Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Where is the €1m money raised by exercise of warrants on March 24th . What was that spent on
“Barryroe Offshore Energy plc ("Barryroe" or "the Company") reports that 73,371,166 warrants of £0.015 each have been exercised raising £1,100,568 for the Company. The warrants were issued as part of the fundraising completed in June 2022. Barryroe has issued a total of 73,371,166 new Ordinary Shares (the "New Ordinary Shares") to the warrant holders. The Board acknowledges and sincerely appreciates this ongoing support from the Company's shareholders.”
According to independent, a a number of TD’s want to raise the question of having a standalone energy Minister at tonight’s Fine Gael Parliamentary party meeting
Why is it worth reading , it’s just repeating what we already know
That’s a good question?? Also can Ryan’s decision be appealed or is there just the judicial review route .
Well no doubt, there would be a price exacted by lansdowne-maybe higher percentage of the equity of the new company .
Plus they are likely to attract a better quality of lawyers if claiming for €1/2 billion as opposed to €100m
Plus there would be any need for any of the Barryroe staff .. what contribution have they made ? or for our pr person ?? €50,000 a week for a company that has done nothing for years .
Let ceo of lansdowne run it .
Also a claim of €1/2b might also wake up the 2 doormats -Martin and varadka .
I can’t believe that goodman and especially furlong who has been a very long investor are just going to give up mildly nor should they .
Softening up process for LG and chums to take it over on the cheap. Tax write offs alone worth 20-25m . Plus legal challenges to wait and regain control of 300m of oil as the greens will be as good as wiped out by Sinn Fein in 2025
Interesting that the sp is collapsing in London but steady in Dublin
It’s 2 weeks now since the official response and probably 4 weeks since they knew about the fate of license , surly it’s about time they updated the shareholders
Yesterday leak to the Irish times was another threat to put pressure on Ryan to revisit his decision . I am a sure a bit of financial engineering can allow him save face in doing so.
Probably the most ominous threat was in the last paragraph.
Why should offshore wind farms which also pose an environmental threat not also meet the same 3 1/2 net tangible assets condition.
Could legal challenges to them cause annoying delays???
At this moment in time, I think a lot of shareholders of BRY/LOGP would bite their hands off for offer around €150m .
You would think , at this weakened moment, it’s ideal chance for an oil major/major investor to strike . They would have no difficulty with the only outstanding problem, the 3 1/2 tangible assets requirement.
But if nobody even try’s to bag it now , why not ?( always a lingering question about Barryroe oil field)
Part 2
Barryroe was also planning to raise €20 million via a share sale, open to investors who did not participate in the convertible loan-note fundraising.
However, the Department of the Environment told Barryroe in a letter on Friday that the Minister’s decision was based on the applicant not meeting its “investment cover criterion” in guidelines for offshore oil and gas exploration applications. The guidelines, issued in 2019, say licence applicants should have net tangible assets of 3½ times the cost of planned work.
That suggests that the applicants need net tangible assets of €140 million — a multiple of their existing position. Most of Barryroe’s €69.3 million of reported assets at the end of 2021 was made up of intangible assets that would have to be deducted. Almost all of Lansdowne’s £16.3 million assets were intangible.
It is likely Lansdowne will base its case on the fact that it invested in the Barryroe licence well before the 2019 guidelines were introduced. The guidelines also make clear that the department “may, at its absolute discretion, elect to depart from the approach set out”.
Colin Grant, an analyst with Davy, said that “no small oil and gas explorer could ever” raise 3½ times what’s needed to fund a phase of a project.
Article from Irish times ..part 1
The minority partner in the Barryroe oil project off the Cork coast is planning to pursue an international legal case against the Republic for at least $100 million (€92.5 million) after Minister for the Environment Eamon Ryan pulled the plug on the oil and gas prospect off the Cork coast.
UK-registered Lansdowne Oil & Gas, which has a 20 per cent stake in the Barryroe field, highlighted the route it plans to take on Monday after the Minister decided on Friday not to grant a so-called lease undertaking to continue work on the project, 50km off the coast of Cork. An application on the matter had been with Mr Ryan’s department for more than two years.
Dublin-based Barryroe Offshore Energy, the lead on the project with an 80 per cent stake, is weighing options with solicitors in A&L Goodbody, understood to include the possibility of pursuing a judicial review through the High Court to try and quash the decision.
The firm held discussions with its main shareholder and financial backstop provider on the Barryroe project, Larry Goodman’s Vevan Unlimited company, on Monday afternoon on options.
However, as a domestic company, Barryroe does not have the recourse Lansdowne has to international arbitration under the so-called Energy Charter Treaty, to which the Republic and UK are signatories.
Shares in Barryroe plunged 49 per cent on Monday to a record low of 0.95 pence, to give the company a market value of £21.2 million, while Lansdowne’s market cap slid 53 per cent to £4.2 million.
Lansdowne estimates the net present value of its stake in the first development phase is worth $104 million. That is based on estimates of 278 million barrels of oil in place in an initial reservoir and an oil price of $68 a barrel in 2027. It is also estimated to have “significant gas resource [that] could make a vitally important contribution to Ireland’s energy mix as it transitions to a zero net carbon economy”, Lansdowne said.
The first formal step would involve Lansdowne notifying the Irish Ambassador to the UK Martin Fraser and President Michael D Higgins, as head of State, of its intention to pursue arbitration.
While granting a permit for further work on Barryroe would have been seen as problematic for Mr Ryan, as the leader of the Green Party, his department insisted that the “broader policy issues relating to, for example, the phasing out of fossil fuels or our security of energy supply, did not form part of the assessment process”.
