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The share will be suspended for six months. The company is suing the Irish government for losses of one hundred million pounds as a result of the government not allowing them to drill the Barryroe oil and gas field. The company have employed the legal firm Mantle to raise six million pounds or to be party to a reserve takeover in order to be relisted. If they don't raise six million pounds or are not taken over in the next six months, the shares will be delisted
Thank you for posting Swizz. A very interesting read. Hopefully they will be able to raise the money needed to take a case against the Irish government. Perhaps a number of investors, each willing to take a relatively small punt, knowing the return would be massive if things worked out. A reserve takeover in the near term would be even better. As I mentioned before, the option of been able to take a case against the government is very good leverage for Larry Goodman when it comes to reinstating the licence for Barryroe. The legal action is Lansdownes Ace when dealing with Larry Goodman. Politically, Barryroe may be raised in the upcoming European elections, which should put some pressure on Fainne Fail and Fine Gael were it to be raised by the other candidates who are running. It is hard to know what will happen really. As Lansdowne have said in their last RNS, there is no guarantee that they will be successful so it is up to everyone to decide themselves. Wishing everyone the best of luck
Good to see shareholders been protected while the shares are suspended for six months. No guarantee that the company will be successful in getting a deal done in the next six months but hopefully they will
It is the intention of the Board of Directors that, in the event of a successful ECT claim outcome against Ireland by the Company and/or its subsidiary Lansdowne Celtic Sea Limited (together the "Claimants"), arrangements will be put in place in advance to ensure that qualifying shareholders will receive an economic benefit relating to their shareholding at the date of Suspension, ensuring that should there be any future changes in the capital structure of the Company, the impact on such shareholders vis a vis as beneficiaries of a successful ECT Claim, will be ring fenced.
As you say Swizz, Lansdowne probably should have moved sooner but on the other side of things they have given the Irish government ever chance to engage in talks, which the government have refused to do so. I imagine this actually has strengthen their case, which is a solid one. As I mentioned before, Eamon Ryan using a rarely used clause that requires companies to raise three times the capital needed, is really only a practice that would be used by a Soviet style government that wanted to shut down a company that did not agree with it. The case is now been taken against Eamon Ryan and the government in Europe.
Barryroe Energy raised the forty million needed to proceed with its drilling programme, but Eamon Ryan did not want the company to drill for oil and gas, so found a rarely used clause that started that Barryroe Energy needed to raise three times the amount necessary for the drilling programme, forcing the company out of business. That sort of Government action is only seen in Putin's Russia.
As for the future, Lansdowne have only three weeks before been delisted, so hopefully they can get a foothold in the next week or two, otherwise it is over.
The Green Party has been accused of facilitating fossil fuel expansion in Ireland when oil and gas production should be phased out rapidly following a decision by Minister for Energy Eamon Ryan to extend an exploration licence for a large area adjoining the Corrib gasfield off north Co Mayo.
“Eamon Ryan’s decision to extend the exploration licence for the Inishkea gasfield is another historic sell-out by the Green Party in Government that has abandoned its environmentalist roots,” said People Before Profit climate and environment spokesman Paul Murphy. “Environmental activist groups like Safety Before LNG are vehemently opposed to this decision.”
[ Corrib replacement could produce gas by 2028 ]
Mr Murphy said that as recently as 2017, when he was in opposition, Mr Ryan “introduced the Prohibition of Fossil Fuels (Keep it in the Ground) Bill, which sought to completely ban the renewal, reinstatement or extension of any licence for the exploration of all forms of petroleum, including natural gas”.
“Now in Government, as the Minister with sole responsibility for making the decision, he is doing the exact opposite and extending Europa Oil & Gas’s exploration licence to 2026. This one decision could lock us in to fossil fuel use for decades, and completely undermines the Government’s own climate action plan. Europa Oil & Gas claims the Inishkea gasfield is potentially bigger than Corrib and could keep the [nearby] Bellanaboy gas terminal open until 2050 – long past its scheduled closure date of 2030-2035.”
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He called on Mr Ryan to “reverse this terrible decision immediately, and commit to extending the existing ban on new licences for fossil-fuel exploration to a complete ban on existing licences as well”.
The Government should be concentrating on rapid State development of renewable energy, not gambling on fossil-fuel exploration by private oil and gas companies that will sink us ever deeper into climate chaos.”
Europa Oil & Gas confirmed its licence in the Slyne basin has been extended following approval from the Department of the Environment, Climate and Communications. With permission to extend the initial phase of studies to January 31st, 2026, “Europa intends to use the extra time to carry out further technical studies, and allow more time to secure a development partner,” it said in a statement.
