Lansdowne Oil Share Chat (LOGP)

Just checked! You need to read this, everyone needs to read this!

https://www.energy-pedia.com/news/general/predator-oil-gas-announces-placing-to-raise-%C2%A33-million-203933

Has there been any comment at all on this development? I haven’t seen or heard any.

Getting LOGP out of the way now is the key from every angle you look at it and is in everyone’s best interests.

Interesting points Eareye, either way then it's in the government's interest to comply with both parties without delay.

It's a bit complicated I'm sure. Goodman bought the Licence from the Administrator. I'm now thinking that LOGP must have written off their 20% and signed a waiver to allow the Administrator to sell the Licence in full, which means LOGP have no claims over the current Licence or the data?

If Goodman eventually gets the go ahead then LOGP can add to their ICSID claim that refusing BOE and LOGP was clearly biased, as they've now allowed Goodman to extract the Oil and Gas.

Because of this, I do not see the Government giving Goodman the go ahead until after the LOGP claim is settled.

If Government want to extract the Oil and Gas soon, they'll have to make early settlement with LOGP so they can quickly give Goodman the go ahead without it affecting the ICSID claim.

If Government want to fight the ICSID claim, then Goodman will have to wait for the case to conclude before it gets the go ahead.

It would otherwise be up to Goodman to rescind 20% of the Licence to LOGP, or the Government to cancel the existing Licence and issue new 80/20 Licences to Goodman and LOGP for the project to go ahead any other way.

@swizz In light of the Irish government discussions about giving the nod to Corrib, what would be the situation if they also re-instated the Barryroe license? Presumably the government would re-evaluate tenders and LG would take the whole lot because LOGP have decided to sue, and won't be considered eligible partners anyway due to not fulfilling the 'criteria'. Steve Boldy has the lions share of knowledge but the data on the Barryroe asset is part of what LG acquired.

Could they have demerged ? Then wound up co with capital distribution later. Prob not. I’m sure they spent thousands of legal researching it. :(

"Couldn't they have structured it differently and saved their shareholders a lot of tax?"

I'm not sure there is any other way?

Usually with a windfall like this, standard practice is a Special Dividend.

The only way to ring fence us for 80% of the NET windfall is to issue us a separate type of equity that investors in the new company will never own.

One way companies return money to investors is share buyback, but if they have £100m and the company is worth say £20m by the time the money arrives, they could buy the whole company 5x over, so that's not an option to get us out money.

If they invested the money into a big acquisition, new investors would share equally in the windfall rather than us getting 80% of it.

I can't think of any other way they could get us the money where we could avoid tax.

We will also be double taxed, because the company has to pay tax on the windfall and then we have to pay tax on the Special Dividend 🤬🤬

Makeabundle: They may be "bonus" shares but they're also unlisted preference shares:

"Due to restrictions imposed on ISA accounts, unlisted shares are not considered an ISA-qualifying investment. Therefore, once issued, we will arrange to move the preference shares issued to you to a linked trading account, opening one on your behalf if you do not already have one." - ii website

BillfromBristol: Ignore my comments about cashing in £3k per annum - I hadn't thought it through (and I've never owned preference shares linked to a compensation claim before). Any payout will be treated as a special dividend and afterwards I presume the preference shares will be cancelled due to having served their purpose. Then investors will find themselves with £thousands of taxable income within a normal trading account. Couldn't they have structured it differently and saved their shareholders a lot of tax?

According to HMRC bonus shares can be held in an ISA.

Where were those quotes below about not listing pref shares from?

I found this reference in the 30 April RNS but the paragraphs dont seem to be numbered !

“ of New Preference Shares, which will be allotted pursuant to the Bonus Issue, further details of which are set out in paragraph 20 below”

Spent £366 thousand for a covered bicycle shelter outside parliament im sure they will settle logo’s claim quickly

"Market capitalisation of the Company on Admission: £2.64m"

That's 'cash shell' money. It should be 3-4x that minimum for the new business. Should go well on the first day of dealings.

Schedule 1 Update RNS out (not showing on here)

See here:

https://www.investegate.co.uk/announcement/rns/lansdowne-oil-gas--logp/schedule-one-update-lansdowne-oil-and-gas-plc/9568957

"Lansdowne Resources is a mineral exploration and development company focused on identifying, acquiring, and advancing high-quality mineral assets. The Company's principal asset is São Gabriel Mineração Ltda ("Sao Gabriel Mining") in Brazil, which provides exposure to critical minerals with significant exploration and resource growth potential."