Barryroe secured a €40 million funding backstop from Vevan, which owns about 16 per cent of the company, last November to cover the full cost of a certain work, including the drilling of an appraisal well, after Mr Ryan’s department raised concerns about the explorer’s financial capacity to progress the field. Other major shareholders in Barryroe, including businessman Nick Furlong and his Pageant Holdings vehicle, subsequently agreed to participate in the back
Part 2
Barryroe was also planning to raise €20 million via a share sale, open to investors who did not participate in the convertible loan-note fundraising.
However, the Department of the Environment told Barryroe in a letter on Friday that the Minister’s decision was based on the applicant not meeting its “investment cover criterion” in guidelines for offshore oil and gas exploration applications. The guidelines, issued in 2019, say licence applicants should have net tangible assets of 3½ times the cost of planned work.
That suggests that the applicants need net tangible assets of €140 million — a multiple of their existing position. Most of Barryroe’s €69.3 million of reported assets at the end of 2021 was made up of intangible assets that would have to be deducted. Almost all of Lansdowne’s £16.3 million assets were intangible.
It is likely Lansdowne will base its case on the fact that it invested in the Barryroe licence well before the 2019 guidelines were introduced. The guidelines also make clear that the department “may, at its absolute discretion, elect to depart from the approach set out”.
Colin Grant, an analyst with Davy, said that “no small oil and gas explorer could ever” raise 3½ times what’s needed to fund a phase of a project.
Excellent updated article from Irish times
- lansdowne to sue state for 100m usd
Goodman met with board today ..
The article .. part 1
The minority partner in the Barryroe oil project off the Cork coast is planning to pursue an international legal case against the Republic for at least $100 million (€92.5 million) after Minister for the Environment Eamon Ryan pulled the plug on the oil and gas prospect off the Cork coast.
UK-registered Lansdowne Oil & Gas, which has a 20 per cent stake in the Barryroe field, highlighted the route it plans to take on Monday after the Minister decided on Friday not to grant a so-called lease undertaking to continue work on the project, 50km off the coast of Cork. An application on the matter had been with Mr Ryan’s department for more than two years.
Dublin-based Barryroe Offshore Energy, the lead on the project with an 80 per cent stake, is weighing options with solicitors in A&L Goodbody, understood to include the possibility of pursuing a judicial review through the High Court to try and quash the decision.
The firm held discussions with its main shareholder and financial backstop provider on the Barryroe project, Larry Goodman’s Vevan Unlimited company, on Monday afternoon on options.
However, as a domestic company, Barryroe does not have the recourse Lansdowne has to international arbitration under the so-called Energy Charter Treaty, to which the Republic and UK are signatories.
Shares in Barryroe plunged 49 per cent on Monday to a record low of 0.95 pence, to give the company a market value of £21.2 million, while Lansdowne’s market cap slid 53 per cent to £4.2 million.
Lansdowne estimates the net present value of its stake in the first development phase is worth $104 million. That is based on estimates of 278 million barrels of oil in place in an initial reservoir and an oil price of $68 a barrel in 2027. It is also estimated to have “significant gas resource [that] could make a vitally important contribution to Ireland’s energy mix as it transitions to a zero net carbon economy”, Lansdowne said.
The first formal step would involve Lansdowne notifying the Irish Ambassador to the UK Martin Fraser and President Michael D Higgins, as head of State, of its intention to pursue arbitration.
While granting a permit for further work on Barryroe would have been seen as problematic for Mr Ryan, as the leader of the Green Party, his department insisted that the “broader policy issues relating to, for example, the phasing out of fossil fuels or our security of energy supply, did not form part of the assessment process”.
Barryroe secured a €40 million funding backstop from Vevan, which owns about 16 per cent of the company, last November to cover the full cost of a certain work, including the drilling of an appraisal well, after Mr Ryan’s department raised concerns about the explorer’s financial capacity to progress the field. Other major shareholders in Barryroe, includi
Thanks Battle.
The whole thing reminds me of the joke -
what attracted you to the millionaire Daniels.
-Ryan, what attracted you to the idea that the billionaire Goodman could not afford €40m
Also, I don’t know if this decision can be appealed , ( does anybody know?) but as it’s only finance that Ryan has rejected it !!! then the possibility of a takeover from a financially well backed company is also a possibility. Shareholders like me, who are in a state of shock after this unbelievable decision might welcome an offer which might curb some of the losses .
Politically he has given politicians like Michael Collins etc a strong political argument.
-Minister, If you really believe that they don’t have the financial ability, you should have given them the license because they wouldn’t have the finance to drill but now , instead you have given them the opportunity to sue the state for billions of euros .
Let’s hope Ryan has the same fate as the green leader in the north , who lost his seat.He has shown he is not a fit person to be a cabinet minister. As for Varadka, this is proof he is too weak to be Taoiseach .
Let’s hope they don’t appeal this decision ??, but get the Rockhooper lawyers on this case asap
“materials relating to the Convertible Loan Note suballocation, Placing and Open Offer, EGM Circular and Irish Takeover Panel waivers which is taking longer than previously anticipated”
That was now 3 weeks ago. Are they taking the pi…. ?
It’s about time we got an updated rns from the well paid management ,telling us what the actual real problem is .These guys are now becoming a joke around the Dublin financial community .
Maybe ,buts it’s unlikely to be a problem with takeover waiver as that situation was prevalent from the original deal .
A week late completing the documentation??
These days it’s mainly filling in templates with the deal’s financial numbers ?
Is somebody flexing their muscles while gripping somebody’s liathróidí , looking for a better deal but whatever a week behind is not good enough.
Legal action in the sense of pressure to update the licence or legal action in the rockhopper mode ?