Member Info for Manyana

The Green light. This is far more important than the money now that the go-ahead has been given for the survey.

Let us now see what the share price makes of this.

That has nothing to do with EXOLA or Providence. Some are an arrangement between CNOOC and Europa which might be confusing people.

I could be wrong of course and I am happy to be put right.

What quote exactly on page 19 says there is a tie up between CNOOC and Providence.

I haven't found it - but then I am old, rheumy eyes and a slow brain - so perhaps I missed it.

Fexco and delayed fund transfers

Fexco is one of the major financial institutions in Ireland and is the owner, among other things, of Goodbody Stockbrokers.

In the following you can read that "This can potentially delay a transfer by weeks due to the recall and re-sending of funds with amended correct details."

Read all the issues at:

https://fexco.com/fexco/news/how-long-international-bank-transfers-take/

At least we know the money is somewhere in the middle between APEC and Providence.

The only issue now would be whether it was constituted an invalid transaction and rejected by the banks.

As for the rest of the money; I expect if this transaction gets through the rest will follow because there will be precedent where both ends of the transaction are cleared and so the same procedure will just get nodded through.

There is so much checking now for "hot" money that the whole system is grinding to a halt so anything that speeds it up will be a benefit. After all, the "breaking news" about the gold in Heathrow today was actually found on a plane in June but it has taken until now to be approved by magistrates as Proceeds of a Crime Act and therefore seized.

So, it would seem that delays are to be expected and are not of the sender's or the receiver's fault.

The last date for a JR is three months from the date the approval is given. So the time has not yet started because we are still waiting for the approval.

You can only appeal an approval when the department gives it.

Good news as long as part of it was not made up of the $5m in gold seized in Heathrow this morning.

https://www.dailymail.co.uk/news/article-7267641/National-Crime-Agency-seizes-4m-gold-bars-Heathrow-Airport.html

They are obviously getting "hot" on money laundering.

Looks like they are now more confident that it is just logistics and bank procedure holding the money up.

Will that be enough to please the market?

I don't presume that the APEC money is contingent on the license/approval but I would suspect it has been delayed because of the judicial review of the approval and the Brid Smith bill which came to the Dail in July last year, was passed by a majority but fortunately foundered on the rocks of a money message.

Remember, this money is repayable to APEC out of profits from oil if found so I am sure Providence did not want the money back then because it would have started to incur interest at the rate of LIBOR + 5% from delivery which would be a waste as they have enough money themselves without the loan.

Hopefully, all will be revealed this morning and the money will be transferred into Providence's account and hopefully will be followed by the approval which should be a formality but who knows how An Taisce's mind works. At least Brid Smith's bill has now been put to bed and will not get in the way.

I wonder if Brid forgot that Ireland's only refinery is Whitegate which is owned by a Canadian company, Irving Oil.

It processes 70,000 barrels of oil a day but where does the oil come from? Since Irving is a major refiner of oil in Canada has she checked if Canadian oil or American oil is being processed in Whitegate? And has she checked if the oil is "natural" or "fracked"?

I suspect if it is coming from America or Canada is "fracked" then surely that is a bigger sin in Brid's world than taking it out of the ground of the coast of Ireland.

Perhaps she reads these items and might answer. I might even email to find out what she thinks of using fracked oil.

You are not as badly off as I thought and your 50p, in my opinion, is well achievable.

If we can get the approval then I expect APEC will come up with the money. I suspect APEC put the money on hold last year when An Taisce put in their request for a judicial review and it looked like the whole process would come to a halt and the Chinese have been waiting to see if An Taisce are going to appeal against.

There was also a statement the last time from An Taisce that they were not given enough time to formulate their appeal until late so I presume the department are giving them reasonable time this time and that is what is causing the delay.

I have checked all the things the nose parkers have been doing since the last data was posted on the DCCAE site and there has been many items but nothing about EXOLA. So things are looking and you can check out what they have been up to and if you go back far enough you will find their objection last year to EXOLA and the flimsy reason they wanted a judicial review. Check it out at http://www.antaisce.org/news

So, no news is good news because it is a basic requirement that you formulate your case as quickly as possible even though the actual three months for the request dates from the time that the decision is made.
I am sure if An Taisce had a case they would be publishing it on their site even if they had not formulated the case.

Decision hopefully this week and given the amount of effort EXOLA has put in to furnishing the items that An Taisce used to call the first judicial review I fail to see what case they can bring this time.

Poor Mamms. The more he moans the greater is my belief he has had his rear end truly burnt by Providence and Lansdowne over the last years?

