caraldo
03 Jan 2018
Re: Jimmy Hi jimmy "I believe that the new seismic makes such a huge difference that whoever has agreed commercial terms to farm in will not not to let the opportunity pass, because they will farm in with a great deal, which will still be fantastic for logp ."when did this new seismic become available, and when was it carried out and what new information does it say about the barryroe field.I am a share holder in lopg for years ,and i value your posts over the years .but there is a part of me thats tells me ,that this could be more spin
jimmy24
03 Jan 2018
Re: Jimmy Hi mamms.I am equally originally invested in both Pvr and Logp.The potential upside in logp is far higher in Logp only because it’s short of cash and the share price got hit hard.At a current market capitalization of less than £8 million in respect of 68 millions barrels of C2 independent reported reserves is exceptional value, if you believe a farm out can be done.I believe that the new seismic makes such a huge difference that whoever has agreed commercial terms to farm in will not not to let the opportunity pass, because they will farm in with a great deal, which will still be fantastic for logp .Standard farm in practice is to be reimbursed for past costs and as logp main asset is Barry roe it’s likely that most of its capitalized exploration costs of 12 m relate to Barry roe. I expect that logp will get at least 6m in past costs which will solve their financing problems. They are funded by loans at present and I expect a lender will finance them till they get these funds in. If you believe that a farm which has been announced will be completed then logp represents incredible value. Jimmy
Mamms
03 Jan 2018
Jimmy All the loons are out in force again (not that I'm not, just a more consistent loon). I was wondering whether you are more in PVR or LOGP? If a deal can get done so LOGP can avoid a fund raise then they have the best potential I reckon. the problem is that they will need to pull the trigger on a fund raise sooner rather than later - if there is no farm out by the end of the month, they will need to go cap in hand I reckon.... Could a farm out get done that quickly?
atlanticshore
02 Jan 2018
Re: Plenty of buys today Just out in 2014 ..... the last time Tor warned us to watch the space
Nice to Michu
02 Jan 2018
Not tempted to sell, indeed just bought more Jimmy's thinking here motivates me to think big here too.. still a smallish position for me here but open to adding more again as I feel appropriate.. and as my bet has doubled up already so worst case it'll be the houses money I'm giving back.. Much appreciated Disorder and Jimmy
senn1965
01 Jan 2018
JOG This and PVR could mirror JOG when or if a deal on Barryroe is done, this is the key to any substantial rise.Best of luckSenn
jimmy24
31 Dec 2017
Re: Barry roe farmout Mamms.You are correct about PVR disappointing for so long.I have been posting about seismic quality for years as being a problem. So what’s changed.Firstly new chairman with solid oil company experience and angus mc coss the exploration director of tullow and within one year they farm out Druid, reprocess the seismic on Barry roe using experts for the problem and within weeks of announcing the seismic they have agreed commercial terms for Barry roe farm out.In my view the focus has changed in pvr to generating shareholder value and most importantly mitigating risk.Certainly after the next Barry roe wells are drilled a takeover value of 25p for LOGP £1 for pvr are reasonable targets, way to early for those values now.The new seismic is a game changer.jimmy
Mamms
31 Dec 2017
Re: Barry roe farmout Jimmy, the implication of those calculations is that PVR would be worth approx £1. It's a pity they didn't pursue BROE last year rather than Druid/Drombeg...I've had too many disappointments here not to be very dubious..
