Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Opening drop no surprises though.
And the change in testing plan and urgency is BECAUSE of this discussion!
You read this bit right?
"The Company has opened exploratory discussions with a group focussed on the downstream energy business to potentially sell its share of gas produced at the well head subject to an approved CNG development plan."
Doing bit of homework on Newmed and it's interesting to see how this failed bid for Capricorn energy was structured.
https://www.oedigital.com/news/502916-capricorn-energy-cancels-merger-with-newmed-energy-following-shareholder-pressure
"Under the NewMed deal, Capricorn would have paid out a $620 million special dividend - sourced mainly from an Indian tax payout - to its shareholders, which the previous leadership said would be cut to around $500 million without the merger."
Capricorn currently have a MC of £250M
Here's what looks to be the prospectus for the failed RTO, but https://enterprise.press/wp-content/uploads/2023/01/capricorn-energy-plc-prospectus-and-circular-13012023.pdf
Also see this from the advisers on the proposed transaction https://www.davispolk.com/experience/newmed-energy-proposed-combination-capricorn-energy
"The combination constitutes a reverse takeover of NewMed by Capricorn for the purposes of the UK Listing Rules. It will result in NewMed’s equity holders and Capricorn shareholders holding approximately 89.7% and 10.3%, respectively, of the combined company and will be implemented via an Israeli scheme of arrangement. In addition, Capricorn shareholders will receive a cash special dividend of approximately $620 million. The combination values Capricorn, on an ex-dividend basis, at $338 million. The combined company will be known as NewMed Energy and be listed on the London Stock Exchange (premium segment) and the Tel Aviv Stock Exchange (TASE). Completion of the combination is subject to certain conditions and is expected to occur in the first quarter of 2023."
Https://twitter.com/EamonRyan/status/1709169938542297191?t=-qPztVTnGeY8gFxMDgsd0A&s=19
More background on the trans Africa pipeline to Nigeria
https://www-challenge-ma.translate.goog/gaz-naturel-lonhym-lance-sa-societe-de-transport-et-de-stockage-269050/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp
Https://www.oireachtas.ie/en/debates/question/2023-09-28/75/#pq-answers-75
"Deputy Brendan Griffin - My question is regarding the review of the security of energy supply. Will the Minister of State provide timelines to the House on when the review was provided to his office or to the Department and explain why there was a delay in publishing the review?"
"Deputy Ossian Smyth - My Department is currently finalising the energy security package which will address the energy security challenges facing Ireland. This package is focused on the period to 2030, but in the broader context of transitioning Ireland to net-zero emissions by 2050. The Government’s policy objectives are to ensure energy is affordable, sustainable and secure, as well as in line with Ireland’s climate targets and statutory carbon budgets. Underpinned by these objectives, the energy security of supply review considered the risks to both natural gas, electricity and oil supplies, and a range of mitigation measures, including the need for additional capacity of indigenous renewable energy but also energy imports, energy storage, fuel diversification, demand-side response and renewable gases such as hydrogen. The governance structures supporting the energy system, including oversight and accountability reforms, were also considered.
Six key pillars of analysis underpinned the overall response and recommendations and these will be presented in the forthcoming energy security package. These include the review of the security of energy supply of Ireland’s electricity and natural gas networks; the studies by Cambridge Economic Policy Associates, CEPA, to support this; and the 450+ consultation responses to this analysis; the independent review of the security of electricity supply, which is the McCarthy report; the conclusions of the national energy security framework, NESF; the Government-hosted summit on energy independence in July 2023; the climate action plan, CAP; and ongoing policy analysis on oil security of supply. I have continued to engage with my Department officials over the summer to finalise the package and I have committed to bringing my energy security recommendations to Government for consideration in the coming weeks."
There's then a bit of Chuckle brothers between them, I recommend reading it.
Https://www.thejournal.ie/energy-security-review-electricity-6173704-Sep2023/
The caps are mine:
"Such measures are likely to include a state-run gas storage facility AND POTENTIALLY INFRASTRUCTURE FOR IMPORTING LIQUEFIED NATURAL GAS (LNG)."
"In an interview with The Journal at a United Nations summit in New York, Minister for Climate Eamon Ryan said he hopes that the review will receive Government sign-off and be published in “the next two or three weeks”."
Won't be long now before we know if the wind as changed in our favour.
"The Next Anchois; Where There’s One, There Are Many More"
https://africa.ges-gb.org.uk/files/2023/09/Africa_2023_Programme_14.09.23.pdf
Https://twitter.com/Chariot_Energy/status/1704860084080087434?t=cMfMfOBZ4qSxVqb5p2xS2w&s=19
Here's another bread crumb.
https://twitter.com/lonny1971/status/1585263348203020288?t=BT5jklKpjYz3faibLAIteA&s=19
It is relevant : 0 )
Also, the minister's comments aren't about Corrib.
No problem at all in doing that GRH. All this info has been hiding in plain sight for some time, as some of us who've been paying attention, already know!
Have a read of this https://www.independent.ie/irish-news/shannon-lng-650m-gas-facility-refusal-no-threat-to-jobs-or-energy-security-eamon-ryan-insists/a1564144302.html and in particular Mr Ryans comments regarding a state owned, non-commercial LNG facility.
Then, have a read of this https://www.predatoroilandgas.com/press-release-kinsale-gas-field-infrastructure-must-be-retained-to-support-irelands-energy-supply/
Now, PRD might not be heavily involved and profits Mr Ryan suggests, will be avoided, but realitity, just like it will be for offshore wind, will be very different to what's currently being billed.
Https://www.gov.ie/en/press-release/eb0e4-minister-ryan-announces-new-energy-cooperation-agreements-with-united-kingdom/
In the notes "The Department has undertaken a review of security of energy supply of Ireland’s electricity and natural gas systems focused on the period to 2030, but in the context of ensuring a sustainable transition up to 2050. The forthcoming Energy Security Package, which will be published shortly, will include recommendations to further support and strengthen Ireland’s energy security of supply."
And to keep Mr Ryan on his toes...
https://www.irishexaminer.com/business/companies/arid-41223388.html
https://www.irishexaminer.com/news/politics/arid-41223400.html
Https://www.rte.ie/news/2023/0911/1404655-gas-ireland-britian/
Especially some of the comments and stats:
=== Natural gas meets over 30% of Ireland's energy needs including 50% of the electricity.
=== Most of the supply already comes from the UK and this is expected to rise to over 90% by 2030 as the supply of the Corrib gas field declines.
"In future, most of our energy needs will be met by renewable electricity, but as we transition natural gas will play a crucial back-up role in Ireland's energy system."
=== A review of the security of gas and electricity supply is expected to be published soon.
SDX are using the onhym rig.
And some more https://www.bbc.co.uk/news/uk-wales-66748924
Remind me again which country's strategy has the biggest focus on offshore wind???
https://www.bbc.co.uk/news/business-66749344
Cheque please and taxi for Mr Ryan!