Member Info for Manyana

PVR just about held its own on Friday at that "barrier" 3p but if you had bought Providence back in March when they were 1.1p you would actually be sitting on a nice profit certainly in percentage terms.

And since all is now quiet as we wait for the permission to carry out the survey and it being a bank holiday in Ireland this week end a few pounds in the pocket would buy a few cans of beer and a few steaks to enjoy the sunshine.

Over on LOGP, though, there were a few hefty buys on Friday which shows that they had some confidence in the current situation given that Barryroe is their only asset.

ps200306,

Found a few inconsistencies in your statements on this BB but I notice you are just as big an a'hole on the SOU board. Here are a few of your inconsistencies here.

Reason for survey according to Providence :-

"Provide information on seabed and sub seabed conditions to ensure the safe
emplacement and operation of a semi-submersible drilling rig at the well location; "

Your opinion:

"What is the point of another survey? Survey's are sonar scans of the seabed preparatory to drilling. They reveal nothing about the subsurface. The last survey was a complete waste of money."

How do you know? Crystal ball perhaps, probably the one between your legs.

So you know more than the oil/gas experts in Providence who have spent a combined more years than even your geriatric body can possibly hold. Brain addled, I am afraid.

Just one more inconsistencies for the moment.

You said "I said I would always intervene when you're talking misleading nonsense ." Memory loss, probably through Alzheimer's there I am afraid.

Quote;

"I've never filtered anyone for disagreeing with me ... " and "You're on my filter list as soon as I get round to it." and "From here on I'll neither address him directly nor respond to him."

You talk of "inconsistencies". Do you actually understand what the word means?

Plenty more from whence those "erudite" quotes came and I see you are just as obnoxious on the SOU board. Plenty of material there too.

Have a nice day.

No Longwait,

The first three letters relate to a donkey and the second part relates to a pit. I was using phonetics in the hope it would get through but even LSE did not like that. In normal terms it is called an "oronym".

How he thought they could even contemplate any drilling when the survey is scheduled to last three days beats me. Brains where my description of him applied.

I thought he said in the past he was not going to read my posts but he can't resist. That is the inconsistent this "please place description here" is.

PS200306,

If I said black you would say white. The previous set of asterisks was put there by lse but just take it from me a "nice" way of saying it is "you are brain dead". Learn to read before you comment.

Exola request for survey:

"? Provide information on seabed and sub seabed conditions to ensure the safe
emplacement and operation of a semi-submersible drilling rig at the well location; "

So get your facts - dumbo.

Nobody said they were actually going to drill during the survey. They want to see if it can be drilled subsequently and the drilling is to confirm if it is compartmentalised.

The shares SpotOn are just ordinary shares and rank pari passu with all the other shares. As such they can be sold in the market. I did not say SpotOn was going to sell them but if they pull out of the deal they can.

O'Reilly said and Boldy agreed that "The subsurface mapping and geological modeling results have confirmed that the Barryroe structure covers a very large area, and comprises four distinct hydrocarbon bearing reservoir zones." But that is not compartmentalisation.

ps200306,

You are an *******.

SpotOn hold shares which can be sold at a moment's notice and they are really a gesture of good will with the injection of a sum of money going to the company as capital rather than a loan as the APEC money was.

Furthermore, as a "facilitator" SpotOn not own an equity share in EXOLA. The actual ownership of Barryroe oil and gas will be the consortium as they will obviously be putting up the money for the development and for that they will have an equity stake in Exola for that purpose.

That is what the deal, which is to be hammered out, is all about. SpotOn might act as facilities manager of the development of Barryroe but they will not be the final owners of a share.

Think of SpotOn as an Estate Agent employed to sell your house. They get a fee which is probably the shares as the indications are that the consortium put up the money for them to purchase them and, obviously, if the deal comes good the shares will be worth a lot of money.

They have now until the end of October, 5 months, to complete a deal and carry out the survey. If the survey is a success I can see a deal but I don't know how dependent on the survey the actual deal is.

For all our sakes, I hope the survey proves once and for all that Barryroe is not compartmentalised. That has always been the bugbear in the Barryroe saga.

Obviously, it would be interesting if part of the consortium was Statoil - Equinor as it is known now - but if DelBoi is correct SpotOn has a closer links to AkerBP which is a combination of Aker with 40%, BP with 30% and 30% traded on the stock market.

