Oil and Gas fields off the Irish Coast


#241

We are rich…rich I tells ya
Barryroe to the South Petrel to the West plus the Dalkey gas fields,we are all millionaires (Again)

Petrel shares up 100% on target identification

rte.ie/news/2012/1112/petrel … iness.html

Shares in Petrel Rersources are up over 100% after the oil and gas exploration company announced that it had identified a target in the South Porcupine Basin of the Irish Atlantic Margin with a billion barrel potential.
Petrel says it has identified a target in the Atlantic with a billion barrel potential
Petrel says it has identified a target in the Atlantic with a billion barrel potential

The target is located on Quad 35 of Petrel’s 100% owned 11/4 Licencing Option.

The company says it has identified targets that have been mapped at several levels indicating that they are vertically stacked and would be accessible with one well.

This also facilitates drilling and testing of several targets using a single well.

Petrel will now engage in the completion of 3D seismic data interpretation of sections of the well.

A provenance study of the geochemistry of sections is also underway.

“We have long known that Ireland’s offshore Porcupine Basin is a hydrocarbon province. There are established petroleum systems, reservoir sands and possible traps at several levels. Our recent work has identified a number of high-potential prospects, at least one of which, we believe, has a billion barrel potential,” David Horgan, Managing Director of Petrel said.

Shares in Petrel were trading at £12.50 in London at midday.


#242

Here we go again…

independent.ie/business/iris … 91870.html


#243

I owned a fair few shares in various Oil companies back in the 80’s. I still have a few. The only thing that I got out of them over the years was the regular request to subscribe to various Rights Issues and the annual year end results booklet telling me how well they were doing. We then had the companies share price falling to 1p and those in the know forcing us to sell our shares by madatory takeover. I have one company that must have changed it’s name several times over the period. 30 years later and I am still waiting!


#244

as seismic technology and interpretation improves as well as the the technology for extracting it, these more out of way fields becomes viable


#245

But only if the price of oil remains high enough for working them to be profitable. The recent price spikes followed by dips in economic activity have shown that oil has a ceiling price, it appears to be about $120 for Brent. If the cost of extraction is above that, it’ll never get drilled.


#246

New computer models sure are handy for boosting stock prices and getting everybody excited. Much cheaper than actually going out spending money actually drilling for the stuff.
Buy license cheaply, get expert on board and new fancy computer models, hype it up and then get the big guys to come in and take the real risks. Is that what this amounts to?


#247

Would there be many of them An Taisce lads living in Dalkey ???

An Taisce launches challenge to Dublin-Bay gas-exploration licence

breakingnews.ie/ireland/an-t … gM.twitter


#248

An Taisce challenges granting of Dalkey oil-drilling licence - Tim Healy -> independent.ie/national-news … 30521.html


#249

businesspost.ie/#!story/Home … a59bcbe26d

In the Business Post

PetroCeltics Brian O Cathain says “bonanza of oil” off the coast is “bunkum”

Majors not interested
His company won’t drill as it’s " far too risky"


#250

Providence gives up on Dalkey foreshore
fxcentre.com/news.asp?3033890

Seems odd.


#251

Sure after you fought An Taisce it wouldn’t be worth your bollix developing the biggest thing since North Sea. And anyways don’t they have that New Saudi Arabia off the Cork Coast that’ll be making us as rich as Norwegians any day now.


#252

Currently reading Tom Bower’s book The Squeeze, a history of the oil industry over the last thirty years.
What comes through loud and clear is that even hugely experienced analysts inside the industry have no idea where the price of oil / gas is ever going, certainly few in their wildest dreams foresaw it ever going above 100 dollars.
The deduction to make here is that the derivative economy is now entirely supported by the twin peaks of overpriced oil and overpriced property. The optimists claim these peaks are designed to be mutually supporting, but the more realistic model is WTC 7 on 9/11 - both will tumble fast in response to some other as yet unknown but unrelated event - stand by for the 24 dollar barrel before year end 2013.


#253

31 January 2013

gnnliberia.com/index.php?opt … &Itemid=54

across the continent.

And we won’t mention the $2.9bn that Tullow tapped the Chinese and French for because of their great discoveries in Uganda… will we ??? :slight_smile:


#254

Giant Petronas eyes a €600m bid for Providence Resources - Nick Webb -> independent.ie/business/iris … 90499.html


#255

Coming soon …


#256

#257

How likely is this? I don’t think Exxon does (financial) pump and dump


#258

Quite possibly correct, the largest in the world, until they discover what’s going on below … Dublin Bay!


#259

Hold on a sec. 700 square km is a 35x20 block, for example. The Irish Sea (just that little bit of water), is 100,000 square km…

This has bluster written all over it. Why not talk in standard terms about estimated reserves? This from the Sosina website:

That’s a shedload of gas, but not much in the way of oil. Even the gas amount doesn’t make it into the top 20 gas fields… en.wikipedia.org/wiki/List_of_natural_gas_fields

So what they’re really saying is that it is a large, likely uneconomic gas field as widely dispersed drilling would be required? Looking at the list of large gas fields, though, the instability of their locations really stands out. So perhaps there’s a stability advantage that makes this worth having as insurance capacity?


#260

Hmm. Can’t find the original press release on the Exxon site.