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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.
Cephalo, I have read all your posts and it is reassuring to hear you met S.Boldy and others and that £5m is not a problem if required. Is participation by LOGP in a JR and ECT action possible at the same time? Boldy must choose ECT action now after a cursory and polite meeting with Ryan, unless adequate compensation is offered. I would be wary of any deal of any kind with pig-greedy LG, except if he offers to buy LOGP out for a satisfactory sum. Would you and Swizz agree? As for mice-men Varadkar and Martin, they are beneath contempt, as I said long ago.
Thanks to Tommy for this link posted on EOG
hTTps://twitter.com/offshoreireland/status/1721497153669861471?s=46&t=yb4bY8lQ32WiMrlMFx8_yQ
No objections came before the court, although the judge considered correspondence from two shareholders who were opposed to the plan.
Mr Justice Quinn was satisfied he should confirm the scheme of arrangement, which will take effect next Wednesday.
Larry Goodman’s €6m Barryroe rescue plan approved by High Court
Most shareholders will be wiped out in plan that will see explorer pivot to opportunities in renewable energy sectors
The High Court has approved a Larry Goodman-led rescue plan for the company behind the Barryroe oil and gas explorer.
Ellen O'Riordan
Fri Nov 3 2023 - 14:15
The High Court has approved a rescue plan for Barryroe Offshore Energy that involves an injection of some €6 million of funding from its main shareholder, businessman Larry Goodman.
Mr Justice Michael Quinn on Friday confirmed the scheme proposed by the oil and gas explorer’s examiner which will see Mr Goodman’s Lorsden (Jersey) Limited company, based in Jersey, invest €1 million in initial funding, with a further €5 million available upon agreement on an appropriate business plan.
Lorsden is the parent company of Mr Goodman’s Vevan Unlimited vehicle, which last July petitioned for the appointment of an examiner to Barryroe, in which it has a 20 per cent stake.
The court application came just days before shareholders were due to vote on putting the company into liquidation after Minister for the Environment Eamon Ryan in May refused to grant a permit for its key Barryroe oil project off the Cork coast.
The court heard on Friday that the plan, put together by examiner Kieran Wallace of corporate advisory firm Interpath Ireland, would involve extinguishing the shareholding of some 10,000 members. Their shares were already worthless when the petition for an examiner came to court as the firm was insolvent, said Mr Wallace’s senior counsel, Kelley Smith.
However, the shareholders would receive a 5 per cent return on any potential future proceeds from the Barryroe oilfield, either through a sale or development.
At a recent creditors’ meeting, 65 per cent of the members’ by value voted against the scheme, while the unimpaired Revenue Commissioners, as a preferential creditor, and unsecured creditors, who will receive 70 per cent of their debt, voted in favour, the court heard.
The Minister for Environment, categorised as a stand-alone class of “decommissioning creditor”, whose “claim is neither quantified nor admitted”, had corresponded with Mr Wallace but did not object to the plan before the court, Ms Smith said. The scheme envisages an expert determination process with engagement from the Minister in relation to its potential claim.
Taking into account the proposed cash injection, including the €5 million that is contingent on the formulation of a business plan, Mr Wallace concluded the company has a reasonable prospect of survival as a going concern.
Ms Smith said the business will shift away from oil and gas exploration towards opportunities in green and renewable energy sectors. The current directors will be replaced on a date to be agreed.
No objections came before the court, although the judge considered correspondence from two shar
Part 2,..
It is hard to see why the BOE directors showed so little fight when Ryan’s Department of Environment, Climate and Communications [DECC] pulled the rug out from under them in May this year by rejecting the lease-undertaking application. They had, after all, got Goodman to agree to a €40m convertible loan on November 23 last year to fully fund the proposed Barryroe development programme, as well as arranging a top-up €20m placing on April 24. In those circumstances, it is impossible to believe they considered Ryan’s refusal to be reasonable.
