Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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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.
Morning all, I have been able to have a few catch up calls this week. with SB, three other major holders and also the broker, even though I have not been wall crossed, it would be inappropriate for me to share the granular details of those conversations, but discussions are moving forward on a number of fronts and as per recent RNS details, Lansdowne's focus is very much on the ECT litigation, plus, very close attention is on BOE and what their plans are going to be,
Whilst it is circa 8 months since the LU decision, we must be mindful that LG/Vevan and BOE did not emerge from the scheme of arrangement until early November and as the operator of the SEL 1/11 license, Lansdowne will need to fully understand the BOE forward plan and how they can align to that plan and I have no doubt that is exactly what is taking place,..GL S
That would be my hope and we could get some of our money back quickly. Then again,maybe LG not interested at all in logp. Figuring if they can’t get a legal funder,
a reverse takeover or €6m investment, he will pick it up
for pennies .
But Keeping lansdowne shares while they sue under ect , would be a long term investment which many might prefer. If that is announced,hopefully it will causes a sp rise,giving some of us an opportunity to get out at a lower lose. Still, will be interesting to hear Swiss views , once he has time to recover .
That is a pity, but at least Lansdowne can sue for one hundred million and if Larry Goodman takes them over he can use the ECT case to put pressure on the Government to allow Barryroe to be developed.
Off course ,LG can only take case ECT case via lansdowne.
My belief from talking to legal friends , is that LG can’t add Barryroe to lansdowne and sue for whole amount ,as this action is post ministerial decision. If it were the case, LG would be foaming at the mouth to buy logp and logp would not be capitalised at just €1m .
Larry Goodman cannot take the ECT case, only Lansdowne can do that as they are based in the UK. This gives them the option of taking the case themselves and it also makes Lansdowne attractive to Larry Goodman. Lansdowne are suing the Irish Government for one hundred million pounds. That is based on 20% of Barryroe. If Larry Goodman buys out Lansdowne he could add his 80% share of Barryroe to the ECT case, making the total sum the government would be on the line for to five hundred million pounds
Flombo, either you or LOGP must be gasping for money!
Swizz has said money is not a ptoblem. I cannot believe LG can get away with daylight robbery yet again. LOGP are so certain to win their ECT case in fairly short order they will have backers gasping to get a slice of the action, don’t you think?
But there is a difference between expressing an interest and putting money on the table .Ryan is not going to change his mind esp in an election year ,as he would also be crucified by his other green fanatics.
Goodman could make €100 m on successful legal challenge . I would be happy with an offer of even €10-15m from him for logp
Flombo, I think Swizz will take issue with you over some of that! There were a number of funders expressing interest, for example. Boldy must first be in discussions with Vevan, is how I see it. He cannot long delay making some kind of meaningful announcement.
I agree,it’s pure fantasy that Ryan will change his mind on Barryroe , which is primarily an oil field . Are lansdowne making any progress with getting a legal funder , it’s seems not ,even after 8 months . My only hope here is that Goodman takes it over and funds the legal ect challenge himself - a win makes him money and helps his situation via Barryroe energy. No doubt,he will wait till latest possible time to the March deadline and try to rob it as he did with barryroe
I think Eamon Ryan and his department are never going to give a licence to Barryroe unless the other parties in the coalition feel there is some political benefit in forcing Ryan to grant the licence. Eamon Ryan comes across as a folksy easy going guy, but Lansdowne need to realise that he is ruthless and he will promise them the sun moon and stars while all the time running down the clock as he has already
proven by replying to Lansdowne on the every last day of the three month waiting period last year.
Lansdowne need to launch the case against the government as soon as possible or they will just simply run down the clock again
Imagine Ryan or anyone else refusing EOG an LU in two years' time for some ridiculous reason in the middle of LOGP's ECT case. Alternatively, imagine the grant of an LU to EOG at the same stage. In either case the litigation will be swiftly over. Unlike in the Rockhopper case against Italy the ECT will reject all appeals, except possibly the final award appeal. This case will last a maximum of three years, if that - not the ten years+ some fool has mentioned several times in the past on this board. I think the Irish government must know this. Paying out huge sums to LOGP during power cuts in 2027? I don't think so. By the way, the Irish government is lucky to have farmers of the sheepish variety and not French German or Dutch Rottweilers snapping at their heels in central Dublin.
Will be an interesting month or two Ceph. Fingers crossed some good news will come our way !!!
Spud, I think by granting the extensions for Predator and EOG, he has shot himself in both feet. It means the reason for rejection of Barryroe was squarely for financial reasons. He has shown the government are prepared to accept revenue for licences, with the exception of in circumstances where an oil or gas discovery is ready for production, and then they will try to apply unenforceable by-laws to cancel the licence. The industry is based on the premise that you raise finance after you are clearly in a position to need to do so - i.e. when you have proven reserves, and obviously a valid licence extension and a supportive government to attract and encourage such investment.
Yes Ceph bang on with your summary of the situation. So what are LOGP and Vevan up to. I believe there are discussions ongoing with a tie up between Vevan and LOGP probable. ER is a cad and his own sense of self importance will be challenged at some stage. I believe the DECC will reverse the decision having already told ER and the government that the prior decision to not award the license will not stand up in a court. aIf no reversal of DECC decision a Judicial review will be undertaken and the ECT route will be dangled in parallel
I would suggest it demonstrates that Ryan is prepared to accept revenue for the licence, up to the point at which a commercial discovery is made, at which point he would almost certainly put a blocker on development as he did with Barryroe. EOG have 2 years to make technical studies, then if they decide it's worthwhile they will need to apply to the renew for exploration and that probably means 3 years without Irish politicians committing to development and extraction. Who is more cynical therefore? Me or the Irish government?
Morning Flashgarden. Agree with your sentiment. Just wondering how Ryan and DECC can justify gas development for EOG et cetera and deny BOE and LOGP. Does EOG have the 100s of milliones in place required as per ERs non-legally binding green criteria that was applied to Barryroe ? I would say no. This I believe provides additional ammo for a judicial review or an ECT claim unless ER and DECC reverse their decision. Regards
Over 8 months since the decision. Are LOGP going to continue to talk the talk or walk the walk. I appreciate that a negotiated resolution with the decision overturned is the optimum result but please can someone fire the starting gun. DECC decisions on allowing gas developmemts will just add weight to RYANs claim that the decision on barryroe was related solely to the financial capabilities of the developers.
Donalb may be right - it looks like two down with one to go. Unless BOE is being singled out for the sin of having oil as well as gas. EOG get their extension without warning, PRD have been warned to expect one. Whatever next?
Maybe Martin and Varadkar have seen the blinding light themselves and communicated the good news to the DECC
Hard to see Ryan having a road to Damascus conversion regarding Irish fossil fuel exploration but who knows. Also, the probable next SF led administration seem to be more anti fossil fuel than the current bunch. They even had a motion at their recent party conference proposing a fossil fuel rationing scheme with the allocated ration decreasing each year.
Suddenly Ryan is convinced BOE’s finances are in better shape than he thought??