Member Info for Manyana

So, to discuss Providence.

JH77 do you still believe "What's all this Norwegian bs? As far as In can tell all the directors live in a hick town i Scotland." Have you changed your mind or do you still believe this?

As for pis200306, he does not think there is enough gas in Barryroe to make it economical but he has shares in SOU who are (whoopee) going to increase their output to 500 barrels a day.

So I am delighted for you both especially you JH77 having sold a lot of LOGP at a loss.

Keep it up both of you with my blessing.
2

My one liner - Answer the question.

No answer means you are not Irish and do not live in Ireland.

So why don't you go and buy some crappy English stock and stop moaning about this one. I suggest Sound Energy (SOU) where you "friend in tears" is also invested and then you two can cry on each other's shoulders.

pis200306,

For somebody who said they "retired early" (while I say they retired because they were useless) and claim they did so because of USC you have little to moan about. And, hopefully, you are one of those who wants Providence to go bust shows just how thick you are.

For myself I am well covered in Providence whereas from your posts, long with the "gardeners", it is clear that both of you have had your b*lls well and truly burnt by this share whereas I can wait forever or as long as it takes I don't need the money and Bank of Ireland are now so generous that they are offering negative interest on deposits which means you now have to pay them to put your money in their "filthy" hands.

There is no chance of Providence ever going bust no matter how often you say there is "not enough gas" in Barryroe. Of course you know more than Plunkett and Linn but then you would, wouldn't you?

At worst, all we have to wait for is for this government to fold even if it takes five years and a more rational one to come in, even if it is Sinn Fein and if that happens, you can be sure Sinn Fein would be more than happy to allow Barryroe to be developed.

In the meantime, if Barryroe is not developed Providence will probably enter an M&A as Linn indicated at the AGM. But, of course, most people on here seem incapable of accepting anything that is said by the people who run the company. After all what would they know when the gurus who really know the lie of the land, such as you, can only punt B/S without a shred of any real evidence.

As for Monty Don of this BB who is probably off doing his "gardening", I now take it he is not Irish and does not live in Ireland. Or perhaps, he is, and he is such a failure that he is not willing to admit it.

Have a nice day both of you. Like Tweedledum and Tweedledee you are well matched.

How come when the message heading changes, the sheep follow like lambs to the slaughter?

!Cagney, are you Irish, yes or no and do you live in Ireland?

There are two groups on people here. Those who are here as an independent investors in Providence as an opportunity to make a few bob and those who see Barryroe not as a means of making money but as an important in the future of Ireland and how it is going to dig itself out of this Covid 19 disaster.

"RELAND has been warned the country could be heading for a devastating recession with both the outbreak of coronavirus and consequences of Brexit blamed."

Politicians f***ed up Ireland when it released the Irish Celtic Tiger. Unfortunately, the tiger killed its own children and we all paid a fortune to bury them. Now they have been dug up and the country will have to pay again to rebury them.

So !Cagney, are you Irish and are you living in Ireland? If you are, have you ever paid USC tax? If you have you wouldn't be writing stupid things like "Do some gardening". Our parents did that to grow a few vegetables when they starved during "The Emergency" during World War II when England starved them like they did during the Famine in the 1800s.

Your oneliner for today "

What’s the best part about gardening?
Getting down and dirty with your hoes.

I await your oneliner on your nationality and location. Answer on a postcard please.

Toying with me? Running scared would be more appropriate for you and at the same time you show your total stupidity.

Is this the best you could do for today's one liner? "I don't suppose that you've a white coat with straps on the arms somewhere in your wardrobe Manyana? Pathetic with a capital "P".

Boy arrives in school half an hour late. "Where were you Tommy?" teacher asks. "I had to take the cow to the bull, miss". "Couldn't your father have done that?", asks the teacher. "Yes miss", the boy replies, "but the bull can do it better".

Now, that is a good Irish one-liner which is far better than yours.

So, simple question? "Are you Irish and/or do you live in Ireland? Perhaps you are a "plastic Paddy".

I don't know if you live in Ireland or not but you are a leathcheann and if you do not see the relevance of what I have written on this board that makes you even more stupid.