Indeed, on May 23, BOE’s much smaller (20%) minority partner in Barryroe, Lansdowne Oil & Gas, initiated an “arbitration process under the Energy Charter Treaty [ECT]”. This gave the environment minister three months to engage in discussions, with a view to settling the dispute and, failing settlement, the company had the right to go to arbitration.
Decent coverage in today’s Phoenix, with a detailed and well structured article, covering LG, Vevan, BEY and SEL 1/11, it would appear I am not the only one who is expecting more to follow,..GL S
https://www.thephoenix.ie/article/barryroe-oilfield-saga-far-from-over/
A few snippets,..part 1
BEEF-BARON-turned-oil-explorer Larry Goodman knows a good thing when he sees it. His move to gain control of Barryroe Offshore Exploration (BOE) is clearly based on a belief that the wily billionaire can turn the heat up on the government and waltz way with a very nice profit. The other shareholders have been severely bruised but, if he gets his way, there may be a few bob for Nick Furlong et al. For outside investors, there is always the option of buying shares at a lot less than 1p in Lansdowne Oil & Gas as a way into the party.
The most interesting aspect of last week’s rescue plan, which gives Goodman ownership of the former Providence Resources (to be confirmed by the High Court on Friday), is that it suggests he is planning to go after climate minister Eamon Ryan and the state in an effort to remove the block denying BOE its reasonable expectation of getting the lease-undertaking licence required to proceed to the final phase of development of the huge Barryroe offshore oil and gas field or, alternatively, secure substantial compensation.
Goodman is no oil or gas developer but he no doubt realises that the Barryroe field is not one of these South Porcupine-type discoveries, located 5,000 ft deep and 400 km offshore, but is just 50 km offshore Cork and in only 100m of water. Moreover, it already has key infrastructure in place such as the gas pipeline and processing plant built for the Kinsale gas field. This makes the project cost effective already and easy to develop, with its near one trillion cubic feet of gas and 350 million barrels of oil recoverable.
Goodman’s decision to petition the High Court on Friday July 21 this year to appoint an examiner to BOE was actually a last-minute affair, only one working day before BOE itself was set to hold an EGM on Monday July 24, seeking to get shareholders to place the company in voluntary liquidation.
Not surprisingly, the BOE board – headed up by chairman Peter Newman and CEO Alan Curran, who replaced Jimmy Menton and Alan Linn respectively after the latter two jumped ship in late 2022 – held the EGM but no vote was taken and proceedings were immediately adjourned.
It is hard to see why the BOE directors showed so little fight when Ryan’s Department of Environment, Climate and Communications [DECC] pulled the rug out from under them in May this year by rejecting the lease-undertaking application. They had, after all, got Goodman to agree to a €40m convertible loan on November 23 last year to fully fund the proposed Barryroe development programme, as well as arranging a top-up €20m placing on April 24. In those circumstances, it is impossible to believe they considered R
Thanks Swizz. Some light at the end of the tunnel it seems. Take care
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
LG and Ryan might not be best buddies but could it be that neither wants to see litigation?
Interesting thought Makeabundle. Perhaps these are the interesting delelopments mentioned in the video. Perhaps Vevan will use tax write offs to compensate LOGP
The cloak-and-dagger stuff cannot go on much longer. If LG starts a Barryroe Green Enterprise and is willing to put enormous amounts of money into it would he be obliged to buy LOGP out first of all? Is the obtaining of the LU necessary for Vevan to qualify for tax concessions? No doubt LG will want to reduce LOGP’s leverage if at all possible.
Wonder what these new developments might be Swizz that were mentioned in the video
Hello Swizz. Saw the video. Thanks for that. Din’t think it will make any difference the fact that we are in a precarious supply situation in Ireland. I have no hope with ER in place. I have shares in BEY and Landsdowne and have been a shareholder for over a decade. I increased recently quite considerably my holding in LOGP because of better chance of recovering something possibly throught ECT. What do you think is going on ?. Is anything happening behind the scenes ? Has LOGP had any meetings with the Decc or ER or the department ? Do you think we will hear something from LOGP soon ? Do you think their is a constructive plan ? Just wanted to get your view. Take care