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Thanks Swizz. So second week in December we should learn a little more. It beggars belief how such a noxious individual as ER was ever let get into the position he is in. But the blame lies not just with him but on those around him and in the media who have facilitated the utter nonsense he preaches.
Hey Spud, I posted the below about a week ago and I stand by every word, we are obviously past the SOA being confirmed and there will be a degree of Vevan and Lansdowne being as strategic as they can be, in relation to the political headwinds from Ryan, but having watched his media performances yesterday, he is becoming more unhinged as every day passes, the number of contradictions and misinformation in his comments, for someone in public office was quite alarming,
Lansdowne will recognise, that they will need the biggest stick possible, to get Ireland to rethink the ludicrous LU rejection decision, so with LG and Vevan now in stewardship of BOE and that alongside what I expect to be a very robust and significant ECT supported claim, we should see a material update in the next few weeks, this I believe will be linked to Vevan's 30 day time line, post the SOA confirmation on November 8th, ...GL S
Hey Spud, I am quietly confident that we will see confirmation of discussions between Lansdowne and Vevan, but only when the scheme of arrangement is confirmed by the high court, what will follow those discussions is speculation at this stage, but i would suggest it will relate to the forward path for SEL 1/11 and what steps can be taken to get the LU decision overturned,
Vevan and LG will bring significant capabilities to the table, both financial and litigation and any suggestion otherwise is ludicrous, plus Lansdowne bring significant technical and geological expertise to the table, but they are also very capable of meeting their financial obligations,
I have made it clear to other major shareholders that I would support the part funding of a JR with Vevan, as this is potentially an option for the partnership to consider and I know others would be willing to support that also,
That said, what is evidently clear in all of this, is what LG and Vevan see as the way forward, if they do indeed secure the approval of the SOA, but there are enough references in the SOA to indicate that SEL 1/11 is still an intrinsic part of their future plans and they have made it clear those plans will be set out in the first 30 days, post the high court ruling, so we will not have to wait to long,..GL S
Even if you withdraw you are still held liable for 25 years.
Italy withdrew in 2016 but it is still being pursued by Rockhopper who have been awarded £210m - "Oil firm Rockhopper wins £210m pay-out after being banned from drilling".
So SF withdrawing will have no effect on a claim by either Lansdowne or Barryroe or both now Barryroe is "owned" by Vevan which is a Jersey company and can therefore make a claim against the Irish government being "foreign" owned.
SF make their position pretty clear - they want to withdraw from the Energy Charter Treaty and what it entails - ref Darren O'Rourke:
"And here in Ireland, Lansdowne Oil and Gas plc, a partner of Barryroe Offshore Energy, is challenging the Irish government on their decision not to grant a licence which would have been inconsistent with our climate targets."
I doubt if Ryan is worth more than 5m, leafy suburban villa and all. Can a PLC privately prosecute a government minister?
If so, he must be a worried man with LG in charge at BEY but as of yesterday he was still aggressive in tone. Maybe he thinks himself immune as a private person or has other reasons not to fear LG?
Ryan will not have a hope of getting elected in the next Dail. He has really made a total mess of Ireland's energy and the latest report on companies and customers who have fallen in arrears with their energy bills is growing by the day.
Getting a ship will have little or no effect if the prices are so high that people cannot afford gas or electricity.
Today's article makes worrying reading for the government. If people cannot heat their houses or cook their dinners what chance have they got for survival?
https://www.independent.ie/business/personal-finance/gas-bills-crisis-as-one-in-four-households-and-half-of-businesses-behind-on-payment/a918304118.html
Goodbye Mr Ryan and the sooner the better.
I would love to see 1) Judicial Review from LG, 2) Concurrent litigation from LOGP, then 3) decision reversed/lease re-instated, Ryan prosecuted personal basis, damages awarded to LOGP as a result of litigation, representing lost time, costs and opportunity costs, followed by 4) Joint venture between LOGP and LG (LOGP using the proceeds of the litigation settlement) to develop Barryroe.
Wonder what is going on here. Any negotiations between LG and LOGP. Something must be happening between them. If not we should have heard or will soon as Makeabundle has said hear news on the litigation front. Swizz what do you think ?
I look forward to the next RNS from LOGP, preferably by the end of the month.
I hope it lays out how much we are claiming and can name the company providing the funding.
If anything, it should clarify logp position to focus on getting legal funding and getting proper compensation.
The donkey is not for turning? Today’s statement would seem to have the backing of the other two asses, whether explicit or tacit. Can he really be so disrespectful of their positions and behave like he is the big boss here? It does tell you a lot about them if he is simply able to ignore them. Varadkar would be better employed establishing sanity in Ireland before helping to establish two states in Palestine. it all begins at home, they say.
I think that calling Ryan a Dithering Clown is being a little flattering. He really is a dislikeable individual who has inflicted financial damage on many small shareholders some of whom are not well off. He is a nasty piece of work who has comitted prevaracation. In a normal functioning society he would be taken to court and charged with prevarication. This individual has been allowed to use his moronic ideology to ruin the country. How has he gotten away with creating jobs for a plethora of yes men advisers . Who signed off and authorized this ?. Were there open interviews held for these positions ? Were the positions advertised ?. It is completely scandolous. Nobody says anything . And then we see today that Electricity usage in Ireland is set to go from 33 terawatt hours (TWh) in 2022 to between 73 and 86 TW by 2050. This Dithering Clown is surrounded by a bunch of Stupid Clowns it seems.