That should pique market interest on relisting, just the mention of CRITICAL MINERALS, it's a hot subsector of Mining, there's Funds set up just to invest in these critical minerals, many investors that are focused on anything to do with critical minerals.

"Private Equity: Large players like Orion Resource Partners and InfraVia operate multi-billion-dollar funds focused exclusively on battery metals, infrastructure, and supply-chain resilience."

"Exchange-Traded Funds (ETFs): For retail or institutional investors, ETFs offer a liquid way to gain diversified exposure. Major funds include the Sprott Critical Materials ETF (SETM), the Sprott Uranium Miners ETF (URNM), and the VanEck Rare Earth and Strategic Metals ETF (REMX)."

According to Milliband things will happen fast. He is planning a new Bill to make ban on new drilling in the North Sea permanent. Rosemount and Jackdaw would probably be included. Looks like Norway is going to become even richer, supplying the UK and Ireland. Could he be the next UK PM? It is all very hard to believe.

Thanks PGee!

These links are global websites.

https://www.offshore-energy.biz/ireland-hit-with-multimillion-dollar-arbitration-claim-over-oil-gas-project/

https://www.energy-pedia.com/news/ireland/lansdowne-oil-gas-provides-update-on-energy-charter-treaty-(ect)-arbitration-claim-203867

https://global.morningstar.com/en-gb/news/alliance-news/1778507442847545600/icsid-registers-lansdowne-oil-gas-ireland-arbitration-request

https://globalarbitrationreview.com/article/uk-company-files-long-threatened-ect-claim-against-ireland

Dig yourself into a hole and pay your way out (with as much dignity as possible)

In Offshore Energy…

‘Oil and gas company Lansdowne Oil & Gas has embarked on an arbitration battle to pursue its Energy Charter Treaty (ECT) claim against Ireland over the country’s refusal to issue a lease undertaking for an oil and gas field in the North Celtic Sea, which is operated by Barryroe Offshore Energy’s subsidiary, Exola DAC.’

Definitely out there now.

Those links / stories are all from last year .- one of them a year and half ago.

You said the ISCID was making national news . It’s not , unfortunately . There is no pressure .

Ireland hit with multimillion-dollar arbitration claim over oil & gas project

Authorities & Government

May 12, 2026, by Melisa Cavcic

Share this article

Oil and gas company Lansdowne Oil & Gas has embarked on an arbitration battle to pursue its Energy Charter Treaty (ECT) claim against Ireland over the country’s refusal to issue a lease undertaking for an oil and gas field in the North Celtic Sea, which is operated by Barryroe Offshore Energy’s subsidiary, Exola DAC.

Licence 1/11 (Barryroe field); Source: Lansdowne

Following the filing of a request for arbitration (RFA) regarding its dispute with Ireland over the Barryroe oil and gas field at the International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C., on May 8, 2026, Lansdowne Oil & Gas ended up receiving written confirmation from ICSID that the ICSID Secretary-General registered the request.

The company sees this as an important step in the arbitration process, which will now be followed by the appointment of a tribunal. The firm intends to continue to vigorously assert its rights under the Energy Charter Treaty in its dispute with Ireland by pursuing a claim of a minimum of $100 million plus interest.

This comes after the ECT Secretariat announced on April 27, 2026, the receipt of notification regarding the country’s withdrawal from the Energy Charter Treaty, which will become effective one year after its notification to the Secretariat, from April 28, 2027. However, Ireland will continue to be bound by the 20-year sunset clause; thus, its withdrawal from the ECT will have no bearing on Lansdowne’s case.

You are assuming Landowne win the case .

If that was definitely the case , they could sell the claim for €90m and there would be hundreds of takers .

The reality is that there is no guarantee.. states wins about 50% of the time or there are partial wins etc etc .

In any scenario where you personally lost money because someone else changed their mind on something they promised you, it's a dead cert that you would want back every penny you lost. Would you accept 30% of what you lost, allowing them to get away with losing 70% of your costs, not a hope in hell you'd accept that.

This is no different, it's our money that was lost.

