Yes Granto. This is a body blow to the company. It only leaves Barryroe and Helvick left in the portfolio, and with Tony in the negotiating seat for the last four and a quarter years and no result to date that is not a good state of affairs. I am extremely sorry that LOGP could not have obtained a concession from the government to extend this licence, which will, in due course be snapped up by another party after all the expense incurred doing seismic and study work. I assume that Midleton is also still in LOGP control (on reflection)....but with lack of success last year I would be surprised if this adds any value. All looked very hopeful a few years ago but looking very grim ATM.
Here we go again. Market is bad for famouts. Therefore we don't take responsibility, only take large salaries and a nice bonus last year, despite the destruction of shareholder value.
But, although Lansdowne management would also prefer us not to remember this, the market was, in fact, all right 2 or 3 years back, with oil above $100 a barrel.
So it looks like Amergin was more bluster. And there was I thinking that Stephen Boldy and our other "experts" must have known what they were talking about with all their colourful charts and talk of substantial amounts of recoverable oil. Sure, it wasn't in the bag but if the depiction of the field by Stephen Boldy had any sort of reasonable foundation it surely would have been worth a shot, given the relatively low costs along with a favourable deal, for some oil company. So, we have to conclude that we were once again taken in, believing that our "betters" had certain expertise commensurate with the salaries and the bonuses they felt they were entitled to even as the shareholder value was being destroyed.
So now it all hangs on Barryroe. Nothing more to say on that one ; we can only but wait.
But, never mind,; those of us who are also in Providence have recently been informed that we have over 5 billion barrels of oil in place in Druid / Drombeg. Untold riches await us. LoL. Sounds familiar ??????????
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