The good thing about Whitegate being sold and the refinery being kept on, is that it gives another plus for anyone thinking of taking a stake in Barryroe.
I was looking at Davy's report on Kenmare yesterday, and they had a Restricted Rating on them. Today they have changed that rating to outperform. [link]
I imagine that Barryroe in not some oil field in Saudi Arabia, but at the same time Sequa were going to invest there money there, and Oil India were going to buy the entire company. I am sure Barryroe is not straight forward, but what oil fields are when it comes to drilling at sea. Hopefully they will be able to do a farmout this year, as it would help with the future drilling of Druid, and Lansdowne's future as a company completely relies on that happening.
Interesting article in the Phoenix magazine about Providence. It mentions the rough ride shareholders have being on, and the fact that they should have drilled in Barryroe in 2012 when they had the money and oil was very high. Also mentioned are some interesting facts about Barryroe which go something like this. Barryroe is a huge field of about one billion barrels of oil and has a 35% recovery rate, capable of producing 350 million barrels of oil which is worth, at fifty dollars a barrel, over 17 billion dollars. The problem with Barryroe had been that the oil had a very high (20%) wax content. In the earlier wells drilled as the oil came up the pipe and the temperature quickly dropped, the wax actually slowed down the flow rate as it congealed. Using the newly invented insulated drill pipe, this did not happen and the flow-rate quadrupled to over 6,000 barrels of oil equivalent. Moreover, it was discovered that the wax itself could be recovered and that it had significant value in its own right once the logistics of handling it were worked out.
Whitegate Oil Refinery is understood to be sold. Looks like it may only be used as storage, which would mean that jobs would be lost. A good incentive for the government to see Barryroe opened up as a oil field. [link]
Here is a interesting link I found on another broad. It is a one stop shop for all things Providence Resources. [link]
Looks like pageant Holdings have more than had maintained their percentage holding in the company. [link]
The use of the word "swarming" is interesting really when you think about it. It suggests that the majors are falling over each other to get a slice of Druid. I would be happier to hear that one or two majors had made requests to see more technical information regarding Druid. Perhaps what is meant by super majors swarming around Druid is that they have taken acreage in the same area.
I am only a layman when it comes to things like this sharemate, but it would look like that the vast majority of shares showing up today are at 12 pence, which I am guessing are shares that the small shareholder would have taken up in the placing and are now showing up on the system. There is a very small volume of shares: some just above 12 pence and a couple below it, which I believe are shares that are being brought and sold on the open market today.