Tony O’Reilly, CEO of Providence Resources in 2009
Where’s our black gold?
With Providence drilling only one appraisal well so far, potential farm-out partners may want more evidence.
“There is a discovery there, the question is what is commercially recoverable,” said David Round, an analyst at BMO Capital Markets in London. “They may still find a partner, though the terms might not be as lucrative as they originally envisaged.”
Providence’s difficulties in finding a partner may have been amplified by past exploration failures in offshore Ireland. Some 158 wells have been drilled over past 45 years in Irish waters. Only four commercial gas fields have been found.
Where’s That Irish Oil, Investors Wonder Two Years Later (Dara Doyle, Bloomberg)
(Sasko Lazarov/Photocall Ireland)
The non-sexy side of the oil industry, where you spend billions drilling and find nothing.
Aww. Poor pets.
This can’t be. I was told by Eddie Hobbs that we were missing out on billions. There are loads of evil oil companies stripping our resources and paying zero tax on the zero barrels of oil that they are extracting.
The deadly silence of the usual Shell to sea shrills who are on here talking about billions being given away and our economic future etc. The reality is the strike rate of the Irish coast is so small compared to other viable fields that energy companies would rather look under a hundred meters of sea ice, use oil sands or drill a mile down in the Gulf of Mexico
you seem to have forgotten that exploration costs and test drill expenditure is deemed tax deductible, so if they did find anything worth extracting they get a tax break for it. and it may be more profitable to go and drill in the gulf of mexico but the oil companies aren’t that quick to foot the bill for any environmental damage caused by their more risky ventures are they?
but wait, the anti-water charges, anti-fracking, anti-Shell, anti-everything brigade said that there’s billions and billions in oil revenue that we should be drilling for ourselves instead of letting those horrible foreign oil companies with their “equipment” and “expertise” get their hands on?
I’m glad this wasn’t a pump-and-dump scheme and is simply a poor business play.
In unrelated news, Tony Snr. has been declared bankrupt.
He looks a lot like Gavin Reilly.
That’s because it’s his (nicer) triplet brother.
In other news Eddie Hobbs is a full of sh1t bellend who uses economic nationalism to promote himself