Member Info for Manyana

ps200306,

This has now become a political football and even if there are billions of barrels of oil in there, Ryan will do his utmost to keep it there so why bother with an appraisal well to look for oil. Whereas Ryan will not politically prevent a major gas field as a replacement for Corrib when it drys up and because gas is now the flavour of the month to feed all those power stations ESB are talking about building.

Germany yesterday "BERLIN — Germany's new government on Tuesday gave the clearest indication yet that it would discuss halting the Nord Stream 2 gas pipeline if Russia attacks Ukraine."

So gas is now the order of the day and I see American and Australian LBG gas is now being diverted to Europe instead of the far East. I am sure Ireland would like to be a recipient even if it is "fracked". Oh! for an LNG terminus in Shannon!!

You, on the other hand, said the gas in Barryroe was irrelevant because it only had one fifth of Corrib - perhaps your weak memory and your obsolescence in the working world - possibly due to memory loss - has made you forget you said that.

So, if it is "only one fifth of Corrib" you intimated the gas was irrelevant so the only way to make it relevant is to find more and to do that will involve an appraisal well, possibly drilling lower than KES were allowed to do down only to 4,000 feet whereas Providence now has unfettered access over Kinsale since KES have given up and go down to any depth via an appraisal well.

Sorry for you "troubles" as we say when someone like you is suffering. Rub a bit of VIC on your chest and it might just clear your brain.

Barryroe has always been an oil field with gas attached.

But if the strategic review said there was more gas there to be proven by an appraisal well making it primarily a gas field I think Ryan would find it very hard to refuse a license, otherwise what would the appraisal well prove as they know there is oil there already.

They could be producing gas by 2023 and at the latest 2025 with oil off-carry as per the Shell MOA of years ago.

Three days ago that a*hole Eamon Ryan made a statement that Dublin City was dead.

https://www.dublinlive.ie/news/dublin-news/dublin-city-centre-dead-too-22727747

His premise was that more people should live in Dublin city but that a*hole lives in a prosperous southside suburb of Dublin in Dundrum. So he preaches but he does not practice.

The centre of Dublin has historically been dominated by apartments, tenements and historically the poor whereas the "rich" live out in the suburbs, like Dakey, Dundrum, Blackrock Rathfarnham, etc.

So I suggest when Ryan moves to Sherriff Street, Ballyfermot, Ballymun, Finglas or Tallaght or even Clondalkin we might all listen to him. I bet he would not ride his bike through any of those day or night.

Larry has passed the reins of his empire over to his two sons, Larry Goodman, Jnr and Mark Goodman while still retaining a supervisory position.

"Businessman Larry Goodman has set up a supervisory board over his beef-to-property empire, putting his eldest son in a key succession position. The move puts order over the long-term direction of the Goodman family’s interests."

"Mark Goodman, the younger one, " .. has established an investment company this year, called Bellingham Capital, to target opportunities in the agribusiness, food and renewable energy fields across Ireland and Britain."

So, I presume it is Bellingham Capital who is now the proud owner of Providece shares.

Now that Larry is 85, I suspect these moves are to "protect" the company from death duties. For those who know the Irish law relating to death duties will know it is penal unless you are the children of farmers. For the rest of us, you have a lifetime limit of what you can inherit and after that the government will be in for a big "wallop". Check it out.

The UK is bad but not nearly as bad as Ireland but I know of one person who moved six Picasso paintings to Switzerland a year or two ago because Switzerland does not have death duties.

And, by the way, this BB seems to have forgotten the promise by the PVR board that they would give us the full lowdown on the future by the end of this month. They have now about two weeks to do so or else give us another good excuse as to why the cannot tell us until that noddy, Eamon Ryan, gets his fat butt of his seat - or the seat of his bicycle -and makes a decent decision.

ps200306,

Have you some insider information that we do not know about?

You say that Providence has no money but the last accounts did not say that. It said:

total cash and cash equivalents were €2.110 million.
and:
The Company has no debt as at 31 December 2020.In May 2020, the Board raised c. €3.0 million (gross proceeds) through the issue of 177,973,004 ordinary shares which comprised of one ordinary share, one £0.03 warrant which expired on 6 May 2021 and one £0.09 warrant which expires on 6 May 2022. The total proceeds raised in 2020 by the equity raise and conversion of warrants was c. €4.8 million gross.The total issued and voting share capital comprises 974,864,403 ordinary shares of €0.001 each as at 17 June 2021.

No debt and money in the bank and if they want to raise more to survive they can always issue more shares and warrants.

As I said before, pre consolidation there was 6billion shares in Providence whereas now we have only a paltry 975m at present through the dilution since the consolidation. Plenty of scope for issuing more and I would happily buy into a rights issue if it came about.

I know you retired in your 40s for whatever reason - probably due to the Peter principle - but surely at your age you should not be pessimistic or perhaps your motto is "live in hope, die in despair" and you are heading this way.

