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I’ve heard that the new CEO is working very hard and has been very active. What I am hearing is that he is getting under the bonnet as it were as well as meeting with partner companies. The half year results are normally at the end of Q3 and it’s a fair expectation to believe that we will hear publicly from Mr Curran by the end of this month
Former CEO of Bord Gais and Executive Chairman of Amerenco Solar John Mullins had this to say speaking to Richard Curran on RTE The Business on Radio 1. “ We certainly have issues with LNG and as I’ve stated before we certainly need now in the context of the new pan dime of not importing Russian gas to remove the moratorium on LNG and we do need to look at actually getting Barryroe up and running as we do have a gas security issue in Ireland and we can not absolutely rely on the British to forever supplying us.”
https://www.rte.ie/radio/radio1/the-business/
So build a power plant -fine.
Import gas to power it - not the most environmentally responsible
Ignore homegrown gas for a gas project- hypocrisy
Ryan is destroying Irish people and Irish economy
This is misleading from the regulator.
The facts are that on one of the days of an amber alert this summer renewables made up just over 1% of the energy generated for the grid on that very day.
The facts are clear.
Our electricity grid relies on gas for both the majority of its supply and for reliable supply.
Moreover we rely on British Gas which I’m sure as The Sunday atimes eluded to yesterday will not suit the republican narrative of Sinn Féin.
Supply is a much bigger strategic issue for Ireland than price.
Surely civil servants will recognise their duty of care to Irish people this autumn and force policy makers to grant licence extensions that are in fact in the program for government
I’d say the appointee will be more akin to the effectiveness and efficiency of Ryanair than the idiotic ideology of Ryan !
It will not come as a huge surprise that Jimmy Menton is resigning.
It is rumoured that he lost the support of a number of larger holders in recent months.
He has been ineffective, particularly in championing the Barryroe project in the media, when there has been an ideal macro landscape and a perfect storm for necessary energy exploration in both Ireland and Europe. His voice has been silent and on the seldom occasion he spoke he has been silly.
The 90 day comment to The Sunday Business Post was without foundation and just waffle.
I have every confidence that Larry Goodman , Sean O Driscoll , Nick Furlong et all have a capable replacement waiting in the wings.
Gas may test EU solidarity like nothing beforeRyan seems content to have Ireland import gas needed to generate power rather than put himself in a political awkward position by allowing Irish resources to be tapped The commitment in the Programme for Government two years ago to set the State on the path to having 70 per cent of its electricity generated from renewable sources is a noble one and worth fighting for. But even Minister for the Environment Eamon Ryan was forced to concede late last year that in order to keep the lights on, with demand for energy only rising, several new gas-fired power plants needed to be built over the next decade.
That, however, is where the intellectual honesty stops. Because Ryan seems content to continue to have Ireland import most of the gas needed to generate the power rather than put himself in a political awkward position with the Green Party’s base by allowing Irish resources to be tapped.
The banning of new exploration licences last year is one thing. But it is increasingly clear the Minister does not want to be seen to allow existing licences to run their course.
Take Europa Oil & Gas’s exploration licence for an area close to the Corrib field (which currently supplies about 30 per cent of Ireland’s gas needs), which will lapse at the end of the month if Ryan does not grant an extension.
Europa’s chairman Brian O’Cathain, who ran the Irish operations of Enterprise Oil when it discovered the Corrib field in 1996, puts the odds of another such field being found as “one in three or four”.
“It’s not a slam dunk, but it’s a reasonable chance,” he says. He reckons the so-called Inishkea field could be operational, if resources were proven, within four to five years.
It goes without saying that the decarbonisation of the economy cannot occur quickly enough, but we’ll be in a transition period for years. And unpalatable decisions need to be made.
Corrib gas, according to Europa, is one of the lowest carbon gases in Europe, much lower than long distance pipeline gas from Norway and the UK that is piped into this island through three interconnectors that run from Moffat in Scotland (which raises its own security-of-supply risks).
Similarly, there has been almost radio silence from Ryan’s department on an application Providence Resources submitted in April last year for a key permit to further appraise its Barryroe oil and gas prospect off the Cork coast.
With officials and leaders across Europe growing increasingly anxious about the threat of civil unrest if Russian gas is turned off completely or gas prices soar to unaffordable levels, EU solidarity may be tested like never before. Ireland is in the deeply unpleasant position of being at the end of the pipeline.
