Lansdowne Oil & Gas Investors - LOGP

Lansdowne Oil & Gas Investors - LOGP

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Lansdowne Oil & Gas Plc LOGP London Ordinary Share GB00B1250X28 ORD 0.1P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 0.675 08:00:00
Open Price Low Price High Price Close Price Previous Close
0.675 0.675 0.675 0.675 0.675
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pensionbooster: I hope it's the start of something great. Been a long term holder of these shares and have kept buying on the prospect of this old discovery being the last major Irish fossil fuel extraction before the shutters come down. The facts are all known to those LTH and the senior management seem to be better placed now with the strong support of the larger investors..
sportbilly1976: From the #PVR rns...more detail in the final paragraph below and not as negative as it would seem: "Reason and Background to Extension of Agreement In November 2020 (RNS 30(th) Nov) the Barryroe partners completed a farm-out agreement with SpotOn Energy Limited, a Norwegian Resources company, for a 50% share in SEL 1/11 located off the south coast of Ireland and which includes the undeveloped Barryroe oil and gas field. In return for this 50% share in the project SpotOn Energy Limited and its Consortium partners, a group of International oil and gas industry service companies, undertook to fund, develop and produce the Barryroe field. A conditional part of the farm-out agreement involves SpotOn securing a minimum of $166m in funding to finance 100% of the costs associated with an early development programme for Barryroe. The Barryroe partners have been advised that SpotOn is confident of raising the funds set out in the farm-out agreement. However, the financing structure has had to be adjusted to reflect the fact that GIEK is unable to participate in the Barryroe funding consortium in the form originally proposed. GIEK's original commitment was for c. 20% of the overall funding. An alternative funding structure has been proposed by SpotOn involving an increased contribution to the financing by the Consortium and the Bond Investors. Discussions to secure this increased commitment are well advanced. SpotOn has confirmed that it believes that funding will be completed within the period granted under the extension. The overall scale and shape of the development proposal remains unchanged. "
sportbilly1976: Post from the PVR thread roadster75016 Feb '21 - 22:51 - 63309 of 63311 Article posted by zephra on lse. google translated from Norwegian so a bit patchy. Dec 2020 "It is a large field and the estimates suggest that there is a lot of oil there. But you can never be completely sure until you've plunged your cop into the reservoir. That's according to Jan Vatsvåg, chairman and second largest shareholder in the oil company SpotOn Energy. Under the radar, the unknown Stavanger company has negotiated an agreement to buy half of the Barryroe field, located 50 kilometres off the southern coast of Ireland. The field is considered to be one of the largest undeveloped offshore oil and gas fields in Europe. Recoverable resources are estimated at around 400 million barrels, with a great potential for more discoveries with issued reservoir sections. "It is a very interesting field," says Vatsvåg, pointing out that the quality of the oil is good with low viscosity. Going to get money. It is the Irish companies Providence Resources and Landsdowne Oil & Gas that are selling down in the field where SpotOn Energy now becomes operator, provided the deal goes through. A final agreement contingents government approval and that SpotOn secures funding of at least $166 million - around kr1.5 billion - for the development's first phase. The money will be collected in the Norwegian bond market. In this regard, Pareto Securities has been hired as a facilitator. "The plan is to go into the market in the new year," says Vatsvåg. However, the development requires more capital than that. Providence has long tried to raise capital, but it has become increasingly difficult as investors' focus has turned away from oil and gas. Last year, among other things, an attempt with Chinese stakeholders. "The problem is that you need much more capital than can be collected in the market in normal development. In our model, the capital need is significantly less from external investors and bondholders, and they get very good conditions," vatsvåg argues. TO RAISE MONEY: Jan Vatsvåg is chairman and major shareholder of oil company SpotOn Energy, which is about to raise money for a major field development in Ireland. In addition, they are considering a field on the UK continental shelf. Collaboration with giants The way SpotOn Energy will solve the capital challenge is a close cooperation with suppliers. "We have established a new model for field development by joining several of the larger oil service companies in a consortium that takes a large part of the expenditure. When the oil comes up, they get a share of the profits," says the chairman. The consortium that will finance the development of the Barryroe field together with SpotOn are giants Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel FELS, and Aibel. "We envisage an early development so that we can start production. Then we can plan further for a major development of the field in the next phase," says Vatsvåg. In addition to its own share, SpotOn Energy will finance Providence and Lansdowne's share of early development through a loan secured with future cash flow from production. When the first commercial barrels of oil are lifted from the field, SpotOn Energy will receive warrants, which give the right to subscribe for 60 million shares in Providence Resources at 0.17 euros per share. On Friday, the exchange rate was 0.05 euros. Early development includes four wells and floating production facilities. These will be linked to a floating oil production vessel (FPSO). The start of the campaign is scheduled for late 2022. "What we have not landed on is which FPSO to use, but we are in negotiations with different companies. Sniffs in British field Barryroe is probably the last major field on the Irish continental shelf to be explored after Ireland last year put an end to further oil and gas exploration. But it's not just the Barryroe field SpotOn Energy is working on, it's also under consideration. "We have made an assessment of the costs of the development and are currently evaluating. We are not quite in the finish, but we are working on it," says Vatsvåg. Bentley, located just east of Shetland, is considered to be the largest undeveloped field on the UK continental shelf. The field is who heleid by Whalsay Energy, which took over when its predecessor went bankrupt in 2017. Since last fall, Whalsay has been looking for a partner. At that time, the company indicated that oil production could start in late 2023, reaching up to 45,000 barrels per day. On the ownership side of SpotOn Energy Holding are a number of investors from Stavanger and Sandnes. The largest shareholder is Alf Ståle Helland, who is also managing director. He owns around 35 per cent, while Vatsvåg holds 25.3 per cent. In total, around 20 shareholders have contributed to the development of the model.
