Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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This is old news and was announced on 30th June in the Irish Times as follows:
Larry Goodman increases Providence stake to 16.1% as key oil project remains in limbo
Irish oil and gas explorer awaiting go-ahead from Minister to develop its Barryroe prospect off the coast of Cork.
Beef magnate Larry Goodman has become the largest shareholder in Providence Resources, the Irish oil and gas explorer, after almost doubling his stake to 16.1 per cent in less than a week.
You can be sure Larry, like Menton et al. are waiting on the Rockhopper arbitration case.
Only another 12 days until the Rockhopper arbitration decision unless the board decide to extend by up to 60 days but I can't see any reason why they would need to. But who knows? At least we will have some indication by the 24th of August, the 120 day limit.
The board of arbitration have already decided that Rockhopper are due compensation but it now depends on "how much".
"Under the ICSID Arbitration Rules, the Tribunal has 120 days after closing to issue its Award, extendable by 60 days (Rule 46). The Company will update the market in due course."
The 120 days started on the 25th April and if Rockhopper gets any compensation over its $40m costs you just watch Barryroe fly as Ryan and his "two monkeys" on his organ grinder run for cover. Barryroe is already $200m under the Irish oil exploration rules so even that would be nice.
Anybody able to cut and paste the Phoenix article please?
Article in the Phoenix Magazine about Larry Goodman taking a stake in Providence. Sorry to say I have no access to the article.
Has Larry Goodman got his timing right
THE MUSICAL chairs continue at Providence Resources, with the latest face popping up being beef baron Larry Goodman, who now holds a 16.1% stake. His most recent buy-in was the 8.2% stake held by big UK investment group M&G, which clearly got tired of the procession of drilling and funding failures. It sold out the... Read more »
How does Ryan know that the gas we get from the UK is not "fracked" LNG?
There are 3 LNG terminals in the UK.
South Hook LNG, Milford Haven, South Wales
Dragon LNG terminal, Milford Haven, South Wales
Grain LNG, Isle of Grain, Kent
How much of this gas is fracked and how much ends up in Ireland. Ostriches with heads in the sand, comes to mind.
As you said the other day, ThenShen, the "Greens" are the new Catholic Church but don't start me on the Catholic Church as I have seen too many occasions where they "destroyed" the poor.
They use every trick under the book to "blind" the faithful to the reality and Ryan is the high priest of "B**sh*t, much as the Catholic Church led the people of Ireland astray for so long and, "out of fear", as the they obligingly "bull****ted" the ignorant as they traipsed along behind.
Who remembers John Charles McQuaid and then compare him to the brain dead Eamon Ryan. They have a lot in common even though thankfully McQuaid has long since passed on to pastures new/old.
After all, one of the great injustices of the Catholic Church was that they persecuted Galileo for saying the Earth went round the Sun and one of the latter day injustices was they condemned John McGahern for his book "The Dark" about abuse by religious in boarding schools and banned him from teaching In Ireland even today we all know that religious have been abusing children for years.
You can see in the following article a warning Ireland is in for a "hard" time this winter and it has the "face" of the pious king of the fairies (i.e. The Greens) plastered all over it as he uses his wood burner to heat his house in Dundrum paid for, I am sure, out of his inordinate Dáil salary.
https://www.irishmirror.ie/news/irish-news/amber-alert-irelands-electricity-worrying-27703576
Read and weep.
UK Threatens power cuts and blackouts in January.
You can be sure they will not be sending us any gas via the Moffat connection if they are in the dark.
https://www.express.co.uk/news/uk/1652868/UK-power-cut-warning-blackouts-january-emergency-plan-fuel-shortfall-outages-latest
https://www.iisd.org/system/files/publications/background_vattenfall_vs_germany.pdf
Interesting paper, lots of similarities with Ryan Vs PVR, pay attention to page 5, last paragraph, feels very familiar.
However, unsure if the Energy Charter Treaty, only applies to Companies suing against "foreign" signatory Governments.
GLA,
DB
This article wants you to sign in to the "law" website but I have come across a few salient points relating to it.
It says "A PR firm for Rockhopper declined to comment, citing the ongoing arbitration proceedings." We might get a decision on that one by the 24th of this month as its 120 days are up then.
But more relevant is the statement that:
"In Germany, officials agreed to pay €2.5 billion in compensation to Swedish energy giant Vattenfall and a number of other energy companies, with those companies, in turn, agreeing to drop their claims under the treaty. Uniper did not respond to requests for comment."
Now that is relevant as Germany realised it would lose so it jumped the gun and agreed to the compensation. Will Ryan put his back to the wall or will he and the government try and do a deal with Providence?
