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Hi all,
IMO.
The share price is deliberately being kept in this range by forces beyond our control.
The stonking rns yesterday would have probably raised the sp of other companies out there quite considerably, so you have to ask the question why not PRD.
Paul gave us the answer in the rns yesterday.
We’re not ready.
Remove Ireland from the statement and base the comment on the company now as a whole.
In Paul’s own words :
The Company will not provide any new information on this preparatory work until such time as preparations for the necessary public consultations have been agreed in dialogue with the appropriate regulatory authorities. This is to avoid any potential premature reporting of isolated information taken out of context that may have the capacity to prevent a balanced and informative public consultation process that takes into consideration the views of all stakeholders
Nothing to see here, Yet.
But when it’s ready.
GLA
Wacky
Hi Bdt
Without delving to much into figures on eor production, if I have interpreted the information correctly I believe the Herrera #2 Sand at full production rate will produce @ 550 barrels per day from three wells instead of seven coupled with a 30% saving on CO2
Could possibly be why the team are more than delighted with the forecast results.
AIMHO of course
Big Big Smile
GLA
Wacky
Hi Nic,
I think the gist of the wind turbines tie up was to do with supplying gas to the electric company in Morocco in times of no wind so as not to turn the lights off when the wind don’t blow.
Slightly similar to the Irish proposal.
And they came close a few weeks ago with having to potentially fire back up moneypoint coal power station just in case of blackouts.
Both countries need Natural Gas, there is no other near term option which will satisfy demand.
IMO
GLA
Wacky
Totally agree Zebra,
Quite literally a fantastic achievement and to boot the results we have had from the Herrera #2 sand which Paul stated in the 5th September 2019 rns as being the most difficult compartment to work over makes this success even more compelling.
As per
Paul Griffiths, Chief Executive of Predator, commented:
This is really excellent news and allows us to focus on the larger resources potential of the Herrera #2 Sand which we originally considered might have been a more difficult operational challenge
IMO a fantastic update on all fronts and not to far away from suggestive posts by all parties who frequent this board on how the company is progressing.
A super super future awaits us all.
AIMHO of course
GLA
Wacky
If I was to make a comparison or a likeness to a movie with PRD being centre stage, my movies of choice would be !
Ice cold in Alex.
And
The Empire Strikes Back.
Cue the music.
Atb .
Wacky
Great find again Chislehurst,
The squeeze is definitely on, a tightening of worldwide LNG supplies, Corrib potentially on decline, and the only fixed supply of gas through an ex EU country.
Mr Ryan needs to get a hurry on.
GLA
Wacky
Great find Chislehurst,
By my reckoning with Shannon LNG and now Cork LNG going bye bye, that leaves only PRDs proposal for indigenous not fracked gas on the table.
A very carefully worded statement with no mention of PRD and our three proposed FRSUs, in pretty much the same locations,
under the radar by any chance ??
Might have to wait a bit for the final decision though.
All eyes on Morocco now.
AIMHO of course
GLA
Wacky
Hi all
Did anyone notice the share price advertised yesterday as 4.2 whereas the the ask and the bid were 4.0 and 3.8 respectively.
If someone could explain why that was so, I would be grateful.
Kind regards
Wacky
Morning all,
SDX rns this morning quotes a timeline of start Q2 drilling campaign in Morocco, have we first dibs on the drilling rig, if so, news for our Morocco campaign can’t be too far away.
https://www.londonstockexchange.com/news-article/SDX/trading-and-operations-update/14813759
GLA
Wacky
Morning all,
The UKs white paper on Powering our Net Zero Future is well worth a read if not already done so.
It is long 170 pages but you can easily cherry pick the relevant bits with regard to our business.
One thing that I did pick up on was the opening statements in particular regarding shipping and ports and the drive to make them cleaner, they are after all the biggest polluters on the planet.
By fuelling ships with LNG, will make a big difference on the amount of CO2 they emit, and of course they will require refuelling points when in port and to the best of my knowledge they currently don’t have this facility in Northern Ireland or any part of Ireland.
