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Longerwait hasn't been long on this board - just since May this year. As a novice he needs to wait a bit longer until he is qualified to give an opinion. I wonder, on the other hand, if he just might be a reincarnation of one of our old 'friends' from years back?
Longerwait ,
if drilling is risky then why is ryan putting out videos about geothermal?
I tell you why. Because his issue is not the risks and high costs associated with drilling. He has decided that hydro carbons are evil.
That is it....nothing else.
He conveniently ignores that his daily life is dependant on hydro carbons, as is yours.
If it was not for hydrocarbons the very device you are using to post anti logp messages would not exist.
My recommendation would be that anyone that is genuinely against the use of hydrocarbons for plastics, energy and chemicals- stop using your devices, stop taking energy from the grid and live in a cave or build your own wooden shack off the grid in isolation from the rest of society, get rid of your car, grow your own food, heat your own home in winter, make your own clothes and medicines.
If you arent willing to do that then shut the f up.
Rockhopper won over £210 million after it sued the Italian government following the introduction of a ban on offshore drilling.the amount was 6 times mor than rockhoppers initial investment in the project.this was the test case operated under the energy charter treaty. Now I invested in logp in good faith .if the well turned out to be a duster well and god's I would just take it on the chin .our esteemed taoiseach said all existing licences would be honoured. Mr Ryan chose Instead to slam the door shut on the remit of climate change. That's fine but compensation has to be fair and swift in the letter of transparency.i wold like my bill settled in the end of the 3 months as instructed.the gov is awash with corporation tax revenue it's a no brainer you settle the debt via ashurst in a cordial manner .the last thing I want is to be driving my old modest petrol car for the next 10 years while litigation drags on I look forward to purchasing a nice electric car in the end of sept with my rightful compensation and I'm sure the other 6000 plus small shareholders will be looking to upgrade also I respectfully expect you Mr Ryan in the name of climate change to compensate and end the saga
Expensive insurance plus an extra €120m on deposit to cover extras that the insurance might not cover seems reasonable to you —does it really ???
Ceph, you are correct in your thinking, the license was not issued, based on guidelines, there was no legal basis for the refusal, the fact that Ryan also approved an environmental survey by the partnership, when the very same investment cover ratio was clearly not available at that point, just proves what an absolute chancer he is, had the coalition not been so fragile he would have been dumped long ago, hopefully the litigation or judicial review which is likely to follow, will leave him in an untenable position,…GL S
Well said flashgarden. Swizz, thanks for your interesting updates. The only thing that seems slightly wrong is where is states “ based on a report by external consultants EY and an internal review by the department’s own financial adviser, they did not meet the investment cover criterion set down by law. ” So firstly, it was not law, it was a by-law or regulation stipulated by the department, wasn’t it? Secondly, the permission given for the licence without financial cover implies they are willing to play along and take the licence fees until the point where things get practical, but it set the precedent that you don’t need to meet financial requirements for drilling if you are sitting at a desk planning it.
Am I missing something? Irish logic isn’t one of my strong points.
Unfortunately, this reluctance to engage in dialogue and rational debate is typical of those that share the ideology of ryan. That is why the transition to green energy has been such a disaster. Decisions are not based on data, logic or truth. Instead, phrases like ' our planet is burning' are used to legitimise idiocy. We are descending into madness on so many fronts where a small minded minority are being allowed to destroy everything that we hold dear. How did we let this happen? The backlash is coming down the tracks. I hope its a KO.
Even Ryan’s own department have warned him about the likely consequences and outcome, there is clear legal precedent and LG’s team and the Lansdowne’s team will be acutely aware of this,..GL S
https://www.irishtimes.com/business/2023/08/18/ryan-playing-for-high-stakes-in-barryroe-licence-move/
The state could take a big financial hit if it lost a court case to Barryroe Offshore Energy, Minister for Environment Eamon Ryan was warned by officials before he signed off on a decision not to renew its licence to prospect for oil off the Cork coast.
The warning was contained in a cover note accompanying a submission to the minister on April 25th from the Geoscience Regulation Office (GSRO), a unit within the Department of the Environment. The note said Barryroe had passed a technical assessment but, based on a report by external consultants EY and an internal review by the department’s own financial adviser, they did not meet the investment cover criterion set down by law.
