Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Malcy / CEG
https://www.malcysblog.com/2021/12/oil-price-challenger-advance-rockhopper-and-finally/
Interesting article Obadhia, I've finally read something (other than on this board) admitting that Ireland is importing fracked gas via the interconnector.
20% of the UK's gas is from LNG and almost a third of that from the US. So I reckon about 5% in total, not massive but certainly local drilling would be more eco friendly.
PRD and Theseus are the ones holding the aces here..
The link below was suppiled by Tesla or Wacky a while back. If you have a spare ten mins, it's well worth watching. Morocco is going to become one of the most important nations on the planet in a few decades. This is the real reason Trump was keen to recognise their sovereignty over disputed territory, not simply because they'd agreed to be nicer to the Israelis.
The US were super chummy with the Saudis for decades when they wanted access to a commodity they had in abundance. Phosphate will soon become the new oil.
https://youtu.be/GztRh8isKKc
Chill BDT, take the dogs for long walk this will come good, trust the board to deliver.
T & T - CEG going under, we could soon have our hands on a producing field. News end of December..
Morocco- Haven't heard to the contrary, assuming SDX drill going to plan unless anyone knows otherwise? We rose nicely in the couple of weeks run up to the mou-1 drill. Only a few more weeks to wait..
Ireland- desperate for a reliable source of fuel to burn in the new gas fired power stations, we have proven reserves. Maybe we will also get the FRSU gig , maybe NFE get the gig but would like to tap Paul's forty years worth of knowledge and experience in o & g, dealing with Irish politicans and civil service bureaucracy..
Keep the Faith- I had £0.5 million worth of PRD shares for a few hours when we hit 22p, I now have £150,000 but I'm still very happy because I will be a millionaire with a year or two.
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Just to remind everyone how precarious Ireland's energy situation is. Short term, the quicker the new gas power stations are built and the quicker they approve PRD's and NFE's FRSU LNG solutions the better. Medium term, let us get on with drilling Ram's Head and Corrib South
https://www.thejournal.ie/power-stations-trip-eirgrid-5610594-Nov2021/
Ps. Whitegate wasn't due to be operational until 3rd December. I'd read in an energy industry journal that I can no longer find, that testing firing it up may well have caused Dublin Bay to trip.
Another penny or so this week and reckon we'll catch the attention of Zak Mir. A shout out on Bulletin Board Heros never does us any harm.
Good Evening Keith, thanks for the link, I'd been searching my search history to no avail.
See below- Here's the answer, Turquoise Hydrogen. This is as green and cutting edge as it gets and renewables game, not just creating clean hydrogen but using CCS in the process.
Paul certainly has his finger on the ESG/Eco pulse, looks like it could be a very exciting development.
https://www.nationalgrid.com/stories/energy-explained/hydrogen-colour-spectrum
Or as cheap as a polystyrene pot of guacamole in a Hartlepool chippy...
For anyone interested, yesterday I posted the following question on the CEG board..see A below supplied by Bohemia.....
Q. Following the merger with CERP, Columbus Energy Resources Plc, a new company was set up called CERL, Columbus Energy Resources Ltd as a subsidiary of CEG.
I understand that CERL are responsible for the
T & T producing and almost profitable assets. Does anyone know if this mean those assets are safe from the creditors BPC entered into contract with Stena, Baker Hughes, The Bahamian Government etc?
A. The creditors of CEG (talking about the P1 and Bahamas creditors) cannot reach inside a subsidiary company just because CEG owns that company. The only exception would be if a specific sub-company gave a CEG creditor security or a guarantee as a condition of a CEG loan/contract. However the creditors of CEG can try and have the debt enforced by seeking to take CEG's shares in CERL.
CERL is not a new company, it is a new name for CERP, now wholly owned by CEG. I don't believe it is profitable, though assets like Goudron and I-T may be. In CEG's favour, the government of T&T would cancel contracts if some third party "took" those assets, so they won't be taken as individual assets.
I believe CERL may well be insolvent, which is why its 2020 UK accounts have still not been filed ( 5 months late). It has S2 debts itself than any near-term profits cannot cover, so it needs a commitment from CEG to fill that hole. The director of CERL (Eytan) know very well that such a commitment from CEG could not currently be relied on: if he filed that he could be personally liable to CERL's creditors.
I'm intrigued to see what happens first. Maybe CEG raise some money or go bust. But maybe CERL will run out of time/cash first. If CERL continues to fail to provide its accounts, eventually Companies House will strike it off. CERL will no longer exist and all the operating companies (in T&T, Cyprus, Spain, etc) will belong to the Crown instead of to CEG.
OK, thanks very much LayLadyLay and Bohemia, much appreciated.
No mention as yet as to where Ireland intends to get it's additional gas from for the new power stations. There is still a moratorium over the importation of fracked gas so sure that will put us in a good light for the FSRU contract as NFE have dirty hands on that front.
Locally sourced natural gas has a lower carbon footprint than LNG transported across oceans, plus the degasification/ regasification process makes Ram's Head/Corrib South attractive.
Finally in our favour and Ireland seems oblivious to this is the fact that 20% of the gas pumped through the Moffat interconnector from the UK network is from LNG. Of that, over a quarter is US gas which is very likely to be fracked. -
For a greener Ireland, short term solution, PRD offer a FRSU using non fracked gas. Medium term, natural gas from the Celtic Sea is better than imported LNG for the eco minded and better than continual dependence on the UK for the nationalist minded.
