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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??
Predator RNS - IRELAND
The Company has received since its last operations update a communication from the Geo Science Regulation Office ("GSRO") at the Department of the Environment, Climate and Communications informing the Company that consideration of its application for a successor authorisation to Licensing Option 16/26 Corrib South is hoped to be concluded during Q1 2024 and that the GSRO would be writing to the Company shortly in relation to this matter.
Maybe, they can make decisions on Corrib, Inishkea & Barryroe in the same Quarter !!! GLA
https://www.lse.co.uk/rns/PRD/corporate-update-ba3b6xu7fo4tpoh.html
Hello there Swizz. Very sorry to hear that. It puts things in perspective. Losing a loved one is a big blow. Take care of yourselves.
Condolences Swizz. Bit of awaiting game here, to atone for all my sins perhaps
Same from me as well, Swizz.
So sorry to hear that a member of your family has passed away Swizz. Wishing you and your extended family well.
Hey Spud, I have Ben off grid for a few weeks due to family illness, which sadly resulted in bereavement, I am only just getting back to BAU and I will be looking to catch up with a few people in the days ahead,
I did participate in the recent placing and I am very optimistic for the future and of positive developments, ..GL S
Hopefully we will hear something soon. They started official proceedings against the Government on the 28th of June 2023 and they have until the 19th of March before the shares are delisted due to the company been a cash shell. A six million pound investment or a takeover will prevent this happening so hopefully there will be an update soon.
Yep,a number of people who were promoting this share have suddenly disappeared.
I wonder who lifted the phone first - Boldy or LG? That is, if they are in discussions at all.
Hello there Swizz. Hope you are ok have not seen you comment for a while. Any thoughts on what is going on here. Take care
My shares in LOGP are held within an ISA and I am determined to still hold onto them - I haven't waited years to sell for peanuts! So, I'm hoping there'll be developments before delisting but what happens should LOGP be delisted?
Presumably the shares are ejected from my ISA and I am then the shareholder in a very thinly traded share - almost all remaining shareholders will also be awaiting a jackpot. So that has CGT implications - SP ejected at lowest possible value compared to future value. All losses within the ISA are my bad luck!
HL has just belatedly informed me (by secure message) that my handful of BOE shares are officially worthless. I wonder how LG is going to distribute a few pennies of future profits to me? I also wonder, and this is more to the point, whether Boldy has any plans to announce before the end of this month indicating where LOGP’s future prospects lie and what they are.
If there is no news about preparations for ETC litigation by the end of this month, you would suspect that maybe Vevan and LOGP are locked in confidential talks after all. Ashurst have been involved since June last year. No word from Vevan about a JR either.
No expert at all but if the LU was reinstated in a year's time I think LOGP would still have a case through the ECT. The devastation to the share price, since the LU was first applied for, has caused lasting damage to the company and its shareholders. The additional dilution from issuing shares after such bad news, the years wasted, the additional interest payable to loan holders etc. are all attributable to the bad faith decision of Eamon Ryan and that should be persued through the courts regardless of whether the LU is eventually approved or not.
If LOGP are going ahead with a claim under the ECT that leaves LG no option but to go ahead with a JR, if Vevan is to remain an oil and gas exploration company as per published Articles. On the other hand LG might be willing to wait a year or so and see if Ryan is removed from office, when the LU would likely be reinstated? Perhaps he sees this as a way to gain some leverage over and create uncertainty at LOGP? That is, if he has designs on taking over that company. What would the situation be, legally and financially for LOGP, if they have to terminate their ECT application if and when the LU is reinstated? Any well-informed opinion on that? I am guessing that there are at present no talks between the two companies but maybe it is all very secret.
I can't see SF changing tack on Barryroe either. It'll take a court to overturn it (vanishingly unlikely) or a major supply disruption this winter to cause a change.
I reckon there is a chance that the ECT thing might deliver a result (but not for a long time) - the time value of money means it's a tough bet to make. I'd expect SP weakness ahead of the delisting.