Exactly Ceph, the due diligence undertaken was forensic and perhaps it is also worth registering with everyone, that this type of claim is only taken on a non recourse basis, when the legal team consider the success factor is a minimum of 75%, and quite often higher, so I would suggest any thought that Ireland will buy us out with a low ball offer is highly unlikely, …GL S

There's no basis for settling at $30m. The external loss adjusters and accountants have calculated a MINIMUM $100m LOSS.

That's not a number plucked from the air as if to say "we think we can get this much out of Ireland", it's tangible figures based on known metrics and facts, it's not something LOGP Directors have calculated, the calculations were done by independent analysts that told us how much we had lost and how much we could rightfully claim for as fact.

Early settlement needs to be that minimum $100m because it is a fact that we have lost that much money due to the decisions of the Irish Government.

What Ireland saves is any increase the ICSID could award, including $30-$35m in interest, Punitive Damages for the way Ireland treated LOGP over several years, plus not having the extremely bad publicity globally of having a large ICSID claim awarded against the country.

Ah right! 😂😂

I was poking fun at the inaction of this new government over the last 17 months. Bereft of both talent, ideas and clear thinking - just like the uselsss Starmer who seemed powerless to remove mad Ed. They can’t even get rid of Ryan’s ghost in Ireland.

Makeabundle,

Was there a public meeting or something??

It’s only in the last few week with Micheal Martin welcoming discussion on using nuclear that it’s become obvious that he is even more green as Eamon Ryan ever was . As reported in yesterday in business post ,he basically called Barryroe a dude.

They will kick this can down the road, unfortunately like all the other European countries have .

Dear LOGP Shareholders

I wish to thank those of you who made some original and interesting suggestions today regarding Barryroe.

I have directed my Minister Darragh O’Brien to visit your site. He has been at a loss over this last year as to a viable way forward, as indeed I myself was until now. Thank you once again for some inspired thinking. Purposeful discussions at Cabinet level can now resume with renewed vigour. We certainly do not intend, nor would Minister O’Brien wish, to leave you at a loss.

Yours gratefully

M.Martin

Spuddymadrid / Cephalo,

I'd be happy with those solutions. The only blocker is the Governments' "We're doing green energy only and sticking out heads in the sand" attitude. If they can pull their heads out of the sand for a second and make the right decisions for Ireland, the better for everyone.

One way or the other I believe well get a big pay out. For new investors there's 20% of it dangling like a carrot on a stick, which could help rerate the stock on relisting, a £2.3m Market Cap company with potentially an asset worth £20m plus interest.

The licence has expired , there is No licence . The last RNs even say - we have no rights to that acreage.

The Goodmans want to drill an exploratory well under MARA and then try to get a New licence ( so that old Barryroe shareholders can’t sue for their rightful stake -after been shafted by both Ryan and Goodman himself)

Unfortunately politicians been politicians, they will just kick the can down the rd and let the next batch deal with the problem.

Look at rockhopper and the Italian gov

Rockhopper formally launches arbitration against Italy in 2017 and they still have not been paid as the Italian government keep appealing.

Rockhopper are preparing fresh arbitration .

Lansdowne need to accept this will be a decade long battle .

The best outcome for the Irish government is definitely to make an early settlement with LOGP. This will allow them to save face on the license rescind on financial capability grounds. By paying LOGP, they will agree to be barred from reapplying for their 20% of the license - although they would suddenly have financial capacity, LOGP will have moved on to pastures new, a different business model and 'won't be interested'. Then government will not need to do a U-turn and look weak, which will appease the green activists. LOGP shareholders will go home happy, and won't have to wait 2 years before value realisation. Larry Goodman may as well take 100% of the license, they can be validated on the terms LOGP were disqualified with easy proof of financial credibility. This gives the government a great face save and validation for their financial capability 'requirement'. LG will have no need to consider shareholders, or for us to be diluted heavily if LOGP participate in the 20% going forward. They can design a new green Barryroe business model and justify the extraction of oil and gas as a transition measure.

Hello there Ear Eye. A possibility is that the Irish Givernment might choose to buy into Landsdowne’s old 20% share by paying Landsdowne for a quick settlement. They would partner with Barryroe Energy Transition and dress up the new Barryroe project by incorporating some green aspect such as Co2 storage, blue hydrogen et cetera. We would ger a cash settlement, Goodman Barryroe and the Irish Government gets off the hook presenting it as a win win for Ireland and the environment. Just a guess on my part!

