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Member Since: Mon, 16th Nov 2009

Number of Share Chat Posts (all time): 8,083
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Last Posted: 27 Mar '18

14 Feb '18

Its the shareholders i feel sorry for not TOr who has been milking this cash cow for years.
14 Feb '18

By Geoff Percival

One of the main international exploration companies active in Irish waters has said it remains �excited� and confident about realising its asset potential here despite last week�s D�il vote in favour of a ban on drilling for oil off the Irish coast.

London-based Europa Oil and Gas is sitting on around five billion barrels of oil and 1.5 trillion cubic feet of gas off the west coast, having invested around �20m on developing its Irish acreage over the past seven years.

Chief executive Hugh Mackay said stopping oil exploration will have �no impact� on oil consumption levels.

He was speaking almost a week after Fianna F�il, Labour, and Sinn F�in supported People Before Profit�s Petroleum and Other Minerals Development (Amendment) Climate Emergency Measures Bill, getting it over the line in a D�il vote and pushing it through to committee stage.

The bill targets a ban on drilling for fossil fuels in a bid to lower Ireland�s carbon emissions

�It�s a very disappointing development and one that�s not going to make the lives of those looking to attract farm-in partners or commit further funds to exploration efforts easier in the short term,� said Mr Mackay.

Defending Europa�s Irish assets, for which development partners are being sought, Mr Mackay said: �As long as Ireland is consuming gas it might be helpful to have its own source of domestic supply.�

While he said he is �not particularly worried at the moment� and has not encountered any negative reaction from potential farm-in partners arising from last week�s vote, Mr Mackay said any political uncertainty raises warning flags in the industry.

Last week, the Irish Offshore Operators� Association called the D�il vote �disappointing� and a potential threat to Ireland�s energy supply security.
14 Feb '18

Fg know they cant ignore the pc green energy plan been put forward and agreed by main and smaller political parties its all about appeasing the electorate at the end of the day and winning votes
I doint believe fg will win next election more probable outcome will be a ff and left alliance with Independents Gov who have already voted for offshore drilling ban
Uncertain times for offshore drilling Ireland ly ahead.
14 Feb '18

Still no news and without any can see SP Retrace back to 6p range, anyone know what amount of cash was paid for Barryroe Licence along with actual expiry date with Licence which i believe is upto 2019.
13 Feb '18

I agree with your statement Ajed and expect nothing new from Tor with expected update other than usual spin and talks progressing well statement
No major will commit Untill factual details concerning permits announced by the gov of the day.
13 Feb '18

Talks progressing well.....end of update juniour.
13 Feb '18

Recent announcement not possitive overall for oil/gas Exploration offshore Ireland
I am not happy with ff Dooley who said there would have to be a system to redress Exsisting licence holders who have paid vast sums for drilling permits, How many millions have pvr through their shareholders paid for barryroe permit and when is expiry date of exsisting permits anyone have this info.
9 Feb '18

THE GOVERNMENT HAS lost a vote on proposed legislation which would place a ban on fossil fuel exploration off the Irish coast.

The Bill secured the support of 78 TDs, with 48 voting against it. It will now proceed to Committee Stage in the Oireachtas, despite the government�s opposition.

Solidarity-People Before Profit�s Petroleum and Other Minerals Development (Amendment) Climate Emergency Measures Bill aims to stop the issuing of any new licences for the exploration of fossil fuels.

Costa Rica, Belize and France have already implemented similar measures.

The Bill sets out that the government must:

Ensure regard is had to national and global environmental considerations when issuing licences, undertakings and leases under the Petroleum and Other Minerals Development Act 1960
These considerations include:

The annual average global temperature, the monthly mean level of carbon dioxide in the atmosphere
With the support of the Green Party, Fianna F�il, Sinn F�in, Labour, and Independents 4 Change (and pop superstar Cher who tweeted her support) it passed, meaning Ireland is now on the path to become the fourth country in the world to implement a ban on the exploration of fossil fuels.

Reacting to the vote result today, Green Party Leader Eamon Ryan TD said �this is truly is a historic day for environmentalism in Ireland. The tide has turned on fossil fuels, and there is widespread political support now for a just transition to renewable power�.

He said Fianna F�il believes the government should be doing more to deal with the threat of climate change, stating that to look away and continue with business as usual would be �one of the greatest acts of negligence�.

�The introduction of the Bill by Smith forces all in power to acknowledge the threats facing the world when it comes to carbon emissions,� he said.

Dooley accused the government of �shying away� from their responsibilities to deal with the issue. While he said Fianna F�il is supporting the Bill, it wants a number of concerns to be addressed at Committee Stage.

A number of exploration leases are already in place, he pointed out, adding that this legislation would ban all extraction licences. He said there are legal issues surrounding those companies who have already paid a lot of money for those licences, but he believes these issues can be teased out and addressed at a later stage.

�If the government will not change, then others must forge ahead without them,� said Dooley
9 Feb '18

Article was in
9 Feb '18

According to FF minister Dooley will apply to All offshore drilling both poposed and Exsisting permit holders although he did say exsisting permit holders have paid large sums for thease licences and should have process of redress maybe PVR can claim back the few million euros paid for barryroe etc permits however the prospect of PVR ever farming out or developing the field a Remote posibility now as next Ff/independent gov will not support or Licence such a venture Barryroe Now A Dead Duck.

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