Are you Irish or not? If you are, like me, you should be worried about the stupid minorities that f*up this country. They have been doing it for years and they still continue to do it.

As for politics, I have fought a number of battles with politicians and political institutions. In fact, many years ago I was asked if I wanted to run for politics and my uncle was a very prominent politician whose name is still above the ward named after him in one of Dublin's major hospitals.

Not only that, but in the run up to certain elections my company was touted for support by a well known politician. We wanted something in return, a social change, to which he agreed. Truth be told, after he was elected, we never heard from him again. Honesty be damned.

I had numerous run ins with stupid politicians starting with my university days. People do not realise what a small place Ireland is/"was" before they opened the floodgates to anybody and everybody. Did you know forty years ago there were two languages in Ireland, English and Irish. There are now 182 languages spoken. Political naivety gone mad.

Compatriots of mine at university included Henry Kelly, Alan Dukes, Fr. Brian D'Arcy, friend of Terry Wogan, Patrick Cosgrave adviser to Maggie Thatcher, Anthony Clare, Psychiatrist ""In the Psychiatrist's Chair" presenter. To that I can include John Jordan, David Thornley (both died too young), and for a number of years I had lunch every day with a "famous" Lady. Would you like me to go on?

So, don't tell me I don't know what I am talking about when it comes to this stupid country so rather than I "doing some gardening" why don't you go outside and bury yourself in yours, if you have one.

So, a*hole, don't tell me what I said was irrelevant. We are at the start of another mighty c*up in this country caused by incompetent politicians. Can it be avoided? Possibly. Will it be avoided? Who knows what these idiots come up with.

1Cagney,

I raised a very important point and your p*ss brain could not comprehend the problem. All you come out with was what you thought was a "funny", innane comment which showed your total lack of humour. So think s*it you applied nothing to the issue in hand.

This stupid country stops the building of 5,000 houses because somebody wants to "save" the trees but they are so far up their rear ends that they cannot look at the scheduled destruction of this planet by others. For example, what about the latest move by Trump to change the rules on methane so that he can "frack" more gas; methane which destroys the planet faster than CO2. What about the destruction of the Amazon rain forest, what about the Canadian trees, cut down to clean the rear ends of Americans as toilet paper. And you think we should be out gardening.

"The methane rollbacks are part of a broad deregulatory campaign by the Trump administration, which has weakened environment and climate standards."

And Trump is doing this to compete with China and Russia so we are on a race to the bottom and yet this stupid country of 6m people think they can make a difference? Even the German's are getting in on that destruction with the Nord Stream pipeline so pull your head of your rear end and look at the final chapter in the destruction of this planet. This world is finished because it is run by stupid men.

I have met every Taoiseach since Jack Lynch and every one was either a thief or a fool or both with the exception of Garret Fitzgerald and John Bruton. In order they were Haughey, a convicted thief, Fianna Fáil,Garret Fitzgerald 1981-1982 Fine Gael,Charles Haughey, 1982 Fianna Fáil,Garret Fitzgerald 1982-1987 Fine Gael,Charles Haughey 1987-1992 Fianna Fáil,Albert Reynolds 1992-1994 Fianna Fáil, John Bruton 1994-1997 Fine Gael, Bertie Ahern 1997-2008, a convicted thief, Fianna Fáil,Brian Cowen 2008.

So I don't need an as*hole like you to tell me to do some "gardening". Perhaps when they let you out of your lunatic asylum you might appreciate the idiots who make the decisions that will destroy your and my children's lives.

Morning pis200306. I knew you could not keep your nose out.

Now !Cagney you say in your "one liner" , "Go back and study English". Pot calling the kettle black, I am afraid. I did not write (sic) "I also believe that's its better to humerous than downright rude." Now, there are two errors. First of all it does not make sense and secondly you have misspelt "humorous". And you dare to tell me to study English?

Now for "one liners" which you claim to be an expert in? One liners are humorous and saying "Forget gardening, go back and study English" or "Manyana, have you ever thought of taking up gardening?", neither of which are humorous (please note the spelling) shows just how thick you are.

Here are a few "proper" one liners:

"Today a man knocked on my door and asked for a small donation towards the local swimming pool. I gave him a glass of water.".

“I did a gig in a fertility clinic. I got a standing ovulation.”

