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The same one as Larry Goodman and all the major investors who have put millions into Barryroe.

Are they stupid?

Keep licking Ryan's rear end as you constantly do and soon he will deliver to you the message you do not want to hear, in your eye, hopefully.

We don't know what deal Larry Goodman will strike.

He may want equity but I don't see him wanting more than 51%, the level at which you can stop a company going bankrupt.

He may want new equity. Most people do not realise that at one stage Barryroe had 8billion shares at 8c. We are a long way from that.

And if they went to 8c I would be more than happy as I have bought both Providence and Lansdowne over the years for a "song" and I would certainly be in profit if Barryroe was 8c and pro rata Lansdowne were 2c.

So any deal Larry Goodman strikes if he can kibosh Ryan will be welcome in my book.

And, by the way, do you remember Barryroe finding billions of gallons of hot water. It is possible this is what Larry is interested in; geothermal.

https://www.independent.ie/business/irish/oil-explorer-could-strike-it-rich-after-finding-hot-water-in-sea/37628149.html

This would just be up Larry's street.

There are only three issues I would take with JH77.

The cowboy "deals" all fell through because of the lack of full analysis of Barryroe. Because Barryroe was constituted a very large "shallow" find it would have been very expensive to develop at one stage estimated to need 24 wells so too hot for "cowboys" who wanted a fast buck. The latest technology obviously clearly shows that the "appraisal" well that Ryan has stopped is sitting on a big well in the lower layers.

Secondly, if Barryroe is good enough for Larry Goodman it is good enough for me. Larry has so many profitable irons in the fire that he would not invest in Barryroe if he thought it was a dead duck. Born: 1937 (age 86 years), Dundalk, Ireland

Net worth: €2.455 billion (2019). Why would an 86 year old, multi billionaire waste his time?

Thirdly, if Barryroe is a dead duck why did Ryan move hell and high water to ban it? Because he knows it actually is a runner and he had to stop it so he could keep preaching his "No oil, no gas" unless it is somebody else's. A bit like when I was a student long ago. At a discussion group one numpty stood up and said "We are not Catholics, we are Irish Catholics". Like Ryan, some Irish people think they are special. Why?

If you set up a new company you lose all the accumulated costs that can be offset against any future profits.

So, if a new company was formed, Barryroe would lose access to the $200m against future profits that it has already spent.

Compare that to Corrib where for years they have never paid any corporation tax because they are offsetting its profits against the cost of Corrib's development.

So too with Barryroe. They have accumulated millions of "losses" to date all of which can be recouped if oil or gas is developed and it becomes profitable.

Many companies are bought for their losses whereas a new company would have none.

Article in today's Business Post about an hour ago.

https://www.businesspost.ie/news/barryroe-examiner-to-conclude-investment-agreement-shortly-if-no-other-proposals-are-received/

Will we call the next drill "Ryan's Nemesis"?

Statement from today

https://www.businesspost.ie/news/barryroe-examiner-to-conclude-investment-agreement-shortly-if-no-other-proposals-are-received/

Seems Larry is the only game in town.

But any deal is better than no deal

"The Boys (and girls) are back in town" on 20th September.

https://www.oireachtas.ie/en/dail-schedule/

Nothing doing before then.

Varadkar and Martin are too frightened to pull the plug on Ryan because the Greens would walk and we would have a new election that Sinn Fein would win.

The only way to stop Ryan is via the courts and the possible claim by Lansdowne. If the Lansdowne demand stands up the government will have to allow Barryroe to be developed under the "money message" element of the constitution.

Have a read of the following from 2019 where a bill to stop oil and gas development was killed based on the "money message".

https://greennews.ie/money-message-bill-challenged/

You will note towards the end it says:

“Any estimate of the cost of compensation claims needs to be balanced against the cost of climate damages associated with additional emissions arising from exploration activities in Irish waters"

So the Greens obviously know that Lansdowne have a good chance of compensation if Barryroe is not developed as does Barryroe itself as it has been paying license fees for years.

Last winter was relatively mild. If we have a hard winter this time Ryan will be for the birds.

The question for Ireland is "Datacentres" or indigenous gas.

the following article clearly identifies the issues for Ireland with regard to Datacentres.

https://www.bonkers.ie/guides/gas-electricity/data-centres-and-their-impact-on-the-price-and-supply-of-electricity/

It says datacentres are putting excessive strain on the electricity supply.

"Data centres are now consuming 31% more electricity than they were in 2021. There has been a 400% increase in electricity consumption by data centres from January to March 2015 to October to December 2022."

and the impact has been:

"According to EirGrid, the State’s electricity grid operator: There were 8 amber alerts in 2022

Between December 2020 - October 2021, there were 7 amber system alerts on the electricity grid

Between 2010 - 2019, there were just 13 amber system alerts over almost 10 years "

And there are a number of requests for even more datacentres.

"There are now 82 data centres operating in the Republic, according to a new analysis by Bitpower, a consulting company and according to Bitpower, a further 14 centres are under construction, while planning has been approved for 40 more in 22 projects. There are a further 12 planning applications filed related to six projects."

How long before they blow Ryan's fuse?

