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That says actually nothing about the $9m. All it says is Providence are going talk to somebody else in case the APEC money does not arrive. Up to that point APEC had an exclusive, but no more.

That was the last we heard so APEC have to be still in the deal or otherwise Providence would legally have had to inform us, which they have not to date, done.

ESB is closing two peat driven power stations by end of 2020 with loss of 90 jobs.

This is further support for the green brigade and it will increase further the need for oil and gas.

https://www.newstalk.com/news/esb-close-two-midlands-power-stations-922942

Catholic Ireland still has its missionary image to uphold. But no longer is it the spread of Christianity but the spread of "green goodness" we are now preaching to the world. "We will show them how to be good and green".

Perhaps Brid Smith would like to take a trip to Delhi which is currently suffering from more pollution in a day than Ireland produces in a year which is mainly caused by industrial production, vehicles and farmers burning field stubble and it is expected to continue until January. By then many multiples of the people of Ireland will be dead from it.

So let us start a petition to send Brid Smith and her claque to India and when she has reduced its pollution by, say, 10% we will listen to her. All the Green party is doing in Ireland is driving a bandwagon called "The Useless DoGooders".

Read the current situation in India and China and thank the heavens this is not what Ireland is suffering from because, between them, about 500 million people are in dire straits.

https://www.ft.com/content/b642c112-015a-11ea-be59-e49b2a136b8d

What they wanted was for the judge to instruct the Ceann Comhairle to restore the motion to the order paper."

Without that, the bill is dead in the water.

Game over, I think.

What a question. Plenty thank you.

I could invest more but like most people on here, having now been in this share for over ten years, in and partially out, I need some confirmation from baby as to what is going on. For example, we are now nearly a month and a half since his last pronouncement and still we don't know where the $10m is. That does not breed confidence and this is now all about confidence.

So, by the way, how much have you invested in Providence and Lansdowne?

I

Big mouth, pea brain Brid Smith has a date for her legal challenge to the "money message" on 17th December.

https://www.irishexaminer.com/breakingnews/ireland/tds-legal-challenge-of-dail-money-message-procedure-to-be-heard-before-christmas-962464.html

At least the judge had a bit of sense and "refused to grant the TDs a temporary injunction requiring the Ceann Comhairle to suspend the effect of his refusal and to restore the motion to the order paper."

Ireland badly needs a general election and a majority for either Fine Fail or Fine Gael. This pile of rubbish which keeps putting its head above the parapet needs to get it cut off.

The judicial review is a bit of a mixed bag.

In his ruling on Wednesday evening, Mr Justice Garrett Simons gave Solidarity-People Before Profit TDs Bríd Smith, Richard Boyd Barrett, Gino Kenny and Paul Murphy permission to bring judicial proceedings against the Ceann Comhairle Seán Ó Fearghaíl after finding they had raised an arguable case.

But their request to have the debate reinstated was refused. Injunction ordering change to Dáil order of business refused. The judge said the Dáil had voted on the order of business for Wednesday, which did not include the motion submitted by Deputy Smith. He was not prepared to make any order that would interfere with that.

You can read the rest at

https://www.irishtimes.com/news/crime-and-law/courts/high-court/tds-granted-high-court-hearing-of-challenge-against-ceann-comhairle-1.4074299

But because the judge would not compel the caenn comhairle to reinstate the bill for discussion the council for the trouble makers had to admit that "The decision, he said, meant they had permanently lost the chance to have the issue debated in the Dáil." Which would mean Brid's bill is now for the birds.

Hopefully, now, they can just fade into the mist and stop causing trouble.

Brid Smith and Paul Murphy are seeking an injunction in the courts to day to claim that "money messages" are illegal in stopping bills in the Irish parliament. Such a principle was used to ban all oil and gas exploration off the coast of Ireland.

Hopefully this will be her last attempt to get this discredited. It is actually stated in the Irish constitution that "money messages" where the government has the right to say that a bill will cost the country money can prevent a bill from being passed.

Note: "The constitution stops opposition members from progressing bills that would involve the appropriation of public money." Seems pretty clear to me but then the law is an ass so who knows what decision will come out.

https://www.irishexaminer.com/breakingnews/ireland/opposition-tds-seek-injunction-over-decision-to-disallow-new-bill-due-to-be-debated-in-dail-962147.html

We should know later today unless the judge reserves his decision to a later date.

Unfortunately the Irish tax take will only come into effect when all the costs are paid off.

