RE: Oil and gas news31 Jul 2023 14:13
Gardener, sorry to rain further on the Inishkea parade, but Minister Ryan introduced new discretionary guidelines, that oil & gas drill companies, need to have net assets of 3 1/2 times the drilling cost. (This is the rule on which Barryroe(formerly Providence), was forced into liquidation/examinership recently (still up in the air)).
For one $50/70M drill, half of which might just be the cost of shipping the rig there & back, I suggest again a multi company, multi drill program, combining EOG's Inishkea prospects + a Corrib deep drill ($$$Vermillion+ $$$CPPIB) + PRD's Corrib South prospects. Sharing rig costs & drilling risks, we can all be very successful & Ryan cannot block it, without being subject to a huge ECT claim for introducing new arbitrary rules to block exploration (a la Rockhopper).
I posted more about the 3.5 times guidelines on PRD last month. GLA, DAB.