Adrian Hargrave, CEO of SEEEN, explains how the Company is now funded through to profitability. Watch the video here.
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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.
Varadkar and Martin are too frightened to pull the plug on Ryan because the Greens would walk and we would have a new election that Sinn Fein would win.
The only way to stop Ryan is via the courts and the possible claim by Lansdowne. If the Lansdowne demand stands up the government will have to allow Barryroe to be developed under the "money message" element of the constitution.
Have a read of the following from 2019 where a bill to stop oil and gas development was killed based on the "money message".
https://greennews.ie/money-message-bill-challenged/
You will note towards the end it says:
“Any estimate of the cost of compensation claims needs to be balanced against the cost of climate damages associated with additional emissions arising from exploration activities in Irish waters"
So the Greens obviously know that Lansdowne have a good chance of compensation if Barryroe is not developed as does Barryroe itself as it has been paying license fees for years.
I see Varadkar was in Belfast recently doing his bit to get Stormont up and running. He would be better employed at home doing his bit to get Ryan up and running. Maybe LG can do what Varadkar can't or won't do!
Last winter was relatively mild. If we have a hard winter this time Ryan will be for the birds.
The question for Ireland is "Datacentres" or indigenous gas.
the following article clearly identifies the issues for Ireland with regard to Datacentres.
https://www.bonkers.ie/guides/gas-electricity/data-centres-and-their-impact-on-the-price-and-supply-of-electricity/
It says datacentres are putting excessive strain on the electricity supply.
"Data centres are now consuming 31% more electricity than they were in 2021. There has been a 400% increase in electricity consumption by data centres from January to March 2015 to October to December 2022."
and the impact has been:
"According to EirGrid, the State’s electricity grid operator: There were 8 amber alerts in 2022
Between December 2020 - October 2021, there were 7 amber system alerts on the electricity grid
Between 2010 - 2019, there were just 13 amber system alerts over almost 10 years "
And there are a number of requests for even more datacentres.
"There are now 82 data centres operating in the Republic, according to a new analysis by Bitpower, a consulting company and according to Bitpower, a further 14 centres are under construction, while planning has been approved for 40 more in 22 projects. There are a further 12 planning applications filed related to six projects."
How long before they blow Ryan's fuse?
Not long before Larry Goodman comes up with his plan which will save us all, both Barryroe and Lansdowne.
https://www.bonkers.ie/guides/gas-electricity/data-centres-and-their-impact-on-the-price-and-supply-of-electricity/