Ryan the dithering clown is going to rent a gas tanker, by an additional levy on users, and said… emphasising that licensing for offshore oil and gas exploration is “dead, not a chance, never going to happen.” Ireland had to move away from fossil fuels towards renewables, but “in the interim period we will rely on gas” for the coming decade at least.
That’s about the amount that Barryroe contained! Could not make this up!
If it is not to go to JR Ryan will have to find a way to climb down. There will have to be some Green dressing-up. Maybe Ryan and LG are in confidential talks at present. Maybe the result will be evident from the business model to be submitted very soon for approval. I wonder if Boldy is still totally in the dark about the ‘model’?
Since Vevan now own Barryroe and with LG's billions how can Ryan now prevent the development of Barryroe?
Since Ryan tried to quash the development based on the 3.5x capital requirement to develop it that is now easily satisfied with Vevan's huge funds.
I think Ryan is now between a rock and a hard place. Hopefully the rock will fall on his head.
Would a purely Green Enterprise at Barryroe qualify for the big tax concession that LG might have his eye on? If not, he will need to get Ryan’s decision reversed unless the Government is willing to provide a subsidy of equivalent value. LG is not going to pay for the Green Revolution at Barryroe without substantial support. Will we hear from Boldy by the end of this month, I wonder?
Common sense and LG’s money all suffused in a soft green light will provide excuses, if any were needed, and win the day. He could even save Ryan’s bacon, regrettably, if the latter is not quite ready for holy martyrdom.
As it happens, I picked up a few last week. The point here is that, holders will have to take a decision (in or out) in the next few months, after which, there won't be an option any more and it becomes wait and see.
And yes, if it goes the Charter Treaty arbitration/appeals/etc. route, that will be at least 10 years.
It would be a hell of a result to overturn the permit and get it to development - I just can't see it being possible, even for LG.
Still too early to buy, Mamms? Certainly is if the market thinks it will take ten years and does not change its mind all of a sudden.
It's disappointing that, in the short term, developing our own gas fields are not under consideration in this article. We are importing 70% of our gas from the UK, itself a net importer from Norway.
It will take another 20 years at least to make the transition. We will be using a lot of gas and a lot of oil between here and there - whatever the optics are....https://www.irishtimes.com/your-money/2023/11/09/irelands-dangerous-reliance-on-gas-has-big-implications-for-the-economy/
Really good to know, thanks for that, Swizz.
It’s not information that is readily available, but it is a fact, that one Lansdowne shareholder made circa £7m of funds immediately available in November 2022, with bank statements to support and all of this information was provided to the Minster and the DECC, this was at exactly the same time that LG made the £40m available to BEY, it was done without hesitation, fanfare and most importantly, without any destructive terms to other Lansdowne shareholders,
Be in no doubt in relation to the depth of support that Lansdowne have and I am sure this along with a number of other pertinent details, will be clearly laid out to the courts, to underline the Ministers decision was not only ludicrous, it was completely baseless in regards to lack of funding to support the development,
I am sure with a more focused BOE, an agreement to move forward with Lansdowne, would easily be in reach in very short order,..GL S
The next Irish election will be before April 2025 and may be in November next year. That is now only a year or so away.
What is certain is that Ryan will be for the birds. Martin, at his latest Ardfheis, Irish for Party meeting, said he would not be against a coalition with Sinn Fein. Together they would definitely form a majority meaning Ryan's Greens will be out to grass and he will be a busted flush.
When they get into power you can be sure they will resurrect Barryroe because it is too valuable an asset for a small country like Ireland and by then Corrib will be even closer to being exhausted.
So, it is a waiting game as there is no way, even if LOGP decide to litigate that it will be Ryan who is on the other side defending the government.
So we will wait and I am sure Barryroe will be back on track probably by 2025.
JR can be done at the same time if LOGP decide to litigate, LG can do this in parallel. Alternatively LG and LOGP do a joint venture and both wait for Judicial review. I guess they could both litigate but I suspect the bigger picture is to develop Barryroe
Hi Makeabundle, I think if LOGP initiate litigation, then they are on that path and that would preclude them from participating in a joint venture with LG which may eventually include developing the oil and gas.
Part of me likes the idea of getting a big litigation payoff. A quick payoff is unlikely because Ryan will whinge his way out of it, and also it won't be as lucrative as the other options. With correct and water tight contracts you can do business with LG despite who he is, and take 20% of a new and interesting venture. You don't need to like a person to do business. People are too emotional about that, just as they are with people like Trump for example.
Sadly, BEY holders have been squeezed out of the opportunity, though I do believe oil and gas will eventually be developed when common sense prevails. With a combined litigation effort, or field development, BEY holders will eventually share 5% consolation prize.
The smart move would be to buy LOGP while they are this price, but please everyone do their own research and make your own decisions. I have been on the wrong side of this for the last 10 years, however I did make money on LOGP until 2012, and I will hold for either litigation award, compensation or field development. I can't see Boldy and his board turning over shareholders, I have always had a hunch after meeting and speaking with them several times that they are okay.