Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
WTI at $80 once more and interestingly no firm appointee yet announced for Innis Trinity IPSC.
In their 13/12 RNS CEG advised that 'the commercial framework for the renewal of the I-T licence has been agreed with the renewal process of that licence expected'. Nothing as yet to indicate renewal has taken place.
Could be that PRD, who of course did indicate their positive interest, are still in the mix which may have a bearing on continuing their presence in Trinidad other than maintaining an equity position in a dedicated CO2 EOR services company offering a technical advisory role.
I do remember that when Columbus bought I-T from Steeldrum it was naturally producing 120bopd so, with PRD's success to date with CO2 injection, it would be a valuable asset to operate even indirectly through Lease Operators.
Hopefully the imminent webcast will shed light on the path we're taking to secure payment of debt owed by CEG.
Colossal project winding through 13 different countries, completed in stages over 25 years, estimated cost US$25 Billion.
Meantime PRD stand an excellent chance of delivering self-sufficiency to Morocco before a gas pipe is laid.
Another article states "The North African country is also building networks to distribute gas to industry hubs where automobile and aeronautics industries are expanding. Reportedly, the industrial sector in Morocco is growing fast and gas will be an important part of this growth."
That will come as no surprise to PG, we're in the fast lane foot hard down!
Can't wait for MOU-4 CPR from SLR, not long now.
PG has always said that all aspects of the business are for sale at the right price, the right price dependant on the stage of development of the asset at the time of the offer.
Has to be borne in mind that PG is in his early 70's, and of course owns 46m shares.
So, if he shortly received an early offer for the whole company of say £300m giving himself and loved ones £50m (less the usual) to enjoy and shareholders £1 a share would many complain, thump the table and shout they've been robbed of potentially (but only potentially) a far greater prize?
I know I wouldn't, nice fat bird in the hand etc., although a portion of stub equity retained would naturally be most welcomed.
Continued....
In advance of this the Mag Mell liquid natural gas (LNG) floating storage and regasification unit (FSRU) will import vaporised natural gas on demand via the existing subsea 24” pipeline which is connected to Gas Networks Ireland (GNI) onshore entry point at Inch in Cork. Some of this gas can be used to generate blue hydrogen by steam methane reformation (SMR) at the Whitegate oil refinery. This blue hydrogen can be injected and blended into the gas network at Inch to supply power stations, industrial customers and the domestic market thereby establishing a market for hydrogen well in advance of the generation of green hydrogen by the Emerald Project. Ervia has identified a solution for storage of the CO2 emitted from SMR and abated natural gas from power generation. It has an agreement to export CO2 by tanker to foreign storage facilities in Norway.
This combination of projects is a practical, socially responsible, and pragmatic solution that preserves Ireland’s energy security and establishes an Irish hydrogen export economy during the Energy Transition. To achieve it we will need solid teamwork between different business interests, government regulators, academia and the many public stakeholders.
“We won’t win if we don’t pull together”.
Nick O’Neill, Director, SLR Consulting, Dublin, 2021
Teamwork is Vital on Ireland’s Energy Transition Roadmap
“Ní neart go cur le chéile” is an old Irish saying which loosely translates as “We won’t win if we don’t pull together”. This is certainly the case for Ireland’s energy transition, where government, academia and a bunch of different business interests are blundering along the route at different speeds and often at odds with each other.
There are a number of parallel routes on the roadmap to a zero carbon renewable energy system such as significant electrification using renewable resources; biofuels and hydrogen-based energy in sectors like transport that are harder to electrify and; removing emissions using carbon capture and storage and re-afforestation. It is already too late to meet the goal of the Paris Agreement. A pandemic style urgency is needed to accelerate the energy transition. The pandemic demonstrated the successes of collaborative efforts and healthy competition among international medical and scientific communities in developing vaccines. We can do the same with energy transition.
Spending on renewables needs to rise. And the supply and demand of dirty fossil fuels needs to be wound down in tandem, without creating dangerous mismatches. Many countries need gas to be a bridge fuel in the 2020s and 2030s, shifting to it temporarily as they ditch coal and oil but before renewables have ramped up. In December 2021 government announced that 2 GW of new gas-fired power generation will be built to meet this requirement.
The area offshore Cork, where the decommissioned Kinsale Head Gas Field is located, provides the perfect example of how an integrated energy infrastructure project could accelerate Ireland’s energy transition. This group of projects combines offshore wind, LNG floating storage and regasification, hydrogen production, hydrogen and CO2 storage, and gas storage in a collaborative energy initiative between an Irish energy developer, an LNG infrastructure company, an offshore renewable energy developer, a refinery operator, a power station, a pipeline operator and two academic research centres. Simply Blue Energy’s floating offshore wind Emerald project will generate 1.3 GW when completed. Curtailed electricity can be harnessed to generate green hydrogen by electrolysis and store it for injection into the gas network.