jimmy24
30 Dec 2017
Barry roe farmout PVr have advised that the oil price break even price for Barry roe development is $35 per bbl so at a current oil price of $65 there is a $30 per bbl pre tax profit.Because the license was issued under old tax terms a 25% corporation tax applies and no royalties. Each barrel produced will generate a profit after tax $22.5 per bbl.Allowing for the time value of money to discount that to present day values works out at approx $11.25 per bbl.We know that pVr have granted an oil company an exclusive period to conclude legal farm in documentation. Assuming that the farm in company take 50% equity in the field it will be worth 340 million bels X 50% x $11.25 per bbl = $1.9bn .So how much will they pay to farm in, certainly they will fund the cost of the next wells valued at $25m plus past costs of at least $80 million.This still makes a very attractive investment for a farm in company to a field with independent reported undeveloped reserves of 340 million.LOGP have no money but if a farm in deal gets done they will be refinanced and still hold almost likely 10% of Barry roe plus cash of circa 2.3 p per share and a carried interest in the next well program.PVR stated that the next wells will lead to a final investment decision for Barry roe development. If the npv of barryroe is $11.25 per bbl then an acquisition of Logp for $5 per bbl is very attractive. If logp retain a 10% interest in Barry roe worth 34 million bbls that’s $170 m or £0.25 per share .So the current share price does not even represent the cash it will get for past costs when a farm out is completed. And all because the new seismic made this possible and it has taken only a few weeks from the announcement of the new seismic to announce commercial farm out terms have been agreed, subject to final contract.This has to be the lowest risk highest reward opportunity on Aim.Jimmy
lootgalloot
28 Dec 2017
Re: Barryroe Credit where it is due; for several years Jimmy has been consistent in his view that the previous seismic did not resolve the issue of compartmentalisation. He has taken a lot of flak on the PVR board, called a deramper etc.On release of the latest seismic Jimmy was impartial enough to accept the new evidence, changed his mind and recommended that a farm-in was now likely. Again he took flak on the PVR board.Today's news vindicates Jimmy's position. He is probably due a few apologies but unlikely to receive them.
jimmy24
28 Dec 2017
Re: Barryroe Great news on barryroe farm out, period of exclusivity granted to investor company to finalize a multi well farm in , per Pvr.The new seismic really is making a difference. Shares worth 15 to 20 p based on independent reported reserves of 340 million bibles of which 20% to logp.Best value oil stock on AIM at the moment.J
jimmy24
19 Dec 2017
Barryroe The main reason barryroe was not farmed out was that the seismic was very unclear which did not allow the direct mapping of the reservoir and hence small intra reservoir faults could not be identified and hence a risk of reservoir compartmentalisation.The problem occurs because in the Celtic sea there is a hard layer of chalk rock below the seabed which causes an echo in seismic which makes it difficult to identify the reservoir rock in seismic. This is known as a seismic multiple and conventional techniques to remove by data processing also remove 95% of the reservoir signal. Hence no farm out because investors could not be certain the thin sand reservoirs were not compartmentalised.That's all changed now with seismic processing by U.K. Company seismic image processing which removes the seismic multiple and preserves the original seismic signal.See[link] is vey important as it allowed pvr to map the reservoir with confidence. See the pvr barryroe presentation.The consequences of this change are huge. It means that Logp can now farm out barryroe and it's 20% share of the barryroe proven independent c2 reserves are a real asset amounting to 68 million bbls of oilPvr are to drill next year a well which is 200 feet up dip from an existing discovery that will lead to a final investment decision on barryroe development.Logp have a high chance of farming this out because the data improvement is so substantial. Alternatively , the probability of being taken over at current share price or even a small multiple thereof must be very good indeed. Even if there is equity dilution to fund a share of the logp well this must be the cheapest value company on Aim for a company with 68 million barrels of proven undeveloped oil . This is easily a 20 baggerJimmy
Nice to Michu
28 Nov 2017
good to be on board here The bets you recommend seem to rarely be boring Disorder, although they often end up coming right back down to earth after a good jump up, for whatever reason .. eg Synairgen and Modern Water.. but the fact they have that original jump up is interesting/useful in itself .. A very small bet for me to begin with here, but will do a little research now and hopefully add more in due course.. good luck to all fellow holders here ! Ps: The fact i'm originally from Dublin swayed me a little into getting involved here too.. I may even do a little digging on this while there over Chrimbo...
Disorder
27 Nov 2017
Whoaaahhhhhhhhh Electronic purchases of this stock have been stopped?Am I right in saying the market has effectively come to a stall in being able to supply this sub penny share... 
Ho Ho Ho....Fun and games if the ramptastic brigade get a hold of this one then...
Disorder
27 Nov 2017
Re: Barryroe I believe this offers a much better multi bagging opportunity than say PVR does.It certainly appears on face value to be worthy of sticking a few grands worth in the top drawer.
