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mem, yes, a positive update has to be very close. We've seen and heard the plans and presentations, the optimism and confidence. We now await a definitive outcome, on any front. An outcome that guarantees income, the positive step to progress an AIM introduction in the best possible light. There are so many balls in the air that it would seem impossible not to add value to their current valuation, developments in ROI are just another layer in an incredible investment case on offer.
2022, for those that possess 'stickability', should prove a defining year for their wealth.
It’s a fine irony that the retired private sector workers of Canada are benefiting handsomely from this country’s greatest naturally occurring resource, while their Irish equivalents are getting diddly squat and, in all likelihood, never will.
The Corrib gasfield, which accounts for 100 per cent of Ireland’s gas reserves, last week became 100 per cent Canadian-owned.
Nicidemus - re. Paul's CV. It is on p.3 of the Sept 28th presentation (I have a compulsive habit of re-reading old material, to see what it actually meant!) "Founded H2 Green Power Ltd - hydrogen start-up" I can't locate a company of this name, but there is this which may be the company, not much on their website yet - www.h2gp.co.uk "Hydrogen Green Power Ltd (HGP) has been established to develop and sell turnkey systems to facilitate the production of green hydrogen and the decarbonisation of production processes by combining green hydrogen with captured waste CO2 to create green biomethane." "Coming Soon: Announcement of an exciting new decarbonisation project ".
I'm not sure why you would waste green hydrogen by combining it with C02 to form what must be very expensive methane, then burn the methane to release C02 again.
Nicidemus, without doubt it makes sense for lreland to develop indigenous resource. That of course is excellent news for PRD’s lrish field assets.
As for the question about where Ireland will get gas from in the near term, I feel it’s pretty shortsighted to discount NFE, even if it would be ideal as PRD shareholders to lose the competition for supply... Crucially they will fund construction of 600 MW power generation (with 120 MW battery storage). The proposal addresses both of Ireland’s needs - gas and power gen capacity (not to mention funding the capex). If only one FSRU/LNG project was going to get sanction/be required to meet demand then hands down NFE will prevail every time over PRD. Their proposal has elements that can’t be matched by a micro cap.
I suspect there will be more demand, and the agility of PRD’s proposal plus PG Irish connections will see both projects go ahead.
No mention as yet as to where Ireland intends to get it's additional gas from for the new power stations. There is still a moratorium over the importation of fracked gas so sure that will put us in a good light for the FSRU contract as NFE have dirty hands on that front.
Locally sourced natural gas has a lower carbon footprint than LNG transported across oceans, plus the degasification/ regasification process makes Ram's Head/Corrib South attractive.
Finally in our favour and Ireland seems oblivious to this is the fact that 20% of the gas pumped through the Moffat interconnector from the UK network is from LNG. Of that, over a quarter is US gas which is very likely to be fracked. -
For a greener Ireland, short term solution, PRD offer a FRSU using non fracked gas. Medium term, natural gas from the Celtic Sea is better than imported LNG for the eco minded and better than continual dependence on the UK for the nationalist minded.
Long Term- who.knows but someone recently posted Paul's CV included recently setting up a green hydrogen company...the names escapes me and I don't to LinkedIn but certainly sounds like he is committed to a greener future and for me, that's a very noble thing...
Wackys video suggestion last night is very sound advice. Morocco is so exciting that it’s easy to forget the 3 distinct strands to PRD which all share Scalability on an enormous quantum relative to our market size. Even limited monetisation in one of these well progressing areas will put a rocket underneath our share price when it occurs. The only question is which is first over the line !! !!
After thinking about it, why would Vermilion move to a majority stake in a field where they are already operator, that has a limited life - 10 years? Unless you were going to roll Corrib & Corrib South into one big field, largely using existing infrastructure, and considerably lengthen field life. The remaining Corrib minority partner is a Canadian pension fund, I recall. I'm sure they would be happy with that idea. Vermilion is a big company with plenty of investment capability, partnering with PRD's Corrib South & Meg Mell would make a lot of sense, not sure where this would leave Ram Head.
Can someone help me out? I am sure I am not alone in not understanding how Ireland functions :-) Was the Irish government statement earlier this year not to issue new gas licences (in addition to the earlier ban on new oil) actually law, or merely policy? Are PRD's Corrib South & Ram Head new or old licences for the purpose of this law/policy? Bearing in mind that it now appears to have become policy (but not law - see why I'm confused) that new gas-fired power stations will be built to replace peat/coal/oil, has there been any statement on how Ireland intends to source the gas necessary to run what appears to be multiple new power stations?
It seems the country has a problem not only with power production, but also with gas sourcing, as the two go hand in hand. Rather odd that there is no statement from anyone on how the country will address the sourcing issue. Everyone here is now seeing the obvious potential for PRD to step into the breach, as Paul foresaw several years ago, but what needs to be done at government level, and practically, to enable this? How likely is this to be derailed by the Greens & their friends?
Lochnez/ Nicidemus - I'm not sure I agree with your conclusions. Further to the 28th July RNS, concerning possible acquisition of a producing gas asset, there was a more explicit comment on P.14 of the 28th September presentation : "Seeking to merge Mag Mell & POGVL & evaluating a possible acquisition of an interest in the Corrib gas field to create material substance for an IPO spin-off". So it seems that it was PRD that was interested in the Equinor holding, not "a Big Beast". Since we haven't been able outbid Vermillion, where do we go next with the Ireland project?