good time to sell shares then
Depends when you bought them … they’re still down about 98% from their peak after previous Barryroe drill.
Correct, cubic feet
Not much progress on the share price in the year… .
Well given that the western world is turning against oil at a ferocious rate - perhaps finding oil is a bit like finding a cockroach infestation at this stage.
They’ve been beset by problems and they haven’t even started drilling. First there was a screw-up about the granting of a site survey license, and then some doubt about whether the farm-in partner was going to come up with the promised cash. In theory all still about to go ahead with survey next month and drilling in Q4. But Providence have a long history of getting stuff wrong, which is why the market won’t trust them until oil starts to flow.
The Chinese are drilling off Kerry right now with the Stena ICEMAX, they are only 3 weeks in and unlikely to be anywhere near target depth yet.
Providence also have licensed acreage beside the Chinese Iolar drill, so any success there would be good news for them.
Seriously though - the chances of converting any small find into production in Kerry is ZERO. What is the bloody point apart from separating dumb oil companies and their money.
The ‘logic’ off Kerry is that it is geologically similar to the waters off west Shetland where some very large finds were made in recent years, therefore it may not be small and thus worthwhile in the long run.
Supposed to be also analogous to the oil provinces offshore eastern Canada.
will be interesting to see if the talk of not extracting oil from offshore becomes law. It’s fairly dumb to keep importing oil from all over the world while leaving it there but it seems that a lot of people don’t think too hard about this stuff
That would be the Green Party and Sinn Féin for example, they don’t want us to have energy security at all.
I guess it is just damn bad luck there are so many dud wells offshore. Maybe they should look up some bayersian statistics. What ever about some minor similarities in geology, small plays in 2km deep water, 200 km offshore with no easy connection is just not going to work.
It’s not really bad luck – most exploration wells have a less than 30% chance of success, and that’s after choosing the most prospective ones. Modern seismic imaging techniques can tell if a location has the right structure to trap oil from underlying source rocks. But they generally can’t tell if there are minor faults that would allow hydrocarbon accumulations to escape (as happened with Dunquin last year), or if the reservoir rocks have poor porosity or permeability, or are overly compartmentalised etc. etc. There are more things that can go wrong than go right. It’s why exploration is such a hugely capital intensive and risky endeavour.
The potential reward is great, though. These are not necessarily small plays. Nor are they all far offshore in deep water. Barryroe is in only 100m of water, 50km south of Cork and only 3km from an existing pipeline, and may have 450 million barrels of recoverable oil.
Struture from my reading on it is the issue. That’s plenty of the right rocks and cap rocks but faulting etc have obliterated most potential reserves. Best hope is a fault trap.
Dunquin, from 4000m+ up, looked massive but it was a water reservoir when they got down there.
Indeed, the massive potential reserves vanished pretty quickly. when some wells are put in. That particular golden goose is consistently firing blacks. the only decent offshore energy we have is wind and zero work complete to harness it.
LOL at the typo but point made.
Not a single drop of oil has ever been produced in Ireland and us 50 years drilling for it already.
Au contraire, here’s the tanned wonder boy hisself with a single drop.
Unfortunately, that’s all he’s managed in seven years.