Member Info for Fr.Quick

Note the Meeting on the 24th October is a 'Meeting', not an Extraordinary General Meeting (requiring a vote of members/shareholders) or a Special General Meeting (requiring a vote of members/shareholders). From the RNS/notice of meeting:

1 A Scheme of Arrangement in an Examinership process requires a majority vote of at least one class of

impaired creditors. It does not require approval of shareholders

Re the proposal and meeting on the 24th October - the shareholders are being invited to the meeting to hear the proposal, but not to vote. The Examiner has no specific obligations to the shareholders. In Irish Examinership, Mr Wallace's role is to secure the future - if possible, and any version of viable future - for the company. He has no (formal) concerns for the shareholders. The creditors will vole on this, and as you can see, the creditors are getting a remarkably good return. They will 100% vote for this, and that's the end of it. In view of the condition of the company, and the general approach to costs by receivers, there will not even be a cup of tea for the shareholders at the meeting. suggest you bring your own . .

Good question. Legal action to pursue the withheld licence and subsequent permissions.

A surprising amount of Barryroe talk at Fairyhouse yesterday (and a few favourites fell or pulled up). The main shareholders are not expecting new investors in the fundraise, or at least not expecting new investors that are complete strangers. The fundraising timing is not urgent, but well worked out, as you would expect. It is mostly about the licence. The legal advisors are telling them they mustn't swing and miss. Once they go after the DECC's handling of this, they have to go all in and fast, and cannot look like they will run out of money. Also, the legals do not like the look of a shareholder saying they will underwrite proceedings. Much better chances of success if properly funded and planned in advance. the civil servants/govt won't care how much legal costs they plough into covering their tracks - they never do, it is not one of their KPIs! This is just planning for success.

Good point Battle . . . I am not sure that 'Goldhawk'/Phoenix are on Ryan's side, but Phoenix was all optimism about Barryroe when they were promoting the notion of Stephen Boldy (a good exploration exec, no doubt) becoming Chief Exec of BEY, but since Alan Curran was appointed in July last year, and confirmed recently, they have only written negative opinion about it. But as Jeff Bridges says in 'The Big Lebowski', "its just, uh, their opinion, man"!

Its OK, no clarification needed. The Companies Act has no provisions to specify any limitations on interim executives - to all intents and purposes that have the full responsibility and accountability of the role. I have no doubt the Chair would be wise to this. Good query, though.

If a public official or elected politician uses their powers or their network to cause or accelerate something that benefits them personally to happen, it can be considered to be corrupt. So, if a public official or elected politician uses their powers or their network to prevent or delay something (that is existing government policy and there are established structures for) from happening, to achieve their own personal (not programme for government) interests, could that be considered corruption too?

The Climate Action Plan, released this evening, is vast. Cannot find anything for or against exploration licences, on first scan. Something in it about marine environments, and climate-proofing government memoranda. Warrants closer look.

Battle's comments seem 100% correct - expect that's what will happen. No way Ryan will give up the energy brief. If the lease does not ease out in the quiet cover of Christmas, no doubt the main stakeholders will look at legal options.

As expected, the new edition of Phoenix magazine, due out tomorrow, Thursday 2nd, is big on Barryroe Offshore. However, Phoenix seems to have changed its key, if not its tune about BEY since Vevan/Goodman has made his move. Not quite encouraging success as they have been in articles during the year. Maybe it is because there seems no longer any prospect of the potential appointment of Steve Boldy (albeit a good guy) as Chief Exec of Barryroe, which they (Phoenix) had openly campaigned for. Maybe they are just not 'Goodman fans'. The new article seems to say that litigation is the likely outcome, not matter what happens. so, not good for shareholders.

