Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The National Risk Assessment released yesterday says it all, the final paragraph should be included in Ryan’s termination notice!,…GL S
Section 6..
6. Disruption to a secure and sustainable energy supply
Due to our geographic location and our current high reliance on imports to meet the majority of our energy needs, Ireland is highly vulnerable to the impact of disruptions in the supply of energy. In addition, there are increasing energy demands from a growing population and economy with overall demand for electricity expected to increase 37 per cent by 2031.1 As part of measures to meet our climate change obligations, Ireland is also working to electrify parts of the transport and heat sectors, which will further increase reliance on the electricity network.
The majority of natural gas currently consumed in Ireland is imported from a single source in Scotland. By 2030, with the continued reduction in production from the Corrib Gas Field, Ireland’s dependence on natural gas imports via this source is expected to increase to over 90 per cent. Notwithstanding the increased use of renewables and energy efficiencies to be achieved over this time, this reliance on a single source and its associated infrastructure creates a significant risk for security of supply.
Risks in relation to secure and sustainable energy supplies have been exacerbated by the war in Ukraine and sanctions on Russian supply which has caused a considerable price shock to global energy markets. A lack of storage capacity means Ireland is particularly exposed to risks with regards to gas supply disruption. In addition, a combination of deteriorating performance of the stock of existing thermal electricity generating power plants, the recent problems of delivery of planned thermal generation capacity through auction processes and unanticipated planning and technical difficulties, as well as the unpredictability of wind energy generation, has left the outlook for Ireland’s electricity supply in a challenging state.
https://assets.gov.ie/241713/82a1853e-7198-4e44-8903-2d1c4351c670.pdf
Thank you db and whilst it is astonishing listening, it is not a huge surprise and it just further underscores the fantasy world Ryan lives in and its implications for Ireland are beyond significant, it also highlights that a very radical upheaval is required within the government’s energy ministry and a pragmatic and responsible approach is needed for the energy transition, no wonder the likes of Shell and Equinor have sailed away from Ireland’s offshore wind industry, …GL S
An interesting view, that you think Lansdowne picking up their 20% share (circa €8m) is a problem to realise a 20% share of multiple €billions going forward, you should perhaps undertake some research on those that are backing LOGP,
That aside, I would be very surprised if the LG loan note ever gets drawn down, once the LU is in place other options to refinance will be flushed out and the DECC are certainly not going to question LG’s financial credibility or capability, I would suggest this is a smart move all round and Lansdowne can site on the side lines and watch this all unfold and some lateral thinking is needed to read between the lines of this deal IMO, not literal thinking,..GL S
The Sunday Times view,..GL S
Barryroe’s Larry Goodman calling the government’s bluff on offshore exploration
Larry Goodman’s deft segue from beef baron to oil baron should raise alarm bells within the government. Last week Vevan, the octogenarian billionaire’s investment vehicle, plonked €40 million on the table and effectively called the state’s bluff on offshore exploration.
Goodman is the largest shareholder in Barryroe Offshore Energy, which is trying to secure a lease from officials to drill further for oil and gas at a prospect off the Cork coast. It submitted its application to the GeoScience Regulation Office at the Department of the Environment, Climate and Communications in April last year.
After 20 months of deliberation, at the end of last month Barryroe and its joint venture partner Lansdowne were given 21 days to demonstrate their financial capability. Lansdowne, in particular, was outraged at the tight deadline.
This appears to be the department’s modus operandi, as last seen with its energy security review: take a geological epoch to issue an edict and then give those affected a fleeting moment to respond.
If so, somebody grossly underestimated Goodman.
From the outset, it has to be said the GSRO operates independently of the energy minister, Eamon Ryan, who also happens to be leader of the Green Party, which also happens to be resolutely opposed to offshore exploration.
The GSRO now finds itself in an invidious position. If it granted a green light to Barryroe, as it surely must, this would be against the avowed policy of its minister. there may be another reason to knock back the fossil fuel explorer, or indeed the minister might seek to intervene and ban exploration.
Both should tread very carefully.
In 2015 Italy banned oil drilling within 12 miles of its coast — a move that banjaxed Rockhopper Exploration’s plans for a large oilfield off the coast of Abruzzo. An arbitration tribunal this year ordered the Italians to pay compensation and damages of €190 million plus interest and costs of a further €51 million.