Re. that article, could be interesting to note that Michael Nolan, ex FD at Cove Energy is now at Discover Exploration, an Ireland based company ....https://www.discover-exploration.com/news/discover-exploration-acquires-hansa-hydrocarbons
Note their principal shareholder, CIEP, a $2.5billion fund investing in global oil and gas exploration.....
Republic will need equivalent of another Corrib gas field to supply power plants
https://www.irishtimes.com/business/energy-and-resources/republic-will-need-equivalent-of-another-corrib-gas-field-to-supply-power-plants-1.4753491
Just a thought, PRD may have, or be advanced in the process of, offloading their T&T CO2 operation.
A few weeks back PG advised that Lonny was charged with regaining all monies spent to date and he's also on record as stating this whole venture is work intensive for slow return.
There's supposedly a deal with Lease Operators that should be finalised by year end, maybe this involves a closer relationship between LO and Massy. We should soon know.
With Morocco and ROI hotting up, certainly more than enough for the size of this company, I'd welcome hearing that T&T has become a royalty game from hereon.
It's a pre-requisite condition to the granting of an IPSC that EOR is actively carried out by the field operator. In the case of IT waterflood is out of the question which only leaves CO2 injection and there's only one licenced operator in Trinidad as we all know.
Are PRD willing to resume their service without debts to date firmly settled, or a believable payment plan in place?
CEG cannot yet firmly state they have successfully renewed this IPSC, PRD would appear to hold the key to this taking place.
We await PG's advice regarding this situation.
mem, yes, a positive update has to be very close. We've seen and heard the plans and presentations, the optimism and confidence. We now await a definitive outcome, on any front. An outcome that guarantees income, the positive step to progress an AIM introduction in the best possible light. There are so many balls in the air that it would seem impossible not to add value to their current valuation, developments in ROI are just another layer in an incredible investment case on offer.
2022, for those that possess 'stickability', should prove a defining year for their wealth.
nicidemus, when CERP and BPC merged Potter became top dog and Koot later was made a BPC director until he resigned and transferred all his 20m shares to his wife.
I'm open to correction but as I understand it once the merger was up and running all CERP's assets were transferred to within BPC and CERP ceased to be operational. As such I can't imagine there is a BOD still in place and would assume that Potter by 'resigning' is merely acting late in updating Companies House.
LayLadyLay on the CEG board has a reasonably accurate recollection on all matters LGO/CERP/BPC and will definitely add comment if the above is wide of the mark.
Hi PT, I too was looking forward to hearing more about this particular concern so welcome this update. Shame we chose lame outfits to team up with in proving the pilot scheme, CERP/BPC/CEG - weak, weaker, chronic.
We've paid the cost, now with WTI in the $ eighties missing out on valuable income that would have resulted now with a co-operative partner and, to be fair, a Covid absent world.
Importantly PRD now require their services to be solely funded by those companies choosing to participate in CO2 EOR, thereafter on an agreed negotiated profit share on EOR flow results. As it should be, lessons learned, no upfront costs.
Half a million is a lot of money owed to PRD whilst but a fraction of CEG's debts which of course include FRAM's debt.
My guess, and it's only that, is that PRD are a shoe-in for the I.T. IPSC and FRAM-owned field equipment will transfer/ be offset against their indebtedness to Predator. Ultimately this could prove the best outcome for both parties and avoid legal redress. All to be revealed within the next couple of months.
Half a million is an appreciable amount of money owing
So what is TW AcTually saying today about PRD?
Is it more of the 'can of worms', ' more skeletons than a graveyard' rubbish he's come out with before or is there anything remotely representing a checkable fact?
Can anyone advise just exactly what he's said to panic some?
Whilst I’m waiting patiently for the Bath/Sarries match to begin my view FWIW on our prospects in Trinidad. As CO2 EOR is in relative infancy and PRD’s operations now worth a miniscule fraction of what that could be in, say, 5 years from now I think it unlikely we’ll see any sort of special dividend paid for some time. It’s just too valuable to monetise too soon.
If you stretch imagination and liken PRD’s CO2 EOR operations to a valuable vehicle (maybe one of GRH’s fleet!) I see Lease Operators in the drivers seat, Massy as co-driver and in the back seat sits our Country Manager, Myodeen Ali, keeping an eye open on the road ahead.
We own the car but have handed the keys to LO who have paid a licence fee to PRD in return for access to and wider usage of our technology. What they pay upfront could quite likely represent recoupment of all expenditure made to date which Loony was charged with achieving. Furthermore, if we’re successful in our bid for the T.I. IPSC I expect LO to carry out all field work. They’re very big, very capable, have good relationships with Heritage and I expect Massy and are prepared to work on a risk/reward basis.
PG marked Trinidad down as the first business for monetisation but we should all accept that events have unavoidably changed plans. Trinidad is never going to rival the Moroccan super-duper jackpot provider but it could be seen as a future valuable income stream, a possible stub investment the workings of which I have little knowledge (cue GRH/Sefton).
All of the above thinking could well prove wide of the mark but at least we won’t have to wait long before PG spells out developments. Looking forward enormously to 2022, could/should prove a monster year for PRD and its shareholders.