The Greens are unfit for government and coupled with that Minister Ryan is in breach of officeholders legislation by putting party politics before the nation.
The expected action by the commission coupled with the recent taxonomy will force this government’s hand.
We need to survive the now
The Rochopper damages from the Italian government will also play a part in shaping public opinion
Donal b
I can see the logic of your argument
However energy security, lack of gas supply and an attack on agriculture is going to force the larger coalition partners to take control.
The energy regulator is exerting huge pressure on the government over the two aforementioned energy projects while senior government officials have recommended to the Minister that these licences be signed. These facts along with an energy security review expected to be published and hidden over the august weekend will force the issue.
It may take reasonably minded independents supporting government to keep Ireland’s lights on.
The European Commission are also going to exert influence, which they are already doing in private.
This was evident in the comments on hypocrisy by the commissioner in last Fridays Guardian.
Big players are investing for a reason. There is no smoke without fire !
This vote by McHugh is in isolation on a local issue and the government still won this votes with votes to spare
“Security of supply, availability and power generation” are particularly a concern for international tech companies, ”
Very clear that energy security of supply is important for Ireland to attract FDI
https://www.independent.ie/business/irish/idas-departing-shanahan-says-energy-supply-for-industry-key-to-jobs-growth-41818041.html
Very welcome development with a proven track record in delivery…. Just need acceptance of reality from the delusional government
16.13% for Larry Goodman
https://www.irishtimes.com/business/2022/06/30/goodman-becomes-providences-top-shareholder-with-161-stake/
Swizz that’s the text of Tom Lyons’ article above
Is Larry Goodman now Providence Resources’ biggest shareholder?
A large volume of shares in the owner of an oil field worth billions off the coast of Cork has just been acquired by one buyer. The seller of these shares has previously sold to Goodman and may have done so again.
28th Jun, 2022 - 2 min read
Tom Lyons
Chief Executive
Larry Goodman is believed to have increased his stake to over 15 per cent of Providence Resources, making him the largest single shareholder in the exploration minnow.
Goodman, one of Ireland’s richest people, first invested in Providence about 14 months ago, but he has been building his stake significantly recently.
Last week it emerged that he had built an 8.8 per cent stake in Providence using his investment company Vevan Unlimited Company after participating in a $1.8 million placing of securities by the company with its existing shareholders.
But has he now increased his position even further? On Monday, an 8.2 per cent shareholder in Providence called M&G Investment Management sold most of its shares to a new purchaser. The buyer of this position, which was sold in one chunk, is believed to be Goodman’s Vevan Unlimited Company.
The beef baron originally bought into Providence just below the 3 per cent disclosure level in April 2021. Later in 2021, he increased his stake by buying shares from M&G, so he has an established track record in buying shares in Providence from the British asset manager.
Up 40 per cent in five days
Providence’s share price has been a rollercoaster for investors in recent years, but it is up almost 40 per cent in the last five trading days, albeit off a small base.
Its current market capitalisation is only €26.6 million, far off its peak in the low billions when the company announced it had discovered the Barryroe oil field off the coast of Kinsale in 2012.
Goodman is famously shrewd and media-shy, rarely commenting on his business affairs. He has actively traded in dozens of Irish shares over the years, but usually stays below reporting thresholds unless he has reason to do so. He has increased his stake in Providence at a time of rising energy prices and concerns about energy security in Ireland.
David Horgan, chairman of oil and gas explorer Clontarf Energy, told The Irish Independent on Monday that Ireland is exposed to Russia cutting off the European gas market even if it does not directly buy gas off from Gazprom. “Ireland has been plunged into the likelihood of shortfalls,” Horgan said. “I couldn’t count on Brexit Britain now cutting its own customers off to supply Ireland.”
Providence’s recent $1.8 million placing ensured its continued survival. It does not currently have a chief executive but is led by executive chair Jimmy Menton. For the business to develop an oil field like Barryroe, it will need wealthy shareholders, a new chief executive and Irish government support. In Goodman, it now has a billionaire investor, but work remains to be done on the othe
My understanding is that thanks to his acquisition of M&G Larry is now over 16.5% shareholder
M€G did not exercise option in recent fundraiser but Larry took equivalent of their stake
M&G have retained a minor stake circa 1%
Suspect it’s a buyer speculating on Larry Goodman’s accumulation of shares bringing him to circa 16% holding of company
The sell and the buy may have both been printed and M&G May still hold 10m shares as well as their 1.5p warrants from the recent fundraiser