Member Info for Flombo10

Strange that did not happen in the past but the fact that their will be a fund raise prior to application to be relisted would indicate that lansdowne are going to purchase an asset /company

Oil prices will rocket if this happens:

“ Iranian regime is considering closing the global oil chokepoint in response to Israel’s attack on its territory.

Connecting the Persian Gulf to the Arabian Sea, the Strait of Hormuz is the world’s most significant gateway for oil shipping, accounting for nearly one-fifth of global oil shipments, or around 20 million barrels of oil and oil products per day.

It boggles the mind why he said this - “ there is a 1 in a thousand chance of it blowing up “ in relation to the government proposed plan.

He is trying to get the licence for corrib south and now with these stupid comments,he has made so many enemies within the government . Crazy.

Makeabundle, but PRD have no claim at the moment and ironically if their licence for corrib south is granted, would it not weaken log case .

Stockcheque, Yes, the company has to make a decision and by posting the impairment and cancelling the decommission provision, they believe that it’s not going to be granted.

This decision will also have been noted by the dept of environment . I think they are tiding up their accounts for the reverse takeover.

Secondly, councils in Ireland have absolutely no power in relation to the national government.They pass motions every week, they are not worth the paper they are written on.

The litigation is a separate matter. What I have read and I’m not a lawyer but these companies only seem to fund litigation if the chances of success are in the 90% range .

So getting funding would be an excellent sign. But it’s been 2 years now and we are still waiting for it .

I think the only chance of the Barryroe licence been regranted is if the Middle East turns into a medium to long-term conflict hindering supply of oil. Then you would hope common sense would prevail.

We are in this mess because of the gross incompetence of the Barryroe management who turned down the proposal for a reverse takeover by LOG prior to Ryan‘s decision. What a stupid decision that was , as Ryan would have faced a compensation bill of over €1 billion instead of just €100 million. €100m is nothing , when you compare it with the total government spend of €115 billion last year.

Oops , into oil stocks not until

It could be news or just investors getting until oil stock.

J P Morgan predict oil could rise to $120 a barrel if situation in Middle East escalates .

Let’s hope these discussions with litigation funders are successful as LOG have a strong case re: Ryan behaviour .

If funded, it will become our only asset, although only a contingent one .

When an investment is not going to yield a return , director are obligated to post an impairment i.e write it off .

And If there is no development or hope of one , there is no need for a decommissioning provision , so the directors have cancelled it . It’s accountancy speak for “it’s over “ for that investment and no amount of hot air will change that .

The juiciest pieces are always in the account notes - namly the fund raise .

But the good news that it looks like the reverse takeover will happen. They obviously have a substantial business in mind which will suffice for re admission to aim.

Finally I have a large number of shares in log, thanks for your concern . If I didn’t , I won’t be wasting my time posting here .

Missed what ?? Makeabundle

It looks like goodish and bad news.

Bad News:

It seems with the impairment and reversing the decommissioning provision, they have given up on the idea that the lease will be regranted and now just focusing on the claim.

Accounts note:

“The directors carried out a review, in accordance with IFRS .. , of the carrying value of these assets and came to the conclusion that they were not recoverable as at 31 December 2023, due to uncertainty following refusal of lease undertaking by the Irish Government. An amount of £16.4 million was fully impaired to the income statement.”

And since no development will take place, there is no need for decommissioning provision of £1/2m

Accounts note:

“With the carrying value of intangible assets in relation to Barryroe lease undertaking fully impaired, obligation for decommissioning provision was deemed unsubstantiated and fully written off. An amount of £512,000 decommissioning provision was written back to the income statement. “

They are obviously getting their accounts ready for the reverse takeover .

Good Newsish!!

They obviously have a company or asset in mind for the reverse takeover and seem very confident we will be back on the aim soon but there will be a fund raise for that to happen .

Account note;

The Company has been working since the second half of 2024 on a Reverse Take Over to acquire a new asset that has the potential to create additional value.

A fund-raising is planned to accompany the completion of the Reverse Take Over and the process of readmission of the Company's shares to trading on AIM.

The ability of the Group and the Company to continue as a going concern, therefore relies upon successful future equity fund-raising and continued support from the holder of the Company's loan note.

The government is not stopping inishkea , they would probably welcome it now , to get back out of the fracking mess. It’s up to us to get a farmin partner

That’s would be the intelligent common sense thing to do , so you know then , it won’t happen especially because of the environmentalists.

Exactly, only Barryroe

In August , rte are going to televise a new 3 part series on Larry Goodman, reminding everybody of the scandals . It will be politically impossible to do anything that helps him .

Unfortunately the energy security policy looked at that and ruled it out

They don’t have a Larry Goodman who owns Barryroe. He brought down 2 FF government in the 1990s in corruption scandals.

More chance of me winning the lottery

Adnatrob in the advfn chat made an interesting observation

“Buys in the afternoon, different time-zone?”

Canada ,🇨🇦 perhaps

Whatever about that , there certainly is some shenanigans going on here. A large active seller at these prices which is below its breakup value.