Not long before Larry Goodman comes up with his plan which will save us all, both Barryroe and Lansdowne.

https://www.bonkers.ie/guides/gas-electricity/data-centres-and-their-impact-on-the-price-and-supply-of-electricity/

Looks like Larry got his way.

https://www.businesspost.ie/news/judge-green-lights-barryroes-examinership-bid/

Well found.

Go to:

https://abpfoodgroup.com/our-business/

Then click on "renewables" and up it comes.

Lansdowne are using the ERA to put its case and that is defined as "The Energy Charter Treaty provides a multilateral framework for energy cooperation that is unique under international law."

As for Larry Goodman, I thought the examinership was being decided by a judge. Therefore it has total legal standing and it was a "law" that was actually introduced into Ireland back in the 1980s to protect Goodman meats from liquidation when Iraq defaulted on contracts.

Since you are some sort of pedant, perhaps in your small brain these do not constitute court proceedings but inter alia they have the same legal status as a court process.

Of course I read the RNS.

The point is, in March the license for Barryroe said "Lease Undertaking application under consideration".

Ryan decided that the terms of the application did not comply with the terms of the license needing 3.5 times the revenue by the company so he cancelled the lease.

That is why both Lansdowne and Barryroe are taking Ryan to court because they claim it is invalid for him to cancel the lease because the item he invoked to cancel the lease is just a recommendation and not an injunction.

Is Ryan right? If he is wrong the country is going to pay through the nose in damages.

Ryan is playing games.

The report for March this year indicated that the "application was under consideration" and now it says it has expired.

So has Ryan made that decision in the last three months?

I think he is burying himself under a barrow load of top lawyers and Larry Goodman. Brave Man.

Here is March's report and check out license 1/11.

https://www.gov.ie/pdf/?file=https://assets.gov.ie/256910/53ad4c42-01ce-45f7-a074-d7da54159f76.pdf#page=null

You will notice today that the 3,039,774 share "buy" was also classed as a "sell".

Here is how it works showing the stupidity of the system

If the Bid is 10 and the ASK is 12, the mid point is 11.

If the share price is 11 or more it is a "buy" and if it is between 10 and 10.99 it is a "sell" even though the trade is at a price greater than the Bid which means somebody paid over the odds.

One of the crazy rules of the stock market and has been the way ever since "Big Bang" when shares were computerised.

Two possible "Green" opportunities for Barryroe.

Remember when Dunquin came up dud but they found billions of gallons of boiling water and the possibility of geothermal energy was mooted.

Secondly, the last graphic identifying the possible layout of a Barryroe development included a hydrogen plant which would also give it a "green" credential.

Both are possible in the mind of Goodman and Vevan.

Pehaps we will know more on Monday morning when I expect an RNS saying the EGM will have a different agenda.

Interesting move by Goodman.

And as you say there is a coordination between the Lansdowne time for a reply from the government and the time allowed for Vevan's examinership being 70 days with a possible extension of 30 days.

Good read here on how an "examinership" will work.

https://fod.ie/covid19/the-process-of-examinership/

Looks like Monday's EGM will be called off as obviously Vevan are not going to vote for the CVL with them holding nearly enough shares to kibosh it as it requires 75% of shares to pass.

The liquidation can only take place if at least 75% of the shareholders vote for it.

With over 50% of the shares owned by the major shareholders, this cannot happen unless a number of them vote for it.

So what happens if they reject it? Do we enter the world of "inter alia" which is specified in the AGM notice?

Has this conjurer got another ace up its sleeve and the interesting thing is the possible sale of EXOLA which is the legal owner of the Barryroe license? How much could that be worth?

Roll on Monday.

I stated that Sinn Fein will definitely form the next government because they made a "proverbial" mess of the last election by running only one candidate in each constituency. Do you think they will make the same mistake the next time and even now they are more popular than they were in 2019.

I suggest you read up on Sinn Fein's energy strategy where they moan about the fact that Ireland is importing nearly all it gas and will import more as Corrib declines and imports all its oil. They also moan that Ireland is now paying about €10billion a year to import those and they are saying "the small man" is paying through the nose.

Do you think when they are elected that they will be happy to pay that to the UK, which they hate, when it could be generated at home by developing Barryroe or do you think that by the time they come into power that we will no longer need any oil and gas because we are generating all our needs from "Renewables"?

As for the noddy that proposed the government rescind its membership of the ECT, well every now and then you have a bad apple and as the saying goes "Say what you like about me but make sure you spell my name right" and in her case make certain you follow her name with SF. She was just a load of hot air and as I pointed out even if the government brought in the legislation it would still have a life duration of twenty years.

As I have advised you before "Get a Life".

I am not sure if this was posted here but it makes interesting reading.

This Sinn Feiner has instigated a legal case against the Government to declare unconstituional the ECT legislation.

Of interest is the fact that if you withdraw from the agreement you have to give twenty years notice.

So Lansdowne are home clear as Ireland is still governed by the treaty and if they decided tomorrow to withdraw they still have to obey its directives for the next twenty years.

A merger with LOGP would still look like a last ditch solution but there are others that are surely being considered first.

https://www.independent.ie/irish-news/sinn-fein-senator-brings-case-against-government-in-energy-treaty-row/a795809229.html