The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The decision to terminate the agreement was not a bad reflection on the Barryroe field, “it is still a superb asset”, Mr Linn said.
“We are going to raise the money and do this ourselves and take control of our own destiny.”
https://www.independent.ie/business/irish/providence-ends-barryroe-deal-with-norwegian-firm-40342318.html
The removal of Spoton is no loss. At least we are now in clear water with direct access to the members of the consortium.
It is quite possible that Spoton was ditched at the behest of the other members of the consortium when you consider who they are and what they can bring to the table. And, like all companies, the last year has not been any kinder to them in terms of business as anyone else as Covid 19 kicked a hole in the oil market.
The consortium is made up of Spoton Energy, Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel FELS, and Aibel.
Schlumberger, alone, could develop Barryroe out of its small change. Its revenues run at about $28billion a year so what is $160m in the light of that. When you add in the other members of the consortium you probably have another $50billion worth of revenues.
And in the last year how many of those have been sitting on their hands because of Covid? After all Maersk Drilling has about 10 rigs sitting idle waiting for work. Idle rigs means lost revenue.
The only real deal it has is one with Tullow in Ghana which is for four years at a cost of $370m.
So, Covid 19 might just be the biggest benefit we get as all these resources sit idle. So, perhaps the other members of the consortium will themselves fund the whole operation for the equivalent slice of the cake that Spoton thought it was going to get.
It is interesting that AGR, one of the consortium, has signed an agreement with dCarbonX (Remember they?) our old buddies O'Reilly, McCoss and O'Sullivan.
"AGR Signs Agreement with dCarbonX to Accelerate GeoEnergy Development and Decarbonisation in Exploration"
At least now we know where we stand and at least Linn said it as it was rather than our previous "leader" who would have spun this into a bigger ball than any spider even the one mentioned which was said to inspire Robert The Bruce.