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There are at least three good reasons, therefore, why the ECT will not allow frivolous, time-wasting appeals. The case is clear-cut in the extreme. It is more than 6 weeks since we had an RNS from Boldy. Why is this, I wonder? Is LG giving him a hard time?
Barryroe Energy raised the forty million needed to proceed with its drilling programme, but Eamon Ryan did not want the company to drill for oil and gas, so found a rarely used clause that started that Barryroe Energy needed to raise three times the amount necessary for the drilling programme, forcing the company out of business. That sort of Government action is only seen in Putin's Russia.
As for the future, Lansdowne have only three weeks before been delisted, so hopefully they can get a foothold in the next week or two, otherwise it is over.
I agree they should be actively pursuing compensation.
However political figures come and go and decisions can be overturned on the grounds of illegality, procedural unfairness or irrationality. On all 3 of those grounds I would say that ryan is on a sticky wicket. His subjective assessment was not based on law, the length of time taken and the principles applied were not in accordance with standard practice and based on current and future energy requirements for rhe republic the decision is definitely irrational.
Some parties on here seem to think that the LU is still under active consideration ('in the bag' has been said) - I don't think that is realistic. That ship has sailed and the Government will not reverse themselves. LOGP is about to leave the stock market - it is taking a legal action for compensation which may result in a payout 10 years from now. I think anyone who thinks LOGP will still be actively trading in a few months is kidding themselves (at least).
LG’s argument is probably along the lines that considering recent developments with PRD and EOG the LU is in the bag at some later stage and that therefore LOGP stand more in need of him than vice-versa. Boldy needs to send him packing by proving he can get funding from another and more desirable source. Some one suggested a while ago that LOGP have a case for compensation of one kind or another, whether the LU is reinstated or not. Anyone else agree with that?
Another cave-in a la Nick Furlong? Surely not with very supportive shareholders?
I cannot see that happening here because we have a route that was not open to BEY. Surely all shareholders must support the ECT route and do everything necessary to see it happens through a placing. 6m from LG is, or ought to be, unthinkable. Time for Boldy to tell us now about funding - not on 19th March.
We are just weeks away from delisting and not a word .I normally like to view things from a positive 1/2 full glass but can’t muster any positivity anymore for this share .Looks like Barryroe,it will be another writeoff
Hello Swizz. How are you keeping ? Do you think we will hear some news soon. Very quiet at the moment. Nothing from Vevan either !!
It was the Barryroe board that refused to open dialogue with Lansdowne, in regards to the possibility of a merger, it was nothing to do with LG, …GL S
Like Spud, I’d settle for $50-55m and let LG have the remaining billions. Any chance he’ll try a hostile takeover!? - Maybe a stealth raid with inside support is more his style. You do take such thoughts the more seriously, the longer we go without news. I’m sure I’m not suggesting any course of action that Larry has not already considered! I do think it likely he opposed the RTO
early last year. Probably he is still opposing it, as leverage in negotiations with LOGP and their lack of cash. I think more onerous terms from a funder, considering how strong our case is, would be preferable to any likely terms proposed by LG but maybe I do the man an injustice.
Yeah, I think LOGP is yet another of my investments to go down the pan.
Or will it be worth £billions eventually?
Maybe LG has offered £6m but on onerous terms, which has split the major shareholders down the middle - we know that LG as a profit-orientated business man (to put it as politely as possible) would regard it as quite normal to proceed in this way. Possibly some are minded to accept his money. Divide and conquer etc. On the other hand, however, he would have to be certain that the LU is in the bag before parting with the money. My musings could be wide of the mark, of course.
I do not know what the average is for some of the major shareholders. Historically I was of the opinion that they would want at least 7p/ share but after the past few issues i am not so sure. LOGP have 5 or 6 weeks to decide on a way forward. i.e reverse t/over or admission as an investment company. If the latter then my worry is that existing shareholders are diluted to **** when they raise 6m.
Indeed, SM, Swizz’s latest views would be welcome. These large share transactions every so often are a concern if they are going to LG. Could there be a difference of views among the large shareholders about how to proceed, for whatever reason? Perhaps they disagree on the level of acceptable settlement - or whether to take less sooner than more later? Just some thoughts.
Hello there Makeaboundle. Yes it requires a lot of patience waiting for something to happen here. There has to be an advantage to waiting for LG and Vevan. If not why not just advance the ECT case. One possibility is that LG and Vevan are in discussions with the DECC regarding their future plans. LG might be telling the DECC that unless the license is restored they will begin litigation in the courst to have it reinstated. LG and Vevan might also be examining whether they can go the ECT route now that Vevan is a Jersey based company. If Vevan have no legal right obviously then the next area to examine is whether Vevan can reverse into LOGP and put in an ECT claim for 100% of the damages. If in the end only LOGP can make a claim I see the Irish Government settling quickly so as to shut down the whole afffair and not get bad publicity. Perhaps LOGP and the Irish Government can agree to a decent but modest settlment. 50-75M for example. Anyway let us see what Swizz thinks. He has a better handle on all this !!!
Would it be newsworthy if the 20m shares traded yesterday are now in LG’s hands?
Or is that only to be expected? The alignment process is taking rather a long time with too much deference being shown to LG in my opinion. I would have expected stiffer resistance and solidarity among all major shareholders, to put it mildly, and news about our ECT case by now.
