Member Info for Manyana

You are in trouble, anovas.

I posted that same video some weeks ago and it got right up ps200306's nose. I wonder if it will have the same affect on him today or was it just he could not keep his mouth shut when I posted it?

Seems a very logical point Mills makes when he points out solar and wind cannot serve the long term. In fact, late last year Ireland was on the brink of blackout when one of the generating stations went out. A few more data centres and we will certainly start having power outs made worse if England stop exporting gas to us from Moffat.

Ireland might have plenty of wind but it does not always blow either at all, in the right direction or at the right speed and given our "green and pleasant land" sprinkled pretty regularly by the moist stuff that falls from heaven we do not get that much sun either.

For myself, I have a nice handy petrol driven generator on standby in such a case. I can be as moral as you like but I prefer my heat and light and when the Chinese and the Indians stop burning trees, coal and cow dung I will join the green brigade but not before. they outnumber me billions to one and I don't think that is fair.

Rocklawn,

You seem to forget that we are in the land of rotation Taoiseach(s). The current government is sharing its five year stint with both Martin and Veradkar being the boss. And with each boss will be a different government.

"It is understood that the Fianna Fáil leader will be Taoiseach until December 2022. At this point, Varadkar would begin a second term as Taoiseach."

Changing Taoiseach will allow for the changing of ministers so it is possible Ryan's days are numbered and he could be gone by November 2022 if he is seen to be a stumbling block. I think he would be more suitable for "Department of Social Protection; and Rural and Community Development:". That way he could keep his "Green" credentials and get up farmer's noses as he tries to stop all those poor cows belching.
Furthermore, if you listen to Alan Linn he implied that Barryroe gas could also be used to produce fertilizer. Quote which could just apply to Ireland post Brexit and Covid 19. "Fertilizer, made with natural gas, has lifted nations out of near starvation, and made our modern lifestyles possible"

So, not all is bad in the Irish garden

What will Ryan do about this?

https://www.irishtimes.com/business/energy-and-resources/ireland-faces-increased-threats-to-energy-supplies-since-brexit-1.4459110

Jimmy was very knowledgeable and obviously had either worked in the oil industry or still does. In fact, if Jimmy had been running Providence back then we would all be very wealthy by now.

I have not logged into iii for years but back then it was a great site before they made a mess of it. Perhaps Jimmy is still over there ploughing a lonely furrow.

Unfortunately for most of us long in the tooth we heard O'Reilly with all his dreams and schemes and reckoned by the law of averages one of them must come right sometime. The only one idea he had that did come good was to leave whether he was pushed or not. There is no doubt, though, he was very unlucky. If Druid or Drombeg had come in then he, we and Ireland would have been on the pig's back.

Perhaps Jimmy will pick up on this and let us now where he is and what he is doing.

Price increase hopefully indicates the funding is getting close to being confirmed as the deal does not exist until it is in place.

Note: "The farmin is conditional upon SpotOn confirming that a minimum of US$ 166 million in funding (the Agreed Funding), for the Early Development Programme (EDP) is in place and that Irish government approval for the Farmout agreement has been received."

The chances of the Irish government denying approval is not feasible as long as the money is raised and "in place".
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The "infamous" deal with Sequa fell at the bond issue in 2015 when they tried to raise $300m and the deal fell flat on its face, in time taking O'Reilly down after his next abortive deal with APEC also blew up over money.

I would expect, if the money is in place, that we will have a price in excess of 20p and if it fails we will be back in the 2p bracket. Bit of a binary choice, really.

The importance of the French-Irish Celtic Interconnector is that it is two-way which means Ireland can export electricity as well as import it rather than Moffat gas connection which , for cheapness, is only one-way, Moffat to Loughshinny, but there is a study and an expected plan to make it two-way which would allow Barryroe to export gas to Moffat if it was not used to supply Ireland or generate electricity.

Furthermore, the Celtic Interconnector is designed to be two-way. Check the Eirgrid documentation where it says "To strengthen the security of supply between countries The Celtic Interconnector will strengthen the security of electricity supply between the two countries enabling them to rely on one another in the case of unexpected events and interruptions to supply (technical incidents, spikes in consumption…)"

Which means if Barryroe oil and gas was used to generate electricity it could be sold on to France.

So more than one fish to fry here, I think.

Irish electricity generating on the brink.

https://www.irishtimes.com/business/energy-and-resources/electricity-shortage-brought-ireland-close-to-power-cuts-1.4451830

Talk of building a nuclear reactor is pie in the sky. "The mean construction time of 441 reactors in use today was 7.5 years." Since they have not even thought about it never mind planning it you would not have a nuclear reactor in Ireland in under twenty years when you consider how long it took to complete Corrib.

Barryroe's justification gets better by the day.

I gave up commenting on this BB when I realised it was full of the brain-dead.

For example, ps200306 quotes "I think a better case against wind and solar ..." So you agree that video does state a genuine case even though you think you have found a better one.

