The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Irish times reporting that the vermilion case has been admitted to the fast-track commercial division of the High Court.
The court heard that in particular there was a development in the last couple of weeks whereby a challenge to the tax in Belgium has been referred to the Court of Justice of the European Union (CJEU).
Vermilion is seeking a declaration that the regulation bringing in the windfall tax is invalid and also seeking the return of some €98 million it has paid in the tax despite recording losses since 2016, the first full year of production from Corrib.
If successful, maybe use some of it to fund eog and use their existing infrastructure.
She was a former cabinet minister and will be in future if there was a ff/sf coalition
Quote: “if the Government is serious about addressing the economic disparity between Dublin and the west of Ireland, it must reconsider its relationship with Eamon Ryan and the Green Party's climate-change agenda.”
But let’s hope vermillion are successful in their fast tracked case on that windfall tax .if so, maybe use it to finance Eog drill
I am more optimistic re Ireland than before .The greens will be gone within the year , neither Sinn Fein or FF will want them .
Very interesting to see Lisa chambers , the most influential FF in Mayo publicly distance herself from the greens
Thanks for detailed post,Swizz.
I was very disappointed by the lack of activity in the share last week. I thought the rns was a clever bait by SB to force Goodman or any other suitor out of the woodwork .
After suspension, I can’t see what the attraction would be for LG or another , to takeover logp if the fruits of a successful ect claim was denied to them.
An aim listing? - the Barryroe listing meant nothing to Goodman.
But maybe somebody will make a move in the market on Monday -Wed with some big purchases . It will be interesting to see .
Do you know if logp have taken legal advice to back up assertion that “the combined company would have full access to the ECT pathway through Lansdowne being a UK domiciled company”
My understanding from talking to some legal friends is that this is not possible retrospectively as Barryroe was an Irish registered company when ministerial decision was made . So it would be good to know if logp had legal advice on this as it would be a game changer.
I don’t see any seismic change in Irish politics re oil. The only light of hope I see is Michael Collins new independent ireland party. They could be the really big surprise of the next election . Now if they were part of a coalition and the greens done ,common sense might prevail.
Beardozer, I don’t think you understand the concept of sites like this !!!
I have no doubt there are other people like myself on here who have a decision to make in the next few days ..
whether to stick or fold ?
Whether to grab a tax loss now or lose it for a decade ?
To calculate the chances of legal success?
That’s the point of these sites, to put forward different views. You don’t have to read them if it upsets you .
You think there is 99% sure of success
The legitimate point I am making is that the market and legal funders ,for that matter , obviously don’t share your view .
Barryroe management were sloppy. They turned down an offer from logp for reverse takeover which would have had Ryan facing a possible legal bill of €1b instead of €100m
More importantly, they didn’t cross all their t’s . They should have implemented some financial engineering to satisfy the net tangible asset requirement. They did not and gave Ryan the opportunity he wanted .
A scenario like the following could easily arise in the next year or do :
Eog agrees farm out with vermillion and minister has to make his decision on licence to drill.
If he turns its down , brilliant news for logp as vermillion easily pass the net tangible rule.
But if the minister permits the licence, what then for logp legal case ??
99% sure !!!
Firstly, Swizz, I admire your optimism
But I don’t know what you mean by “ winds of chance” I have seen no change at all in the political environment re oil . For natural gas ,yes but oil ,none.
Anyway, I can’t share your optimism anymore and nor it seems does the market .
Even the ability to lock in value after next week had not tempted any larger share purchases because I think
1. the winning of the case is not a sure fire thing ( esp with decisions ,for example, on Europa oil and gas probably coming in the next year or so )
2. No legal funding yet after 9 months
3. plus need for ongoing financing to keep the fires on .
Maybe at a late stage next week,somebody might try to buy big chunks of it but then again, why , when they can just wait for another 6 months .
Swizz, if you have more concrete reasons for your optimism ,would love to hear them.
What great progress with just weeks before suspension of shares ..
On Dec 7th ,an rns told us ..
“Accordingly, the Company is continuing discussions with potential litigation funders with a view to their appointment ahead of pursuing damages from the Irish Government for breach of terms under the Energy Charter Treaty.”
And yet todays rns tells us
“Mantle Law and the Company are in the process of contacting litigation funders, with a view to providing third-party finance to fund its ECT claim and the resulting arbitration process.”
I presume from this ,Amhurst, who were involved in rockhopper successfull ECT claim is now out of the picture .. why is that ?
It seems the so called eagerness of funders we were told about was a bluff to the government that has not worked.