AkerBP has numerous wells in the North Sea but none of them is a "gusher". A deal with Barryroe would be well within their bailiwick.

Now that Providence has the money perhaps SpotOn will be more forthcoming with the names of the consortium and of course in that vein Aker with BP is a consortium.

AJED

I saw that 600k sell earlier on myself but I now see it has disappeared.

Hopefully DelBoi is not a fantasist and he has genuine information but I find it hard to see that he would be party to "insider" information even though he rang after the market closed.

All will be revealed tomorrow if he is not Walter Mitty.

None the less, we are close to the bone with the Providence announcement last week as they gave a definitive "this week" for the payment.

Never mind the Greens bankrupting the country, coronavirus can do that just as well.

Today's Irish Times:

"
Ireland’s incoming government faces having to push through almost €11 billion of spending cuts and tax increases in the coming years to rein in a yawning budget deficit resulting from coronavirus, according to the Irish Fiscal and Advisory Council."

Sackcloth and ashes for us all, I fear.

Any revenue from Barryroe would be gratefully received and needed.

Why the Greens are up their own tails.

Ireland's biggest city, Dublin, houses 1.5 million people and the total population of the country is 4.94 million. Compare that to the Favelas of Brazil, slums where hundreds of thousands live in squalor or even worse, pollution and death, or compare it to one city in India, Mumbai, where more than 6.5 million people (more than the whole population of Ireland) live in the slums of that city alone and consider how our "greens" think they can save the world by reducing the number of f**ting cows in Ireland, - one of their 17 demands - which just goes to show how stupid they are.

I wonder if any of these people have actually ever been outside of Ireland? Many years ago I spent quite some time travelling in Asia. Visiting Kabul, for example, and seeing the people eating, washing, bathing and going to the toilet in the main river I was amazed that any of them actually survived. I asked a doctor who told me that if a child lived to be five in Afghanistan it lived to be ninety but, in the meantime, they have the highest child mortality rate in the world at over 110 deaths per 1,000 births which is horrendous. Now that is caused by REAL pollution.

So I suggest all the Greens take a three-month sabbatical in say, deepest Africa, and when they come back they can tell us how little old Ireland compares. That is, if any of them survive when they catch Malaria, Dengue Fever, Ebola, HIV/Aids, Tuberculosis, Leprosy or any of the other diseases endemic in those countries. But all of these diseases are actually present in the UK and a number of people, up to about 2000 people, catch them every year. But that is not spoken about. But I am sure the same applies to Ireland but pro rata but that is also a guilty secret.

That is the real "pollution" they need to worry about instead of thinking that riding a bike around Dublin is going to have the slightest affect on the health of the world.

So much for pollution and a bit of smoke from gas boilers. Why don't these people get real?

We can only have a Sinn Fein government if the people vote for it and if that is what they get let them suffer the consequences. Sinn Fein only voted for Brid Smith's bill for the sake of it just to oppose the government just as all the crazy promises they have been making hanker back to the election I mentioned in 1977 when Fine Fail just about bankrupt the country by offering "goodies" that were totally uneconomic but got the vote.

But Sinn Fein would surely be better than the current potential idea of making Ryan Tanaiste which is in fact deputy Prime Minister. Now how about that for a bed of roses?

It looks like Fine Fail and Fine Gael are willing to give them almost anything to get into power as they know the next time they will really have Sinn Fein breathing down their necks with the possibility of a United Ireland on the agenda very shortly afterwards. Now that would add a good few unaffordable billions to the economy wouldn't it?

Give me Sinn Fein, who I detest more than the Greens, in preference to the Greens.

I am all for conservation of the planet but hoping that five million people in a world where we are just short of eight billion people can make a difference is crazy. Take Tokyo, Delhi and Shanghai with 37 million, 25 million and 23 million, the three largest cities in the world, and Ireland fades into total insignificance where world pollution becomes an issue.

Years ago Ireland sent missionaries around the world to try and convert them to Christianity. Hundreds of missionaries toiled, worked and died in the most horrendous environments and what did they achieve? Absolutely nothing. In fact they made the whole world issue even worse because they would not preach contraception which might have had some effect on the world population.

Nigeria, for example, has a population of over one-hundred-and-eighty million people with the average age under nineteen. Now what are all those people going to do to even get a square meal never mind living rather than existing? And these Greens think that they are important and can make a difference. Give me a break!!

