Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Hopefully we will hear something soon. The sequence of events so far.
On 19 June 2023, Lansdowne's legal advisors, Ashurst LLP, initiated arbitration proceedings under the Energy Charter Treaty ("ECT") by submitting a letter giving notice pursuant to Article 26 (2) (c) of the ECT requiring Ireland to participate in discussions with a view to settling the dispute. Submission of this letter triggered a three month "cooling-off" period during which time the parties are expected to seek to settle the matter amicably
Lansdowne received a letter on the last day from the government saying they would be in contact soon.No news so far.
Lansdowne are in discussions with potential litigation funders with a view to their appointment ahead of pursuing damages from the Irish Government. The rasing of the two hundred thousand pounds with fund these discussions.
Updates will be provided as appropriate
Hopefully there will be an update this month if only to say discussions are moving forward
Is there no update on the ECT claim because no agreement has been reached with Vevan?
Why can we not be told if discussions are taking place?
Problem with LOGP at H/L now resolved.
H/L say that Key Investor Information has not been made available to them and therefore you can only sell and not buy LOGP shares through them. Can anyone confirm that you can still buy these shares in Dublin without the same problem?
Nothing yet. Hoping for news soon !!
Anyone heard anything?
Hello there MB. With luck things will move along at a quicker pace shortly. Like you we are all fed up waiting.
Even if Ryan’s demise is certain at the next election, can we afford to wait that long?
Maybe LG is prepared to wait that long, leaving LOGP no choice but to start their action right now with or without LG on board.
Hello Makeabundle. I think ER is going to end up in deep doo doo !!
If they are waiting for Ryan to arrange talks they may wait a long time.
I agree Spuddymadrid. There is simply too much money that can be claimed in a legal action against the government on the table, and Larry Goodman will need Lansdowne to take that legal action, as they are the ones that have been based in the UK from the beginning .
Either way, Larry Goodman is going to develop Barryroe, but having the option of insurance by way of the Energy Charter Agreement would be sensible
Morning Battle. I imagine we should be hearing sonething very soon. My guess is BOE reversing into Logp. Wonder where Swizz is. Would like to hear his opinion.
We should hear some news in January now that they have tidied up the share capital and raised £200,000. Lansdowne will remain a cash shell until the end of March, by which time unless they raise six million pounds or do a reserve takeover, the shares will be delisted. So hopefully they will take legal action against the government soon, or maybe a reserve takeover by Larry Goodman
Is no news good news? Nothing unexpected here. Can we expect any real news shortly?
If the same deal was on the table next month I would be confident that the main shareholders would take it, considering that they will receive two hundred million new shares at the current price of one tenth of a penny with associated warrants at the end of this month. They must feel that something is going to happen as "The Company has entered into an agreement with LC Capital Master Fund to extend the repayment date of its outstanding loan (the "Loan") currently due for repayment on 31 December 2023 to 30 June 2024 (the "Loan Extension"). The amount of the Loan on 31 December 2023 is expected to be £1,132,797. " All this in spite of the fact that the shares are due to be relisted at the end of March as the company is currently a cash shell.
There is also the fact that only Lansdowne can take the action in Europe against the Government.
We should find out pretty soon what is going to happen.
If LG obtained the LU tomorrow would there be any doubt that he would try to gain full control of Barryroe by buying out LOGP? I suspect, rightly or wrongly, that he was the reason the merger did not go ahead earlier this year, unless Boldy’s price was just too high.
San Leon has a 4.5 nett profit stake in Barryroe.
San Leon exchanged 30% equity in the Barryroe oil field for 30% of the equity in Barryroe aka O'Reilly.
San Leon is UK based company with registred offices at "27/28 Eastcastle Street, London, England, W1W 8DH"
If Barryroe is precluded from drilling oil and gas it is not in a position to generate profits. As such, surely San Leon have a case against the Irish Government for compensation. After, Rockhopper got their payout agreement on lost revenue so why has San Leon not got a similar demand?
I,unfortunately don’t think that’s the case . If it were ,lansdowne would be very valuable to LG and the share price would reflect that . But maybe LG with access to the finest legal minds can ….???
Hello there Flombo
I believe that BEY can still make a claim if it reverses into LPGP. The Minister`s decison was not legally binding. It was based on his subjective reading of non-binding clauses. So BEY could still rverese into LOGP and thereafter make a clain. The question is would LOGP agree. Perhaps LG decided he would like to pursue this ECT with LOGP but instead of owing circa 20% mof BEY he wanted the 80%. So he waited and went down the receivership route and will now examine ECT plan again. Obviously at the same time looking to get License reinstated in parallel.
That is how I read it. I too got shafted in BEY. Swizz might have some interesting comments to make.
Barryroe turned out the offer of a merger prior to Ryan’s decision . That was a disastrous stupid decision by the board as Ryan would have been facing a claim of 600-700m instead of €100m for refusing the licence. That decision costs us as Barryroe investors.
I don’t think a claim can be applied retroactively after the ministerial decision has been made.
Hello Atomictank. You make an interesting point. So perhaps if this jurisdiction issue were to prohibit BEY/VEVAN from going down the ECT route Vevan could reverse into Landsdowne and relist. The number of shares would be alloted to represent the 80/20 split. Landsowne has not moved jurisdiction. Think Vevan will try the Irish Courts first and thereafer other options possible.
I'm no legal expert but I doubt the ECT route will be open to Barryroe as they moved jurisdiction after the decision was made.
Since Vevan is registered in Jersey this makes Barryroe a non-Irish company. As such it is entitled to sue the Irish government along the same lines as Lansdowne.
"It is understood Lansdowne Oil and Gas plc will be pursuing damages of close to €100 million from the Irish state"
If Lansdowne are asking €100m then Barryroe can ask for €400m for Barryroe but can also claim probably another €600m for all the money O'Reilly wasted on his "red herrings" which are also reclaimable against "future" profits but what happens when Ryan precludes you from attaining those profits?
That should really stick it to Ryan.
....was in the Sunday Times yesterday championing his 'leave it in the ground' policy.
Sounds right to me. I have no idea what going to happen but we will find out soon.