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https://www.europaoil.com/wp-content/uploads/2022/07/20220706-Proactive-FINAL.pdf
European Parliament backs listing nuclear energy, gas as 'green'
https://www.dw.com/en/european-parliament-backs-listing-nuclear-energy-gas-as-green/a-62377411
BW
Nice post
This may make the Irish wake up …
https://www.ft.com/content/175ef927-efa2-439e-8ede-1dfc7edd23a6
Can they really trust their energy security to UK?
Brendanor on the PVR board.
Is Larry Goodman now Providence Resources’ biggest shareholder?
A large volume of shares in the owner of an oil field worth billions off the coast of Cork has just been acquired by one buyer. The seller of these shares has previously sold to Goodman and may have done so again.
28th Jun, 2022 - 2 min read
Tom Lyons
Chief Executive
Larry Goodman is believed to have increased his stake to over 15 per cent of Providence Resources, making him the largest single shareholder in the exploration minnow.
Goodman, one of Ireland’s richest people, first invested in Providence about 14 months ago, but he has been building his stake significantly recently.
Last week it emerged that he had built an 8.8 per cent stake in Providence using his investment company Vevan Unlimited Company after participating in a $1.8 million placing of securities by the company with its existing shareholders.
But has he now increased his position even further? On Monday, an 8.2 per cent shareholder in Providence called M&G Investment Management sold most of its shares to a new purchaser. The buyer of this position, which was sold in one chunk, is believed to be Goodman’s Vevan Unlimited Company.
The beef baron originally bought into Providence just below the 3 per cent disclosure level in April 2021. Later in 2021, he increased his stake by buying shares from M&G, so he has an established track record in buying shares in Providence from the British asset manager.
Up 40 per cent in five days
Providence’s share price has been a rollercoaster for investors in recent years, but it is up almost 40 per cent in the last five trading days, albeit off a small base.
Its current market capitalisation is only €26.6 million, far off its peak in the low billions when the company announced it had discovered the Barryroe oil field off the coast of Kinsale in 2012.
Goodman is famously shrewd and media-shy, rarely commenting on his business affairs. He has actively traded in dozens of Irish shares over the years, but usually stays below reporting thresholds unless he has reason to do so. He has increased his stake in Providence at a time of rising energy prices and concerns about energy security in Ireland.
David Horgan, chairman of oil and gas explorer Clontarf Energy, told The Irish Independent on Monday that Ireland is exposed to Russia cutting off the European gas market even if it does not directly buy gas off from Gazprom. “Ireland has been plunged into the likelihood of shortfalls,” Horgan said. “I couldn’t count on Brexit Britain now cutting its own customers off to supply Ireland.”
Providence’s recent $1.8 million placing ensured its continued survival. It does not currently have a chief executive but is led by executive chair Jimmy Menton. For the business to develop an oil field like Barryroe, it will need wealthy shareholders, a new chief executive and Irish government support. In Goodman, it now has a billionaire investor, but work rema
I've been thinking, would there be a case for possible arbitration, Tovoc,.....the same, where we also hold shareholdings, in PVR & LOGP, for Barryroe oil field,....RKH (where we also have shareholdings), we are awaiting an arbitration result there, as Giblets has mentioned,....on a different note, looking forward to our drill.
BW
@Giblets Well we have options! Hopefully we'll get our extension.
Tovoc, similar scenario with one of my other holdings (RKH) in regard to the Italian Government and Ombrina Mare arbitration, case is currently closed and pending a decision and possible award.
Long drawn out process that can get expensive legally, RKH were lucky enough to have the case taken on a no win no fee basis.
I think Ireland would have to completely close the door and remove all potential of development for us to even stand a chance though tbh
If our licences are not renewed can we not sue the Irish government? Surely what they are doing is illegal; essentially they have broken their obligation to honour legal contracts. The delay in development is due to the Irish apathy in signing permits etc. At the very minimum we should be entitled to our development costs. Ideally we should sue based of potential loss of earnings which could be billions? Would this fly in the European court?
IMHO
At what point does Ryan's attitude become malfeasance in a public office? Deliberately not making a decision for personal political gain is not Governance. he needs to be called out in the Irish Parliament and Press. I have no doubt that the Irish people will be interested to know that the Greens are deliberately setting the stage for gas shortages next winter and into the future by a process of simply refusing to make a simple decision. Either say NO and carry the can for the consequences or say YES and maybe upset the Green Lobby? I hate politicians!
@brezhnef. Makes me wonder too - what if the UK does give go ahead to fracking on review this week - would the Irish Greens be happy to be taking gas and fracked gas from UK?? I thought that was one of their objections to US LNG.
Said that for a while, while Ryan and Greens are part of the Coalition, its going nowhere. It either needs EU input/pressure on a massive scale, or the government to fall and elections.
The Greens themselves could bring the government down...but won't. It's a farce, when the Irish are facing an energy crisis, and its there..right on their doorstep..but can't use it.