Re: Compensation early settlement from Ireland.

They certainly have dug themselves into a very deep hole.

They have Goodman wanting to get Barryroe pumping after acquiring the licenses from BOE. I'm still wondering how they got LOGP's 20% without paying LOGP anything for that? But anyway, if Ireland grants Goodman anything then it's openly admitting to ICSID that it's decision to block BOE/LOGP was biased and in contradiction of the Treaty.

If Ireland pay LOGP compensation to avoid the ICSID courts, there will be massive uproar across the country that the Government was paying a huge sum of money for a company NOT to produce the Oil and Gas that belongs to the country.

If Ireland try to fight the ICSID claim and lose, there will be massive uproar over Ireland losing a much bigger sum of money to stop a company producing the Oil and Gas that belongs to the country, with many saying that the country, if it was total against fossil fuels, should have made a cheaper early settlement.

If the Government then allow Goodman to produce that Oil and Gas, there will be even more uproar over the cost of settlement or legal case with LOGP, because the government could have just let LOGP back in by revoking the licences Goodman has, at the same time issuing new licences 80% to Goodman and 20% to LOGP and allowing them to go ahead with Barryroe.

Get a beer and some popcorn and watch as it all unravels in Ireland!!

You will get preference shares representing 80% of the potential ECT claim and ord shares representing the new venture.

Excuse my lack of knowledge here please, but as a LTH of LOGP is my present holding in the company tradable as 1 for 1 with the new company when trading starts or do we have to first see what happens with the court case outcome???

"As previously reported, the Company is pursuing a claim of a minimum US$100 million plus interest.

On 27 April 2026 the ECT Secretariat announced that it had received notification of Ireland's withdrawal from the Treaty. It further noted that this will become effective one year after its notification to the Secretariat - from 28 April 2027. It also noted that Ireland will continue to be bound by the 20-year sunset clause. Accordingly, Ireland's withdrawal from the ECT will have no bearing on Lansdowne's case".

$100 million is the MINIMUM claim, that valuation probably based on the 2C resources they have share of. I suspect these law firms and the arbitration panel will be aiming for a lot more based on lost opportunities, particularly given US firms have a thirst for high payouts from litigation.

The exit from the ECT is a recognition of liability in itself, they know the staggering costs they will have to pay for any breach of these contracts and want to mitigate it.

Another link

https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/26/21

Good to see it finally in black and white and a tremendous amount of work to get us to this stage, you sense it will be very difficult for the Irish Government to ignore this any longer, ...GL S

The ICSID registration link for Lansdowne is on case number 43

https://icsid.worldbank.org/cases/pending#:~:text=May%208%2C%202026,Chief%20State%20Solicitor%2C%20Dublin%2C%20Ireland

Case against the government resigned and arbitration to follow

As previously reported, the Company is pursuing a claim of a minimum US$100 million plus interest.

My only cause to complain is;

The compensation should be a higher sum a good starting point for instance a minimum of € 250 million Euros plus interest.

I guess we’ll soon know. Just idle speculation but let’s all hope for a stiff North breeze in our sails.

I’m betting on a scaled down allocation and a goodly opening price on 27th. Could it be as much as a promising 1P per new share?

It is hardly fair. Ring and find out. I certainly would in your position.

Not available to Irish shareholders..... why is it not linked to existing holdings?

Very few shares - far too many applicants - hardly worth bothering!

Luís Maurício Azevedo is the president of the Brazilian Association of Mineral Research and Mining Companies (ABPM). He is a geologist and lawyer with over 35 years of experience in the resource industry and is also the Chairman and CEO of Bravo Mining Corp.Key Details About Luís Maurício Azevedo:Role: President of ABPM.Background: Holds a BSc in Geology from Rio de Janeiro State University and a Law degree from Candido Mendes University.Other Roles: Founder of FFA Legal Ltda and Chairman/CEO of Bravo Mining Corp.Industry Focus: Expertise in the Brazilian Mining Code, environmental licensing, and mineral rights management.

Will there be a mad scramble to get shares by 5PM this Friday?

It’s quite ironic- we are suing the Irish government because we have been unfairly dealt with , yet the placing is only open to Uk citizens and Irish shareholders aren’t allowed to participate.

After readmission and the market settles the 20% of the ECT claim and the market’s view of its worth should be factored into the share price together with the outlook for its interests in graphite. Let’s see how the theory turns out in practice by this time next month.