The Goodman interest in Barryroe Offshore is clearly more than a punt. It would be a mistake to interpret it as a old-style tycoon speculating in an out-of-date sector. It makes good business sense to the huge Goodman/ABP operations to have influence in the supply of gas. They are, after all, mostly involved in the chilling business, which is the most energy intensive of operations (more than heating or transport). They know the renewable energy landscape well. For the last five years all new ABP factories opened have been 'carbon-neutral'. They own one of the largest 'waste to renewable energy' businesses in the UK. They also realise that it will be 15 to 20 years before all their energy requirements will be available from renewable energy sources, and so there is a pragmatic strategic interest in developing a viable medium term gas source accessible to Ireland and the UK.

Having said 'statues will be erected', I see that Barryroe Offshore Energy have just posted on the company Twitter account that Larry Goodman will underwrite the lease undertakings - with a big picture of Larry himself. No wishy-washy 'Vevan' fog, no hints that one of the family is using a vehicle to take a speculative ride on this. The man himself. They must have agreed this with the shareholder's people before posting this, particularly since he is so low-key generally. This is serious.

F . . . this is a serious commitment. And from a source that can deliver. No-one committed so much in any of the previous fragile funding scenarios, all the way bay to the Bronze's last effort. The phrase 'substantially agreed' is a concern, but I guess this has been arranged and packaged in a short timescale, and so there are bound to be details (particularly in relation to the security) still to be settled. This is serious. As I said in a previous post . . . if gas is produced from this field, one day there will be statues erected to Goodman, O'Driscoll et al.

The news that the Department of Health has overpaid its landlord (Mr. Goodman) for one of its offices by €10 million (the OVER payment) in six years due to the tenant's calculating errors gives an idea of the cash runway available to Vevan, should it decide to deploy it, in getting Barryroe Offshore into production. It also gives an insight to the kind of carry-on in the public sector.

Thanks Swizz, helpful post and information. It is not being widely reported in the mainstream media, but the transcript makes it clear there are elected representatives in the Dáil literally fighting for the Barryroe licence. We cannot say nothing is being done for this.

Capricorn saying they are weighing up alternatives is not good news by any measure. Since they are in the middle of an announced merger process, they definitely (Capricorn) have heavy-weight PR/Comms advisors on board, and no professional advisor would recommend saying that they are considering alternatives if they have any intention of proceeding with the deal, as agreed.

Ml McDowell is really sticking his neck out on this. I think this is the third article he has written/published on this subject in recent months, and the first in which he has spoken up specifically for Providence Resources. The Irish Times is obviously happy to publish this, and is not known as a 'right-leaning' paper. As former Tánaiste (Deputy Prime Minister) and current Senator, he is probably pushing this view in his daily activities also. Ml McDowell is known for 'strident views' but he is also a heavy-hitter, has no need to be in anyone's pocket, and I think it is generally accepted that he takes positions he genuinely believes.

Thank you for posting G1. A protracted and resource-intensive process for Rockhopper, but a decent, justified tremendous result. Interesting that the ruling is binding and cannot be appealed. This outcome makes the Goodman and O'Driscoll investments in PVR look considerably less random.

Don Moore, ex ESB on Irish media this morning saying political decisions have been made on basis of misinformation in recent years. No-one admitted that for every kilowatt of wind energy generation there needs to be a kilowatt of conventional energy back-up. Hydrogen as a useable energy does not exist. It is a 2030 to 2040 timescale energy. He called on Minister Ryan to 'stop being coy' about renewing existing exploration licences, and to confirm now whether or not he is renewing them. You cannot say plainer than that. A credible rational informed voice.

https://www.rte.ie/radio/radio1/clips/22136281/

While The Phoenix (11th August) has an attention-grabbing headline about Mr. Goodman's timing, the article seems to be mostly motivated by their campaign for Stephen Boldy to be the Chief Exec of Providence Resources. When this turned up like a bolt from the blue some months ago, I assumed The Phoenix had some special sixth sense for what might happen in PVR . . . or they were representing the view of someone who was trying to make it happen, by writing it for public consumption. On the one hand there is no longer a vacancy. On the other, it is interesting that Alan Curran has been appointed as 'Interim Chief Executive', and not just 'Chief Exec'. It is not that important because obviously the most important thing now is getting the licence renewal. However, it is curious that The Phoenix are still paddling this canoe.