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[greatfull dead] 31/3/2017 09:58

Ftj and Roger,

Thank you both for your recent research re Helvic. I had no idea.

Could well explain what the Fugro Search was up to!



GLA,
GD

[funtimejonny] 31/3/2017 09:51

Cheers for that Steel...Just had a look at it meself on Marine Traffic. Should look interesting later in the day when it gets there.

[steelwatch] 31/3/2017 09:29

Fugro Searcher on the move this morning, destination confused at the moment! Saying "Cork Anchorage", but hovering over the live map plot, "Dromberg Site" (sic).

[stockriser] 31/3/2017 08:53

Come on PVR, get some positive news out! We need it to get more buyers in to push us through that stubborn resistance.

Then again maybe the buyers will come before the news ;-)

GLA SR

[hermana3] 31/3/2017 08:26

Rog, Development costs will be spread over the partnership. Hope Mcdevco get the finger out....

[funtimejonny] 31/3/2017 08:26

Cheers Roger. I've been going through the rns's myself and I've come to the same conclusion. It looks as if they would use the "Ace" platform developed by Arups in the event of the project going ahead...so probably not too expensive in terms of design costs but the partners would all have to contribute further cash to bring this on stream. Let's see what pans out but no mention of this project in the nuog rns this morning. I guess this comes under the heading of legacy projects for them

[rogerlin] 31/3/2017 08:16

FTJ I just got the details about Helvick off the PVR website, there is quite a long entry but not entirely easy to understand, I think it means that when mcdevco agree a development plan with the Minister (which presumably is a binding intent to proceed) that triggers a 50% farm in by them? I think they pay for the planning work to decide if a development is possible, but I don't think it says they will pay all of the development itself?

[greatfull dead] 31/3/2017 08:15

Hallelujah........................



Keep them umbrellas at hand guys and gals.

GLA

[hermana3] 31/3/2017 08:03

Abu,Many thanks. 2 more weeks at most for salvation here!

[abudhabi123] 31/3/2017 07:39

Hi Herm and FTJ, beautiful day today. Anxiously awaiting for the financial results. Have a great weekend.

[funtimejonny] 31/3/2017 07:23

Morning Abu....I've heard the weather has got better down there. Enjoy!

[hermana3] 31/3/2017 07:10

Abu,Lucky you! Tis a wee bit soggy here in Dubs today. Let us hope for another up day here in runup to Financial Results.

[abudhabi123] 31/3/2017 06:57

Good morning FTJ...greetings from the Med.

[funtimejonny] 31/3/2017 06:03

My understanding of the Helvick licence is that it's a drill of drop by 1st March 2018 when the licence expires so really need to push on with things now if it is going to happen. I noted that mcdevco are now in partnership with a Cnoc subsidiary company who carry out drilling and other offshore support activities.

[funtimejonny] 31/3/2017 05:59

Hi Rogerlin. Thanks for posting the details of the agreement with mcdevco.
What I am not clear about though....is what mcdevco have to deliver to earn their 50%. Do they pay for the platform and next phase of drilling etc to bring Helvick into production? Or do they just advance the project on the paperwork side of things? Field development plan, ministerial approval and all that jazz.

[hermana3] 30/3/2017 19:22

NG,Make sure to check if you have fresh spare sheets handy!

[timberwolf3] 30/3/2017 19:14

roger - that's what i thought , unless it sold to one of the other partners, or even a free carry.

[rogerlin] 30/3/2017 18:58

Assuming completion of all phases of the farm in by MFDevCo, and the completion of the assignment to Lansdowne, the revised equity ownership for Helvick would be MFDevCo (50.0%), Providence (31.2%), Atlantic Petroleum (9.2%), Lansdowne (5.0%) & Sosina Exploration (4.6%).

If Atlantic are wishing to sell/relinquish their share of this it doesn't suggest that anything positive is imminent, and it would make progress difficult until their stake is sold or re-assigned?

The Searcher has gone to Cork. Certainly it will be interesting to see if it dwells at all on its return journey to Aberdeen.

[ngms27] 30/3/2017 17:52

The market will get hot hot hot on Druid when the spud gets close.

Until then normal service will be resumed, a Barryroe farmout is merely a dream. (It will be a wet one if it actually happens!)

[hermana3] 30/3/2017 17:18

1cag,The market is lukewarm on Druid. It wants news on Barryroe and can our leader finally close a deal there before the Easter Break? The one eyed Albanian goat farmer thinks he can and will.....

[funtimejonny] 30/3/2017 15:25

That sounds more like me style Ceph. Champers in a couple of weeks is fine by me!

[1cagney] 30/3/2017 15:12

Ianio, apart from Druid there's hardly anything momentous after the results. They have to ensure that the annual report is as positive as humanly possible. So if any dwal has been closed ... now is the time to announce it ?

[ianio5691] 30/3/2017 15:05

1Cagney... I can cope with an annual results RNS - it's if TOR finally has the good grace to follow through with one of his momentous promises, whist I am away from me screen that I am fretting about.

[cephalosaurus] 30/3/2017 15:00

"Off to me local supermarket for some champers"
FTJ, Lidl do a nice bottle of very drinkable Prosecco for around £6