Hello Mamms. I would be a lot more positive. Newgrange and Barryroe likely to be both drilled next year. No major move in share price before next year. 15-20 pence possible. Thereafter a rise into the drill date. Dont believe we will be waiting long after Barryroe drill results which may likely include increased reserves from jurassic before Exola is sold off for a hefty load of cash. Newgrange, Spanish point, Dunquin, dunmore, hook head, helvick, Avalon can all provide positive surprises. So expect heavy gains next year
My Dad averaged down My average is about 35 pence Sharemate
Not in the web. On the independent today. Can send You copy of Article (Photo) By email If You want. Cannot upload it here.
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See that Total Have Been granted a Petroleum Prospecting Licence By the Minister. Announcement in Irish Independent. Total are the operator at Avalon only I think. Maybe we Will See a Drill announced shortly at Avalon.
What the ---- Are Providence doing with their cash. As of June 30 Providence Have 36 millon euros. This includes approximately 15 m euros ( 16 m dollars from Total and 2 m dollars back payment from Cairn). So that means that Providence had only 21m euros remaining out of Placement funds. Where is the money gone. They should Have had circa 30m Euros. So on June 30 If We add the money due from Total following P and A Providence Have approx 42m dollars. Providence Have to Pay the Total share of the Druid/Drombeg fiasco. Now at approx 80 days. Lets put a Conservative 600000 All in cost for rig and support vessels This gives a total cost of 48 m dollars of which approx 18 m dollars covered By Cairn. Thus providence/Sosina to Pay 24 and 6 m dollars. Leaves providence with 18m dollars. Cant drill Barryroe with that !!
A variety of processes have been proposed for the generation of overpressure; the most commonly quoted are porosity reduction due to compactional disequilibrium or lateral stresses, and fluid expansion. In the latter case, the excess fluid associated with hydrocarbon generation is considered to be a major contributor to overpressure generation, particularly at depths greater than 12,000 ft.4
While it is probable that overpressure is the result of a number of processes, it is important to recognize the dominant mechanism. The dominant process may change both in spatial and temporal position within the basin, and it is critical to recognize which process is currently active, as this may influence the interpretation of the hydrocarbon potential of a basin.
Prospect risking
Exploration prospect risking is quantified by multiplication of the risking factors: trap, seal, hydrocarbon generation and timing, and migration. 5
In an overpressured basin there are implications for the estimation of all of these factors with the exception of the trapping mechanism.
Seal
Every overpressured system has a seal. There is always a top seal, which in overpressured terms is the transition zone.
Side seals can be present, either as a result of faults, facies variations, or diagenetic alterations. The side seal may not be recognizable from seismic sections, but is most often inferred from lateral pressure variations.
The significance of the pressure seals in abnormally pressured compartments is that stacked reservoirs may be present. Thus each pressure compartment has the potential for hydrocarbon trapping, and a number of plays may be stacked vertically on top of each other.
At AGM Board talked about reAppraisal of Barryroe By Majors given ongoing review and New information regarding potential additional size of Barryroe and new interest in triasic and jurasic layers. Fastnet in 2013 after 3D were of belief that deep Kinsale below Barryroe contains cerca 3 bn barrels of Oil. In fact they planned to Drill in 2014 according to interview (starting 4.22 minutes into interview). Thus it is likely that Barryroe is also charged From Same source.
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Thing we Will be hearing news Soon on Helvick, Dunmore, Hook etc. See on LSE chat Site for Nu Oil ( which has a considerable stake in Mf Dev) Comments saying a deal Is Very close
"Yeah I bought back in this morning. Bottom has definitely been hit. Had some positive comms from Nigel. Won't say what was said but seems they are working flat out to get the first project over the line. So sounds as though news flow is very close ".
Signs of progress on Barryroe making him nervous !!