Hopefully not to long now before the "proverbial" hits the fan, I suspect.
"In Germany, officials agreed to pay €2.5 billion in compensation to Swedish energy giant Vattenfall and a number of other energy companies, with those companies, in turn, agreeing to drop their claims under the treaty. Uniper did not respond to requests for comment.
A PR firm for Rockhopper declined to comment, citing the ongoing arbitration proceedings.
So be,the Greens are replacing the Catholic Church as the ones you don't go up against in this country .
Getting closer to Norway turning off the taps.
"The UK only imports 6% of its gas from Russia" starting to sound a bit hollow.
https://www.express.co.uk/news/science/1651780/norway-first-uk-energy-crisis-panic-battery-europe-cut-off-gas-supplies-russia-invasion
UK could get shortage of gas if it does not rain soon in Norway.
And if the UK is short of gas will that mean we will get less from Moffat? You can be sure it does.
https://www.express.co.uk/news/politics/1651532/uk-energy-crisis-Norway-power-supply-Britain-EU-update
Self-sufficiency is a wonderful thing.
The more diverse our energy supplies the better. The more competition the better. 163 days after Russia invaded Ukraine,the Taoiseach yesterday mentioned the use of LNG as if it just appeared out of the blue!The more we invest in wind,the more we gamble financially when the wind doesn't blow.That horrible phrase" heat or eat " could become more pronounced this winter.https://www.irishtimes.com/business/energy-and-resources/ireland-needs-lng-infrastructure-to-ensure-energy-security-says-regulator-1.4839610
Ireland producing its own Natural Gas is the only option for our National Energy Security.
The Government and Minister Eamonn Ryan must honour their commitment to the holders of existing Irish offshore Exploration Licenses issued by previous Irish Governments to allow holders of these licenses to pursue their work activities as per the License.
These Exploration are more than willing to drill, appraise and put into production commercial discoveries which will more than satisfy the demands of Ireland.
It is over 2 years since the formation of this Government and it still has not honoured this commitment.
LNG is subject to supply problems. There are not enough facilities converting Natural-Gas to LNG at present to meet the present requirments Worldwide. Will the production of LNG ever meet the Worldwide growing demand is a good remains to be seen.
Then we have the transport problems of LNG there are to few ships available to meet the demand at present.
It takes 2 years at least to construct an LNG cargo shipping vessel.
The construction takes place in only a select few ship yards ie South Korea.
LNG will increase dramatically in the very near future as the demand for this source of energy increases.
Even when a cargo of LNG is in transit it can and will be diverted to a destination offering a higher price as has happened all to frequently in the last 6 months.
Having an LNG terminal does not guarantee security of supply for Ireland's energy requirements.
Ireland must utilise all of its own sources of Energy.
more and more Countries begin to switch from further let alone the dramatic
Swizz,LNG is an absolute must for this country! Every coastal country in Europe has an LNG terminal.
https://www.irishtimes.com/ireland/2022/08/05/revenue-from-big-power-companies-wind-farms-multiply-as-electricity-prices-soar/
Hard hitting article in the IT today about Ryan's head-in-the-sand attitude to LNG, Barryroe, and Europa:
https://www.irishtimes.com/business/2022/08/05/caveat-hydrocarbons-may-eventually-kill-us-but-the-economy-could-die-first/
"The Minister for the Environment doesn’t want to say yes to fresh permits or leases that might allow existing licensees to make progress on their exploration blocs – if they start pumping oil or gas out of the ground it would embarrass the Green Party leader politically. But he is loath to say no, lest it causes a big scene and the companies turn to a third party, such as a judge, to make their case. Instead, Ryan simply ignores them, dragging out their requests in an extravagant show of can-kicking, deep into the road ahead."
"Providence Resources, which is soon to change its name to Barryroe and whose largest shareholder is Larry Goodman, has been waiting for 16 months for a lease from the Government for an appraisal well that is essential if it is to bring the estimated 300 million barrels of oil at its Barryroe prospect to the surface of the Celtic Sea bed."
"Meanwhile, Europa Oil & Gas last week received a patronising brush-off from the State, as it waits impatiently for an extension to the first phase of a 15-year exploration licence for an area adjacent to the Corrib gasfield off Ireland’ west coast."
...
"Ryan may flinch at the political discomfort of being seen to facilitate pumping oil from the Celtic Sea or gas from off the west coast. But that is vanity. Producing hydrocarbons at home is infinitely better than buying them from the imperialist Vladimir Putin or the regime of Mohammed bin Salman in Saudi Arabia ... How can that acknowledgment of reality be squared with Ryan’s indulgent foot-dragging on Providence and Europa? His approach helps to leave Ireland vulnerable to external price shocks and security of supply issues."
