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We can only have a Sinn Fein government if the people vote for it and if that is what they get let them suffer the consequences. Sinn Fein only voted for Brid Smith's bill for the sake of it just to oppose the government just as all the crazy promises they have been making hanker back to the election I mentioned in 1977 when Fine Fail just about bankrupt the country by offering "goodies" that were totally uneconomic but got the vote.
But Sinn Fein would surely be better than the current potential idea of making Ryan Tanaiste which is in fact deputy Prime Minister. Now how about that for a bed of roses?
It looks like Fine Fail and Fine Gael are willing to give them almost anything to get into power as they know the next time they will really have Sinn Fein breathing down their necks with the possibility of a United Ireland on the agenda very shortly afterwards. Now that would add a good few unaffordable billions to the economy wouldn't it?
Be careful what you wish for! I agree that we should exploit our own resources until we get viable and economic alternative sources of energy, but remember that Sinn Fein supported the Brid Smith bill to ban exploration, so their assumption of power would not address the PVR issue. In addition, their economic higher tax policies are incompatible with a fiscal regime that has been very successful at attracting FDI with well paid jobs which provide a strong stream of revenue for govt. In the current pandemic, SF have sought to increase all the subsidies being offered to workers and object to a reduction in the ridiculous situation where many are getting €350 per week who were on much lower salaries. It is easy to be populist when you are in opposition; you don't have to make hard choices.
MANY..... could'nt agree more ..the polution etc that Ireland creates is so miniscule that it makes the Pope look like an international drug dealer...
Give me Sinn Fein, who I detest more than the Greens, in preference to the Greens.
I am all for conservation of the planet but hoping that five million people in a world where we are just short of eight billion people can make a difference is crazy. Take Tokyo, Delhi and Shanghai with 37 million, 25 million and 23 million, the three largest cities in the world, and Ireland fades into total insignificance where world pollution becomes an issue.
Years ago Ireland sent missionaries around the world to try and convert them to Christianity. Hundreds of missionaries toiled, worked and died in the most horrendous environments and what did they achieve? Absolutely nothing. In fact they made the whole world issue even worse because they would not preach contraception which might have had some effect on the world population.
Nigeria, for example, has a population of over one-hundred-and-eighty million people with the average age under nineteen. Now what are all those people going to do to even get a square meal never mind living rather than existing? And these Greens think that they are important and can make a difference. Give me a break!!
If I did not live in Ireland I would suggest they invite about twenty million or more of them to come and live in Ireland and then we can start talking about pollution.
So all you have with the Greens is a group of "missionaries" dressed up in laymens' clothes still talking a load of bullsh*t but are delighted to hear the sound of their own voices and it is the old story, "Truth does not belong to the one(s) who shout the loudest".
Hopefully, the talks going on will fall on their faces and we can have another election which Sinn Fein will probably win with a landslide.
Manyana: I do remember the Lynch and McCreevy eras and lived through the Celtic Tiger period.
However, the "idiots" (electorate) in recent elections have produced inconclusive results with a very diverse range of views and policies which have to be reflected in the next programme for government. Like it or not, there has been a growth in support for Green Party policies to address climate change issues at a pace with which I don't agree, but have to be accommodated, hopefully in some moderated form.
If you think that the current negotiating parties, who are there at the behest of the electorate and 'could create another disaster' reflect on the views of alternative groupings which are left of centre and where their policies might lead us if they get to run the country....
And if we are going to get the savage recession some expect thanks to coronavirus then paying about €6.5billion a year for imported gas could be a big headache for Ireland especially if the EU and Trump get their way and all our "nice" multinationals up and leave making a big hole in our balance of payments and with an even bigger monstrous EU debt to pay off.
Who remembers the Charlie McCreevy budget of 2004 or the Jack Lynch budget of 1977 and the wonderful "Celtic Tiger, all of which nearly bankrupted the country and we are now in the position where we could recreate another disaster with that quango made up of Fine Fail, Fine Gael and The Greens.
To sum up Ireland, I had a relative years ago who was a staunch Labour man closely tied into a Labour politician. His mantra was "If you have something I want to take it away from you, and if you have nothing I want to give you the keys to the kingdom". Typical labour and the recipe for disaster which came close to reality a number of times.