My understanding is the 2.5m market cap that is being spoken about is just the ordinary shares. Although speaking about market capitalisation at this point seems a bit silly as there is currently no market, we'll see what it is on readmission.

Still trying to work all this all out !

I need a flow chart!

So, simply, atm old shareholders have 100% of a company that’s only asset is the potential ECT claim.

So old shareholders currently have 100% of the ECT claim.

After admission, old shareholders will have 80% of the potential ECT claim, via pref shares.

They will also have 25.19% of the ord shares of the company. The ord shares assets will be 20% of the potential ECT claim plus 100% of the graphite project.

The value of both the ord shares and the pref shares is uncertain but the RNS says the mcap of the co will be £2.5m on readmission. Not sure if this includes both classes of shares.

Any comments welcome :)

Ok, if the settlement was $80m now, a 64/16 split would surely satisfy almost everyone? LG and the gov. can lock horns and head towards their Greener future, without embarrassing distractions and painful reminders of past misconduct along the way.

There could be about 2.73B new shares in total after the Retail Offer. At 1P per share that means a MC of £27.3M. Of course we are heavily dependent on a good outcome of the ECT case. Anything at 60m dollars or above would suit me as a settlement now - emphasis on now.

$48m to us out of that 60m would work out at about 10P per preference share.

Are we all happy with that - for now?

"Rare earth elements (REEs) can be found with Graphite, most notably in the form of by-product enrichment in Graphite deposits. A significant example is Graphite One’s Graphite Creek project in Alaska, where high-grade Graphite is found alongside Neodymium, Praseodymium, Dysprosium, Terbium, and Yttrium. These discoveries suggest that rare earths can be recovered as a by-product to Graphite production."

The mine could be funded by U.S.A Offtake Agreements rather than dilution.

https://www.americasquarterly.org/article/can-brazil-and-the-u-s-reach-a-deal-on-rare-earths/

Maybe Rare Earth elements in with the Graphite too!!

"Bahia state, Brazil, is emerging as a critical hub for both graphite and rare earth elements (REE), driven by high-grade discoveries and intense investment aimed at diversifying global supply chains."

Rare Earth Elements (REE) in Bahia

Brazil possesses the world's second-largest proven reserves of rare earths, with key assets located in Bahia.

Brazilian Rare Earths (BRE): Operates a "district-scale" project in Bahia, focused on high-grade rare earth mineralisation.

Refining Hub: BRE is advancing a pilot plant in Camaçari, Bahia, to refine high-grade rare earths, with pilot operations expected to begin in mid-2026.

Investment & Partnership: The sector is attracting international attention, including investment to map and develop these resources, with projects in Bahia being a key focus for 2025-2029.

"Bahia state, Brazil, is emerging as a significant global graphite hub, with projects like South Star Battery Metals' Santa Cruz project in southern Bahia starting production in 2024, aiming for 12,000–50,000t/yr. The region contains all five types of graphite—small to jumbo flake and vein graphite—with major deposits located near Itabela, north-central, and other areas."

Key Graphite Activities in Bahia:

South Star Battery Metals (Santa Cruz Project): Located near Itabela, this project is designed for open-pit mining of high-quality flake graphite.

Bahia Graphite Corp: Controls a vast, 121,663-hectare land package in north-central Bahia, holding all 5 types of graphite.

Lajedo Asset: One of the few places in the world (with Sri Lanka and Namibia) containing high-value vein graphite, with Mineral Resource Estimates (MRE) of 7.96 million tons at 5.86% grade.

Capim Grosso Graphite: Gratomic Inc. has conducted extensive trenching, confirming a 4 km mineralized strike length.

Key Features:Quality:

Bahia graphite is considered suitable for high-tech applications, including nuclear energy and electric vehicle (EV) batteries.

Potential: The state is positioned to become a key supplier to North American and European EV battery markets, providing alternatives to Chinese supply chains.

Geology: Many deposits are situated in the Araçuaí Orogen belt, characterized by metamorphic rock with high carbon graphite (Cg) content.

Lansdowne Resources will be a publicly listed company so any shares issued would also be publicly issued, that's how I see it anyway.

Having the shares publicly listed would in theory make them tradable, i.e you can sell them, but first there needs to be a broker willing to deal with them, which might not happen.