If I did not live in Ireland I would suggest they invite about twenty million or more of them to come and live in Ireland and then we can start talking about pollution.

So all you have with the Greens is a group of "missionaries" dressed up in laymens' clothes still talking a load of bullsh*t but are delighted to hear the sound of their own voices and it is the old story, "Truth does not belong to the one(s) who shout the loudest".

Hopefully, the talks going on will fall on their faces and we can have another election which Sinn Fein will probably win with a landslide.

And if we are going to get the savage recession some expect thanks to coronavirus then paying about €6.5billion a year for imported gas could be a big headache for Ireland especially if the EU and Trump get their way and all our "nice" multinationals up and leave making a big hole in our balance of payments and with an even bigger monstrous EU debt to pay off.

Who remembers the Charlie McCreevy budget of 2004 or the Jack Lynch budget of 1977 and the wonderful "Celtic Tiger, all of which nearly bankrupted the country and we are now in the position where we could recreate another disaster with that quango made up of Fine Fail, Fine Gael and The Greens.

To sum up Ireland, I had a relative years ago who was a staunch Labour man closely tied into a Labour politician. His mantra was "If you have something I want to take it away from you, and if you have nothing I want to give you the keys to the kingdom". Typical labour and the recipe for disaster which came close to reality a number of times.

So when this country goes bust after that cabal take over where are they going to get the money to pay for such "luxuries" as imported gas especially when there is a ready supply at their own doorstep?

To put the political scenario in this country into perspective, the quote that "It takes idiots to be ruled by fools" seems more than appropriate given the potential government we could end up with in the near future.

We seem to be getting a clearer picture of SpotOn which is good.

While they have failed to deliver the £200k in share purchases it is clear they haven't got any real money themselves but if it does come it proves they are at least backed by a "consortium" and the Norwegians are flush with money.

DelBoi's information is good and at least we have some names to conjure with and the only other real benefit of SpotOn is that it is Norwegian which is far better than the Sequa rubbish that was backed by a "fishy" German and APEC which was supposed to be backed by even fishier Chinese.

SpotOn had amazed me that they would wait 6 weeks to buy Providence shares when the original price was 1.5p. Did they hope that the price would fall during the six weeks they had to buy them - which obviously has failed - or did they just not have the money.

There is also the possibility they were waiting on the survey approval. We are now ten days past the "The public are invited to make submissions in relation to the additional information until 14 May, 2020." so I expect by the end of this week, if there are no objections and requests for judicial reviews that the approval will be given.

At least the survey should prove once and for all that Barryroe is not compartmentalised and hopefully the location of the proposed well is the brainchild of Angus McCoss who has had a good track record with Tullow in find the "sweet" spot in a number of oil fields.

At that point, we should expect that the price will be even a bit higher than the current 3.25p.

"Semper Sursum", as they say, even though it has been far from that over the last eight years.

The failure to pay the £200k makes SpotOn look as shady as the previous two cowboys, APEC and Sequa. The whole development of Barryroe requires somebody with deep pockets and not the clippings of tin.

It is clear from this that SpotOn are just brokers or middle men scraping a buck on the backs of investors. Perhaps Providence should cancel the agreement with them now as they have breached the conditions under which they were granted the exclusivity.

If SpotOn is depending on its consortium for the money then we are back talking to the monkey instead of the organ grinder.

And Linn is just as bad as O'Reilly by putting dates on things that are not delivered. So what's new?

Credibility out the window once more, I am afraid.

Of course Spanish Point could be developed using FLNG which was not available back in 1981. The first real system was only available after 2012.

"A number of major gas and oil companies are still researching and considering FLNG developments, with several initiatives planned for the future. However, the world's first development of FLNG is Shell's Au$12bn Prelude FLNG project, 200 kilometres (120 mi) offshore Western Australia.[15] Royal Dutch Shell announced their investment in FLNG on 20 May 2011 and construction began in October 2012.[16]" It only shipped its first "fruits" in 2019.

At least a floating system, 90km off the coast of Ireland would solve many problems. If the gas and oil was not taken ashore in Ireland the "Green noddies" could not object.

So, as they say "many ways to skin a cat" or a rabbit if you prefer.

Are you familiar with the politics that cost Shell an extra $2.5billion to build Corrib?