The Barryroe share register is now stacked with wealthy Irish business people.
They have every right to defend their interests!
https://www.thetimes.co.uk/article/barryroes-larry-goodman-calling-the-governments-bluff-on-offshore-exploration-lwz5vplbc
The Sunday Times view,..GL S
Barryroe’s Larry Goodman calling the government’s bluff on offshore exploration
Larry Goodman’s deft segue from beef baron to oil baron should raise alarm bells within the government. Last week Vevan, the octogenarian billionaire’s investment vehicle, plonked €40 million on the table and effectively called the state’s bluff on offshore exploration.
Goodman is the largest shareholder in Barryroe Offshore Energy, which is trying to secure a lease from officials to drill further for oil and gas at a prospect off the Cork coast. It submitted its application to the GeoScience Regulation Office at the Department of the Environment, Climate and Communications in April last year.
After 20 months of deliberation, at the end of last month Barryroe and its joint venture partner Lansdowne were given 21 days to demonstrate their financial capability. Lansdowne, in particular, was outraged at the tight deadline.
This appears to be the department’s modus operandi, as last seen with its energy security review: take a geological epoch to issue an edict and then give those affected a fleeting moment to respond.
If so, somebody grossly underestimated Goodman.
From the outset, it has to be said the GSRO operates independently of the energy minister, Eamon Ryan, who also happens to be leader of the Green Party, which also happens to be resolutely opposed to offshore exploration.
The GSRO now finds itself in an invidious position. If it granted a green light to Barryroe, as it surely must, this would be against the avowed policy of its minister. there may be another reason to knock back the fossil fuel explorer, or indeed the minister might seek to intervene and ban exploration.
Both should tread very carefully.
In 2015 Italy banned oil drilling within 12 miles of its coast — a move that banjaxed Rockhopper Exploration’s plans for a large oilfield off the coast of Abruzzo. An arbitration tribunal this year ordered the Italians to pay compensation and damages of €190 million plus interest and costs of a further €51 million.
The Barryroe share register is now stacked with wealthy Irish business people.
They have every right to defend their interests!
https://www.thetimes.co.uk/article/barryroes-larry-goodman-calling-the-governments-bluff-on-offshore-exploration-lwz5vplbc
The view from the Times,…GL S
Goodman moves after Barryroe burns through €270m
Beef baron’s financial lifeline could yet see him own over 75% of the company and sets up battle of wills with Eamon Ryan
Can Larry Goodman, the 85-year-old beef billionaire, avoid becoming another footnote in the continuing saga of Barryroe?
In early 2012, then named Providence Resources, it sparked “black gold” headlines with the discovery of the first commercially viable oil find in Irish waters since offshore drilling began in the early 1970s.
The Barryroe field, in which the company has an 80 per cent stake, some 50km off the coast of Cork, was found at the time to contain high-quality light crude. Its then chief executive, Tony O’Reilly jnr, predicted it would lure international oil giants back to Irish waters.
“It’s just like winning the lottery: you’ve got to buy tickets,” he said that March.
Investors’ appetites suitably whetted, Providence would raise €79 million a month later in a share sale priced, unusually, at a premium to the going rate for its stock in the open market at the time.
All told, the company – which traces its roots back to 1981, when O’Reilly jnr’s father, Sir Anthony O’Reilly, and a group of investors set up Atlantic Resources – has raised more than €270 million in equity over the past dozen years.
That included an emergency $70 million fundraise in 2016 – backed by the likes of M&G, Capital Group, Henderson Group and Irish businessman Nick Furlong’s Pageant Holdings – where Providence dangled even brighter baubles before investors in the form of its Druid and Drombeg prospects.
These two fields out in the Atlantic were pitched at the time to potentially hold more than five billion barrels of oil – some 14 times the estimated 350 million barrels of recoverable oil at Barryroe. Subsequent drilling at Druid and Drombeg in 2017 revealed little more than water in the reservoirs.
Since then, all bets have been placed on one horse – underscored by the company’s name change in September to Barryroe Offshore Energy.
But a decade on from the oil find, not a drop has been pumped from Barryroe – the only commercial oil and gas prospect to come from 160 wells drilled in Irish waters over the past 52 years. (There have been four gas discoveries in that time – Kinsale, Ballycotton and Seven Heads off the coast of Cork, and the Corrib field off Mayo.)