“I had a dream last night that I was cutting carrots with the Grim Reaper – dicing with death.”

They are funny, yours is banal.

Getting jittery now, !Cagney. you missed out a "be" in your rushed reply.

And if you think you are the "master" of the one-liner please don't think of going on the stage.

What has "gardening" got to do with the price of apples and if you think that was humorous, I refer you back to my four year old granddaughter who has a far better sense of "humour" than you obviously do. Are you smelling the coffee yet?

Proves how stupid you are because none of your "one liners" are put downs. Do you want a selection where you mention my name I have heard better from my granddaughter..

If you think those are put downs. Wake up and smell the coffee?

1 cagney,

Does your brain ever get past a "one liner"?

Checking your posts which are full of inanities I see you have never managed more than one sentence.

Is that an affliction or just stupidity?

Isn't it grand to live in the country of as*holes?

Many years ago, Tim Pat Coogan, one of our great writers, editors and raconteurs was asked "What is the difference between an Irish man and an English man". To which Pat said "You lock 20 Englishmen in a room, one will get an idea and they will all get out. Lock 20 Irishmen in the same room, every one will get an idea and nobody will get out".

Unfortunately we now seem to be living in that room.

To me, that sums up the stupidity that exists in this country. Now we all talk about oil and the trouble NIMBY(s) cause and do-gooders who will do anything to be disruptive but the latest shenanigans in Ireland is not about oil but about wood.

Read and weep:

https://www.irishtimes.com/business/energy-and-resources/objectors-stall-production-of-enough-timber-for-5-000-houses-1.4327856

Perhaps they should build the houses out of cow dung as they do in certain African and Indian tribes and get those people who object to live in them during a thunder storm.

I love it when people produce the abstruse.

What "depends on November 3rd"? I think far more depends on September the 26th.

Ireland has become the land of the datacentres and datacentres by definition gobble up resources such as electricity to keep them coo l and keep all those pesky computers running..

Here is an interesting article from yesterday which says Ireland must choose - datacentres or green environment but not both.

This will really soften the Green's cough. Will they ban datacentres too?

https://www.irishtimes.com/business/energy-and-resources/data-centres-will-force-state-to-choose-between-climate-and-investment-1.4324905

Kinsale Energy Ltd is a wholly owned subsidiary of Petronas so I presume Petronas will pick up the pieces if there were a default as they make billions from both oil exploration and petrol distribution.

In fact, I was surprised that Petronas did not join the Barryroe coalition and, in the past, it was rumoured that Petronas actually contemplated a bid for Providence. Could still be on the cards, especially now that the coalition seems to be in place and would certainly mitigate the need for decommissioning of Kinsale.

https://www.independent.ie/business/irish/giant-petronas-eyes-a-600m-bid-for-providence-resources-29090499.html

It would take more than €600m to buy Providence if Barryroe gets off the ground with or without Petronas.

In law "recouped" means "deduct or keep back (part of a sum due)" and since the money for the decommissioning is "kept back" and "deducted" over the life of the field to pay for the decommissioning I don't know if there is an alternative word. "Retained" if you like.

However, I came across an interesting statement which, if correct, could put the Irish government in the firing line for the decommissioning costs of Kinsale.

It said "In offshore oil and gas, the government is ultimately liable to decommission assets that the operating companies cannot afford to decommission themselves. There is some protection given by the fact that partner operators and previous owners of assets are liable before it falls to the government."

So what if KSE just walks away and leaves have the infrastructure in place? Will the Greens pay for the rest or will any law that they or the People Before Profit bring in to ban exploration for gas and oil end up being kyboshed by another Money Message? And given the parlous state of the Irish economy post Corvid 19 and Apple debacle where are they going to find the money?

No wonder this deal with the consortium is taking longer than we expected. It is far more complex than anybody has imagined and get it wrong would cause major long term consequences for the government and the country.

Exactly.

Since Petronas has no use for Kinsale et al. and the decommissioning agreement has been made with DCCAE they must obviously know how much it is going to cost them to decommission. The process with decommissioning oil and gas wells is that the cost of decommissioning is recouped before you decommission so technically Petronas have already got the money for the decommissioning in the kitty so, if they are going to leave the infrastructure in place they will save a fortune which I presume they will pass on to Providence if a deal can be reached..