Yes that’s what I’m hoping too. But I imagine they have to be publicly listed. Is that going to be the case?

Bill, preference shares can be held in an ISA. My LOGP shares were all held in an ISA and I expect to see them listed there along with my new holding in Lansdowne Resources. I hope I am right about that.

Morning. This is complicated isn't it? :)

The market cap at suspension was about £1m. So if the new pref shares have a market cap of more than this we'll be going in the right direction. Their value comes from the 80% share of the ECT claim which could be years away from being settled and of uncertain value. Say we get $100m - what is the worth now? $5m? If so there could be a worthwhile increase in the value of the 'old' shares, and the dilution of that value is only 20% for us old holders.

But, will the pref shares be listed? And qualify for an ISA? I hope so.

In addition we have shares in a new graphite business, representing a small percentage of the mcap of a speculative exploration business, which we can decide we want to be part of or not.

So, I think Steve Boldy has helped us as much as he can, in contrast to Goodman's and O'Reilly's stances, as someone said before. The CLN top up holders risked more of their money whereas I didn't (and maybe wouldn't have put more in even if I'd had the opportunity) so fair enough.

Am I on the right track?

Cheers all

Thanks Makeabundle. SB will have all these permutations factored into compensation discussions for sure. He certainly has demonstrated his empathy and decency for the shareholders. O Reilly and Goodman on the other hand are a scoundrels.

Hopefully we might find some gold as well.

https://www.otago.ac.nz/geology/research/gold/geology-and-gold/graphite-and-gold

Also from today's RNS:

"The Company's strategy is to build value through exploration, evaluation, and, where appropriate, development of mineral assets. Lansdowne Resources aims to advance the Sao Gabriel Mining project through geological assessment, drilling, and resource definition, alongside evaluating additional complementary acquisitions and strategic opportunities within the natural resources sector. The business model emphasizes disciplined capital allocation and value creation for shareholders."

RNS OUT! EXPECTED ADMISSION DATE: 27 May 2026

Further to my points below, I forgot to add that buying the Retail Offer also enables the holder off that stock to get a cut of the 20% from the ICSID claim, minus legal costs etc, which could easily end up as more than the £2.5m market cap at relisting.

-----------

I'll loading up with retail offer shares. Why?

1) Because the Graphite project looks good, it has multi bagger potential, 10x only makes it a £25m company, it could go a lot further than that with the right results

2) Graphite is on the Critical Minerals lists, it's highly attractive to investors in the sector

3) The market cap will be peanuts on listing for a company that's got as much cash as it will have on relisting, £2.5m is still 'cash shell' money, it could easily double or even treble at market open.

That 14% interest was a late payment rate after the award was granted.

Hi EyeEarAm, I did put monthly into the calculator. Whether you compound it monthly or yearly etc, there's minimal difference. However, I note you are quoting 14% interest, I was only using 4%. I seriously hope it's more like 14% though if what you say transpired.

Cephalo,

I suggest you work out the interest as compounded monthly, as this is what Zenith Energy received for its ICC claim. It got 14% compounded monthly and ended up with about 45% in interest for a 3 year case.

Hello Flashgarden

Hope all is well your end. SB said that LOGP are looking for a min 100 plus along with interest. So I anticipate a higher figure than 60-70m dollars to be split 80/20%. However even if the payout if awarded is closer to your

projection it will still be very much welcomed. In any case it would allow me to more than recoup my losses here. As for Providence Resources that is a scandal. Goodman has shafted us all and the Irish Government and Courts facilitated it. Not very good behaviour from a so called democratic state. I think SB and Landsdowne have championed the shareholders interests and I thank them for that.

Cephalo,

"The Arbitral Tribunal has ordered ETAP to pay a principal amount of US$6,139,539, reflecting a revision in the price of Brent crude oil used as a basis of calculation, approximately US$2,700,000 late payment interest levied up to the day of the ICC-1 Arbitration decision"

$2,700,000 is 43.98% added in interest.

"The arbitration was launched in November 2023"

The award was made on December 19, 2024.

You can see straight away that the claim only ran for 1 year and 1 month, yet accrued 43.98% in interest.

It makes no odds if it's late payment interest or any other kind of interest, the rate is the same, because it's money that the company is owed by the state in one form or another.

EarEyeAm, just pointing out from what you posted, they value it at $104m without taking into account costs accrued of $24m.

