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nigerian delight 23 Nov 2017

Re: Barryroe Jimmy, That chancer Remp attempted to sell Seven Heads to Old Red but the old boy duly noted his desperation and called in a wily head to check it out and they decided to leave Rempy with Seven Heads. Excellent post btw.

jimmy24 23 Nov 2017

Re: Barryroe Steel and NDMy previous concerns about barryroe were indeed influenced by the compartmentalised seven heads gas field above barryroe.The reservoirs in seven heads could not be directly mapped on seismic and the project finance banks lost hundreds of millions on the seven heads field. now those faults in seven heads are likely to have been caused by basin inversion causing flower faults which diminish with depth such as at barryroe.However, the only way to proove that barryroe was not compartmentalised and eventually qualify for project finance to develop the field was to directly map the reservoir and this has now occurred with new seismic processing announced by pvr recently This is why pvr is now great value and has my buy recommendationJ

nigerian delight 23 Nov 2017

Re: Barryroe Jimmy, Company Secretary pointed out a while ago that she couldn't comment on Barryroe as there are ongoing commercial negogiations. This would preclude wee John from buying if he were so inclined. Just how well the talks are going is anyone's guess....

jimmy24 22 Nov 2017

Re: Barryroe Let's be clear, the reason I changed my view on barryroe is because the data changed substantially. I won't go over all my past posts but the fact that pvr did re process the seismic says to me it was needed. It would be good if JOS bought shares . The upside is enormous from here and pvr stockbrokers need to get a report out commenting on the new data.Jimmy

nigerian delight 22 Nov 2017

Re: Barryroe Steel, Jimmy needed God to tap him on the shoulder and tell him them jeremiahs are plainly wrong and JOS is right. Suspect Jimmy was spooked with proximity to Seven Heads which oily old Remp tried to flog to Providence. Fortunately Old Red smelled a rat and boy was he right....

steelwatch1 22 Nov 2017

Re: Barryroe Jimmy, glad you found the light switch at long last, though constantly banging on about compartmentalisation over the years has undoubtedly caused great harm to shareholders' interests. Providence have been saying since as far back as 2014, if not further, there was no undue problem. See slide 51:[link] from a presentation by John O'Sullivan to Engineers Ireland on 25 March 2014:[link]

nigerian delight 22 Nov 2017

Re: Barryroe Anovas, Sobeit is stuck in de closet!!!!

anovas 22 Nov 2017

Re: Barryroe Hi Jimmy. Last night just before midnight you had a BUY.This morning at 09:15 you had no buy, that is what I was referring to. Glad you have now bought in ...you are now one of us!!!. Any news on Sobeit?

nigerian delight 22 Nov 2017

Re: Barryroe Jimmy,At the AGM last May O'Reilly was rabbiting on about a new wave of thinking upon Barryroe. Most people thought he was spoofing but now we may finally know what he was hinting at. This in theory should improve chance of a farmout(Lordy does it need improving!).

jimmy24 22 Nov 2017

Re: Barryroe Hi AnovasMy last post on providence before yesterday, was 29th Oct.During that time I studied the PVR presentation closely and went to the website of seismic processing images to look at their expertise at removing seismic multiples. I then had to liquidate another investment, before investing and then I posted.I recommend you visit the website of that company to understand how big a change this technical improvement has been. My earliest posts on Barryroe identified poor seismic resolution as the key risk and I am happy its been resolved, particularly as there are so many wells to validate the new seismic against.

nigerian delight 22 Nov 2017

Re: Barryroe Anovas, I reckon old Jimbo found God in the Monastery. Expecting Sobeit to return any moment now with a garland of flowers and a grovelling heartfelt apology to our permatanned leader and his much maligned Father. You have been warned....

anovas 22 Nov 2017

Re: Barryroe Jimmy. How come that in a matter of 9 hours you changed your mind about giving PVR a BUY rating.

nigerian delight 22 Nov 2017

Re: Barryroe Jimmy, They first told us a 2017t AGM that Barryroe direction has changed. Still looking to offset risk of course.

jimmy24 22 Nov 2017

Re: Barryroe On LSE they ask why are pvr drilling by themselves without farm out if barryroe risk is now substantially reduced .It seems to me that pvr have only just got the new data and released it to the market. They presented to the Atlantic margin conference just a few weeks ago so way to early for farm out.J

jimmy24 21 Nov 2017

Barryroe Many readers here know I was concerned about the technical risk about barryroe due to the fact that the reservoir was below seismic resolution and hence reservoir faults could not be mapped with confidence and hence a risk of compartmentalisation . Hence in my view no farm outs in five years.The reason this had occurred us that below the seabed is a hard layer of chalk which causes an echo in seismic known as a multiple which distorted the seismic . Traditional techniques to remove the multiple remove circa 95% of seismic signals and hence thin sand reservoirs could not been be mapped directly. Directly mapping the reservoir means faults can be seen and mapped and production wells placed in the right location to drain the field.The pvr technical update says that using the technology of seismic image processing they have removed the seismic multiples and preserved the reservoir seismic signal.See:[link] is really important because with six wells in the reservoir and a validated seismic map of the field it wil now be possible to get bank project finance and therefore get farm outs also.bp are reported to be paying $4 per bbl for proven undeveloped oil in Senegal. As barryroe has a tax rate of only 25% so I would vale barryroe at $5 per bblTo take account of possible farm outs or share dilution i am valuing barryroe at $1.5 per bbl now with barryroe having 340 million bbls net to 80% for pvr thats $408 million or £313 million or £0.52 pet share.I recommend readers look at the pvr technical update the change in seismic quality is dramatic. Also looks like good potential in the jurrasic. Importantly the new mapping shows the field extend into the adjoins licence option held by pvr. I have checked against the old maps but barryroe could be circa 25% bigger than reported.Even bigger valuation upside for lansdowne 20% of barryroe and a market cap of £4 million although no money they can now farm out barryroe.I have purchased shares in both companies since the announcementJimmy

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