cephalosaurus: Forgot to add - - Fully funded - Money on the balance sheet - No debt - Mates rates loan from investor with extremely fluid repayment date
bones698: To say it is happening before any of the funds have been raised is the usual dreamer comments I expect to see by the blind in here . The share price reaction to the deal says it all by dripping 50% since yet fills still think it's great news . Shows had idiotic some investors are and simply can't see beyond their investment decision and the fact they have got it so badly wrong . Best answer is complete denial followed by copiuos amounts of twaddle and BS
terminator101: It’s mostly the same consortium members that were involved in the last failed fund raising. Nine of them are putting in any cash, but they are happy to take a risk on getting funding out of production if someone else ponies up the dosh. That looks unlikely and even if it miraculously did happen, it really is going to be years before investors see a single penny. 18 months to get funding, another 2 years of planning, and at least 4 to 5 years go before any EPS delivers a single drop of oil.
cephalosaurus: Peaff, it's been fateful for me too being stuck here for 10 years. I piled in massively at average 12p then sold all at just under 4p, and now hold 2,5 x the original amount I had, paid for at average of about 1.25p. Which means soon I will break even, but beyond that I expect to make a healthy return - which will make it all worthwhile. We are not alone in that kind of up and down, all the institutional investors have held fast through thick and thin, and added. They will not be looking to sell at anything less than b/e which would be about 6p. I doubt they would be here for just a simple b/e after all this time, any more than I though.
ultrasharp: Well investors definitely believe a farmout deal is imminent judging by the rises today in both PVR and LOGP. Investors will know early next week for certain. Both PVR and LOGP have been truly excellent investments for those who bought 6-8 months ago. ATB PAPILLON
bones698: Amazing how the breakeven per barrel keeps dropping to try and lure in some unsuspecting investors . As we have already seen when they look a bit deeper they all walk away . I would like to see how logp has come up with this breakeven price because I don't believe it for one second. I suspect it will be in a perfect environment and that simply won't happen when it comes to the actual field . The risks here have and always have been to great and to justify them would require an oil price far higher than it is now as I have said all along . I have still not seen anyone give an answer to why everyone that has drilled barryroe has walked away soon after hitting oil . Perhaps people don't like seeing the answer written down for all to see. Simple answer is drop of in flow rates is so steep as to make the field unviable . Why else would anyone drill for oil at huge cost,hit what they expected then walk away . Come on even some of you idiots must be able to see that ,or are you really that stupid
papillon: I reckon you're correct, bones. It's almost 50 years since Exxon discovered oil in the Barryroe licence, yet it's never been developed commercially in all that time despite all the appraisal wells that have been drilled on it since then. Those who gambled and bought towards the end of March have done well. Probably sold and took their profits some while back; probably sold to the same long term holders who bought back in 2012 at over 60p and still hold. It's worth remembering that at today's 0.8p the share price is the same as the low point just prior to the speculative rise following the arrival of APEC on the scene. The moral of the sad APEC saga is you can speculate and make money short term in LOGP shares, but don't hold; it's a stock for small time gamblers, not long term investors. It's for rampers and pumpers and dumpers only, like DelBoi who ramps away on the lse PVR bb. LOGP is just a speculative, very volatile, penny share (now a sub penny share) with a tiny Mkt Cap that can be easily manipulated by the pumpers and dumpers. You can make money, but you can just as easily lose money trying to trade it.
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