Providence Resources - Value of Baryroe - The over supply will eventually...

The over supply will eventually be drawn down. Jimmy fails to mention natural decline rates in Conventional fields calculated at approx. 6.75% across all types of field (Onshore, offshore, conventional and non-conventional). Not to mention shale and Canadian tar sands. We also have rising deman predicted to be an average of 1m barrels per day up to 2020. Thus by 2020 the world will need approximately 100m barrels of oil a day. So with virtually all projects being cancelled for 2015 and 2016 i.e. 200bn worth and 750bn of future projects on hold many expect a short fall of 20m barrels of oil per day by 2019 unless prices improve. So We can all throw out figures and say what we think Barryroe is worth. What matters is getting someone to put the cash down. The rewards for a potential investor could be huge. The investment given how costs have dropped for Rig day rates is reasonably modest given the nature of this business. You would do the drill and flow tests for 30-40m max. If I were an investor I would invest the money directly into Providence and take a percentage of company. As mentioned before Providence has 75m shares it can issue. If it gives 20m to Landsdowne in a 1:7 share swap it can sell 55m to an investor for lets say 80m (i.e. 25.6 % of company. Thereafter they have cash to do appraisal drill on Barryroe and Jimmy´s favorite (Spanish Point). Thereafter if successful the company would be ripe for a Takeover bid.

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Post-well analysis, in conjunction with the new 3D seismic data set, led to a substantial upgrade in the field size to over 1 billion barrels in place (2C). Subsequent work on multiple development concepts, together with detailed engineering studies on recovery factors, led to estimated 2C recoverable resources of over 300 million barrels of oil from the two main tested reservoir intervals.
In April 2013, a Competent Persons Report (“CPR”) was issued by Netherland Sewell & Associates Inc. (NSAI) confirming the previously published Providence figures on the main basal sandstone reservoir. In conjunction with a previous audit carried out by RPS Energy on the overlying secondary Middle Wealden reservoir, the total upgraded resource base at Barryroe is as follows:
Basal Wealden STOIIP (NSAI) 1C (MMBO) 338 2C (MMBO) 761 3C (MMBO) 1,135
Basal Wealden Recoverable (NSAI) 1C (MMBO) 85 2C (MMBO) 266 3C (MMBO) 511
Total 1C (MMBO) 89 2C (MMBO) 311 3C (MMBO) 624
Note: The table above excludes recoverable solution gas (i.e. 207 BCF or 34.5 MMBOE in the 2C case)
Further incremental resource potential has also been identified in logged hydrocarbon bearing intervals within stacked Lower Wealden and Purbeckian sandstones, which the Company estimates contain total associated P90, P50 & P10 in place oil resources of 456 MMBO, 778 MMBO and 1,165 MMBO, respectively. In February 2014, the area of SEL 1/11 was increased by c. 160 km2 to provide for possible extensions of the Barryroe oil field beyond the area previously licensed