Something also to consider along with the Ukraine war and subsequent energy crisis is the N. Ireland protocol. If boris ploughs ahead with ripping up the agreement will the uk be seen as a reliable energy partner as around 70% of Irelands gas is suppled through the uk. Pressure is certainly mounting on Mr Ryan. I can only see Inishkea happening with a different person in charge at the dccae.
Thanks, Selfish, for clarification. Personally I think Ryan will sit on them for as long as he can hold the job. I don’t think he can refuse with good reason as it would be against current coalition Gov policy (and cause political as well as potential legal problems) and he won’t grant them as he has too much personal political capital in being seen as anti O&G. So he had planned to subvert the official Gov position by deliberate inaction on permits until continuing uncertainty killed the business interest or the 2019 Green wave had continued to grow until he could change policy on current licence continuation. He didn’t foresee the reality check caused by the scale of the global energy crisis or the specific gas crisis in Europe because of the Russian invasion. If he isn’t forced by circumstances to grant it, I suspect we can now out wait him with a licence renewal “pending ministerial decision”!
Serif, I had previously asked Europa what the chances of getting the extension were, and I was told they were 'hopeful'. Read into that what you will.
Regarding the Barryroe licence 'lease undertaking', which I think is the next stage of development rather than an extension of the existing stage (as I believe is Europa's case), PVR are also hopeful it will be granted at some point. I don't know how long Ryan can sit on it before it naturally lapses, if ever. It seems the delay in getting consent is eating into the time allowed (4 years I think) for the next stage of works though.
Regarding Holmwood, I think that site is the only practicable location in the licence area for a well pad, so unless it could be drilled from outside the licence area it pulled it's plug.
And the approval of the licence split and then EOG's 25% take-up is still awaited from NSTA (nee OGA)?
https://www.businesspost.ie/news/former-glen-dimplex-boss-ups-stake-in-providence-resources/
Quick glance at PVR site (and I may have misunderstood) but it seems their licence ran out in July 2021 and they are just hanging on waiting for a licence grant since then. No refusal and no consent from Minister. If this is a possible course of action for EOG then may just need to sit out the current Minister to see what comes next.
Selfish I don’t think Hollywood is a similar example in that the oil licence remained in tact (we sold it to UKOG) it was the lease for the particular access site that was withdrawn - different position legally from issuing a licence to explore then constructively preventing exploration by company x on no particular grounds - then subsequently to award it to company y (we would in any case still possess the relevant data to sell of course). Yes I agree Gov will always excuse themselves and we wouldn’t have a prayer if the Irish Gov never returned to the gas licence, but wonder if position would be legally more difficult if the Irish Gov subsequently returned to the licence (and we hadn’t voluntarily surrendered it).
As you say we will see what happens in July/August - as long as someone tells us during all the Serenity excitement - that is if the company management are any the wiser on the position than us! I am just wondering, surely PVR have already had to face this renewal issue, but they seem to be still ploughing on?
And if you think about Holmwood Serif, everything was done in accordance with OGA, planning, HSE and Environment Agency requirements. But did Europa as operator get compensation when the government pulled the rug after millions of pounds had been spent in good faith? Did tf.
The Irish Regulator must be satisfied with the reasons for the additional work programme offered, before a licence extension can be granted. I really don't think they will admit that their reticence in providing a work permit to allow an environmental survey for a drill will necessarily constitute a reason for an extension. But we'll see. Governments tend to find reasons why situations aren't their fault. I am reasonably confident that one day Inishkea will be drilled. I just think that if the licence isn't extended for Europa, it won't be Europa who drills it. And frankly that leaves me with a very nasty taste in my mouth.
Think if the whole Gov took consistent position not to renew any licences over the next 30 years that might be a practical way of killing them off. But think there might be legal problems with refusing to renew a licence for a company that was fulfilling all legal obligations and then subsequently giving it to someone else.
TBH Brezhnev, if the application for extension at the end of July isn't granted, I think that that will be the lot for Europa in Ireland, as, if subsequently the coalition collapses and a sensible person is put back in charge of Irish energy supply who makes Inishkea once again available, Europa won't get a look-in in preference for one of the majors. Once it's gone I don't think we'll get it back.
Totally agree. I have always been of the opinion that Ryan has been the one blocking this from progressing with his green ideology. Unless the current coalition collapses Inishkea looks its been kicked into the long grass. Atleast we now have Serenity to look forward to.
Absolutely sums up the debacle that is the Irish energy policy, brezhnef. I understood that the Edge licence would be running out at the end of June, and as it had been relinquished by DNO, (as approval to transfer it to Europa had not been approved by the Irish government), application by Europa (or anybody else) for it would be viewed as a new application, which is not permitted. It would therefore be dumped in the bin for lost opportunities, never to be seen again.
I also enquired if the extension of the Inishkea licence at the end of July could be viewed by the Irish government as a new application, not a continuation, but never received a reply, so I do wonder if the Irish government have found a way to kill a licence without having to actively admit it. A bit like Gove when he killed Holmwood by not renewing the lease on the site.