"the Phase 1 development and in the 2C oil resources case, delivers an NPV10 per cent. for the Group's 20 per cent. share of $104 million under a Brent Oil Price assumption of US$68 per barrel in 2027, rising to $70/bbl in 2028 and 2029 and inflated at 2 per cent. per annum thereafter. The price of Brent Oil stands currently at c. $100/bbl, above the price modelled in 2022. As stated, the 2022 Competent Person's Report has only addressed the oil in the Basal Wealden A Sand"

So in a base case, I would expect they are aiming for a rounded $100m, plus costs, plus interest. Thus, in my conservative case outlined below, that would equate to $146m. (I suppose that a punitive interest rate would be imposed on top of that if the government are late paying the award, along the same line as Zenith. We would hope not to anticipate that, for the alleviation of uncertainty). This is why I don't think they will get less than the stated $100m in the case where they do not get the full award anticipated.

$146m is a very good outcome if you have a million plus shares in LOGP. It would equate to more than £50k

$100m seems way too low to me. $24m of that is recovery of investment, leaving only $76m as lost revenues from production and loss of assets worth many multiples of that.

The Group's historic investment in the Barryroe project amounts to c. US$24 million of aggregate investment.

Barryroe Partners made significant investments in the project, including conducting an extensive 3D seismic survey and drilling the 48/24-10z well, which flowed oil and gas at a combined rate of c. 4,000 boepd.

A competent person report produced by Netherland Sewell and Associates Incorporated in 2013 concluded that the Basal Wealden oil reservoir contained 2C gross in-place on-block volume of 761 million barrels of oil. Based upon a 35 per cent. Recovery Factor this has the potential to yield (on a gross basis) 266 million barrels of recoverable oil and 187 billion cubic feet of gas. A similar competent person's report was undertaken by RPS Group Limited in 2011 over the oil-bearing Middle Wealden sands and this reported 2C gross in-place on-block volume of 287 million barrels of oil, with technically recoverable resources of 45 million barrels of oil and 21 billion cubic feet of gas. The total combined audited gross on-block 2C recoverable resources in the Barryroe field therefore amount to 346 million barrels of oil equivalent, (69 mmboe net to the Group), comprising 311 million barrels of oil (62 mmboe net to the Group) and 207 billion cubic feet of gas (41 bcf net to the Group). 32 c201000pu020 Proof 2: 29.4.26_16:42 B/L Revision: 0 Operator PutA Later conceptual development planning work envisaged a phased development of the field. A competent person's report carried out by RPS Group Limited announced in February 2022, addressing simply the first phase of a Barryroe development and solely the Basal Wealden Oil reservoir, concluded that the P50 volumes were estimated at 81.2 million barrels of oil recoverable gross (16.24 million barrels net to Lansdowne) from a Best Estimate of 278 million barrels of oil in place. An economic evaluation, documented in the 2022 competent person's report, covering the Phase 1 development and in the 2C oil resources case, delivers an NPV10 per cent. for the Group's 20 per cent. share of $104 million under a Brent Oil Price assumption of US$68 per barrel in 2027, rising to $70/bbl in 2028 and 2029 and inflated at 2 per cent. per annum thereafter. The price of Brent Oil stands currently at c. $100/bbl, above the price modelled in 2022. As stated, the 2022 Competent Person's Report has only addressed the oil in the Basal Wealden A Sand, which allows it to be correlated to the earlier work carried out by Netherland Sewell and Associates Incorporated. Gas was proven in the Basal Wealden C Sand reservoir in the 48/24-10z well that overlays the oil reservoir and this has previously been estimated to hold a potential gas resource of c 400 BCF GIIP.

Before people get carried away with interest rates :see below . A quick settlement for £20-25m would be preferable outcome in our high inflation environment .

from ISDS / ECT-type data

Across investor–state disputes (including cases under the Energy Charter Treaty):

Outcome Approx %

State wins (claims dismissed / no compensation) ~40–50%

Investor wins (full or partial damages) ~30–40%

Settlements / discontinued ~20–30%

Well it’s certainly great for those holders of convertible loan notes

-their loans turn into about 15% of the new company equity , plus they get share of any future ECT claim and also don’t forget they can also get 250 million warrants at 0.115p.

So convertible loan notes holders will control nearly 20% equity of the new company . So yes, some have done very well, Swizz, while the majority have not .