Released to us under the Freedom of Information Act, the note points out there was one previous instance of a company being given an exploration licence extension without meeting investment cover. “However in that case the proposed work programme was desktop studies, and not for costly and high-risk activities such as the drilling of a well,” the officials said.
The decision not to extend the Barryroe licence was “very likely to be legally challenged by the applicant – they have indicated same”, the note went on. “If the department were to lose any case in the Barryroe challenge, there are potentially substantial financial impacts to the department and reputational damage to the GSRO”, and its strategic goal to “ensure best-in-class governance and regulation”.
Reprehensible behaviour from the Irish Government to not engage with the arbitration! Trying to pull out of the energy charter treaty because it doesn't suit them now. At least this will assist Lansdownes case as it shows the bad faith engagement that Eamon Ryan has continuously applied.
It would make a lot of sense to have the Barryroe asset in one listed vehicle, possibly post a judicial review, if that is the direction LG takes, their representatives would appear to be very positive on the outcome of a JR and as a UK listed vehicle, it keeps the ECT pathway open, plus a very small group of Lansdowne major shareholders (circa 6 in total) remain very supportive, so there appears to be some positivity in the background, despite some of the chaotic nonsense on this BB, …GL S
"The Boys (and girls) are back in town" on 20th September.
https://www.oireachtas.ie/en/dail-schedule/
Nothing doing before then.
I believe a reverse takeover of the new Barryroe Energy is on the cards
As an AIM Rule 15 Cash Shell, the Company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under Rule 14 of the AIM Rules for Companies ("AIM Rules)(including seeking re-admission under the AIM Rules) within six months of 19 September 2023. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document.
So many late-reported sells! Agreed, time is money but why would this compensation claim drag on for years?
...if only there was enough room for shares that had fallen 4.76%. Makes no difference to the ultimate outcome. The question is how much compensation is heading towards shareholders.
Who can tell me what a single protected transaction is in a non-protected portfolio. You mean you don't know, Makeabundle? You're right, I don't know! - Please help if you can.
It's been a nice little earner for him. He did use the word compartmentalised in reply to a direct question. I agree he probably would be glad to exit this unfortunate saga and probably rues the day he got involved with O' Reilly.
...is 18/19 sept.
Thats uncomfortably close to the 3 month deadline.
Ryan is no doubt very proud of his involvement.
Hubris comes before Nemesis.
It is going to be a joy to behold.
A Sinn Fein majority win seems to have a good chance. Goodbye Ryan. Mind you good luck with SF , you will need it, more than likely.
...boldy
sorry steve.
got you mixed up with the ****nal ( and sunderland - ftm) defender.
At this stage granting the LU should not prevent legal action as Eamon Ryan's delays and eventual refusal has killed the market cap of Lansdowne and Barryroe and as a result has hampered any potential fund raising.
I think he was referring to the multiple target zones.
see images in following report.
https://www.offshore-technology.com/projects/barryroe-oil-field-north-celtic-sea-basin/
I dont think he was referring to unexpected compartmentalisation that Steve Remp (RIP) discovered with ramco on seven heads.
The appraisal drilling would have helped assess that risk.
I just want compensation now. TBH I think that Steve Bouldy will be relieved to end his relationship with providence / exola / barryroe or whatever they call themselves now.
Steve Boldy said it is about 6 or 7 compartments at an AGM years ago...He should know and I believe him.
How do you know its compartmentalised?
The government might simply call their bluff and grant the LU. What would happen then? Years more delay and more investment needed even if LG ponies up his promised contribution. Doesn't look like an investable proposition for the small investor at this stage. The field is compartmentalised so will be expensive to develop.
We may not know for a long time whether the LOGP case stands up if this goes to International Arbitration and is not settled now. Their case will stand up if they win, obviously. Do you mean the government (ie not Ryan) could say, after negotiations with Ashhurst, they are not going to allow this to go to arbitration because of possible huge liabilities and therefore grant the LU in spite of Ryan, hoping the country will give them credit for doing the only sensible thing at this late stage? It is not clear where LG stands in all this. Does he really want to be a partner with the government in the Green Revolution - or will the litigious streak in him win out? I don't think we know that at present. NAH thinks, or thought until recently, that LG is hell-bent for the courts.