Perhaps, Mamms, you can you tell us how many Providence and Lansdowne shares you have and what is your average price so that we can sympathise with you if you are in the "dog house"?

For myself, I don't care if the money is on its way or not. What I want is for the permission to be given. After all, O'Reilly said if the money was not forthcoming they would do an equity raise which I presume is to do the survey and go back to the original plan which was to drill one well and a sidetrack and pay for it with equity.

In the meantime, if the approval is given I will happily continue to buy with the price, hopefully, in the lowest of low price. After all, the oil in Barryroe is not going to go away and as long as the government does not shoot itself in the foot it will be extracted at some point in the future.

I agree that the date of the article is from last September but it was in today's Irish Times which I read at about 4.00am this morning but I see it has now been withdrawn. I suspect somebody, thought they would fill some space and reissued it but forgot to change the date.

As for my fifteen years to save the planet and somebody disagreed, I watched a BBC program this morning where the Greens claim that we have six months as we are that close to the tipping point so I have a few suggestions for the Greens and people like Brid Smith as to how to save the planet.

As a start, they should lobby the government to increase the price of petrol and diesel so that petrol costs €5 a litre and diesel costs €6 a litre and in the UK charge £5 a litre for petrol and £6 a litre for diesel. What are the chances of that taking place and what would be the result?

First of all, the use of cars would drop like a stone. There are currently 2.5 million cars in Ireland and about 40 million in the UK. And which political party is going to commit hara-kiri by implementing that sort of strategy? But if we really want to reduce carbon emissions that is the way to do it so if people are really committed to reducing global warming that is the way to go.

Then they should treble the price of foods and limit each shop to sell no more that about 30 items of which milk should cost at least €2 a litre, bread at least €3 a loaf and butter about €10 a kilo. That way farmers could get a reasonable deal and in the process the government should tax the middle men at about 80% tax to stop the rip off of the farmers in the first place.

Now I know that the poor are going to suffer the most from this sort of thing but the difference between the rich and the poor is a hidden agenda in Ireland and elsewhere anyway, because where you have super rich to abject poor and nobody really cares about levelling it out. For example, in Dublin, the Tesco of Tallaght sell poor quality meats, fish and poor wine similar to toilet cleaner whereas Tesco in Stillorgan sell things like lobsters, high class steaks and top class wines so there is already a class divide in Dublin between two areas not much more than about 15km apart.

Next they should treble the cost of gas, oil and electricity used to heat homes. That way the need for those commodities will reduce dramatically (many poor people will die of hypothermia in the winter, but who cares) and Brid will get her way because the need to drill for oil will become unnecessary.

Finally they should increase the price of mobile phones, TVs etc by about 3x and take all the extra revenue in taxes for all increased items.

Now, that is the sort of radical activity that is necessary to reduce carbon emissions but which politician is going to propose it and which government party is going to run an election either in the UK or Ireland on that agenda?

So all we hear is "Gobbing" with no intention of taking the matter seriously.

Pageant thinks things are good at Providence. Furlong is close to the ground to hear whispers so probably a good RNS on Monday and then all we need is the approval.

https://www.irishtimes.com/business/energy-and-resources/pageant-holdings-snaps-up-shares-in-providence-following-slump-1.3218155

I probably know the West of Ireland better than you as my mother came from the Burren. And I have been there on may a day when there was absolutely no wind. So what the f. are you talking about. I have been to the Cliffs of Moher, I have been fishing off Black Head on numerous days with no wind. I have climbed Croak Patrick in bare feet for no religious reason other than somebody dared me to do it and there was no wind even up there. I have sailed out of Kinvara with no wind. Enough.

Get real.

And I don't give a monkey's curse about Ireland and global warming because Ireland is not having the slightest impact on it other than it thinks it is God's messenger.

If India, China, Russia, Mongolia, Japan do not reduce their emissions by 70% to 80% the world is dead anyway so we might as well enjoy what we have left because in about 15 years it will be all over.

How many coal fire power stations has Ireland got? One. How many coal fire power station has China got?

280 and growing at the rate of one a week. And you are worried about Ireland having an effect on climate change?

Here is a report from Greenpeace about China so don't take my word for it.

"Chinese energy companies have been starting two coal power projects a week despite a recent government policy designed to tackle the country’s overcapacity crisis, according to a new Greenpeace analysis."

And how about this? "Since 2000, the world has doubled its coal-fired power capacity to around 2,000 gigawatts (GW) after explosive growth in China and India. A further 236GW is being built and 336GW is planned."