Is this another tie in to the EUs directive on all 139 maritime ports to have LNG Facilities.
Could this be the way forward for the Irish Government to give authority for PRDs FSRU program the green light through ship to ship LNG refuelling as a starting point ?.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/943807/201214_BEIS_EWP_Command_Paper_LR.pdf
Also a link to new fuel rules for shipping.
https://www.google.co.uk/amp/s/amp.independent.ie/business/irish/new-fuel-rules-push-ship-owners-to-go-green-with-lng-37224632.html
GLA
Wacky
Thanks everyone,
Thanks Zebra,
Talk about being in the right place at the right time,
Seems to me as long as polluters' of CO2 and it is abundant, not just Massy, require disposal of such, we would hardly have to get our hands dirty , par say, to have the likelihood of Major companies at our doorstep wanting to buy credits or face massive fines and then also using the disposed of CO2 for EOR or enhanced natural gas recovery, which we should also have a return on.
And that's just for T&T, then there's Morocco and Ireland and as also pointed out this will eventually be a global system, it has to be !
A double edged paying Sword.
Am I on the right track here ?
Hope I am.
GLA
Wacky
Thanks PT
Time for some digging.
GLA
Wacky
Agree PT
It’s all coming together, Trinidad is looking really good, our CO2 exclusivity deal with Massy could really come home now.
Trading carbon credits ?? Not my strong point but if anyone would care to elaborate on how the system would work, I would be most grateful.
I’m getting the feeling this is ready to “pop”
GLA
Wacky
Great article PT
Thanks for posting, PRD are in such a good position right across our portfolio.
Next year should be huge for us.
GLA
Wacky
Yes rocklawn
My apologies, articles regarding the energy sector are also covered by Peter O’Dwyer.
I would recommend subscribing to the paper.
GLA
Wacky
Hi wraith,
You’re welcome, if you want any of the article’s posted currently on the website give me a shout and I will do.
There is a lot of info to be gleaned and the business reporter Daniel Murray is spot on (pardon the pun) in what he publishes ahead of the market.
He broke the news on Barryroe and PRDs involvement with the FSRUs before anyone else.
He did state on his last Barryroe article that according to sources, Ryan is likely to approve the license, certainly hope so.
GLA
Wacky
Hi zebra,
From pvr presentation.
Total Gross Recoverable Audited Resources are 346MMBOE comprising 311MMBO (2C Resources) plus additional recoverable gas resources mid-case of 35MMBOE (Note:1BOE~6MSCF gas)
No recoverable estimates are currently provided for Lower Wealden and Purbeck reservoirs.
You are correct a lot more oil than gas and according to the presentation they are going after both resources,
The big question now is, given the quoted gas estimates , will they be enough to see the country through to its ultimate goal of renewables.
On the figures quoted.
35mmboe x 6 Mscf/d
= 210 billion scf
Convert to cubic meters
= 19.5 billion cubic meters
At the current burn rate as of 2019
= 5.3 billion cubic meters per year.
Which if used solely, a lifespan of about 4 years,
If I have calculated correctly, I think both Corrib and Barryroe could be depleted before 2030 and another source of gas would be required to complete the transition to renewables.
Thanks Zebra for pointing this out.
Would someone be able to verify the figures.
GLA
Wacky
Article from the Business Post.
Worth a read.
Eamon Ryan will consider a licence application for the Barryroe oil and gas field “within the relevant regulatory and policy context”, his department has said.
Providence Resources and Lansdowne Oil & Gas last month announced a deal to farm out a 50 per cent stake in the field, which is located off the coast of Cork, to SpotOn Energy, a Norwegian consortium.
The finalisation of the deal is contingent on a number of factors, including SpotOn putting the requisite funding in place and Ryan, the Minister for the Environment and Climate, granting approval.
Approving the licence could prove politically difficult for the leader of the Green Party, who has previously said he favoured an outright ban on oil and gas exploration. A spokesman for the department said neither it nor the minister commented on individual licence applications.