Not only do we not have a CEO but I see Alan Linn has not done anything (I can find) since he left.

Now it might be an historical mistake but I note under "Director's dealings" that the good and the bad of Providence are stated as still having their shares even though many of them have bitten the dust.

So, the question is, if this is a dead dog, why are they still holding on to their shares?

Answers on a postcard please.

I think you are going senile, ps200306 along with quite a few others on here who either don't remember or else they have forgotten our "beloved" harridan from the last government "Brid Smith".

For those short on memory, they would be wise to remember the famous Brid Smith objection in the last Dail when her bill on the environment and curtailing of licenses was "killed" by the "money message" item in the constitution.

To refresh those with limited memories please note the statement where the government wrote to her and said:

"However, in the letter issued to Ms Smith yesterday, several estimated costs are outlined, including the repayment of application fees to licence applicants and acreage rental fees for existing licences, as well as legal fees for potential challenges by exploration companies. "

So, not only does this endorse the repayment of licenses, fees and other costs under the Irish constitution but it also includes lost profits. Add to that the Rockhopper Eu case which I would suspect has a great chance of succeeding and I suggest Providence are far more robust than most people think..

As Milton said "they also serve who only stand and wait".

Even if we wait another five years, so be it but the odds are on our side that Barryroe will either be developed or Providence will end up getting buckets of money.

So it is not ~"moot". - far from it.

How long do you think they can draw it out?

There will be a change in government in December 2022 and a full election by 2025.

And if there is any chance that the government will have to pay out, even in the long term, they will be kicked out of office by the public and we will have a Sinn Fein government who will let Providence develop Barryroe because it is a cash cow rather than a big cost.

Get real.

By the way, for those who seem to keep talking about "Larry" being Larry Goodman, he is no longer running the show. It is his son Larry Goodman Jnr. and he has just received permission to build two large blocks of apartments in Dublin to add to the Goodman empire.

https://www.techregister.co.uk/an-bord-pleanala-clears-way-for-goodman-build-to-rent-scheme-for-beaumont-site/

They are no fools and they would not be in Providence if they did not see a profit in it. So, get real and take your head out of your rear end.

I think you have not been reading the papers recently.

Many years ago a company called Rockhopper found a nice big oil and gas field off the coast of Italy.

But like poor old Ireland Italy waved the "green" flag at them but recently they found out that Rockhopper can sue Italy for millions of euros based on the following:

It now seems Rockhopper can claim millions from Italy for banning the development of the field as of December 2021.

https://www.offshore-energy.biz/rockhopper-in-high-hopes-after-italys-arbitration-objections-get-rejected-again/

So, since this is under EU law which applies equally to Ireland and Providence it would seem, if Rockhopper are successful ,that Providence could be in for a big pay day without going to court as Rockhopper would create a "precedent".

So your obvious pessimism could end up sticking tightly in your craw.

Irish tax year January to December - calendar year. UK April to April tax year.

That is why I believe Providence is traded on both exchanges to take advantage of the date discrepancies. Another form of bed and breakfasting banned in 1998 in the UK but still can be done between two exchanges.

Today's Irish Times speculates on the next government being Sinn Fein in bed with Fine Fail.

If Sinn Fein becomes the largest party it has the right to talk to other parties to form a government which means Sinn Fein will proposition either Fine Fail or Fine Gael.

Now, if they approach Fine Fail can anybody see them say no? Politicians have only two goals, to keep their seat in the next election and to be in power for which they would sell their souls to the devil if that is what it takes.

https://www.irishtimes.com/opinion/is-a-half-embrace-at-a-funeral-a-sign-that-sinn-f%C3%A9in-and-fianna-f%C3%A1il-will-cosy-up-together-1.4771246

Surely you have been shafted by your own comment.

"The price of oil is set by global markets -- the benefit from indigenous resources is security of supply, not lower costs."

Surely Irish money would be spent on buying the oil as it has to be sold to an Irish company irrespective of the tax benefits to Providence as that is a tax situation under the legislation so instead of paying Russia or OPEC the money for oil it stays within the country rather than being paid externally and hence benefits the economy.

The security of supply is of course a great benefit but that just makes a case for Ireland setting up a national oil industry like Norway which has $1.4trillion in its wealth fund generated out of its oil.

Of course "Ask Audrey" is a total parody but it is a fun read every Friday in the Examiner as "she" lambasts the people of Cork and their snobbery.

Whatever you might think about Sinn Fein they are heading for a landslide in the next election unless the current government do something about the influence of Ryan and his "greens".

Irish Times poll, December 10th 2021, put SF on 35% , FG on 20% and FF on 20%, Ind. on 15%, GP on 5% so if FG and FF do not do something about the Greens they haven't got a hope in hell of winning the next election. The "greens" will "kill" them with their policies to the benefit of Sinn Fein unless it too dirties its copybook.