Shareholders should also take time to digest the details within the admission document, and for sure a lot to take in, but great credit to SB and the board for navigating us through to this important event, plus, there is significant potential in the graphite asset and Luis is the SB equivalent of geology in the Brazilian mining sector, and he has a very impressive track record, …GL S

https://www.lansdowneoilandgas.com/portfolio-item/lansdowne-rto-admission-document/

2,805.8 hectares is huge. That's 6,933 acres!

Graphite is officially classified as a critical mineral by major economies, including the U.S.A, the European Union, and Australia. It is considered critical due to its essential role in clean energy technologies—primarily as the anode material in lithium-ion batteries.

USGS/DOE Designation: Graphite is included in the U.S. Geological Survey’s Final List of Critical Minerals and the Department of Energy’s critical materials for energy.

Primary Application: It is indispensable for electric vehicle (EV) batteries, lubricants, and fuel cells.

Supply Risks: Graphite is deemed at risk of shortage due to concentrated production, making it a priority for supply chain security.

EU Listing: Natural graphite is included in the EU's list of critical raw materials.

It is widely considered one of the most critical "forgotten" minerals alongside manganese, essential to battery performance

Background to the Acquisition

The target of the Acquisition, São Gabriel Mineração LTDA. is a Brazilian company, incorporated on 14 July 2022, focused on developing the Macaubas graphite project in Brazil.

SGM holds two exploration licences and has, to date, undertaken early-stage exploration work that has proven the presence of graphite mineralisation at the Project. SGM is now seeking to develop the Project through further exploration work at the Tenements to establish both the extent of graphite mineralization at the Project and an initial mineral resource which will provide the basis for an application to convert the exploration licences into mining concessions. The Project shows robust preliminary exploration results, that underpin the Company's plans to complete more extensive exploration work with a view to applying for the conversion of the existing exploration licences to mining licences.

The Company believes that, subject to completion of this further exploration work, there is the potential to establish a mineral resource and increase grade, with mineralised material that exhibits excellent characteristics that can demand superior prices within the marketplace. The key deposit characteristics are highlighted below:

· Located in one of the highest quality, prospective graphite regions in the world with a strong mining heritage

· Shallow, friable material that can be mined without explosives and minimal crushing

· The deposit has the potential to host high quality, large flake graphite mineralisation

· Favorable logistics and infrastructure

· Large, quality geological targets identified to establish a maiden resource and improve overall average grade

The Project consists of two Tenements, namely exploration licences 870.511/2019 and 870.512/2019, covering an aggregate of 2,805.82 hectares, located approximately 35 km from the town of Macaubas along the BA-573 road towards the village of Pajeú. in Bahia state, Brazil.

Bonus Issue

As previously announced the Directors have determined that the majority of any benefit derived from the Claim should be for the account of Shareholders on the register at the Consolidation Record Date and prior to completion of the proposed Acquisition.

In order effect this arrangement, it is the Company's intention that in the event of a successful outcome from the Claim, 80% of the net proceeds received will be paid to the Qualifying Shareholders. The Company considered a number of options for how best to achieve this and has determined to carry out the Bonus Issue of New Preference Shares.

Pursuant to the Bonus Issue, every Qualifying Shareholder will receive one New Preference Share for every Ordinary Share held. The New Preference Shares shall entitle the holders thereof to receive, subject to the Companies Act, a preferential dividend equal (in aggregate) to the Claim Amount once such amount is finally determined by the Board, but not to otherwise participate in any profits in the Company. Accordingly, any other shares issued by the Company after the Consolidation Record Date, including the Placing Shares, the Consideration Shares and the Convertible Loan Shares will not receive any benefit under the Claim.

Following the Company's suspension in March 2024 its ongoing working capital requirements have been met through the Convertible Loan Notes. As such the Directors consider it appropriate that the holders to the Convertible Loan Notes (at their election) should benefit from any successful outcome under the Claim. Accordingly under the terms of the Convertible Loan Note Amendment, conditional on the passing of the Resolutions, immediately following the AGM, 380,000,000 Convertible Loan Notes will convert into 380,000,000 Ordinary Shares and will therefore receive 76,000,000 New Preference Shares under the Bonus Issue. Where shareholders do not elect to amend their notes, these Convertible Loan Shares will not benefit under the C