And this is only coal and not even oil or gas.

So, get real. Ireland might think it is St. Patrick and is banishing the snakes of global warming. Unfortunately the snakes have just turned out to be a clump of worms made up of people like Brid Smith and her ilk who can do nothing more than slither about causing a bit of a mess.

So "friend", you might think you are a do-gooder but I suggest you live by the old adage "Eat, drink and be merry, for tomorrow (or in a few years) we die" because Ireland is no more than a prick on the rear end of an elephant with a noisy "mouse" (Brid Smith) running around trying to annoy it.

So, get real and pull your head out of the sand.

That report was from 2016. Here is a more up to date report from this year.

https://www.siliconrepublic.com/companies/data-centre-investment-ireland

You will note at the bottom it talks about Amazon building a $200m wind farm off the coast of Donegal but what will happen when the wind does not blow as happened in the past. Quote: "We can all recall the severe winters we have had over the last two years, when no wind was available for a period of up to six weeks."

As Abraham said "You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time."

So who is fooling who?

I wonder if Brid Smith has considered how many data centres are now established and due to increase in Ireland over the next few years and has she considered how much electricity will be needed to drive them?

I suspect most of the renewable electricity generated in Ireland is now used up with the data centres which does not leave a lot for the rest of the country.

She should be campaigning to have data centres banned from Ireland if she wants renewables to achieve any level of impact on the fossil fuel industry as most of the electricity generated is still made from coal, peat, oil and gas.

Here is a list of the data centres in Ireland and be amazed when you check out the numbers which are huge and growing.

https://www.siliconrepublic.com/enterprise/data-centre-network-ireland

Of course I wasn't talking to Tony as the APEC deal is still on until there is a breach of contract so the whole thing with Sequa is speculation in the off chance that deal should fail and given the whispers back in 2015 they were close to a deal as long as Sequa could raise $300m through bonds.

I have been following Sequa over the years on their website where they have been running around like headless chickens in their attempts to get hold of Norwegian assets which they bought into and then liquidated, being screwed by the Kazakhstan government and finally getting their finances into shape which was the reason the deal with Providence failed in the first place.

Their whole philosophy is that they want to buy into an undeveloped resource and not an exploratory venture and that is why Barryroe seemed like a good deal back in 2015. And they are backed financially by a bigger company in Sapinda.

If you look at Ireland, the only oil entity that matches their profile is Barryroe because it is a "find" and not a specuative expensive drilling exploit and it is interesting that they have retained their Irish company set up at the time they were mooted to be doing a deal with Providence but since then has been inactive since 2015.

Pure speculation of course but the market was pretty sure a deal would be struck in 2015 but the price of oil was a disaster then and they could not raise the money. But they must have gone a good way down the road with Providence given the market whispers at the time. Obviously the bonds were hot potatoes when you consider in February 2016 the oil price hit its lowest in living memory at $27.45 a barrel right in the middle of the supposed deal.

Check Sequa out at: https://www.sequa-petroleum.com/

If lthe APEC deal with Providence was to fail what are the alternatives?

Well, one old ghost from the past is still out there and has now raised the money. That is Sequa, a Dutch company who agreed a deal back in 2015 with Providence but could not complete because it could not raise the money through a bond issue.

I now note that they have converted the bonds into shares issuing about 750m shares at about US30c a share giving them about $200m. They have also stopped messing about in Kazakhstan where they were hog-tied by the government, have paid off their fines for waking away, are solvent having about $25m in the bank before the bond conversion.

What is also interesting, though, is that among its subsidiaries is the following company:

Sequa Petroleum Europe Limited (Directly 100%, registered in Dublin, the Republic of Ireland and currently dormant)

This was the company set up, it is believed, to partner Providence in the development of Barryroe and failed because it could not raise the money. Now it will have the money coming through and the deal terms already agreed it would be a far better deal than APEC.

Did you mean "mentioned"?

Someone a few days ago pointed out that there were inconsistencies in dates stared by Providence and I pointed out that HCBC have a two step remittance system; Hong Kong to HSBC Ireland and then to Providence , whereas if it were you or I under normal circumstances Irish Revenue would step in to do the compliance and it could take weeks..

In that release which I presume Examiner checked with Providence it says HSBC is doing the compliance checks and not the Irish revenue which means it should be far quicker.

Given that you cannot obviously tell the difference just as you misspell (sic) "mencioned" this is obviously too subtle for you to see the difference.