These are the rules Pat Rabbitte put in place back in 2014 before the 2015 round.

https://www.independent.ie/business/irish/pat-rabbitte-to-hike-taxes-on-oil-and-gas-finds-30366250.html

The only issue is the costs associated with the find. All costs to date are tax free until they are paid off. The biggest mistake there was for those NIMBYS up in Mayo creating havoc which rocketed the costs associated with Corrib. Now the Government is suffering because it is buying the gas at market value but in the meantime the partners can claim back €3.6 billion before a penny tax because that was what it cost to develop. No wonder a pension fund bought out Shell's interest at a knockdown price.

So, hopefully the costs associated with Barryroe do not go the same way. O'Reilly does not mind because he knows it will be developed at some stage and in the meantime all the costs accrued are added up and will come off the top when development takes place and the oil starts flowing.

There is an interesting point in the granting of licenses. It states that any oil or gas found in Irish waters has to be sold to an Irish arms length "resident" being that individual or company. So technically APEC being Hong Kong could not take the oil out of Irish waters without an Irish presence and it has to be at arms length. Technically they could sell it to CNOOC International because that is the old Nexen.

Simple. I have done my 45 years, have a nice hefty pension, and can sit back and watch fools like you speaking out of their rear end as they become a burden on the country as they collect their dole.

And you and your "expert" want to close down Moneypoint to add a few hundred more souls to the others who have little or no chance of finding work in the remote landscape of West Clare and little or no chance to finding work elsewhere in Ireland where purchase of property is out of reach.

Moneypoint was developed specifically to run on coal because at the time coal was cheap, even though it can take other things such as oil, gas and coal was chosen back when pollution was not an issue.

As for its generation here is a quote "Converting the Moneypoint coal-fired power-station, the largest single producer of greenhouse gases in Ireland, to burn sustainable biomass, is cheaper than building and operating more onshore wind farms. Furthermore, security of supply could be assured, with scope for developing a sustainable domestic biomass supply-chain and many ‘green jobs’.

As for its generation capacity "Moneypoint is one of Ireland’s largest generating stations with a total generation capacity of 915MW, making up over one-fifth of electricity generation in 2016."

As for using Canadian wood it seems that is being wiped out by turning it into toilet paper where each American, based on usage,uses three rolls a week. I bet our "learned friend" here probably uses more than that as he has a big area to clean.

And for a bit of history, back in the 1970s a team I worked with developed telemetric software with ESB to monitor the electricity passing through the North/South electrical inter-connector except it was blown up by the IRA every time it was fixed and so was abandoned until the 1990s.

So, friend, I now quite a lot about the ESB having consulted there on more than one occasion.

I am not pro Chinese. If you read my statements, I would much prefer to see Total join up with Providence to develop Barryroe. Alternativly, I would even prefer CNOOC International, (Nexen of old) become the partner.

As for ramping the shares. I am sitting on loads of Providence shares and Lansdowne shares bought for a song and I am very happy to hang on to them. In fact, at the current ridiculous prices, I am adding to them so why would I want to ramp them to drive the price up? Get real.

As for Providence being stronger now which people disputed what do you think would happen if all things were rosy in the garden and you still had that hanger on John O'Sullivan with those other non-entities and irrelevant non-exec Directors. At least he did not make any money out of his 9 million options.

In fact, one of the possible issues with APEC is its availability of drilling ships from COSL. COSL recently entered into a big deal with Ludin for a number of wells in the North Sea so what drilling ships will be available in the APEC deal if is back on? COSLInnovator which was said to be on standby to drill Barryroe is no on a long contract in Norway.

Did I say Moneypoint could produce 25% of Ireland's electrical needs from coal? I said Moneypoint could produce 25% of Ireland's electrical needs. It seems in the past it was actually producing 75% of Ireland's electricity.

And it was not I who said Moneypoint could produce 25% of Ireland's electrical needs it came from somebody far more knowledgeable than you and your "expert" where it is stated that

"The station operates largely on coal, making it both unique in the context of Irish electricity production and the country's single largest emitter of greenhouse gases.[3] It is capable of meeting around 25% of customer demand across the country."

It is "capable" of meeting about 25%. That does not mean it is spewing it out 24/7.

I suppose you will not be happy until it finally closes "in a year or two" based on your "expert's " opinion and another hundred plus join you on the dole. Won't do a lot for the economy of West Clare as it is the second largest employer in that area.

Giving me the link to the ESB toy to please the public which you listed today just proves today that the wind is blowing a gale and producing heaps of electricity. I am sure when the sun shines as well there is not the need to produce so much at Moneypoint. But what happens when neither sun or wind work and Brexit shuts down the connector between Rush and Wales? Will you be happy then as you whisper into your Bovril "my Moneypoint expert" was right even though the lights have gone out.