TS, as the Irish government are bordering on wilful neglect of Ireland’s energy security, there does appear to be a shift developing in recent days and whilst fracking remains the evil thing, the recognition of indigenous O&G and especially gas is very much in focus, …GL S
Mr Martin also said that Liquefied Natural Gas (LNG) "simply has to be considered" in light of the energy security crisis brought about by the war in Ukraine.
He did not specially refer to the proposed Shannon LNG project, which is strongly opposed by his coalition partners in the Green Party. However, he said LNG is an option that has to be considered.
"The Programme for Government allows for LNG but without fracking. In that context, I think we will have to give consideration to LNG, given the energy security issue that has arisen from the war," Mr Martin told reporters.
"All of Europe is looking at LNG, but the type of energy we look at and the mode of delivery may differ. So I am not going to get in to any specific project, other than to say that LNG that uses fuel that is not derived from fracking is consistent with the Programme for Government," he added.
Mr Martin said the energy crisis brought on by the war has "changed dramatically, in the short term, the energy security question".
"What is going on across Europe and the world is a greater increase in LNG facilities and it is one option along with a number of options that simply have to be considered in light of the energy security situation."
A shift on LNG?
https://www.rte.ie/news/ireland/2022/0804/1313999-taoiseach-budget/
What a mess, this Irish Government is creating.
When will the back bencher TD's and Deputies pull the plug .
Where will the Natural Gas supplies come from.
This Government under the Control and Command of Minister Eamonn Ryan will not permit the exploration in and production from the Licenses that were granted by previous Irish Governments.
Britain and the Europe are planning for severe rationing of Natural-Gas to its Industries and citizens for not only this year but years ahead.
About time the Irish Media and Public awoke to this self inflicted Energy shortage being imposed on the Irish Public and Economy by a hand full of Ministers and Deputies in this Irish Government.
https://www.thejournal.ie/emergency-power-plant-electricity-grid-5825545-Aug2022/
Good point ... ps
Fianna Fail and Fine Gael will get it from the farmers!
Keep an eye on the auction price of offshore wind when it happens. Ryan is scalping us. The second round of auctions for *onshore* wind happened in May and the average strike price was an eye-watering EUR 97/MWh. That's the same price as the Hinckley Point nuke, despite Green claims that nuclear is far too expensive and wind is the cheapest power available. It's 32% higher than the previous auction two years ago, twice the average wholesale cost of electricity two years ago, and twice the cost of UK *offshore* wind five years ago. The story is that Eirgrid dropped the ball on providing grid connections when they were supposed to, and now that Ryan is polishing his green halo the wind farms getting licensed are in suboptimal locations. Oh yeah, and the support period over which the strike price is paid lasts until 2040. The only question in my mind is how much havoc the Greens will have wreaked on the economy by the time they get booted out on their ar$e$.
Many thanks for your reply Swizz.It makes sense of JMs prediction of within 90 days.So even with the first offshore windfarm predicted for 2027 ,there still remains a perilous gap in the Green transition when it comes to future energy security.
Thank you again Swiss, for being most informative, re PVR.
I am however somewhat surprised that "Market Moving" information is not freely & equally available to all PVR shareholders, even though, with my losses here, I could have paid for hundreds++ of FOI's ;-)
Might that not be just one more reason to sue the Irish Government for its delays ?
DonalB
TS, I have undertaken 2 FOI’s in the last 18 months, the first covering the period from January 2021 to October 2021, relating to all comm’s between DECC/GSRO and Exola and Providence and the 2nd covering the period October 2021 to May 2022, which was the same criteria as the first, with the addition of all comm’s that included Eamon Ryan, there was some documentation that wasn’t released from the FOI due to commercial sensitivity, (I believe these were the letters of comfort) but each FOI included a fully documented itinerary of all communication, which was helpful to put into context some of the information released by the company via RNS,
I think the most notable point was the change of tone and engagement with the GSRO and the company, which occurred in March and April of this year, they moved from basically blanking the company from any meaningful engagement in 2021, to a much more constructive and BAU engagement, perhaps it was this backdrop that led JM to make the “hopefully in 90 days” comment?, it’s just a gut feel based on the comm’s itinerary, but I sense the GSRO have completed their review and have approved the LU and it is sat with Ryan awaiting his ministerial sign off, …GL S
Swizz,was reading on the LOGP blog that you undertook a FOI request with the DECC about Sel 1/11.Any more info on this?>