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Drilling for oil as an investment

  • 22-08-2009 6:23pm
    #1
    Spud Smith
    Closed Accounts Posts: 28 ✭


    Been recently looking for an investment opportunity and came across what seems to be a solid investment although i am and have been told i'm ignorant when it comes to this sort of thing.
    However i get the feeling the Dunquin prospect which had a few lines in the Kerryman this week may be of interest.
    A formal notification to sinking a well has been submitted to the DoE&NR and Davy Stockbrokers are rating its potential. There is a number of stakeholders, three i think and i may consider a purchase of shares if available on this, would anyone have an opinion on this??:confused:


Comments

  • #2
    pirelli
    Registered Users, Registered Users 2 Posts: 2,876 ✭✭✭pirelli


    Spud Smith wrote: »
    Been recently looking for an investment opportunity and came across what seems to be a solid investment although i am and have been told i'm ignorant when it comes to this sort of thing.
    However i get the feeling the Dunquin prospect which had a few lines in the Kerryman this week may be of interest.
    A formal notification to sinking a well has been submitted to the DoE&NR and Davy Stockbrokers are rating its potential. There is a number of stakeholders, three i think and i may consider a purchase of shares if available on this, would anyone have an opinion on this??:confused:

    Sounds like another Mayo Shell oil fiasco. Exxon wants 80% rights to all oil for carrying out the exploration of the oil, whilst Dunquin would only get 16% and another party 4% .

    I think its a bad deal. i know we could never come even close to the technology and know how of the American oil companies. They have practically invented modern day oil exploration. Although the irish goverment could easily set a up a research group to get learn the tricks of the trade and use the most advanced technology. Ireland should keep 80% of the oil production rights and build a refinery employment growth.

    The deal they are making is worthless to the irish people. Any one of payment the goverment gets will be used to pay off the property developers.


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