I know you won't understand this but the writeoff by ESB of Moneypoint was for Capital deprecation. It was not that it thought Moneypoint was worthless.

I know you are probably on the dole down there on the West Coast and living on the clippings of tin but here is the official statement by Deloitte for Ireland which explains exactly why ESB wrote down Moneypoint.

https://www2.deloitte.com/ie/en/pages/deloitte-private/articles/tax-depreciation.html

My suggest if you do not understand it ask your "expert" from Moneypoint to get the management to explain it to you.

Providence are actually now in a very strong position because they have given up the hope of being a big player in the oil market and are concentrating on leveraging their licenses.

Obviously we would be delighted if somebody came in and bought them. Back in about 2013 it was rumoured that the Indians had offered $1.5 billion for a full takeover. With 60m shares at the time that would have made every share worth $25. If the same deal came up now with nearly 700m shares each share would be worth about $2. Still not to be sneezed at.

So we don't actually know what they are doing and what they hope to achieve by slimming down but Pat Plunkett is a consummate deal maker and you can be sure he is not sitting on his hands. He is not in Providence just to pass the time.

But like any bet you put in your money and you take a chance. At the silly prices these shares are now and with over half the company owned by the institutions do you not think at some stage they will go back to about 15p at least which they were when they drilled Druid/Drombeg.

As John Milton said "They also serve who only stand and wait". Unlike Godot, I think our day will come.

Talk about "spin". You are full of it.

You post an item about Moneypoint being "worthless" when you do not realise how financial statements are made up and "writedowns" are nothing more than an accounting adjustment against the value of the company. It does not mean Moneypoint won't be using coal unto and beyond 2025. How do I know? The ESB, who own Moneypoint say so.

Yes, Moneypoint is winding down between now and 2025 but in the meantime it continues to burn coal. Here is the latest statement on job losses as it reduces dependency on coal.

https://www.irishtimes.com/business/energy-and-resources/esb-to-cut-jobs-at-coal-fired-moneypoint-power-plant-in-clare-1.3950579

So please get over your verbal renal retention and take a good dose of senna pods. That should clear it, if not your head.

Here is an interesting article about getting money out of China which is fraught with issues.

https://www.chinalawblog.com/2017/06/china-payment-risk.html

Reading the document dated 16th September saying the survey had been done the following information was also supplied.

(the“Barryroe Project”).SEL 1/11 is operated by EXOLA DAC ("EXOLA"or the “Operator”, 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited (“APEC”)and Lansdowne Celtic Sea Limited ("Lansdowne", 10%), collectively the “Barryroe Partners”.

You will note from this that APEC was included in the partners.

The next part of the document then goes on to say:

"The Barryroe Partners confirm the completion of the Barryroe site survey, which comprised a seabed debris clearance, environmental baseline and habitat assessment survey over proposed well locations A & B inthe Barryroe field within SEL 1/11. "

That would appear to say that APEC was party to the approval of the surveys. As I said before, there is no record as to where the money came from to do the surveys unless Providence had enough in reserve but it only had a pittance in the accounts as of 30th June. So where did it come from and if APEC was defaulting why were they part of the decision to do the surveys?

While we all thought that historical licenses could still look for oil based on the wishy-washy statements from the government up to now this statement really nails it and removes any doubt since it is a governmental statement of fact.

So, in effect, Providence could not actually complete the deal with either APEC or A.N.Other until this statement was made. Nobody likes uncertainty.

As you say, "Tony get the fecking deals done now" probably means he was not able to do it until it was written in stone.

After all, with that harridan Brid Smith out there shrieking about stopping all oil and gas exploration there was always the possibility that the government would not have the cojones to make this decision.

As you say, now it is in stone, yes, lets get the deal done and start drilling Barryroe.

ranger4,

Do you think some poor gobs**** got up in the middle of the night struggled into the Examiner office, realised he had nothing to write about so he wrote "old news" only for you to tell him he should have stayed in bed with his "old news".

This might appear to be "old news" but is in fact "new news" as it lays out clearly and definitively the government's rules associated with exploration for oil and gas around the shores of Ireland. It is now cast in stone.

Yesterday, the Irish Government published its position which means it is now cast in fact not speculation. Read:
https://www.dccae.gov.ie/en-ie/news-and-media/press-releases/Pages/Government-Agree-Terms-for-Oil-Exploration-Ban-.aspx

A nice fudge by the government. At least it is now definite.

https://www.irishexaminer.com/breakingnews/business/no-halting-offshore-oil-deals-960820.html