Jimmy23
22 Sep 2018
Barry roe news? looks like Pvr will be drilling a deep well at Barry roe to test the Jurassic potential of the area. There is a good presentation by lansdowne on the regional source rocks in the Celtic sea at Lansdowne Oil and Gas Plc Lansdowne Oil and Gas Plc Lansdowne Oil and Gas plc is an oil and gas company which has exploration rights in the Irish offshore shelf areas Celtic-Sea-Conference-Dublin-April-30-2014.pdf 7.49 MB It appears that deep Barry roe is mature for light oil from lower Jurassic source rocks. The seismic for Barry roe shows that there appears to be a large structure at the Jurassic level. The question is what reservoirs are present at that depth. The Helvick oil field on the northern side of the basin encountered 42 foot of Jurassic reservoir and combined with a limestone reservoir at that level flowed at 9901 bbl per day. So if those reservoirs are present in deep Barry roe then you are looking at very big reserves, potentially high flow rates, and such reservoirs could act as the basis for field development project finance . This is exploration. The wells to be drilled by pVr starting about six months are mostly appraisal wells in Barry roe, and investors should ask themselves what is the purpose and risks of those wells. There are already six wells drilled on the Barry roe oil field which proven the presence of the oil and its flow rate characteristics and established the oil water contacts in the field. All of which have been independently verified in a competent persons report. So why drill more and why was Barry roe not developed before this.? In my view, which I hold for a very long time, the problem relates to the fact that the Barry roe reservoirs are very thin and until recently were below seismic resolution, so the mapping of the reservoirs was previously performed by mapping the next deepest rock that could be identified on the seismic and this gave a good approximation of the location of the reservoir . Unfortunately such mapping was not detailed enough to identify very small faults, which if present could compartmentalise the field and make the placing of development wells difficult or near impossible . This problem was caused by a seismic signal called a multiple which was caused by the presence of a thick chalk section below the seabed. Fortunately new technology used by a company called seismic image processing has been able to remove the seismic multiple and the barryroe reservoirs have been mapped directly and the intra reservoir faults have been mapped for the first time. The calibration of the new seismic has used six wells drilled to date in Barry roe and the drilling of another five wells will provide a huge data base to calibrate the seismic for field development purposes. So these forthcoming wells are really pre development wells and not exploration as the field is already defined, and hence the risks are very low. In addition, direct mapping of reservoirs is essential for the purpose of drilling and directing horizontal production wells in a thin reservoir as you need to know precisely where to place the horizontal portion of the well. This new seismic will allow that to happen and the drilling of the horizontal well will demonstrate this. Furthermore, the flow testing of a horizontal will indicate the production capability of such a well for development planning purposes. With so much low risk data to be collected, it’s hard to see the development of Barry roe not proceeding, which creates an incredible investment opportunity, which has been validated by the farm out. Pvr has 40% and no cash expenditure to get Barry roe to a development decision . Hence Pvr and lansdowne are now incredible investment opportunities. Valuations are extraordinarily low. Jimmy
anovas
22 Sep 2018
Barry roe news? BARRYROE FARM OUT FORMALISED Dissemination: 20 September 2018 08:10 BST Providence Resources (PVR LN) has announced the formalisation of its farm out agreement for the appraisal of its Barryroe field, offshore Ireland. The deal, which was originally announced in March this year, will see a Chinese consortium, headed by APEC Energy Enterprises finance a comprehensive appraisal drilling campaign in 2019. The farm-in offer originally constituted three firm wells, plus any required sidetracks, however the deal has subsequently improved from Providence’s perspective, with the programme now comprising four firm vertical wells, one horizontal sidetrack and two optional horizontal wells. On top of this, APEC will now pay PVR US$9m upfront and a further US$10.5m ahead of the campaign, to cover any early costs associated with the project. Importantly, in spite of this expanded work programme Providence is not required to relinquish substantially more than originally expected, with APEC still farming into a 50% stake, halving Providence’s original 80% interest. We see today’s news as significant on a number of counts. Although we considered transaction risk low, sign off was required from multiple parties including both the Irish and Chinese governments, and therefore the fact that the agreement is now binding quells any concerns that the transaction would not complete. Secondly, despite industry cost inflation since announcement of the deal, the committed appraisal programme has grown in size – indeed the committed capital investment by APEC has more than doubled on our numbers to c.US$250m (gross) from c.US$100m, assuming that both horizontal well options are exercised. In our opinion, this is a clear demonstration of APEC’s enthusiasm for the project, and its intent to press ahead as quickly as possible. From Providence’s perspective, it now has a fully funded appraisal campaign, worth some US$100m net to PVR’s residual 40% stake, due to commence within the next 9 months. The campaign will determine Barryroe’s commerciality, and could add to the field’s c.350mmbbls of already discovered resource (gross, 2C recoverable). The company released the news alongside interim results, which bear only limited significance. Cash on the balance sheet at the end of June totalled just over €12m, with zero debt – down from €19.5m at the start of the year. Naturally this does not include the benefit of today’s cash injection, which, after accounting for PVR’s carry on Barryroe, leaves the company in rude financial health. Authors: James Midgley, Energy Research Analyst [email protected] +44 (0)20 3167 7273 Tim Hurst-Brown, Energy Research Analyst [email protected] +44 (0)20 3167 7276
