jimmy24
26 Nov 2017
Barryroe Some investors may be aware that I have until recently been a long term critic of barryroe.The reason is that in the Celtic sea below the seabed is a thick layer of hard chalk rock which causes an echo in seismic known as a multiple and traditional seismic processing techniques to remove the multiple also reduce the signal strength of deeper layers of rock by circa 95% .For thin sand reservoirs such as barryroe it means the reservoir cannot be traced on seismic through out the field. Because the Celtic sea was inverted by a mantle plume circa 30 million years ago this caused shallow faults known as flower faults which compartmentalised the seven heads gas field which lies at a shallow depth above barryroe . Without seismic that can directly map the reservoir potential faults cannot be seen , with the result that project finance debt would not be available to develop the field and hence no farm outs for the last five years for a field with independent reported recoverable oil of 340 m bbls in which LOGP have a 20% interest.Readers should look at the website of seismic image processing who have a track record in solving this problem and they have done so for barryroe.The results are very impressive so read the last barryroe update from pvr.Now LOGP have 20% of barryroe and they have no money and they need $5m to pay for a well on barryroe that will lead to its development. Can they farm it out. Davy stockbrokers valued an undeveloped phase 1 development of barryroe at $5.81 per bbl earlier this year. Pvr recently advised that this next well will bring 168. Million bbls into the proved c90 category. Can LOGP farm out 50% for a carry of $5 million. The well is being drilled 200 feet up dip from the last well in a field with six wells drilled to date, the well locations are at the top of the structure so ideal as production wells. Assuming an investor got half of LOGP 20% the net reserves for the investment are worth $97 m for the phase 1 reserves at $5.81 per bbl per Davy and say $1 per bbl for the follow on reserves of 172 million bbls worth $17.2 million at total of $114m for an investment $5 million. Can they farm it out with this new seismic, very definitely .The value to LOGP for its remaining 10% after farm out is $114 million or £0.168 per share compared to a curent share price £0.009 an 18.6 x multiple.The chances of success for drilling 200 feet up dip in a field with six wells and new high resolution seismic are very very high. I would estimate an 80% chance of success leading to a phase 1 field development. I have purchased LOGP shares as they represent an extra ordinary low risk high reward opportunity.I have changed my view on barryroe because the new data requires it.Jimmy24
ianio
12 Sep 2017
Via JH77 who attended AGM Hi Y'all...Here is a brief report of the LOGP AGM which I attended yesterday:1/ Shareholder attendance was fairly light in line with the trend in recent years.2/ All resoutions were passed on a show of hands. It is worth noting that 90% of the proxy voters also voted in favour, so I think we can take that as a signal that the institutional investors are still backing the management team and the Barryroe project up to the hilt3/ There was a very favourable response to the request for quotations for supply of a drilling rig with very low prices being quoted coming forward into 2018 and 2019.4/ There is a firm intention to drill Barryroe in 2018.5/ The current plan is to drill one well which will be both an appraisal and a production well. I assume that the optional second well is probably there as a standard contingency or in the event that a farminee with deep pockets may wish to do further exploration drilling, though I did not press SB on this point.6/ The planned well will target the existing discovered resource with a view to fast tracking production and getting some positive cash flow rather than further exploration of the deeper prospects at this time.7/ All options are open with regards to project financing including: A joint farmout with PVR A separate farmout of part of LOGP 20% stake An issue of further equity...possibly a rights issue to maintain the 20% stake.8/ There is no progress to report at present on the MFDEVCO licencing deal re Helvick.9/ While everyone regretted the lack of success which PVR incurred at Druid / Drombeg, the general feeling was that the silver lining was... an increased focus on getting Barryroe over the line by PVR management.Finally, my general impression was that the board are by no means despondent about the company's futureprospects and remain very positive regarding Barryroe.I believe this to be a fair and accurate report of the key poinst. If anybody else has any further comments that would also be most welcome. Obviously this is not at the present time a "get rich quick" share, given the timescales involved, however I was sufficiently satisfied to continue to hold my present shares and will probably add a little further down the line. Good luck all!