And why comment on rubbish unless you think Mills is talking through his rear end. It does not matter what the politics of PragerU are if the facts hold up and the video you have referenced just endorses what PragerU said even though it is a different viewpoint.

To which, I would point out, Ryan rubbished nuclear as an Irish solution and I think I prefer what PragerU are saying as I have no reason to doubt the facts rather than that "thick gobsh...." who just keeps riding a hobbyhorse to line his own pocket, note "As part of his pension Ryan will receive a lump sum of €110,000 and an annual pension of €51,000 when he is 65, in 2028" Not bad for a brainless big mouth.

Don't choke on these stats which nobody wants to talk about.

https://www.youtube.com/watch?v=RqppRC37OgI&ab_channel=PragerU

Who is copy pasting? I have been making money for far too long not to be aware of the tax implications.

Like most Irish investors, I am very careful regarding tax having had a two year battle between the UK and the Irish tax system which, coincidently, I won. Furthermore, I sold some land in Ireland a year or so ago which I had owned for about forty years and it took six months for the tax man to access if I was liable to pay tax, which fortunately, I was not. Automatic price indexing was withdrawn in Ireland in 1984. I bet you did not know that. And don't die in Ireland or you will get slaughtered with inheritance tax which is one of the most penal in the world.

As the Americans say, "Have a nice day".

So, EAS10, if you owned Providence shares why would you sell them after 30th November 2020 and not before? Now I know you are a big mouth without a share to your name, so CGT has no impact on you - you are probably on the dole anyway - but it affects others and it is all about timing.

I am pretty sure Alan Linn is well aware of the tax implications and picking the 30th November was no coincidence.

A'hole Bronxville, all mouth and never made a penny.

Providence have stated they have €200m deferred losses which compares to the owners of Corrib who have already retrieved about €550m with more to come, so what are you on about? Talking out of your rear end, as usual.

instead of loosing off your mouth, how about answering the questions?

Did you know, for example, that the average Irish contributory pension is about €465 per week while the UK contributory pension is about £150 (€165). Now, how does the Irish tax payer - especially those who have made a capital gain - pay for that difference? By the taxman grabbing as much as he can along the lines of the infamous "USC charge".

And Irish tax will get worse because there is a huge Covid19 bill to add to the €220billion Ireland ran up when the Celtic Tiger died. As of two days ago, the Irish debt was €218,110,750,846 (€219billion). Which means the debt has gone nowhere in eleven years. Who is going to pay for that and how long will it take, if ever?

Anybody they can shaft, that is. So, let see if you can answer the questions? I bet you can't.

So worrying about the fall in the Providence share price is totally irrelevant in the light of the Irish debt and the impact of Covid19.

What a load of cobblers this board has descended to Obviously the "mouths" on here have either no shares or very little or they would realise why December in Ireland is is a month in which the Irish tax man has a field day.

So, "mouths" are you liable to any CGT which will be due in the New Year? And if you are, holding on to these shares could give you an even bigger pain in the groin if you sell them next year, especially if you are Irish.

Answer these questions and while you do keep the following statement from the Irish tax man in mind. "Note: "CGT Deadline is 15 Dec 2020. Payment is due on gains arising between 1 January 2020 to 30 November 2020. " Please note the date 30th November 2020". Does that not ring a bell and why selling after that date is very advantageous, tax wise, in Ireland.

1. What were the lowest and the highest prices for PVR in 2020?
2. What are the CGT rates for UK and Ireland?
3. What are the dates for the tax years for Ireland and the UK?
4. What are the CGT allowances for a UK investor and an Irish investor?
5. Why would an Irish investor in PVR lose their proveribals while a UK one would be relatively quids in?

So, once the dust settled on the deal, which it did on November 30th, and you were holding say a few (or many) millions of these what would you do? Hold or bed and breakfast them?

Answers on a postcard, please.

Now, back to watching and waiting.

Why are all the doomsday bloggers here? If you think Providence is a dead duck, take a hike. Why bother blowing your proverbials off if you think its a loser? Have you nothing better to do?

A few things you might not realise about Irish politics which will have an impact on Providence.

In two years time, Ireland will have a new government. Why? because Michael Martin and Leo Veradkar, through a coalition agreement, will change places in or around July 2022 and Veradkar will become the prime minster again and he will obviously choose a different set of ministers which will put Ryan's of the Green Party's department, DCCAE, up for grabs.

As Veradkar said, " the search and extraction of gas will be permitted for some time as the country transitions to a carbon-free economy." So, 2022 means "all change" with a pro-drilling prime minister.

And what our "non-brethren" are unaware of is that "Shannon LNG has had all permissions to build its fracked gas import terminal quashed in the Irish High Court after 13-year battle " So, no LNG from "fracked" USA there.

So what does Ireland do when the UK switches off its oil and gas interconnectors? Are we in for eternity to freeze to death? Linn has read the tea leaves and he knows there will be weeping and gnashing of teeth but in the end Ireland will have to develop Barryroe because it is our last saloon standing. And waiting an extra year to make that happen is a price worth paying.