News?
More movement in Irish gas investments & they may well all be connected !!!
"Corrib gas field Operator expands into biogas" (Vermilion is operator)
https://www.irishtimes.com/business/2024/02/01/corrib-gas-field-operator-expanding-into-biogas/
My thoughts are that Ryan may be part can kicking, to avoid being sued under the ECT &/or is being pushed by reality of low carbon native gas & its programmed use beyond 2050. Maybe too, Nephin's/Canadian Pension Fund's (43% shareholders Corrib field) new bio-gas investments that have moved the permitting forward, hopefully for a triple Corrib, Inishkea West & Corrib South partnering.
The Green Party has been accused of facilitating fossil fuel expansion in Ireland when oil and gas production should be phased out rapidly following a decision by Minister for Energy Eamon Ryan to extend an exploration licence for a large area adjoining the Corrib gasfield off north Co Mayo.
“Eamon Ryan’s decision to extend the exploration licence for the Inishkea gasfield is another historic sell-out by the Green Party in Government that has abandoned its environmentalist roots,” said People Before Profit climate and environment spokesman Paul Murphy. “Environmental activist groups like Safety Before LNG are vehemently opposed to this decision.”
[ Corrib replacement could produce gas by 2028 ]
Mr Murphy said that as recently as 2017, when he was in opposition, Mr Ryan “introduced the Prohibition of Fossil Fuels (Keep it in the Ground) Bill, which sought to completely ban the renewal, reinstatement or extension of any licence for the exploration of all forms of petroleum, including natural gas”.
“Now in Government, as the Minister with sole responsibility for making the decision, he is doing the exact opposite and extending Europa Oil & Gas’s exploration licence to 2026. This one decision could lock us in to fossil fuel use for decades, and completely undermines the Government’s own climate action plan. Europa Oil & Gas claims the Inishkea gasfield is potentially bigger than Corrib and could keep the [nearby] Bellanaboy gas terminal open until 2050 – long past its scheduled closure date of 2030-2035.”
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He called on Mr Ryan to “reverse this terrible decision immediately, and commit to extending the existing ban on new licences for fossil-fuel exploration to a complete ban on existing licences as well”.
The Government should be concentrating on rapid State development of renewable energy, not gambling on fossil-fuel exploration by private oil and gas companies that will sink us ever deeper into climate chaos.”
Europa Oil & Gas confirmed its licence in the Slyne basin has been extended following approval from the Department of the Environment, Climate and Communications. With permission to extend the initial phase of studies to January 31st, 2026, “Europa intends to use the extra time to carry out further technical studies, and allow more time to secure a development partner,” it said in a statement.
Its chief executive, Will Holland, added: “Given the proximity to existing infrastructure, a discovery at Inishkea West could be brought online quickly and would reduce Ireland’s reliance on imported gas. Domestic gas from Inishkea West would have significantly lower carbon emissions than imported gas from the UK, Norway or further afield.”
The UK government is scaling up fossil-fuel extraction in the North Sea on the basis of increasing its energy security, but climate economist Prof Nicholas Stern of the London School of Economics and Political Science has warned this approach could prove to be flawed and costly. “The North Sea oil and gas is only really profitable if consumers in the UK and the rest of Europe continue to pay high prices for energy. But those prices will come down as the costs of renewables and electricity storage continue to fall,” he said in an opinion piece published by the Financial Times.
The fanatical Paul Murphy (People before Profit) lambasts backslider Eamon Ryan in the Irish Times for his recent fall from grace!
Even if LOGP’s sunken costs are only the $20m spent on renewing licences it would still represent about 1.2P per share value to a buyer and developer when he makes his tax returns at first oil and gas. In other words you can deduct at least that from any purchase price to find the true cost to a buyer. Is that correct? Are the sunken costs greater than $20m? Assuming of course that the LU is resurrected.
Hehe funny Flashgarden. Agree with your sentiment. Thanks Swizz for the update and hope you are feeling a bit better after your recent sad news. It takes time to deal with a loss. Anyway we all hope to see something soon. This saga has gone on too long and unless something concrete for example a reversal of the DECC decision or a JV with Vevan, then I think we should begin with the ECT course and not waste time.
Hi swizz,
I appreciate your point about decisions on BOE future not being agreed till November but how does any of that undermine the ability of LOGP to progress the ECT litigation? If BOE somehow manage to reverse the decision or agree with the DECC on a revised strategy for the development of the licence then LOGP could decide to drop all or part of their claim. It would maybe result in some wasted effort and cost but would LOGP shareholders really be that bothered if the licence was back in play? So my opinion is that from the moment the undertaking application was rejected the ECT claim should have been all systems go regardless of what was going on at BOE. 8 months and we are still getting 'shot across the bows' type RNS that seem to be indicating that the decision whether to progress the claim or not is still up in the air. I feel like I am watching 2 guys threatening each other across a pub. instead of putting the gloves on and getting in the ring.
If LG has committed himself to a JR what is the problem? If he hasn’t why not? In either case LOGP needs to get on with the ECT case if there is any ambiguity in LG’s position, which there probably is since he will see himself as the dominant partner calling the shots. Vague assurances and time wasting should be given short shrift - provided LOGP has the firm financial support of all its major shareholders.