RE: Late payment24 May 2020 16:11
Its worth checking out the LinkedIn profile of both Ståle Fjelland and Alec Svendsen.
Extract from the Currency.
I ask Fjelland who the backers are. “We will say that when we have all our formalities in order. We have an agreement with them, but we need to transfer that agreement across to Barryroe basically. We would like to have that signed before we go on [and name the members of the consortium],” he says.
Fjelland said SpotOn had already successfully tested its model on a project in Britain. He also said it was working with Pareto Securities, a respected Oslo headquartered investment bank with 500 employees that specialises in financing oil and exploration as well as shipping.
“We will use Pareto for any additional cash we may need in the market not covered by the consortium,” Fjelland said. He said he would be happy to discuss the members of the consortium when “every nitty gritty is signed off.”
Fjelland said he had looked at Barryroe previously in 2015. “At that time, it was not really ready,” he said. “What we are looking for is a field ready to be developed. We consider Barryroe to be now ready to be developed.”
“There needs to be some appraisal wells, of course. Some work needs to be done, but it is close enough for us to be interested and big enough for sure.”
Tom Lyons (TL): Tell me about your own experience. You have worked in the exploration industry for over 30 years…
Ståle Fjelland (SF): It is closer to 40 years! Myself and Alec and my team have 30 to 40 years of experience. Alec who will be the future CEO, he has 40 years’ experience internationally mainly with BP at a very high management level. For the rest of us, we have built offshore units to Norwegian and UK safety standards, so we have a lot of experience.
TL: Who is Alec?
SF: Alec Svendsen. Alec is Norwegian with a British passport. His mother tongue is English but he is Norwegian in his heart even if his first language is British. A strange combination!
TL: Clearly you see this as an opportunity. Is it also an opportunity for Ireland which is facing a likely recession?
SF: Just forget about the present economic situation for the moment. This is big. Our team looks at this as an opportunity for Ireland for sure.
“We don’t think we have to be on defence mode or hide ourselves from the general public”
Sign In
Follow the stocks