And finally, if all else fails, Providence can claim at least €200m against all its costs to date which are totally recoverable, normally against tax but if that is precluded, by suing the government. And to prove that point, the owners of Corrib have now reclaimed over €700m against tax from the gas, so there is precedent.

So, back to sleep for me. I will watch and "wait" laughing at all the crazy ideas that are being spewed up on this BB. After all, I bought a load of these at about 1p so I am still quid's in. And, as I said, I have plenty of Lansdowne which I expect will be taken over long before the oil flows.

My pennyworth is simple. Let the dust settle. Today, it is all hot air and bluster.

If you had bought these at 1.5p and sitting on a nice profit even at 6.8p you would surely bed and breakfast these shares against the future so we don't know how many of today's trades are strategic.

The most important thing is that the deal has been signed and for those who feel SpotOn are shady, ask themselves, why did Schlumberger sign up with them? Schlumberger never considered signing up with the Chinese.

For myself, I have been buying more Lansdowne than Providence as I suspect, if things go right, that Lansdowne will be taken over, probability by one of the consortium.

As I have said many times, like John Milton, "They also serve who only stand and wait". We have waited eight years for Barryroe, so what is another two?

This article is about the infighting in London but read it and think O'Reilly. Tall, good looks and a big mouth far better for getting to the top than brains.

https://www.irishtimes.com/business/economy/chris-johns-a-political-dogfight-grips-london-but-what-exactly-are-they-fighting-about-1.4409792

I have been watching and waiting for the deal without putting in my two-penny worth but the panic yesterday is a laughing matter. People either do not read, do not understand or just don't trust what they are told.

A few facts which seem to have been missed.

1. The deal could not be considered until the equity from APEC had been legally returned. APEC had 50% of the EXOLA shares. Check the RNS and you will see that the legal return was only confirmed on 20th October, ten days ago. This was one of O'Reil let the legal eagles wrap this up properly. Anybody who has worked with the law in deals and contracts knows that they take whatever it takes and the fact that they extended the exclusivity is a sure sign that Linn and his team know the basis of the old business adage which says: "don't spoil the ship for a ha’p’orth of tar". "a ha’p’orth" being an old half penny.

Aly's biggest mistakes to give that equity before a deal was written in stone. A major mistake by whatever legal team he used to allow that to happen.

2. The Spoton deal has changed from its original plan for the better. It now "..includes an Early Development Scheme (EDS) work programme." The original exclusivity did not include this but this has surely doubled the work needed for the agreement if not more as we are now given a two-year development rather than a two year planning for a development.

3. Questioning Spoton's credibility by asking us to look at its website is childish. Check out Linn's presentation early in the year where he points out their credibility. in their consortium is Schlumberger. If Spoton was a "fly-by-night" Schlumberger would not give them the "heat of their ....". Schlumberger could have done this deal on its own. Its revenues in 2018 was €32.8billion so the whole Barryroe project is "small potatoes" for them and it has a huge reputation to protect so it would not be here if it thought the Barryroe potential was pie in the sky or that the deal was not a runner.

Back to watching and waiting. I have been waiting on Barryroe since 2012, wondering what gremlins in O'Reilly's mind made him change it so often, so I think I can wait a little longer.

Finally, go back and watch Alan Linn's presentation at Proactive just about two weeks ago and you will see he anticipated a possible delay. Here is the link. Watch it and don't presume everyone is telling lies.

https://www.proactiveinvestors.co.uk/companies/news/932354/providence-resources-ceo-alan-scott-linn-presents-at-the-proactive-one2one-virtual-forum-932354.html

So, get real and as John Milton said "They also serve who only stand and wait".

Correct, bucklerfern

Linn, in his presentation, said it could be sooner or it could be a month later.

However, Linn will have to make a statement, probably next Monday, that the exclusivity period is over whether or not he gives a status update on the deal as their is a legal requirement on him to notify us that the exclusivity is over once that happens.

I am surprised people were unaware that baby has arisen after six months and not three days.

You can find him, along with O'Sullivan and Angus McCoss in their new venture at DcarbonX. Instead of taking it out of the ground they are now taking of putting the carbon back in. Rogue's gallery at:

https://www.dcarbonx.com/

I am still here.

But like us all, I don't have a clue as to the future of Providence so I will wait to hear from Linn. I thought his last interview was interesting and seemed to indicate things were on the move. But 'til he speaks it is all conjecture.

So "si tacuisses, philosophus mansisses" will be the motto 'til the master speaks which hopefully will be soon.

Are we close to a deal? Confusing statement from Linn.

“Plus or minus a month, I am still very much of the view that we are on track. I would be confident that we would have something done by the end of the year,” says Linn

If we are minus one month then the deal will be completed by the end of September. If we are on track it will be completed by the end of October. Otherwise, it will be the end of the November or December. So it could be any time between the end of September or the end of December.

Very confusing but obviously under way and the exercise of the warrants the other day indicates things are moving ahead except that at 3p they were a snip. I am sure we would all like to have had a few of those.