So when this country goes bust after that cabal take over where are they going to get the money to pay for such "luxuries" as imported gas especially when there is a ready supply at their own doorstep?
To put the political scenario in this country into perspective, the quote that "It takes idiots to be ruled by fools" seems more than appropriate given the potential government we could end up with in the near future.
Maybe cheap cars will boost oil demand. Hertz went bust at the weekend. They have a fleet of 600,000 cars which will be sold off -- 70,000 gone at the weekend already. However, Hertz is a perfect example of a company that was drowning in debt long before Covid. There are thousands more like them. Covid is merely exposing the sickness of the economy, not the cause of it. If we get the sort of savage recession that some expect, oil won't be bouncing back anytime soon.
Here is link to interview with Alan Linn early last month. You have all probably seen this before but just note how relaxed he is when quizzed about Spot-on.
Yes, indeed, Delboi.
I don't know whether there will be a farm-in, but I don't believe Alan Linn got involved with SpotOn and the latter invested in PVR just for a lark.
So where is the digital evidence of projects they have worked on? All I can find is a dormant company with £1 in it.
And as to aker solutions, weren’t they taken in by NUOG? So hardly a ringing endorsement of their ability to see through hyped up waffle.
Given the background here I can completely understand why ppl are dubious. But this isn’t some shady Chinese outfit with no industry experience. These Norwegians are subsea specialists, and with respect to Barryroe this is operationally low risk development.
I feel it would be wise to look at this in context of the oil and gas service industry, it’s currently suffering one of the lowest project activity rates of all time. Literally no new business coming in, international service companies such as Aker Solutions would view Barryroe as a huge opportunity to fill capacity, deferring payment in exchange for a share of the field, a model that’s already been introduced by Aker.
It’s the perfect environment for this type of deal, the price of oil has started to recover and IMO will likely be $50bbl + in 18 months.
It’s worth Noting that the image of the subsea system on the SpotOn Energy website is of the Jetta Field. Operated by Aker BP .I suspect the BR field will be developed in a similar low cost, phased, subsea fashion.
Interestingly, from their LinkedIn profiles the SpotOn management held senior roles in Aker Solutions and BP.
The arrival of the SpotOn money doesn't really tell us anything. I'd imagine that's their personal money, not the consortium. My read of the whole situation is that SpotOn are a couple of experienced individuals who have contacts in the industry and may have acted as middlemen in previous deals. There is no ongoing "consortium" -- just whatever SpotOn can cobble together from among their pals. That's obvious from the fact that no names have been revealed yet.
In other words we are not just dotting the i's and crossing the t's of a farmout arrangement with SpotOn, there is no agreement in place at all until the future consortium members sign up. I don't know if SpotOn provided any evidence to PVR that they have any of those members on the hook already, but the investment climate continues to suggest that will be a challenge. The oil price is well below where it was in 2015 when SpotOn claim they were previously interested. The only thing that has happened to Barryroe in the meantime is that T'OR, in his waning days, spent PVR's last few coppers doing half a seabed survey. So this guff about Barryroe now being "ready" doesn't ring true in the slightest.
I don't doubt SpotOn's earnestness. There's no conspiracy theory. But there's a lot of talking up of a farmout prospect that -- with the best will in the world -- is very risky biscuits.
We seem to be getting a clearer picture of SpotOn which is good.
While they have failed to deliver the £200k in share purchases it is clear they haven't got any real money themselves but if it does come it proves they are at least backed by a "consortium" and the Norwegians are flush with money.
DelBoi's information is good and at least we have some names to conjure with and the only other real benefit of SpotOn is that it is Norwegian which is far better than the Sequa rubbish that was backed by a "fishy" German and APEC which was supposed to be backed by even fishier Chinese.
SpotOn had amazed me that they would wait 6 weeks to buy Providence shares when the original price was 1.5p. Did they hope that the price would fall during the six weeks they had to buy them - which obviously has failed - or did they just not have the money.
There is also the possibility they were waiting on the survey approval. We are now ten days past the "The public are invited to make submissions in relation to the additional information until 14 May, 2020." so I expect by the end of this week, if there are no objections and requests for judicial reviews that the approval will be given.
