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GUTTA,mucho oil at HH...

Looking good, enjoy ur hols!!!!

GUTTA,Tony is presenting at Oilbarrel Nov. 8th and that means a busy 2008.

onwards and downwards after good news,seems very strange.

might be some profit booking and of course the flow test has not been done- so have to wait for further news on when they are planning to drill.

must just be the flow rate issue.

winner,Cenkos estimate 63m barrels of oil recoverable....

Hermana, Can you let me know where Cenkos estimated 63m barrels? so does that equate to 25 mb for pvr?

GUTTA,they put out a note after results. PVR are on for 48% of 63mb ie 31 mb.

I thought 43%? Thanks

GUTTA,FGT only coughed up for 7.5% instead of proposed 15%.

fgt?

Forest Gate Reources,partner at HH.

hermana does that mean they will still be in default?

sea,no as they are expected to be able to cough up their 7.5% divvy.

New dawn today after sad news yesterday that a good friend and PVR holder from ADVFN PVR thread,Tinjam aka Jack Coady has died.
Jack's kids will be heartened to know that next 6 months will contain many glad tidings for patient PVR holders,imho.

Reminiscencees of Jack Coady,gentleman and industry player.



....Been around the business for 35 plus years - roughneck - materials man offshore drill ships - mud engineer - sales & marketing management for a service company and developing the business in Far East, Middle East, Africa, West & East Europe. As my career rose, so did the opportunities to rig visit decline and what I really enjoyed doing, a bit test for ROP optimisation. You know how that works, you spend your time managing people and agents all over the place. Subsequently, you get out of touch with field operations....

...The last company I worked for in Dallas, based me in Spain, when my contract was up, I retired myself to live in Spain. Got bored with sun/sand and looking at gorgeous chica's and the bars, for a while. Hence then investing in Junior oilers and feeling like I'm back in the business....

...There have been a couple of Mrs Tinjams along the way, but I have a free rein now...

....I'm in the Malaga area, just seemed a convenient place to base myself - my company were paying the bills - close to the airport, I was doing an average of 100 flight connections a year around Europe, North Africa. Story of my life, catching flights to shiteville some place. Over my career, I estimate around 5 million miles, 2500 flight connections. I've had enough of that, I do not even like catching a flight to the UK now, which I do 3/4 times a year to catch up with my grand-kids.....

....In many ways a facinating life, I've been fortunate, caught the right industry-era, great ex-pat benifits, opportunities, in Singapore I even had a car and driver for eight years, until someone figured it was a perk too far...

...Well, yesterday was a lost day, somewhat, Big sixty-year celebration, why not, I still feel forty and I keep fit with daily excises, a mix of Chinese Tai-Chi, moving meditation stuff, a few kungfu moves, lots of stretching, while I catch up with CNN, Sky & Bloomberg. Works for me anyway.....

...Rest of the week was a bit of fun, emailing back & forth with two very close buddies from our Far East days. The chronicals of the three of us, working hard & playing hard, from Bangkok to Sydney and the way the oilfield, used to be, the good ole days.....

...Well another tour of tough duty this week on the Costa, might have to resume some lifeguard duty as the beaches start to fill up with wonderful sights, sounds and a glittering sky.....................................

Sorry to hear about that

GUTTA,Jack was a very knowledgeable oily and attended 2006 PVR AGM with me and another poster from ADVFN. His only ever AGM too.

todays' Irish Independent!

The hunt for offshore resources of oil or gas has been underway now for almost 40 years and in that time we have produced just two viable gas fields, the Marathon-owned Kinsale Head field, which lies off the Cork coast, and the Shell operated Corrib field to the west of Mayo.


It is not a very encouraging record and, from an oil industry perspective, it verges on the disastrous. In all, some 170 wells have been drilled at a cost of around 2.5bn. For Irish explorers, however, it seems that hope springs eternal. Despite the numerous fortunes which have been wasted on this fruitless search, there seems to be no shortage of willing participants. Looking at the current crop of hopefuls involved in the Irish offshore, it is obvious that the lure of black gold is as strong as ever, as the poor record of previous exploration work has failed to dissuade those who believe that an oil or gas bounty lies beneath our seas.

It is a risky business. Since the turn of the decade three small exploration companies have led the rejuvenation of drilling in the Irish offshore, one of them paying a very heavy price in the process.

Steve Remp's company, Ramco, made a killing back in 2000 when he sold Ramco's interest in a giant oil field it had discovered in the Caspian Sea, offshore Azerbaijan.

With 150m burning a hole in his denims, Remp cast around for likely projects, settling on what was supposed to be the relatively safe bet of Seven Heads, a small gas field lying close to the Kinsale Head field. Esso had already spent $100m appraising the discovery, before relinquishing it as a lost cause in the late 1980s. To put that figure in perspective, if $100m had been invested in Irish property instead, it would now be worth close on 3bn.

Demand

The hard-headed decision by Esso did not put Ramco off. The US multinational giant had walked away from Seven Heads at a time when gas prices were on the floor and when there was little demand for additional supplies in Ireland. By 2000, this picture had changed dramatically and, as demand had soared, Ramco set about developing the field, drilling fresh appraisal wells and signing contracts to deliver gas from the field. As things turned out, Seven Heads failed to live up to the targets set by Ramco and the company was almost bankrupted by the experience.

The strange thing is that even this bitter experience was not enough to put Ramco off for good and it still has licence interests in the Irish offshore.

Of the other two leading the fresh charge, Providence has the longest pedigree, tracing its ancestry back to the old Atlantic Resources, the company which famously hit oil on block 49/9 back in 1983, saw its share price soar from pennies to 10 and then all the way back when initial results proved illusory.

Providence is hopeful that its own drilling results will not prove as illusory. While its recent Hook Head exploration well, which hit a 75ft oil column, was not flow tested, it still ranks as a significant discovery. Advances in oil field technology mean an operator can gauge more information during drilling today than a couple of decades ago and as things stand, the 10,000 barrels a day which the 49/9 well flowed in 1983, is still a record for the Irish offshore.

Even without testing its well, there is considerable confidence that Hook Head will prove commercial and current estimates put recoverable reserves at about 63 million barrels, a medium-sized find by North Sea standards, but huge in an Irish context.

This is only the thin edge of the Providence wedge. Its real hopes for an El Dorado lie a few hundreds miles away, off the west coast. Here Providence has assembled an impressive package which includes the giant Dunquin prospect. Standing out like a sore thumb on seismic charts, this giant structure could rival the huge Forties' field in the North Sea, a structure that even managed to stand out in the primitive seismic
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