If you were, you would know that logically a landfall is the best bet but your chances of getting it built with the NIMBY(s) breathing down your neck along with our friends An Taisce and An Bord Pleanála who scuppered the first Barryroe survey with a judicial review.

And if you had landfall, what cost would you have to pay to build the refinery? After all, the biggest cost in Corrib was the underground tunnel with the pipeline and building of the Ballanaboy gas terminal.

So, the cost of the pipeline to Corrib would be about 10% of the cost of landfall and a new gas terminal and no politics to get in the way.

Also remember the oil and gas was discovered in 1981. What do you think new technology could add to the development now to increase the original estimates? And, in fact, it was estimated back then that Spanish Point held about 1.5 times the oil in Barryroe.

You obviously haven't a clue how Irish local and governmental politics work or you would not contemplate a landfall when you consider it took Corrib from 1996 to 2015 to be developed. We will all probably be dead if it takes that long for Spanish Point.

ps200306,

Why do you think Iniskea is a better bet than Spanish Point just because it is closer?

A few facts.

Spanish Point is a proven gas/oil discovery but was never developed because of lack of infrastructure which is now there in Corrib. Iniskea has never been drilled and Europa themselves say it is a one in three chance of success.

In the light of Brid Smith's eyes, Iniskea is a potential "stop the drilling" but they cannot stop Spanish Point because it is already a find.

Last year, Europa said that a major North Western European Oil Major had looked at Iniskea and decided against buying in. I wonder who they were? Statoil (or as it is now known as Equinor) perhaps who have an investment in Corrib? Probably. So that is a dead duck.

Even for Iniskea to find gas or oil it has to do a survey. So what part of the "nearly a thousand square kilometres" would you like them to survey?

So Spanish Point proven with a potential uplift, therefore no legal or political reason why it cannot be developed whereas Iniskea is still pie in the sky and a good target for the likes of Brid Smith or the new rabble rouser, Catherine Martin of the Green Party who is probably going to take over from Eamon Ryan as leader of that party - Brid Smith with horns on.

So Iniskea might be flowing with oil and gas but as yet unfound. Spanish Point proven gas/oil with possibly far more to come so development cannot be stopped even by the Greens. Pipeline to Corrib small potatoes in the world of gas pipelines.

Only in your head JH77.

How long is the distance between Spanish Point and Corrib and how long is the pipeline between Corrib and Bellanaboy Terminus? You will find that from Spanish Point to Corrib is about one-and-a-half times the length of the pipeline and it is only a baby in the greater world of gas pipelines. How far is Bellanaboy to Galway underground and from Galway to Dublin?

The pipeline from Spanish Point to either of those fades into insignificance as it is always cheaper to put a pipeline under the sea than digging yourself through hundreds of miles over land.

For example, how long is the pipeline from Moffat to Loughshinny which currently supplies gas from Norway and the UK and on which Ireland depends but could come up short if and when the UK leaves the EU and wants its own gas for itself.

Gas pipelines run for hundreds of miles.

Yes Longwait,

People are forgetting about Spanish Point but look at the facts. Not my quotes by the way.

"Spanish Point, an Irish Atlantic Frontier oil discovery dating from 1981, is almost certainly commercial, according to its operator Providence Resources."

"Most likely peak field production in all volumetric cases would be about 250million cu ft of gas and 30,000 barrels of oil per day (72,000 barrels oil equivalent per day)."

But the most important fact is:

"The discovery was not appraised due to lack of gas infrastructure and market in Ireland at the time. In 2004, Providence with Sosina licensed the discovery and following in depth subsurface and pre-development studies"

So there you have it. It was not developed because of "lack of gas infrastructure. But that was long before Corrib came into existence and when you consider Corrib was estimated to cost $800m and ended up costing $3.2billion and when you consider that revenues last year was about $400m and profits say of $200m that will take about 18 years to generate enough profits to pay off the initial investment and by then Corrib will be well and truly exhausted. So what happens to it then?

Obviously tying Spanish Point into Corrib solves all the problems and extends Ireland's non-dependence on imported gas. And furthermore, one of the owners of Corrib is Statoil which is Norwegian which ties in nicely with SpotOn.

And who in Ireland could ever stop Providence tying gas from Spanish Point into Corrib? Not even Brid Smith or big mouth Ryan for that matter.