Irish parliament fail to pass law banning exploration The Irish Times Committee fails to move Bill banning oil and gas exploration off the coast Minister says legislation clashes with key aims of State’s energy policy – sustainability, security of supply and affordability Looks like common sense might prevail. Jimmy
Things must be looking bad with An Taisce, so now we're moving in to the boiling water business all of a sudden.. Keeps the CEO in clover for another few more years of B. S.
Things must be looking bad with An Taisce. Tc
Todays publish from Davys sees a value of 77p for Barryroe and 11.9 for other assets Link
What is going on with this share? Hi Jimmy, Thanks for you answer ) On the other website, LSE, are they talking about “An Taisce” Is there anything that can affect Providence?
What is going on with this share? A lot has to do with the oil price having moved from 80 to 60 dollars. In addition, general markets are soft which hits shares like pvr. Fundamentals at pvr still very good and rigs will start drilling at barryroe in a few months time which will be a catalyst for upward moves. The good news this is appraisal drilling in a proven reservoir that is proven to hold oil. Jimmy
What is going on with this share? Its only falling and falling since the good news… what is going on? Someone please tell me a good reason?
[link] any body got access to this link. Looks worrying for Providence resources
Corporate update I would estimate that the success rate for standard appraisal drilling is approx 75% . However, that usually involves drilling a prospect to find out how much oil is in place and where the oil water contacts are. At barryroe there are six wells drilled previously so the oil in place and oil water contacts are known. My reading of the purpose of the forthcoming drilling program is to get enough precise data to know where to locate the development wells to optimize field production. The additional wells to be drilled will allow a refinement of the new seismic when its calibrated to these additional wells. As the location of the wells are all based at the top of the structure, they will all find oil and gas. My guess that the chance of success to get into production is probably 85%. These wells are likely to be used as future producers. Jimmy
Corporate update Jimmy, What is the industry “success rate” of appraisal well drills being classified as “commercial”? There is an assumption on these BBs that simply progressing to this advanced stage almost guarantees a successful outcome, and a consequent share revaluation upwards. What’s your take?
Corporate update Pvr issued a corporate update to day and I recommend investors to read it. Most importantly there is more clarity on the four wells to be drilled at Barry roe including a deep well to test the lower oil below Barry roe which has 788 million bbl of proven 2c resources oil in place. Flowing testing of this deep target which has already been drilled will allow providence to determine how much is recoverable oil by flow testing this zone which was not done previously . Using a 30% recovery factor this could add another 200 million bbl of to the main barryroe oil of 346 million bbl equiv.the purpose of the drill program at Barry roe is to provide the detail for the field development plan. Incredible value to be had here based on Barry roe alone, all of which has been validated by a farm out which will fully fund the drilling of up to six wells. Low risk investment opportunity in a high risk industry. Jimmy
Newgrange Thanks Jimmy, It’s always a pleasure to read your posts