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anovas 02 Oct 2018

Oil Price [link]

anovas 02 Oct 2018

[link]

Jimmy23 26 Sep 2018

Providence Resources eyes up multi-billion barrel exploration targets There are two very large multi billion prospects that Pvr is talking about. Both need to be farmed out to ensure third party validation. Newgrange is a giant very shallow prospect being only 500 meters below the mud line in very deep water. Potentially 13 tcf of gas or I believe several billion of oil. The question is which. The prospect is identified as a seismic feature, but is it real or a seismic processing anomaly. The recent site survey identified numerous pockmarks on the seabed consistent with gas or oil seepage which would be expected from such a shallow reservoir. Did PVR take seabed core samples that could help solve the issue? Failing that if these are genuine oil seeps then does radar analysis of the sea surface identify oil slicks? This is basic exploration, so should be done and would help de risk the prospect and help to farm out. Dunnquinn south, proven source rock, proven excellent reservoir, but does the top seal still keep the oil intact. We know dunnquinn north failed because of top seal failure and the huge gas chimney on the seismic that was overlooked caused oil to seep away. Not convinced yet there is no top seal failure at dunnquinn south. Are there AVO seismic differences that can explain difference between dunnquinn north and south. What happened schlumberger and it’s top seal analysis.? Need a farm out to validate the prospect. Jimmy

anovas 26 Sep 2018

Providence Resources eyes up multi-billion barrel exploration targets [link]

anovas 26 Sep 2018

Providence Resources eyes up multi-billion barrel exploration targets

anovas 26 Sep 2018

Barry roe news?

BROEFLOSPECU 25 Sep 2018

Stuck in this since the dark days of 2015, so many false dawns, could this be the start of something meaningful with PVR, I truly hope so, good luck to all.

PVR-2019 23 Sep 2018

Barryroe news [link] Read this from Phoebus. Very interesting

PVR-2019 23 Sep 2018

Barryroe news Thanks Jimmy I am looking forward to my new car and a new house Have a nice sunday

Jimmy23 23 Sep 2018

Barryroe news Hi BR When pvr go into production my guess is that the share price will be worth about £2.00 per share if the discovery but not yet appraised lower wealden and Jurassic reservoirs are included as previously posted. This is an upside target so adjust for your risk assessment. My valuation assumptions are based on a current oil price of $80 per bbl should yield a pre tax profit per bbl of approx $26.66 As the barryroe field will pay tax at 25% this nets to a value of $20 per bbl Undiscounted. Roughly speaking I then Npv that to $10 per bbl and apply a 35,5% net interest to pvr and assume further equity dilution of 25% . This assumes no value for other assets and is probably a useful guide as to a take over value for per. Makes the Chinese warrants looking like a good move for them. Jimmy

PVR-2019 22 Sep 2018

Barryroe news Hi Jimmy - Whats your target of PVR when they start production? BR

Jimmy23 22 Sep 2018

Barryroe news Just checked some of the previously reported reserves. Barryroe 346 million bbls of oil equivalent. Audited. Lowe wealden and purbeck reservoir, 776 million bbls in place , using same recovery factor as barryroe of 35% is an estimated 271 million bbls . These have been drilled but not appraised. Drill program in 2019 is expected to appraise this target. Jimmy

Jimmy23 22 Sep 2018

Barryroe 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 lansdowneoilandgas.com 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

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 James.midgley@mirabaud.co.uk +44 (0)20 3167 7273 Tim Hurst-Brown, Energy Research Analyst Tim.Hurst.Brown@mirabaud.co.uk +44 (0)20 3167 7276

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