Our live Investing Matters Podcast Special which took place at the Master Investor Show discussing 'How undervalued is the UK stock market?', has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Battle, don't know why the likes of Harbour Energy (HBR) and others materially negatively affected by the UK EPL don't also throw their hat in the ECT ring. The EPL is obvious thievery burdening the likes of HBR with 75% tax.
I think LOGP’s case is stronger and much more clear-cut than this.
Looks like the ECT is getting another run out in court
https://www.theguardian.com/world/2023/nov/20/eu-germany-and-denmark-sued-by-oil-firm-over-windfall-tax
The guy ought to be strung up for treason like in the good old days. I have an idea, LOGP sue him for the 300million, then lease home a ship connected to floating platform topping up the gas from Barryroe
“In those circumstances, we would take the lease option because it is lower cost."
Er, really? Don't think he understands how leasing works. If it were cheaper then the leasing co would be losing money. Unlikely.
Surely the state can borrow cheaper than a leasing deal?
Eamon Ryan's plan is to buy a storage ship costing three hundred million euros paid for by a
new charge on everyone's monthly electricity bill. He mentions that he might lease a ship but admits that is just an idea as there isn't a ship to lease. He is proud that he isn't building an LNG plant onshore like Ireland's neighbours. Better to use a ship and refill it with LNG gas on a regular basis. The company hoping to build the LNG at Shannon have said that they would give the Irish government one of their ships for free. No reply from Eamon Ryan so far on that offer. If this ship is purchased it will be in use for at least the next couple of decades and the cost and maintenance will be paid for by the taxpayer
https://m.independent.ie/irish-news/new-gas-storage-supership-would-cost-more-than-300m-so-ireland-is-likely-to-lease-instead/a1585890724.html
There is a list of the winners and losers on the Irish stock market this year. Barryroe gets a mention as a loser. They mention that the stock was down 75% before been delisted. They go on to say that the future depends on either Larry Goodman getting the government to reserve it's decision not to grant the licence or suing the government
Thanks Manyana. Well, Ryan may have a double headache now if the first point cannot be challenged on any grounds.
What if he asks LOGP to stump up about 25m to match his contribution of say 100m? What could or should LOGP’s response be? Swizz might like to venture an opinion as well. Could that be a crafty move by LG, I wonder?
Two things:
The Vevan which now owns Barryroe is "A Jersey-based company controlled by beef processing businessman Larry Goodman ". As such it is not an Irish company so it is quite entitled to sue the Irish government just as Lansdowne is entitled to sue the Irish Government under the ECT legislation as neither are now Irish.
Also, since Vevan (Jersey) has enough capital to satisfy the financial requirements of 3.5x money to satisfy the constraints currently stopping the development of Barryroe there is now nothing stopping LG from progressing the development and stuff Eamon Ryan.
A Jersey-based company controlled by beef processing businessman Larry Goodman
Is it certain that Vevan can now claim under the ECT as Manyana suggests?
Here is a question I have been musing. Could the way forward include a PARTIAL development and an ECT claim?
Surely if the LU decision is overturned but there are restrictions placed on what can be developed on the licence there is still ground for a claim.
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!