Providence Resources Share Discussion Threads

[spuddymadrid] 28/5/2017 15:01

Hello FTJ: ice max average speed 7 knots = 12.96 km per hour. Distance of approx 4000km from las Palmas to Ireland i.e 4000/12.96 = 308 hours = circa 12.86 days Sailing time. So shoud take approximately Two weeks for Ice Max to be in place once it departs

[funtimejonny] 28/5/2017 13:53

Hope you are bloody well right Peaff. We've had enough of things happening late or not at all with this lot.

[peaeff] 28/5/2017 12:20

If those three vessels are contracted to PVR as from 15th June, I wouldn't have thought they would be thinking too hard about an 'EARLY JULY' spud. Therefore it would be justifiable to think that a 'MID JUNE' (or close) spud would be more likely. That would require the Stena Icemax to be underway by 4/5th June and the support to be heading that way by 10/11th. Just my personal thoughts.

regards

[hermana3] 28/5/2017 11:10

Steel,Could we make a spud deadline this time around?

[steelwatch] 28/5/2017 10:48

The three PSVs contracted are all out on cargo runs currently and all shown as commencing for PVR on 15 June:



Go to "Availability Norway" for SJOBORG and "Availability UK" for EDDA FRENDE and SKANDI FLORA - click the PSV tabs in each case.

[steelwatch] 27/5/2017 10:12

London listed stocks such as Hurricane Energy, Sound Energy and Falcon Oil & Gas have all been somewhat transformed by recent successes, and this summer Providence Resources PLC (LON:PVR) will likely be next in the sector’s spotlight.

[hermana3] 27/5/2017 09:12

hxxp://www.independent.ie/business/irish/emissions-up-as-renewables-struggle-to-keep-pace-with-economic-growth-35760786.html

[hermana3] 27/5/2017 08:55

Rog,They are talking to parties on a further farmdown of Druid. TOR said at AGM that no agreement has been made yet but he wouldn't rule it out. Cairn have the Operatorship locked up so I reckon incoming partner wants at least 35%. Bet Pat Plunkett will guide the boys not to be too greedy on this one.

[rogerlin] 27/5/2017 08:46

Thanks for putting me right on that isef0001, now you mention it I do recall the break to start on SNE 1, but had forgotten. Certainly the Drillmax has been getting on very well, the word Stena does however remind me of the Stena Carron's efforts at Lagavulin and North Uist, the latter a year in the drilling, I would like to see PVR farm down this risk a bit.

[isef0001] 27/5/2017 05:32

A bit off topic.
rogerlin: That time frame for the Cajun Express doesn't really give the true picture. It drilled F1 to 1200 meters ( around 20 days) then moved to SNE 1 to drill the top hole for that one.( Around 11 days I think for SNE 1.) Then it returned and drilled to 3000 meters in F1 and then stopped drilling altogether for essential maintenance which seems to have taken from 10th June to 28th July ( obtained from FAR announcements) before re commencing to completion of F1 on 7/10.14. Even so....

I reckon the Drillmax will beat that hands down.

As for the 2014 F1 drill, does it remind you of anything ?

[steelwatch] 26/5/2017 16:25

Bunkering again...

[isef0001] 26/5/2017 10:01

rogerlin: I hope not too. It was just a comment that a poster on HC made. That said, the DrillMax has performed brilliantly as far as drilling time is concerned and Fan 1 was drilled by a different rig. Should it hit a hurdle or just take longer however, I'm sure there are other drilling crews available for the IceMax.

[funtimejonny] 26/5/2017 09:36

Looks like a buy at this price if you have an appetite for risk...Can't see it going any lower.

[hermana3] 26/5/2017 08:43

OM, Company wont publish internal rate but it is higher than 15%(why else would City insist they drill it with the £70m placing money from last Summer?). Some think 40-50% probability rate applies but drill and see works nicely.

[rogerlin] 26/5/2017 08:32

The Fan south is in deep water, may not be so quick, the original FAN 1 took from 20.04.14 to 07.10.14. That was the Cajun Express, the Drillmax may be faster but I hope we are not waiting on this!

[offerman] 26/5/2017 07:42

Hi All, What are the percentage chances of success they have given for this upcoming drill?

[hermana3] 26/5/2017 07:36

Start paying rig rate on July 1 so that is the date they will be focussing on. Tis all fluff as this drill has a massive target. As JOS said at AGM all chat P rates go out the window when the drill begins. The upside is massive but like Spuddy expecting a big un to take a meaty % pre drill as about 30% is a sensible holding for Providence.

[isef0001] 26/5/2017 07:34

spuddy: Yes! Would be very nice indeed.

[spuddymadrid] 26/5/2017 07:27

Morning Isef0001. Think You Have summed up things correctly. Just admin details to be completed. No worry though with all under control for late June early July drill. Hopefully gives time for another Farmout before that

[isef0001] 26/5/2017 05:44

herm: re: Senegal crew will be aboard Icemax for drill.

Announcement today on ASX:FAR Hot Copper thread, that a new deepwater drill has just spudded off Senegal following completion of the SNE well programme.

Maybe they've changed crews for the new fan play drill!

PS: FAR is a JV member with operator Cairn Energy in Senegal.

One poster on HC estimates 40-45 days to complete. If correct and Cairn still intent on using same crew for Icemax, and there has been no crew change, (other than shift changes obviously) then we are looking at July earliest I should think for Icemax spud. IMO

[isef0001] 26/5/2017 04:35

There is also the possibility of another reason. At year end PVR had Euro 31m in the bank with a drill commitment for US $35m for Druid. Without a farm in I would have thought on those figures another pre drill fund raising would have been odds on. With the farm in the financials are secure but again, the farmin needs govt approvals and I can't see Cairn paying out a cracker without the govt approval for the farm in being signed sealed and delivered. Again IMHO only.

[isef0001] 26/5/2017 04:22

spuddy and Peaff: It was my post where I suggested the possibility of the drill start awaiting govt approval. I got that from the two recent presentation documents, the one released on 24th and one previously.

In the latest prsentation document at page 12, last dot point for Drombeg where it stated spud in June,"subject to govt approvals" and again and more importantly, on page 34 relating to Drombeg where it was written the spud would be June/July. "subject to govt approvals"

Again, my thoughts only and not necessarily correct, are that PVR gave the govt a drill undertaking for Druid last Sept. So they would have submitted a drill application and accompanying environmental applications etc. IMO they have probably been received for Druid but, the recent farm in by Cairn likely as not, necessitated either new applications or at least amended applications which need to be carefully considered before approvals are given. Especially the environmental applications. I dont think there is a govt delay, but these things take time to deliberate over before giving approvals. All IMHO only.

EDIT: I have no first hand experience in such matters as application etc nor have I any industry experience except as a small personal investor so please, do your own research and make your own assessments
.Edit 2: Third para' after Cairn add," allowing for the deeper Drombeg drill"

[zhockey] 25/5/2017 23:24

Steel is probably right but in truth no one has a clue so why worry about it :)

I expect another farmee to enter pre-drill

[peaeff] 25/5/2017 23:17

thanks all

[steelwatch] 25/5/2017 23:14

Peaeff - although sea trials were conducted, we have no information as to the rig's status. I would have thought, if it was waiting idly for PVR to fire the starting pistol, it would now be anchored outside the port, thus not incurring port dues. On that basis, my guess is there is still work outstanding to achieve full operational readiness.

So, it is more likely the Icemax is dictating when mobilisation will occur.