Long Term- who.knows but someone recently posted Paul's CV included recently setting up a green hydrogen company...the names escapes me and I don't to LinkedIn but certainly sounds like he is committed to a greener future and for me, that's a very noble thing...
Following the merger with CERP, Columbus Energy Resources Plc, a new company was set up called CERL, Columbus Energy Resources Ltd as a subsidiary of CEG.
I understand that CERL are responsible for the
T & T producing and almost profitable assets. Does anyone know if this mean those assets are safe from the creditors BPC entered into contract with Stena, Baker Hughes, The Bahamian Government etc?
OK, cheers Lochnez- that sounds reasonable, if you're correct...
A big Beast, either alone or as part of a consortium was keen to acquire Equinor's interest in Corrib, despite it only having ten years worth more gas. If that is so, they could well be interested in acquiring a piece of the PRD/ Theseus action at Ram's Head/ Corrib South.
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I sent an email to Malcy last night as I reckon the Irish government decision regarding gas and Ryan's double talk deserved a mention as it immediately affects PRD, PVR and LOGP.
As Energy Minister, I can't believe Ryan had the brass neck to stand at COP26 and his own party conference claiming gas had no future a few weeks after applications had been received to build new gas power stations.
Hope he gets a very frosty welcome next time he meets his new chums from the Beyond Gas and Oil Alliance. The Costa Riccan and Greenland representatives are from countries where they could seriously benefit from the revenue but refuse on principle. The make Ryan look like the sideways talking snakeoil salesman that he is.
Good point Lochnez re July RNS and a producing asset. Paul kept hinting a while back that we'd be getting in bed with a real big Beast, but was unable to reveal the name of the Beast.
I'm pretty sure I read that Equinor were pulling out of Ireland entirely. Also they actually seem keen on transitioning into a green energy company so may not be wanting to embark on fresh o & g ventures.
Could it be Vermillion I wonder?
This article re Ireland and the Beyond Oil & Gas Alliance is from 11 November but I think worth a quick read. Ryan rules out buying back existing exploration licences, because of cost and...
"He stressed that the chances of the existing licences resulting in any oil or gas discoveries was very slim"
Now this is simply not true, the reason Marathon pulled out was because they were looking for oil, not gas. At the time Ireland's gas needs were more than adequately covered by importing North Sea gas from the UK. There simply wasn't the market to make extraction commercially viable.
https://www.independent.ie/news/environment/ireland-joins-alliance-working-to-end-global-oil-and-gas-production-41042717.html
Actually, I've just re-read the article it is worth a read because it shows that Ryan lied through his teeth at COP26 and his own party conference by claiming gas had no future in Ireland -see paragraphs from article below,
Eirgrid recently sought bids from power generation companies to provide back up gas-fired electricity plants to ensure there are enough supplies to meet likely demand in winter 2022/23.
The State company began the auction in late October and arrived at the provisional results last month. According to Eirgrid, the process was designed to secure additional power supplies...
After COP26, I'm sure many of us had written off further development in Ireland, I really do feel joyful this morning now our trifecta/tricast is back on..
See below from the PVR board, even if you don't bother with the article, it's worth a click to see the photo of mugged off Minister Ryan's sour face,
note the article on the building of new power stations but it did not show the "happy" face of Ryan. So here is the Irish times article and you can see that Ryan looks like somebody has stuck a damp squib up his rear end and lit it.
This runs contrary to anything he has been saying over the last months so who has forced him to change his mind?
The caption tells it all when it says: "Minister for the Environment Eamon Ryan: Government decided the development of new gas-fired power plants". And just last Saturday at the Green's AGM he was saying the opposite, that we had wind to beat the band.
https://www.irishtimes.com/business/energy-and-resources/eirgrid-lines-up-power-companies-to-provide-emergency-electricity-1.4743302
We could be in for more good news in December as the licence for Innis-Trinity is up for renewal, and I believe we are owed nearly £0.5m. Unless they have access to a buried treasure chest, CEG will be unable to pay, could we take over the field I wonder?
CEG are in serious danger of going under and have an awful lot of more powerful creditors than us lining up e.g Baker Hughes, Stena..to name but two. However, I'm pretty sure that they all have contracts with CEG but our contract is with CERL who own the Innis Trinity licence through FRAM.
I posted a few weeks back that Columbus Energy Resources Plc were actually still a going concern, and a subsidiary of CEG. I was wrong, last December they became Columbus Energy Resources Ltd, they are a subsiduary of CEG and they control all the T & T assets.
Sure this will get messy, but if I'm correct, the T & T assets are the only part of the business worth anything and we have first dibs when they go under as our contract is with CERL. Stena's, Baker Hughes,' etc is with CEG.
Is anyone any wiser? This is obviously just my take, and my glass is brimmingly half full after the Irish Government finally waking up and smelling the coffee.
Nice one Tesla, this is magnificent news.
A few month's back, I got excited to see the FRSU projects attacked from some more pragmatic opponents who were arguing that locally piped natural gas had a far lower carbon footprint than importing LNG.
Game on... Ram's Head/Corrib South licences could still prove to be the Willy Wonka Golden Tickets.