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Good update out for LOGP

MIDLETON TOTAL P50 recoverable potential from 56 bcf to now 268 bcf

AMERGIN TOTAL P50 recoverable potential from 62 mmbo to now 231 mmbo



http://www.investegate.co.uk/Article.aspx?id=201202230700099310X


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And nicely moving up to the excellent news.

PVR moving up strongly, I am hoping that bodes well for the ongoing drill that PVR and LOGP are partners in.

There should (hopefully) be some news next week on reaching TD.

Well I am taking a guess that both LOGP and AEX will have news on Monday morning. Going to be an exciting week ahead.

From 6 mins in.

http://www.youtube.com/watch?feature=player_embedded&v=j_yARrMwb4o

On about Ireland, and he does seem confident on Barryroe (from 12'40" onwards)

'.......This will be Irelands first commercial oil field. Watch this space.........'



The focus on Ireland and how attractive it is might be a lead for PVR to farm into the LOGP area's, especially after the recent upgrades to the potential.

http://www.telegraph.co.uk/finance/comment/liamhalligan/9105796/Soaring-oil-prices-will-dwarf-the-Greek-drama.html

Monday 27 February 2012


........................While the escalation of any kind of tension in the Middle East is obviously a serious matter, I don't accept that is why crude prices are high. The real reason –perhaps less interesting, but no less important for that – is simple demand and supply. Global crude use is soaring, while the most important oil wells on earth are rapidly depleting.

In 2001, the world consumed 76.6m barrels of oil a day. Last year, just a decade on, global oil use was a hefty 89.1m barrels daily, 16pc higher. In 2011, the world economy was sluggish, with global GDP growth of 3.8pc, down from 5.2pc the year before. Yet world oil use still rose almost 1pc in 2011, with crude averaging $111 a barrel, more than 40pc up on 2010.

The International Energy Agency (IEA), the energy think-tank funded by oil-importing Western governments, tells us that crude demand is "declining remorselessly throughout the OECD [countries]". Given that the Western economies remain weak and the eurozone is heading for recession, the "advanced economies" are consuming less crude.

The fine print shows, though, that even IEA demand projections, which tend to be under-estimates, show OECD oil use falling just 0.9pc in 2012. Demand among the non-OECD countries, meanwhile, including the emerging giants of the East, is forecast to rise 2.8pc. Total global crude consumption, then, is still set to increase by another 1pc this year, mimicking the trend of 2011.

The "demand destruction" thesis is useful for Western governments desperate for cheaper oil – and it used to be true.

Not so long ago, OECD oil use was so important that a Western demand slow-down was enough to lower global crude prices, so helping us recover. But rampant non-OECD demand now accounts for half the world total – and rising. Chinese oil consumption has recently surged at an astonishing 7pc-8pc per annum and the People's Republic is now second only to the US in terms of overall oil use. Misguided Western attempts to print our way out of trouble using QE are also boosting crude demand and pushing up prices, as savvy investors seek an "anti-debasement" hedge.

On the supply side, while attention focuses on geopolitical flare-ups, the important trends relate to geology and finance. Since the 1960s, the discovery rate and size of new oil and gas fields has fallen markedly. More than four-fifths of the world's major fields are beyond peak production. The output of the world's largest 580 oil fields is declining at a 5.1pc annual average. Strategic oil traders now worry aloud about falling pressure at Saudi's Ghawar, Cantarell in Mexico and other giants fields. The credit-crunch, meanwhile, severely cut investment in exploration and well development, which is likely to have long term supply implications.

While there's lots of hype about tar sands and shale fuels, these new technologies often expend more energy than they create, while causing horrendous environmental and water-supply problems. Conventionally-produced crude will remain absolutely critical, and demand for it will spiral, until mankind bans the internal combustion engine, outlaws ammonium-based fertilisers, dismantles the global pharmaceutical industry and learns to live without plastic. I can't see that happening anytime soon.

Geo-political issues are important, of course. A major Gulf conflict would obviously see oil prices spike. But crude is now expensive not due to political argy-bargy but because of the fundamental truths of demand and supply. Meanwhile, Western share prices keep rising...................

Excellent news for LOGP / PVR from Barryroe.

http://www.investegate.co.uk/Article.aspx?id=20120227070028H9079


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Lovely jubbly, far better than expected and significant upside potential now :)



..........Reservoir development within this sand package is better than expected, with very good correlation of the overall sand packages with the offset 48/24-3 well.

........Indications of hydrocarbons were seen whilst drilling, and the subsequent results from wire-line logging have confirmed the presence of 41ft. of net pay (averaging 15% porosity and 87% hydrocarbon saturation), with no indication of a hydrocarbon water contact.

........Pressure data over this interval have revealed the presence of both oil and gas bearing zones, with the oil gradient being consistent to that of a light c. 40(o) API crude.

..........Preliminary pressure gradient analysis indicates that the basal sandstone could have the potential for an oil-water contact to be significantly down-dip from the current well location. It is notable that this basal sandstone package can be regionally correlated to the previous wells drilled on the Barryroe licence area, including the 48/23-1 well which was drilled by a previous operator some 20 kilometres to the west of the 48/24-10z well.

API 40 oil as well.

So much for heavy oil worries !

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Yes they have.

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Over 40p now :)

On to the flow test.

1800bopd or more (and given its 40 API oil confidence should rise in them significantly beating this).

Circa 10 days to go then.


http://www.rigzone.com/news/article.asp?a_id=115519&hmpn=1


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http://www.irishexaminer.com/business/field-could-be-producing-oil-for-public-usage-within-two-years-185380.html


..............With at least 59 million barrels of recoverable oil in the (fifth) Barryroe well, and with global oil prices consistently above $100 a barrel, the well could be producing oil for public usage within the next two years.................


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45p :) Lovely.

Taken some profits off the table, still holding for flow test results.

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32p to 47p in a couple of weeks, got to take some profit :) !

Still holding some for flow test results.

If the flows are good : 60p or more and 450p plus for PVR and SEA should zip up a few pennies as well....

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