc. Once we get the P&A US$ 5.4 payment, looks like there is about 5p Cash per share,(imo),....Oil looking better, as in this article;- Oil prices rise to two-year high as Opec succeeds in cutting global inventories. http://www.cityam.com/272655/oil-prices-rise-eight-month-high-opec-succeeds-cutting Looking a lot better now, than back in the dark days of 2015, first half 2016,...PVR did well to survive back then. Personally, not sitting on hands any longer,.....been actively Buying, got yesterday's tranche, Sub s/p@4.9p,...overreaction to the downside, on two Dusters (imo). BW

In the event that Capricorn exercises the Option on Avalon, the final equity in LO 16/27 will be TOTAL 50% (Operator), Providence 24%, Capricorn 20% and Sosina 6%. If Cairn do farm-in to Avalon,...the way I read it,Total will be paying 60%, Capricorn 24% (Total & Cairn, subject to a gross well cap of US$ 42 million) of well cost,.... leaving PVR and Sosina paying 16% of well costs(US$6.72m), which equates to Cost of an Avalon drill to PVR of US$5.376m,(when using the US$ 42 well cap figure for well). BW

meadow,...I'v just got around to looking at PVR Presentation, on page 14 Cash position is given;- ₋ At June 30, 2017, total cash & cash equivalents were €36.398 million (€0.522 million at June 30, 2016) ₋ The Company had no debt at June 30, 2017 (€19.546 million at June 30, 2016) ₋ Receivable (2nd Option payment from TOTAL) of US$5.4 million due within 3 business days of P&A of 53/6-1 well Source: http://www.providenceresources.com/sites/default/files/PVR%20INVESTOR%20PRESENTATION%20-%20H1%202017%20RESULTS.pdf I'm particularly interested to see whether Cairn exercise their Option (Avalon);- CAIRN OPTION ₋ Exclusive Option agreed with Capricorn, a subsidiary of Cairn Energy PLC , where Capricorn has the right to farm-in to a 20% working interest in LO 16/27 from Providence and Sosina ₋ The Option can be exercised by Capricorn within 60 business days of the completion (plugging and abandoning) of the 53/6-1 well on Frontier Exploration Licence 2/14, (page 13). BW

meadow,..according to this article (21/09/2017), PVR are going to drill Barryroe, without a farmout,...Cash does not appear to be a problem to myself;- "Providence Resources confirms it will drill again at Barryroe, without a farm-out". Source: http://www.proactiveinvestors.co.uk/companies/news/184353/providence-resources-confirms-it-will-drill-again-at-barryroe-without-a-farm-out-184353.html BW

hereandnow,....With £5.23m Market Cap, for 20% of Barryroe!!!,....would support a Fund (Open Offer, etc) Raise myself,... preferably on equal terms with II's,...if a farmout is not achieved in time. Agree with you, got these tucked up in a couple of ISA's myself. BW

This is the interview,.... indicating Costs Zero, with about a $5m surplus, (from 3:18 into clip);- https://audioboom.com/posts/5996554-tony-o-reilly-ceo-of-providence-resources-pvr-7th-june-2017?t=0 BW

"asked Hugh about Wressle",....thanks for sharing that jusmasel. BW

Agree with you hikeaholick,... there is a lot of potential upside, here in EOG assets (imo)...... with the production from Wressle, current breakeven of about $53 per barrel of Oil (from memory), reducing to breakeven of about $35 per barrel of Oil, once Wressle sorted,.... providing good solid Cash flow. BW

Welcome aboard hikeaholick,...only bought into EOG earlier this year myself. BW

The bit that caught my eye Tommy241, was;- " The possible presence of bitumen was reported in drill cuttings within the Drombeg reservoir interval which may indicate that it received an oil charge which was not retained at this location ", (-was not retained at this location-). Source: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PVR/13357589.html The main target was Druid, with the well just clipping the edge of Drombeg, as this clip shows;- Druid and Drombeg Proposed Well clip: https://youtu.be/1ywZ4jcXqvA Could Oil have migrated to the centre of Drombeg?...... it's going to be interesting, to see what Total & Cairn decide to do, in the 60 day period. BW