forwardloop
12 Sep 2017
info [link]
sobeit
11 Sep 2017
Re: AGM Something must have been said at the AGM to warrant the share price.There is one contributor on LSE who says he is attending and will report back.As mentioned, it cannot be the potential well on Barryroe as Lansdowne does not have the money for its share. Perhaps there was mention of a takeover.San Leon, the other entity in Barryroe came back from suspension and dropped like stone. I note there was mention yesterday of them needing to raise a loan of $20m to pay the fines it has with Avabone. An alternative would be that they sell out their share in Barryroe cheaply.
Mamms
11 Sep 2017
Re: AGM If PVR do a well for $25m at Barryroe, LOGP's share would be $5m, where will that cash come from? I guess we'll find out this afternoon. If anyone attends, an update would be greatly appreciated.....
waytogo333
11 Sep 2017
Re: AGM ......or is it because Providence actually mentioned Barryroe in their RNS......
waytogo333
11 Sep 2017
Re: AGM Up 24%.........what's being said at the AGM???????
Mamms
07 Sep 2017
AGM Is anyone going to the AGM in London on Monday? I'm wondering if he will have anything new to say on BROE.
Disorder
11 Jul 2017
Re: Moving, but wrong way Jennings is saying £2+ if both Druid and Drombeg are hits with a takeover the likely outcome... sounds good to me.I guess we should expect first result August and second in September?[link]
sobeit
30 Jun 2017
Where is Boldy's salary? I note they have accumulated all the expenses for the year into a single figure without breaking it down into its components.So, the expenses come to £665,000 and usually there is a note breaking that down into its components but they have deliberately passed over that.You can be sure a big percentage of that figure is still Boldy's salary so I think we should email him demanding that he reveal it.After all, other than Barryroe, as they rightly point out, they have nothing left so, rather than wait on Providence to get a deal, why don't they just sell it. I am sure if Boldy's salary was say£50k which is more than he is worth for doing nothing, they would hurry up and do it.
david polson
29 Jun 2017
Expert Timing Sold yesterday! Don't think I'll climb back aboard just yet. It appears there is at least another year now in the kitty.
ultrapunch
16 Jun 2017
The LC Capital Master Fund Loan note expires on June 30th The SUBJECT of my last post should read:The LC Capital Master Fund loan expires on June 30th
ultrapunch
16 Jun 2017
The LC Capital Master Fund Loan note expires on June 30th According to the RNS dated 17/6/16 the then amount outstanding on the loan note was £1,545,552. It will be higher now because of the 5% per annum interest charge (it was reduced from the original 10%).Last year LC Capital Master Fund converted £930,000 of the loan into shares priced at 1p (see RNS dated 17/6/16). Could they agree to convert more of the outstanding loan when it expires on June 30th and will it be at less than a 1p per share this time? It that the reason behind the fall in the sp?Since they have no revenue LOGP will need to raise cash to pay expenses and BoD salaries and fees. Will a conversion of some of the loan into shares be the solution as it was last year?
sobeit
12 Jun 2017
Re: Moving, but wrong way To raise more money they have to tell a good story.They were able to raise money last year because of the Transocean fiasco but what story are they going to tell this time when all they have is 20% of Barryroe and a "gifted" 10% of Helvick from Providence that will not be developed for years to come, if ever.As I have stated elsewhere, Boldy earned £243,000 in 2015 which included £48,000 as a performance related bonus (What did he do for that?) for doing nothing and I notice they did not identify how much he earned in first six months 2016 but you can be sure it is pro rata.And what have they done for their money? Nothing because they have nothing to do but fleece the shareholders.I hope they have an AGM because the shareholders should vote this lot out. After all, we all like value for money but ripping off the shareholders is not the basis for earning "performance based bonuses".It is the old adage "p*** or get off the pot"..
david polson
12 Jun 2017
Re: Moving, but wrong way Makes for dismal viewing... fear that more money/dilution will be required before the fabled farm in.