It is a bit like an IBNR in Insurance where Insurance companies can withhold capital sums against potentially future claims.

On that basis, Petronas and PSE should just transfer the whole lot to Providence for a substantial sum of money they have already retained because Barryroe will have to do the decommissioning which they will have to pay for when Barryroe is exhausted.

Check Slide 37 in the AGM presentation and you will see that Linn has included much of the Petronas infrastructure in what he envisages the Barryroe solution to be.

So, it will be interesting to see what sort of a deal Linn pulls off.

The only way there can be a vote to prevent oil and gas exploration is for a private member's bill to be proposed is a convoluted process. Here is a graphical representation of how it works.
https://data.oireachtas.ie/ie/oireachtas/libraryResearch/2019/2019-06-13_l-rs-infographic-the-private-members-bill-pmb-process-in-dail-eireann_en.pdf#:~:text=THE%20PRIVATE%20MEMBERS%E2%80%99%20BILL%20%28PMB%29%20PROCESS%20IN%20D%C3%81IL,of%20the%20House.%20The%20Standing%20Orders%20are%20written

For example, how long did it take Brid Smith to get her vote? She started in 2016 and in the end she got clobbered on a technicality of "Money Message". So what will happen this time? If it takes any thing as long as that we will have a new government long before that.

Furthermore, it will be how Linn puts his case. If he does the Frank Carson "It's the way I tell them" you could confuse this crowd of zombies till the cows come home.

So, I don't see anything to stand in the way of Linn and the members of the consortium. All we need now is to see how they are going to fund the development. I presume when the group is signed in their credibility will be the basis on which the money is borrowed.

After all, look at Tullow. How much did they borrow and how much do they still owe? In 2017 they had debts of $5.15billion. They are still "stuffed" with debt as they use revenue to defray it but how much would Providence, backed by the consortium, need to borrow? Sequa reckoned only $300m and that was when development costs were high. I reckon you could do it for $200m which, is peanuts in this day and age and you could certainly do it on a rolling basis of say $50m up front.

So sit back and smell the coffee.

Back in 2009, Providence agreed to buy 40% of the Kinsale Head field plus extras for $40m.

https://www.irishexaminer.com/business/arid-30415088.html

By 2010, O'Reilly ditched that deal even though he had paid a deposit of about $2.5m which he fortunately got back.

https://www.irishexaminer.com/business/arid-30459015.html

That whole deal would have given Providence 40% of Kinsale Head and others such as Ballycotton and it would have given them about the same in the Seven Heads which sits on top of Barryroe.

O'Reilly said the deal fell through because of the weak price of oil but I believe it was because Daddy's Waterford Glass was dead, he was broke and since he owned 45% of Providence but was up to his neck in debt to the banks so he would not have the readies to pay his share of the purchase. That, in my opinion, was why they which us why the gave the lame excuse of ditching because of " a different planned capital structure going forward, led us to withdraw." O'Reilly said.

$40m in 2009 would have been cheap at that price so what would it cost now that it is defunct and O'Reilly and his daddy no longer have any interest in Providence? I am sure Linn can do a deal.

Bucklerfern,

Why am I here?

Because I own a bucket load of these shares and the negative sentiments on this board makes me ask why the likes of you and others are here when you are so pessimistic. But looking at your posts I can see you have a pigs ear set of shares which probably means you are living on the clippings of tin.

For my part, I sold these shares when they were "good" and I bought them when they were "bad" post 2015 to the point where I now look at my holding on a daily basis even as they inch up little by little and I think "another good day" may it long continue.

That is why I am here. I see the future is bright and as I don't need the money it is still nice to have.

Not only did O'Reilly agree a deal with Petronas in 2015, within days he agreed a second deal with Petronas and completed neither. I believe he thought he would find oil in Druid/Drombeg and from the revenue drill the well in OPL/1 and take over the 50% of SEL 2/11.

Since Druid/Drombeg was "wet" he did not have the funds to do either.

https://www.offshore-energy.biz/ireland-providence-strikes-another-deal-with-petronas/

They ended up relinquishing both deals as usual.
SEL