Its chief executive, Will Holland, added: “Given the proximity to existing infrastructure, a discovery at Inishkea West could be brought online quickly and would reduce Ireland’s reliance on imported gas. Domestic gas from Inishkea West would have significantly lower carbon emissions than imported gas from the UK, Norway or further afield.”
The UK government is scaling up fossil-fuel extraction in the North Sea on the basis of increasing its energy security, but climate economist Prof Nicholas Stern of the London School of Economics and Political Science has warned this approach could prove to be flawed and costly. “The North Sea oil and gas is only really profitable if consumers in the UK and the rest of Europe continue to pay high prices for energy. But those prices will come down as the costs of renewables and electricity storage continue to fall,” he said in an opinion piece published by the Financial Times.
That is a pity, but at least Lansdowne can sue for one hundred million and if Larry Goodman takes them over he can use the ECT case to put pressure on the Government to allow Barryroe to be developed.
Larry Goodman cannot take the ECT case, only Lansdowne can do that as they are based in the UK. This gives them the option of taking the case themselves and it also makes Lansdowne attractive to Larry Goodman. Lansdowne are suing the Irish Government for one hundred million pounds. That is based on 20% of Barryroe. If Larry Goodman buys out Lansdowne he could add his 80% share of Barryroe to the ECT case, making the total sum the government would be on the line for to five hundred million pounds
I think Eamon Ryan and his department are never going to give a licence to Barryroe unless the other parties in the coalition feel there is some political benefit in forcing Ryan to grant the licence. Eamon Ryan comes across as a folksy easy going guy, but Lansdowne need to realise that he is ruthless and he will promise them the sun moon and stars while all the time running down the clock as he has already
proven by replying to Lansdowne on the every last day of the three month waiting period last year.
Lansdowne need to launch the case against the government as soon as possible or they will just simply run down the clock again
Hopefully we will hear something soon. They started official proceedings against the Government on the 28th of June 2023 and they have until the 19th of March before the shares are delisted due to the company been a cash shell. A six million pound investment or a takeover will prevent this happening so hopefully there will be an update soon.
Both companies would be in a much better position working together. Lansdowne hold an ace in so far as they are in the position to take a case against the Irish government in Europe using the Energy Charter Treaty. Larry Goodman has the money to finance that case, as well as developing Barryroe if the Government gives permission. Hopefully both companies will merge or maybe Larry Goodman might buy out Lansdowne.
I agree. Lansdowne have a nice percentage of Barryroe (20%). They are also based in the UK which gives them the option of the legal action in Europe. Larry Goodman cannot take the European legal case without Lansdowne. Surely it is a good insurance policy for Larry to have the option of taking legal action under the European Energy Charter in case the Government block the development of Barryroe. The case taken against the government under the ECT would be in the hundreds of millions and Lansdowne makes up 20% of that
I agree. There will definitely be no settlement with the Irish government. I think they have to go through the motions with the Irish government, as it will be part of their case when they take the case to Europe under the Energy Charter Treaty. They have ticked the box as regards informing the Irish government of their intentions and giving the allotted time for the government to engage. Lansdowne have to get some result by the end of March of this year or the shares will be delisted, as it is a cash shell at the moment.
Hopefully we will hear something soon. The sequence of events so far.
On 19 June 2023, Lansdowne's legal advisors, Ashurst LLP, initiated arbitration proceedings under the Energy Charter Treaty ("ECT") by submitting a letter giving notice pursuant to Article 26 (2) (c) of the ECT requiring Ireland to participate in discussions with a view to settling the dispute. Submission of this letter triggered a three month "cooling-off" period during which time the parties are expected to seek to settle the matter amicably
Lansdowne received a letter on the last day from the government saying they would be in contact soon.No news so far.
Lansdowne are in discussions with potential litigation funders with a view to their appointment ahead of pursuing damages from the Irish Government. The rasing of the two hundred thousand pounds with fund these discussions.
Updates will be provided as appropriate
Hopefully there will be an update this month if only to say discussions are moving forward
I agree Spuddymadrid. There is simply too much money that can be claimed in a legal action against the government on the table, and Larry Goodman will need Lansdowne to take that legal action, as they are the ones that have been based in the UK from the beginning .
Either way, Larry Goodman is going to develop Barryroe, but having the option of insurance by way of the Energy Charter Agreement would be sensible