anovas
22 Sep 2018
BARRYROE FARM OUT FORMALISED Dissemination: 20 September 2018 08:10 BST Providence Resources (PVR LN) has announced the formalisation of its farm out agreement for the appraisal of its Barryroe field, offshore Ireland. The deal, which was originally announced in March this year, will see a Chinese consortium, headed by APEC Energy Enterprises finance a comprehensive appraisal drilling campaign in 2019. The farm-in offer originally constituted three firm wells, plus any required sidetracks, however the deal has subsequently improved from Providence’s perspective, with the programme now comprising four firm vertical wells, one horizontal sidetrack and two optional horizontal wells. On top of this, APEC will now pay PVR US$9m upfront and a further US$10.5m ahead of the campaign, to cover any early costs associated with the project. Importantly, in spite of this expanded work programme Providence is not required to relinquish substantially more than originally expected, with APEC still farming into a 50% stake, halving Providence’s original 80% interest. We see today’s news as significant on a number of counts. Although we considered transaction risk low, sign off was required from multiple parties including both the Irish and Chinese governments, and therefore the fact that the agreement is now binding quells any concerns that the transaction would not complete. Secondly, despite industry cost inflation since announcement of the deal, the committed appraisal programme has grown in size – indeed the committed capital investment by APEC has more than doubled on our numbers to c.US$250m (gross) from c.US$100m, assuming that both horizontal well options are exercised. In our opinion, this is a clear demonstration of APEC’s enthusiasm for the project, and its intent to press ahead as quickly as possible. From Providence’s perspective, it now has a fully funded appraisal campaign, worth some US$100m net to PVR’s residual 40% stake, due to commence within the next 9 months. The campaign will determine Barryroe’s commerciality, and could add to the field’s c.350mmbbls of already discovered resource (gross, 2C recoverable). The company released the news alongside interim results, which bear only limited significance. Cash on the balance sheet at the end of June totalled just over €12m, with zero debt – down from €19.5m at the start of the year. Naturally this does not include the benefit of today’s cash injection, which, after accounting for PVR’s carry on Barryroe, leaves the company in rude financial health. Authors: James Midgley, Energy Research Analyst [email protected] +44 (0)20 3167 7273 Tim Hurst-Brown, Energy Research Analyst [email protected] +44 (0)20 3167 7276
jaja
21 Sep 2018
get in below radar BZT - about to heat up with Justin blogging on it and Nic chart next target 1p [link]
Jimmy23
20 Sep 2018
Barry roe news? Pvr need to issue a corporate presentation on the impact and information to be achieved from the drill program and how this will impact the development plan. Where are the wells to be drilled and why. Are any of the wells to include testing of the gas zones for early production. What’s the potential of the Jurassic, I suspect it’s huge and pvr should have mapped it by now, this potential needs to be disclosed to shareholders. J
Eyeore
20 Sep 2018
Barry roe news? It’s been a long time coming but pleased we should finally see some sustained rise in sp. Reaction today more muted than I expected but I suspect a lot of long term holders reluctant to miss the opportunity to sell into a rise… Hopefully, patience will be rewarded
Hypnotoad1
20 Sep 2018
Barry roe news? Yes and it is exciting that the underlying Jurassic interval will be drilled. This could change the game totally.
Jimmy23
20 Sep 2018
Barry roe news? So finally the farm out gets done and a five well program is fully financed by the Chinese. Drilling to start in Q2 19. Importantly, the program includes flow testing, and a horizontal well. Necessary for development plan. This is not exploration but appraisal to get data to finalize the development plan Jimmy 23 Previously registered as jimmy 24
Jimmy23
20 Sep 2018
Barry roe news? Barry roe farm out due to be announced by end of q3 and oil now at $80 per bbl , this has to be the most undervalued stock on aim with proven oil and gas and six wells drilled in the field. J
Hypnotoad1
14 Sep 2018
The way I see it I hope you are right Jimmy but its been a long wait and yet nothing seems to happen!
Jimmy23
12 Sep 2018
The way I see it Must be due news very soon as it’s due by q3 . Oil at $80 per bbl must be making Barry roe very valuable. Most undervalued stock on AIM J
ps200306
20 Jul 2018
The way I see it Seems to be very few people playing on ii if you look at the posting rate. LSE may be a bit more frivolous but at least people are using it.
theprior
20 Jul 2018
The way I see it Jimmy has spent <1minute viewing posts recently ( see his profile). That tells me he’s not playing on ii any more !! Sad incitement of the new site. TP
PVR-2019
20 Jul 2018
Dunquin [link]
throtheblue
10 Jul 2018
Quieter than usual THIS SITE IS NOW PANTS ! The only discussion it stimulates is one of reflection for the good old days when it was easy to see who said what and when… This is a nonsense. …