At least the survey should prove once and for all that Barryroe is not compartmentalised and hopefully the location of the proposed well is the brainchild of Angus McCoss who has had a good track record with Tullow in find the "sweet" spot in a number of oil fields.
At that point, we should expect that the price will be even a bit higher than the current 3.25p.
"Semper Sursum", as they say, even though it has been far from that over the last eight years.
Its a week lads,not the eight years like under the last fella.Ah sure it'll be grand!
Stranger things have happened on AIM. Look at lek oil where the company, broker and nomad were all hoodwinked.
If anyone can show me any publicly available evidence of SpotOn projects in the past maybe there wouldn’t be such questions? If they are as successful and as big as they claim to be, how difficult can that be in today’s digitally enabled world? Is it really asking that much?
Someone did - I think it was PS - but I couldn't open the link.
It still sounds like a conspiracy theory - you're suggesting that Alan Linn decided to team up with a company that pretends to do this kind of work and pretends to work with a consortium?
What’s changed in the last 5 years that made Barryroe “not ready” then yet its “ready” now? That’s just total tosh.
As to the “conspiracy theories” if it wasn’t for the whole APEC consortium debacle maybe it wouldn’t have any credence, but PVR have previous, so their burden of proof needs to be higher does it not?
Their might be a case for not mentioning the consortium members as that might be commercially sensitive. But Why can’t anyone give a single shred of evidence of any project that SpotOn have Previously worked on?
'Something really doesn’t add up here.'
I'm not happy, either, but it is simply unbelievable that Alan Lynn has chosen to work with a company that pretends to do what it says it does, and that SpotOn have invested in PVR with the intention of selling their shares without making their second investment.
If they don't make their second investment, they won't get a chance to sell them at a profit, and they knew that before buying them.
Although it may be difficult to believe that this project is going ahead, I find the conspiracy theories harder to believe.
Its worth checking out the LinkedIn profile of both Ståle Fjelland and Alec Svendsen.
Extract from the Currency.
I ask Fjelland who the backers are. “We will say that when we have all our formalities in order. We have an agreement with them, but we need to transfer that agreement across to Barryroe basically. We would like to have that signed before we go on [and name the members of the consortium],” he says.
Fjelland said SpotOn had already successfully tested its model on a project in Britain. He also said it was working with Pareto Securities, a respected Oslo headquartered investment bank with 500 employees that specialises in financing oil and exploration as well as shipping.
“We will use Pareto for any additional cash we may need in the market not covered by the consortium,” Fjelland said. He said he would be happy to discuss the members of the consortium when “every nitty gritty is signed off.”
Fjelland said he had looked at Barryroe previously in 2015. “At that time, it was not really ready,” he said. “What we are looking for is a field ready to be developed. We consider Barryroe to be now ready to be developed.”
“There needs to be some appraisal wells, of course. Some work needs to be done, but it is close enough for us to be interested and big enough for sure.”
Tom Lyons (TL): Tell me about your own experience. You have worked in the exploration industry for over 30 years…
Ståle Fjelland (SF): It is closer to 40 years! Myself and Alec and my team have 30 to 40 years of experience. Alec who will be the future CEO, he has 40 years’ experience internationally mainly with BP at a very high management level. For the rest of us, we have built offshore units to Norwegian and UK safety standards, so we have a lot of experience.
TL: Who is Alec?
SF: Alec Svendsen. Alec is Norwegian with a British passport. His mother tongue is English but he is Norwegian in his heart even if his first language is British. A strange combination!
TL: Clearly you see this as an opportunity. Is it also an opportunity for Ireland which is facing a likely recession?
SF: Just forget about the present economic situation for the moment. This is big. Our team looks at this as an opportunity for Ireland for sure.
“We don’t think we have to be on defence mode or hide ourselves from the general public”
You would think that with all that experience, all those world leading service providers and extensive experience, there would be at least some sort of digital evidence about their existence and what they have done. Yet aside from all the barryroe stuff, there is nothing.
Something really doesn’t add up here.
“SpotOn Energy is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development, working with a consortium of world leading services providers to deliver development projects. The SpotOn Energy team has extensive experience designing and constructing semi-submersible drilling rigs for North Sea deployment and also in the design, development and asset integrity management of offshore facilities.”
Greenspan I sent a couple of Emails to spot on months ago asking those very same questions and still awaiting a Reply.