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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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Providence oil to start flowing this week

Looking very good !!!!!!!!


http://www.irishexaminer.com/ireland/hopes-soar-as-oil-find-exceeds-targets-187042.html


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Hope that the source is reliable.......so we do have a man on the rig !....and I reckon that there is much more than 50 million barrels down there ......wells 20km apart....there has to be more....depends if these can be classified as recoverable as the costs involved in these waters are huge...

Flying......... 60p tomorrow with good news ? ;)

At a minimum!