“All licence applications are considered within the relevant regulatory and policy context. In that regard, the programme for government sets out a high level of ambition for renewables uptake as part of the decarbonisation process. It sets out that a reliable supply of safe, secure and clean energy such as offshore wind and geothermal, for example, is essential in order to deliver a phase-out of fossil fuels,” he said.
“It also sets out a clear commitment to end the issuing of new licences for the exploration and extraction of gas, on the same basis as the recent decision in relation to oil exploration and extraction.”
In September 2019 Leo Varadkar, then taoiseach, announced that all future licences for oil exploration would be banned while licences for gas exploration would continue. The government subsequently confirmed that existing licences such as Barryroe would not be affected by the change in regulation.
In the programme for government, Fianna Fáil, Fine Gael and the Green Party committed to ending the issuing of new licences for the exploration and extraction of gas on “the same basis as the recent decision in relation to oil exploration and extraction”.
Prior to entering government, Ryan said last year he’d “eat his hat” if the issuing of oil and gas exploration licences was not stopped within a year. “I do not believe it will survive in the programme for government negotiations, no matter who is in it,” he said.
Sources have indicated that Ryan is likely to approve the licence.
Good news especially if the last paragraph comes to pass.
GLA
Wacky
Hi PT
Agreed, anyone’s guess about Barryroe it could go either way, politics politics,
“it’s right on our doorstep and we should take full advantage” or “we’re going to import what we need for the time being” and won’t tell the general public where it comes from. Same old same old.
One thing is for certain though they can’t do nothing,
Corrib will run out before renewables are fully satisfied for Ireland’s needs, a hard “Brexit” just literally around the corner, a rising demand for natural gas in the short to medium term, an EU policy demanding energy security and the U.K. getting first dibs on any gas supply from Europe in which incidentally the Scandinavian reserves of natural gas are also in terminal decline.
Mr Ryan needs to put his game face on !
However just to bring a little sunshine,
If Barryroe gets the go ahead I would like to suggest that our proposal for offshore FSRU units will undoubtably get the go ahead also, no point in having all that natural gas with no prospect of it ever getting to shore. (They could sell it to other non Irish markets obviously, but what would be the point when Ireland’s needs are greater).
The consortiums proposal makes no comment or any plans that I have seen for making landfall with their products, the decommissioned kinsale pipeline is potentially to be used for CCS, (Inch terminal now decommissioned) so unless another project pops up in the near future with all the right permissions etc, I would say we’re looking pretty good with our option.
Happy days for all PRD shareholders.
GLA
Wacky
Morning Nic,
All good fun, chasing breadcrumbs, hope I’m on the right path.
Two more articles in the Business Post this morning, seems like they are coming thick and fast now.
Article 1
Multimillion-euro deepwater port planned for Co Meath
Developer Johnny Ronan and Drogheda Port Company are to develop the port to support the building of renewable energy infrastructure.
https://www.businesspost.ie/construction/multimillion-euro-deepwater-port-planned-for-co-meath-d95fc65e
The one thing to take from this article is this particular piece.
“The partners hope Bremore Port will act as a landing site, assembly point and support centre for wind turbines, which require large tracts of space and which will be used in the development of offshore wind farms in the Irish Sea over the coming years.
As part of its goal to become a hub for green innovation, the new port also aims to be a centre for the production and distribution of green hydrogen, a zero-carbon energy source that can be used to fuel public transport”.
This is of course where PRD have applied to site one of the three planned FSRU platforms and if the wind don’t blow you need natural gas to produce Hydrogen.
Article 2
Ryan set to consider Barryroe oil and gas field licence bid.
https://www.businesspost.ie/energy/ryan-set-to-consider-barryroe-oil-and-gas-field-licence-bid-3c97fe47
In this article the one thing I took away was the very last paragraph.
“Sources have indicated that Ryan is likely to approve the licence”.
Wonder if the market will start and take note of these developments ?
GLA
Wacky