Member Info for Manyana

It is all about playing the game.

If Linn the case that they are going to use Seven Heads, Ballycotton or Kinsale for carbon storage how can the Greens counter that. It is not the first time this was mooted. Even as far back as 2008 it was considered when:

"In 2008, the gas field was proposed as a potential place for the purpose of carbon dioxide capture and storage. A number of small fields now feed the Kinsale Head platforms including Ballycotton (discovered 1991), Southwest Kinsale (1999) and Seven Heads (2003). Southwest Kinsale was later used for gas storage, primarily for the winter months."

So two possibilities; use the defunct gas fields as carbon storage or use them as gas storage potentially fed from Barryroe.

As for the six potential partners not wanting their names divulged at this point must indicate they are of serious nature as "small" players normally want their name out there as a form of advertising. Remember the adage" say what you want about me but make sure you spell my name correctly."

Furthermore, when the names are announced me I expect the share price will get somewhere near the price it was after the APEC deal was announced las year and you will see from the above that the high was 11.75p. I would be happy with that. Would you?

This is where Providence will bring its oil and gas ashore. Sounds a bit like the conversations on this BB.

https://www.irishexaminer.com/lifestyle/relationships/arid-40020617.html

People here forget on of the most important facts about Barryroe and that is " Barryroe is the largest offshore oil discovery in Ireland. It underlies the Seven Heads field in the North Celtic Sea basin,"

In other words, to get to the Barryroe oil and gas you go through the defunct Seven Heads gas field. So, who owns the defunct Seven Heads Gas Field? Technically it belongs to Petronas but what use do they have for it since it is now defunct?

So, there is nothing stopping Barryroe from Linn's suggestion to use it for carbon storage. This was aleady mooted in 2018 when it was suggested that Ervia, previously called semi-state Semi-state body Bord Gáis, was interested in this approach.

Article: https://www.irishexaminer.com/business/arid-30838076.html

So why would Povidence not do this in conjunction with developing Barryroe. That would surely soften the cough of the Green Party as it helps to reduce that pesky carbon which seems to have addled their brains.

JH77,

When in the last ten years did you hear of Providence signing "binding term sheets"? I don't remember that and I have been here far longer than ten years.

I know "binding term sheets" are like getting engaged but that does not always lead on to marriage but it is normally a bit more than the old Irish "engagement" which had two forms; getting engaged in order to get her into bed and getting engaged to get married. Take your pick as to which these are.

I know they did sign a MOA with Shell for off-take of oil from Barryroe but that was not much use when you were not actually producing any oil.

Can you tell me when they last signed "binding term sheets" as they are legal documents?

I await your response with bated breath and I will probably suffocate before I get a response from you.

I was busy doing some "computer" spring cleaning.

To keep my brain active in this corvid-19 I have been developing software using "R", Python and Visual Studio and I did not want to insult ps200306 today after he said he told us about his affliction.

As you will note from his post to me, he said "Manyana, I fear Alzheimers has set in." So, I did not want to tax his brain now that he has Alzheimers. I wonder how long he has had it? probably years given his posts.

I did ask him what he understood by "binding term sheets" but he failed to answer.

For myself, I believe that is a big step forward and shows a level of commitment from the six members of the consortium. They could have been "non-binding term sheets" which would put them in the APEC class but I think there is more lien when they are "binding".

Furthermore, with six members of the consortium, if one or more jumps that still leaves a goodly number.

So, I would like to send my condolences to Ps200306 on his affliction and hope his brain cells do not diminish too fast, at least not before he is aware that Providence have done a deal.

The problem with you ps200306 is you are a total pessimist.

You seem to disagree with anything and everything Alan Linn says so what do you understand by the statement that SpotOn have six "binding term sheets" with potential members of the consortium. What do you understand by "binding term sheets"?

Today Linn pointed out that SpotOn "have "binding term sheets" were in place with the six consortium members participating in the Barryroe Field appraisal and development project."

If they all sign up and then Ryan does not sign it off, Providence can sue the hind legs off the government, There is no legal constraint on the Barryroe license. The government have made that plain. Only "future" licenses are affected.

In fact, the cost benefit analysis Linn enunciated was exactly the same as I put forward some weeks ago and you had the temerity to disagree.

So it seems Linn and I sing from the same hymn sheet while you are singing from a back issue.

Furthermore, your maths is lousy. Were you brain dead when you said " to access Barryroe's potential which is 97.5% oil". Barryroe is estimated to be 311m barrels of oil and 35m barrels of gas. When was 311m 97.5% of 346m? It is actually 89.88% which means the gas is over 10% of Barryroe as compared to your 2.5%.

Time you woke up and smelt the coffee.