Sinn Fein have only one ambition, a united Ireland, and for that they will need money and anything that raises money will be done, Green or not, and the current cost of imported oil and gas currently costs around €7billion a year and growing so anything which can reduce that cost with a "native" oil and gas industry will be on the cards. After all, the current household costs of gas and electricity in Ireland are among the most expensive in Europe.

If Sinn Fein want a united Ireland they will have to find €15billion alone to fund NI as that is what the UK government pays at the moment and who knows how many multinationals will scarper when the new 15% becomes the standard throughout the world. How many will up-sticks and head back to the USA?

Do you think SF will worry about being "green" when they look at that scenario? Their moral principles will go out the window before you can say Mary Lou.

Latest fun read from Ask Audrey in the Irish Examiner, which is a fun speak that makes more sense than the numpties who govern us can be found at:.

https://www.pressreader.com/ireland/irish-examiner/20211228/282050510395026

"She" is also on the Sinn Fein bandwagon with:

"The whole rent for a one-bed apartment is only going to end one way _ Taoisaeach Mary Lou.
I have only three words for that situation - "tiocfaidh ar la" (which translates, for our separated brethren, as -"our day will come")" So, even republican Cork - aka "Saint" Michael Collins - are now on the Sinn Fein bus.

So goodbye Corkonian Michael Martin and his Dub sidekick Varadkar, the current incumbents.

We might have to wait on the "lovely" Mairead McGuinness who insists EU move to label nuclear and gas ‘green’ and "It could be blocked if a qualified majority of at least 20 member states, or half the MEPs in the European Parliament, vote to oppose it."

It seems Austria is saying they will "sue" if nuclear is included which will only leave gas on the table if they succeed.

If it passes, we will have Barryroe fast tracked in my opinion and will "stuff" Ryan and his cronies and it can be funded from the EU.

When you consider that current thinking says "They calculate that the deficit could be 260MW in 2022/23, rising to 1050MW in 2023/24 and 1850MW in 2024/25." and they need gas fired power stations to satisfy them surely gas on your own doorstep makes total sense."

But then we live in a country run by fools so come on Sinn Fein hurry up and bury them.

You are talking about electricity only.

How much gas is imported from Moffat to Loughshinny which is uni-directional i.e only Moffat to Ireland?

In 2016 some 48.5% of national electricity demand was generated from natural gas, with 23.3% from renewables (mainly wind) and 21.5% from coal. And remember, in 2016 Corrib was in full flow whereas it is now in decline with a termination date of approx. 2029.

I am not sure what it is now but a lot of Irish homes ran on oil in 2016 whereas in 2011 , some 33% of all houses in Ireland were heated with natural gas, and 44% were heated by oil, mainly kerosene. This might have reduced significantly but I am sure a large percentage still uses oil.

For example, " the most recent census in 2016 from the Central Statistics Office shows that the majority (approximately 70%) of households in Ireland use either gas or oil heating systems to heat their homes". I would presume this might have transferred from oil to gas but the percentage will not have change significantly.

That is why the "greens" are talking out of their rear ends.

PVR will be happy but this will stick in Ryan's craw and PVR could get EU funding for Barryroe on the back of this.

Nuclear and gas proposed as "green" under EU rules.

McGuinness insists EU move to label nuclear and gas ‘green’ based on science

"The taxonomy is intended to set standards for what kind of activities businesses can present as “green”. There are plans to make it apply also to EU funds, potentially driving a flood of money towards the sectors included".

article:

https://www.irishtimes.com/business/energy-and-resources/mcguinness-insists-eu-move-to-label-nuclear-and-gas-green-based-on-science-1.4768772

Th main gist of the article relates to the fact that reduced electricity from wind and solar will result in the continued use of Moneypoint as a coal and oil power station - not even gas - beyond 2025.

And any outage of electricity will give Sinn Fein an even bigger majority at the next election which must take place no later than 2025 but a lot sooner I hope. It will be a bit hard to persuade farmers when they have to milk their cows by hand as even now they regard the current government as a pack of b/s*rs.

Article in today's Irish Times not good reading for Ryan. It says;

"The ESB is likely to face renewed pressure in 2022. Not as much though as the Government and its Green Party Minister for the Environment, Eamon Ryan."

The article goes on to say that if the ESB has to continue running Moneypoint, the coal and oil fired power station in the Shannon estuary beyond 2025 "That will embarrass a coalition whose members not only include the Green Party but which is generally keen to push its climate credentials."

Full article:

https://www.irishtimes.com/business/energy-and-resources/rising-demand-stagnant-supply-burning-questions-for-irish-electricity-network-1.4767937

If you were Sinn Fein would you say anything different now? Don't rock the boat would be the message.

But when they get into power the primary move will be for a united Ireland and anything that will raise revenue to help that cause will be taken.

For example, the UK pays £15billion a year to support Northern Ireland for such things as national health and education. The south does not have a free health service so how is it going to placate the north for that and all the other goodies they get up there?

So revenue will be the key and any way they can to raise it will be in the forefront rather than idealistic notions on how to save the planet.