Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
Just a small bit on the Proactive investors site this morning:
Tullow Oil and Providence Resources both have their roots in Dublin, and whilst their respective scale, profile and stature are quite different they have something else in common …
Both firms have ‘lost’ their long-standing chief executives in recent days.
Something else they had in common, until today, was Angus McCoss.
Tullow’s now departed exploration director was one of only two remaining board members at Providence following the resignation of Tony O’Reilly on Friday.
Providence is very much at a crossroads. It has a substantial undeveloped oil field with a currently uncertain future following recent problems getting Chinese funding to completion.
The AIM-quoted Irish firm has just launched a process to identify and recruit new leadership for “its next phase of development” – if only the company knew of any out-of-work executives with proven track records delivering discoveries into development and subsequently production.
Now, this is arguably the laziest of lazy speculation – and we certainly couldn’t claim a recruiter’s fee for the suggestion – but, one could imagine that Providence chair Pat Plunkett may check the availability of his non-executive director.
Really, though, the only concrete thing to say here is the next appointments at Tullow and Providence will be decisive in the future of the two very different companies.
The main focus is Barryroe, and with the government giving the green light for gas exploration, Providence could make the case that they will be looking for gas to refill the Kinsale Gas field. It was interesting to see in the impeachment inquiry that Fiona Hill was asked if the Russia Government was campaigning to close down the fracking oil and gas industry in the U.S through the use of their RT news channel, because it is a threat to the Russia oil and gas industry. She said that they were doing that. People before Profit have being accused of having links with the Russia government in their campaign to spread their message. Are they under instruction to close down the oil and gas industry in Ireland? There is no climate change benefit from a ban on oil and gas drilling in Irish waters. Importing oil and gas increases the carbon footprint. The government are mulling over the idea of importing fracked gas from the U.S. Every litre of LNG imported from the U.S increases the carbon footprint of that gas ten fold. As stated already the Minister has said that it would be better not to supporting regimes that have poor human rights records.
That is interesting Manyana. Hopefully something will come of it. I think I read somewhere a couple of years ago that they were going to import gas from Texas and use it somehow at Kinsale.
The Irish government policy is to have gas as the favoured transition fuel. I. would say that Providence should say that drilling Barryroe may provide a gas find which could be used to replenish the kinsale gas field.
Just thinking that if Providence was taken over as a going concern, Lansdowne would be a independent part of any new company. I suppose if the Chinese were to take over Providence for example, the value of Lansdowne would increase just on the news of the Chinese now running Barryroe. All speculation of course, but when you are in the dark, that is all you can do.
I agree 1cagney. We need to farmout Barryroe. It's that simple really. As small stakeholders we are just holding on, blindfolded, to the coattails of the institutional investors and hoping for the best.
I think politically there's enough room to allow Barryroe to go ahead. The minister for the environment and climate change has made the point on several occasions that importing oil and gas from regimes like Russia and Saudi Arabia is something Ireland should not be doing considering their human rights record and it also increases the carbon footprint of the oil and gas we burn. The arguments for using our own natural resources are politically strong enough to support.
I think we can argue the case for and against the causes of climate change, but in relation to Barryroe, the question is does it add to the carbon emissions total in Ireland, which will cost the government 150 million, as it will fail to meet its 2020 greenhouse gas emissions and renewable energy targets.
As we will importing oil for the next decade at least, oil from Barryroe will only be replacing those imports, or it may be shipped directly onto ships to be exported to other countries. Either way it will not increase the carbon emissions total in Ireland.
If the judgement is in favour of the government in relation to the money message, (which it certainly should be in the case of offshore drilling in Ireland, as the exchequer would have to pay compensation to oil and gas companies for lose of income if licences were withdrawn) it would add a level of surely for Barryroe, as the issuing of the license would have being tested in the courts. Might also give An Taisce pause for thought.
If the judgement is in favour of the government in relation to the money message, (which it certainly should be in the case of offshore drilling in Ireland, as the exchequer would have to pay compensation to oil and gas companies for lose of income if licences were withdrawn) it would add a level of surely for Barryroe, as the issuing of the license would have being tested in the courts. Might also give An Taisce pause for thought.
This high court challenge meets that threshold needed to bring the case, but hopefully not much more than that. Either way it adds a level of uncertainty to oil and gas exploration offshore Ireland, so I imagine that we will have to wait until the case is over before any news from Providence.
Almost as many years as Aminex is going. But then they sold the watch that was just sitting there in their lockup all those years for millions. Hopefully Aminex will get to sell the gas that has being sitting there all those years for billions.
If news is slow to arrive, the share price may fall further in day to day trading, as people become impatient, but the underlying facts are solid, so you would imagine that bigger investors may well take a position in the next while. Meanwhile the ups and downs of the share price offers good opportunities for small shareholders to make a long term investment or to hopefully pop in and out and make a few quid. Having said that, I feel the big picture is going to take over and the share price will go up. As Dell Boy would say, "This time next year Roddy, we will be millionaires."
It is good news that the costs can be written off against tax making Barryroe a attractive buy-in for a company
Good to see that Brid Smith's bill will continued to be blocked. As mentioned already, Davy stockbrokers has valued the tax take from offshore oil and gas exploration to be in the billions.
https://www.irishtimes.com/news/politics/what-is-the-d%C3%A1il-money-message-argument-about-1.4073511
The great thing about Lansdowne Oil and Gas is that the share price will react even if someone just smells petrol fumes coming from Barryroe.
Here is the relevant section from the Irish Independent:
While Taoiseach Leo Varadkar told the United Nations last month that Ireland would move to ban fossil fuel exploration, the Department of Communications, Climate Action and Environment has confirmed that the prohibition will apply only to future oil exploration applications, not gas, and that it does not apply to oil authorisations granted before Mr Varadkar's announcement on September 23 or to applications submitted before that date.
The department had 55 live authorisations at that date and one live application.
I see in the Irish independence newspaper that the department of communications,climate action and the environment has confirmed that the prohibition on fossil fuels will only apply to future oil exploration applications, not gas, and that it does not apply to oil authorizations granted before Mr Varadkar's announcement on September 23 or to applications submitted before that date. The article appears on the third page under the heading "I don't need awards, I want to see action" Greta turns down prize.
The Green agenda is the main problem facing Providence, and more importantly the development of Barryroe. As mentioned at the Atlantic Ireland conference, a PwC report found that many energy explorers were desperate to learn how a proposed ban specifically on oil drilling would work. It looks certain that the government can sell the idea that drilling for gas is something that still needs to be done, and more importantly for the government it is something that will not lose them any votes. The question is how are they going to sell the idea that drilling for oil is a good idea without losing any votes. Of course we have the fact that each barrel of oil imported increases the carbon footprint of that oil due to the distance traveled and that we are getting some oil from countries with very poor human rights records, and perhaps we should not be providing these countries with revenue. Perhaps if the government were to introduce a new carbon tax, of say ten percent, of every barrel of oil recovered from Irish waters, money that could then be used in housing and health. It would not affect Barryroe, as Providence could right it off against their tax. Hard to know what will happen, but the Minister of State, Sean Canney is going inform the sector very soon, and that statement will be the making or breaking of Providence.
I agree but heartening to hear the Minister mention the importance of energy security and the role that fossil fuels play in Ireland. Great to hear him say that fossil fuels will be needed when the wind does not blow or the sun doesn't shine