I thought you said I was looking at Providence through "rose tinted glasses". I was just pointing out you were talking out of your rear end when discussing them.

And never the twain shall meet.

Ps200306,

After the presentation,I had a terrible experience where I was going back through your posts to where you said Barryroe would never be developed, the gas was insignificant and it needed an oil price of at least $40 to have any chance which was totally contrary to what Alan Lynn said in the presentation.

Unfortunately, I had to give up as I was feeling too nauseous after also having to read some of the obnoxious posts you put out about SOU. So can you find the relevant posts for me where you were totally negative and republish them?

I hope if Lynn is going to talk to Eamon Ryan he makes sure he is awake first.

For those who do not know the story, Eamon Ryan was filmed fast asleep in the Irish Parliament last week during a critical vote. In fact, when he woke up to vote it is possible he voted the wrong way around. And he is responsible for permissions relating to oil and gas exploration.

Here is the proof of his snooze.

https://www.msn.com/en-ie/news/other/eamon-ryan-deeply-regrets-falling-asleep-during-dail-vote/ar-BB16W4Tf

Just finished listening to the AGM presentation.

Very badly handled when you could not hear the questions but had to interpret them from Lynn's answers. And who was the gob****e "Tom" who obviously hadn't got a clue as to how a company works as he wanted the shareholders to vote on the farm-out.

Obviously we all wanted to hear who the consortium was but, until a deal is done, we are not going to know that but it is obviously well under way.

It is also clear from Lynn's slide that they are working towards getting hold of the depleted gas fields so one interesting thought is whether or not Petronas is part of the consortium as they still own them and have to spend a lot of money decommissioning them so a deal with Providence could be beneficial for both parties.

The graphic outlining the interconnections for both the oil and the gas is interesting as one of the paths was to a food production centre which obviously the "Greens" could not object to as it has no impact on the environment other than possibly causing a few more "belching" cows.

I was amazed that some idiot asked the question "Do you think Putin is funding the Greens?" Now what would have happened if Plunkett or Lynn said "I think so". Perhaps the questioner would have been better asking "Is Soros funding the Greens?"

Will wait for the slides to be put online as there was too much waffle between Lynn and "Tom" which proved you can own shares even when you are brain dead.

Not rattled - just right.

1cagney,

I equally refer to mine which proves you are taking through your rear end.

1cagney,

Since when did you become an apologist for Tony O'Reilly?

To paraphrase you, "Poor Tony, he could not develop Barryroe because he did not have enough money."

I never heard him say that or anything like while he plundered the money he raised $100m by issuing 13.1m shares.. "Providence Resources has raised $100m with a placing of 13.1 million shares with a series of institutional investors." Why didn't he issue 26.2m shares and raise $200m which would certainly have covered the cost of the first phase of Barryroe and got the oil flowing which would have, in turn, paid for the further development.

I never heard O'Reilly say he had too little money to develop Barryroe. Where did you get that information from? Here is the sale of Singleton in 2012 where he paid off all debts and came out with a surplus of $22m.

"SALE OF ONSHORE UK ASSETS TO IGAS ENERGY PLCOn September 28th 2012, the Company announced that it had entered into anagreement with IGas Energy Plc to divest its UK onshore production and development assets (Singleton, Baxter’s Copse and Burton Down) for a total gross consideration of US$ 66 million. This transaction, which closed in February 2013, allowed for the repayment of all outstanding indebtedness to Deutsche Bankof $44 million, leaving the balance of the gross sale proceeds of US$ 22 million available for general working capital purposes. The transaction resulted in the Company being debt free."

So, he had $100m and he could have added the $66m he got from Singleton by not repaying the Deutche Bank loan which would certainly have covered the cost of an initial development of Barryroe when it was only in 100m of water.

So, I never heard him say he did not have enough money to develop Barryroe. That is clearly a figment of your imagination.

Is this gentle share price rise an omen for a good announcement on Monday or is it just "living in hope"?

As they say "A nod is as good as a wink to a blind horse" which is the adage which says you can never prove insider trading.

Many years ago I met a drunken solicitor at Lansdowne Rugby Club on a Saturday night - (great place to meet the ladies as they loved hot and sweaty rugby players). He staggered up to me and said," if you want to make a few bob buy Navan carpets because they are going to take over Youhal". But he was so drunk that he followed that with a glazed look in his eye and said "Or is it Youghal are going to take over Navan?" At which point, I vituperatively informed him that he was giving me a load of horse manure as I could only make money out of the company being taken over. In fact, in the end, Youghal bought out Navan and it was then subsequently sold to Coats Vyella and I did not make a "sou" out of my insider information because of my "blind horse".

Since you obviously haven't got a clue let me enlighten you on a few facts after your irrelevant statement.

When O'Reilly raised the $100m he could just as easily have raised $300m as the market capital of the company at the time was close to $1billion which would have been more than enough to develop Barryroe especially as he said he was going to develop it with some of the money he got for the $100m.

Facts:

He sold Singleton for about $80m and he sold the Mexican gas for about another $20m which meant in total he had nearly $200m in his pocket and that would have developed a great deal of Barryroe on a rolling basis.

At the time he raised the $100m, his father had about $400m worth of assets in the company's shares which could also have been used to develop Barryroe as they could have borrowed probably another $200m against that and they would not have had to spend a penny of their own money but were quite happy to squander yours and mine.

So compare a capital value of $1billion against a current value of about $50m and you realise what a perfect a**hole he was.

So please stop squirming and next time I suggest you do a bit of research because all this information is on the internet .

1Cagney,

You are a simple soul. As you say, $100m would not have developed Barryroe. But here is your homework for today.

How many shares did O'Reilly sell to raise the $100m? What other assets did he sell at the same time and what was the market capital of Providence when he raised the $100m and what was his daddy's equity in the company worth?

I await your answers and you might be surprised, if you can do those figures what a waste of time O'Reilly was and why the institutions that stumped up the $100m probably never forgave treating his a a pariah.

The reason why the O'Reilly issue is important is because it answers one of the conundrums about Barryroe and that is "why did O'Reilly not develop it when he said he had the money to do so". He raised $100m in 2012 on the back of developing it and then squandered it without spending a penny on Barryroe.

Answer that and it puts to bed the doubts that have existed around the Barryroe field from its discovery in 2012.

I await your suggestion if you have a better one.

The big issue for Providence post 2012 was not baby o'Reilly but daddy O'Reilly.

People forget that daddy owned up to 40% of the company. This is old news. quote: "Providence Resources Plc, an Irish-based oil and gas exploration and production company, in which he holds a stake of at least 40%. The company has interests in Ireland, the UK, the US and Nigeria."

He had to sell his interest in Providence during his bankruptcy to pay off AIB in 2014 to the point where he now owns nothing "directly" in Providence.

I believebaby O'Reilly was playing fast and loose with Providence for if the shares had rocketed while Daddy was still a shareholder he would have had too much equity and value to declare himself bankrupt and his court case with his nurse would have had a totally different complexion.

As far as I know, the case is still going on as the nurse won a case last year which said she was entitled. This was some nurse.

https://www.irishtimes.com/business/companies/anthony-o-reilly-s-former-assistant-records-win-in-us-court-1.3839305#:~:text=Tony%20O%E2%80%99Reilly%E2%80%99s%20former%20personal%20nurse%20and%20assistant%20has,successfully%20argued%20in%20the%20US%20bankruptcy%20court%20

Nor is O'Reilly short of a few bob when his wife according to Wiki is said to be worth $2.5billion from investment in real estate which she inherited from her father, Goulandris the Greek shipping magnate.

Good news that Ireland and Apple have won their appeal for the 13 billion in the European Court and second that Huawei have been "stuffed" in England.

Where did Huawei get the technology to develop 5G when twenty years ago it was a small electronics company yet " It overtook Ericsson in 2012 as the largest telecommunications equipment manufacturer in the world".

I have a friend who was, in his day, an Ericsson technician. In the 1990's he spent numerous trips in China installing telephone exchanges. So ask yourself where did Huawei steal the technology as it took Ericsson years developing it?

Thank goodness the world is finally waking up to the fact that China is a pariah before they start the Third World War. After all, the famous cargo of plastic ducks bound from China to America, which fell on the ship and thousands of them floated away are still turning up in some of the strangest places on the planet.

Finally, the thought that Providence could have "frigged" the Barryroe find back in 2012 is ludicrous. It was independently verified by Haliburton which Mackay worked for and also by Wood Mackenzie.

His company NRG was involved back then as in "NRG provided services on the Barryroe project between 2011 and 2012, when the field was discovered to have 346 million barrels of oil equivalent. "

So, at 69, he is not back to pick his nose. He is obviously aware that Barryroe is now a runner and he is here for his last hurrah.

The team at Providence must be pretty confident they can get Barryroe off the ground because none of them will ever see their confirmation money again. Talk about a "Dad's Army" and you certainly have the making of that with the crew now running Providence.

If you take MacKay; he is 69 years old - time to put your feet up - but he has taken on a project, which at best will take three years to get anywhere so why has he taken it on? Certainly not if he thinks it is a bummer. You don't need that at 69 if you are just keeping a seat warm. You might as well go fishing or play bowls.

So ne must know something about Barryroe that we are not being told. After all, he was in at the discovery in 2012. So this has to be his swan song and nobody wants to go out on a dead duck.

Hopefully next Monday something if not all will be revealed.