The intervening 10 years have seen three planned partnership deals to develop the project fall through, the company succumb to a series of leadership changes after O’Reilly jnr quit three years ago, the Government move last year to ban new applications for exploration licences in response to climate change concerns and, more recently, a reluctance by Minister for the Environment, Climate and Communications Eamon Ryan to grant a key permit to progress work on the existing Barryroe licence…..
https://www.irishtimes.com/business/2022/11/25/goodman-makes-move-after-barryro
Battle, the final paragraph sums it up well,..GL S
“Finally, Goodman is a person who has scrupulously avoided the press for 20 years. He does not draw attention to himself. He would not invite a high-profile fight with the Minister, over a controversial project, unless he felt he could win it.“
Courtesy of Battle on the BEY discussion,
Plus interesting to note that Lansdowne can watch this unfold…
The Currency,..GL S
Larry Goodman’s €40m Barryroe commitment sets him on a collision course with Minister Eamon Ryan
Larry Goodman is tough, wealthy, litigious, and believes in the mission of Barryroe Energy. He’s the perfect backer for the company in its tussle with Minister Eamon Ryan.
Barryroe Offshore Energy, formerly Providence Resources, is a €52 million company that’s in the unusual position of being totally dependent on one person: the Minister for the Environment, Communications and Climate, Eamon Ryan. Barryroe needs Ryan’s sign-off to go ahead with its oil drilling project. Barryroe owns 80 per cent of the Barryroe field, off the coast of Kinsale. Though nobody knows for sure, separate teams of geologists have estimated there is as much as 81 million barrels down there, as well as some gas. In the scenario that all the oil is drilled and pumped, that’s €5.6 billion worth. For reference,…
https://thecurrency.news/articles/102901/larry-goodmans-e40m-barryroe-commitment-sets-him-on-a-collision-course-with-minister-eamon-ryan/
100% Domdrew, some of the doomsday comments beggars belief, but I do wonder if there are ulterior motives behind those comments?
For the first time ever, the Barryroe partners have a fully validated funding plan in place to develop SEL 1/11, with LG as the BACKSTOP and not a single share has been issued, as soon as the LU is granted it will change the dynamics completely and a number of options to refinance will become available, so it is very unlikely a single share will be drawn down and LG takes an additional 10% for facilitating some small change being moved into escrow, but just as important in my opinion, we now have LG’s litigation muscle, should the DECC try another underhand manoeuvre, if the Barryroe partners were given 3 weeks to respond, we shouldn’t accept a day less, shareholders need to apply some lateral thinking, not literal thinking,…GL S
I would be very surprised if this ever gets drawn and fair play to LG, 10% of the project for circa 115k is very sharp work, for moving some small change into escrow, once the LU is in place other options to refinance will be flushed out and the DECC are certainly not going to question LG’s financial credibility, I would suggest a smart move all round,..GL S
I would be very surprised if they take all €40m via this route, the subscription feels like the sweetener for exactly that reason, this is all about meeting the requirements of the capability assessment, it would not be huge surprise if other options materialise post the LU being granted, it certainly adds a different dimension to Lansdowne’s 20%, …GL S
https://www.londonstockexchange.com/news-article/BEY/convertible-loan-note-funding/15728277
FRQ, good synopsis and I am sure many others in Industry want to see Barryroe develop, I also wonder when the LU is granted, as effectively DECC have no other option other than complying with BEY’s legal entitlement, what other options and other interested parties will show their colours? are Vevan the Trojan Horse?,…GL S
LG / Vevan currently hold circa 16% of BEY.
Analysis: Larry Goodman backing could finally be the key to unlock major Cork oil field
Barryroe Offshore Energy has endured many bad times over the course of its chequered history.
Today though its long-suffering shareholders are enjoying one of their better days after the company secured the long-term finance many thought it stood little chance of landing.
Larry Goodman, the beef magnate, has agreed to underwrite the entire €40 million cost associated with developing the Barryroe oil and gas field off the Cork cost.
The exploration company, known until recently as Providence Resources, has been trying for years to develop the field with little success.
A series of backers and potential partners have come and gone, all of which gave the impression to many observers of a company with little viable future.
The latest setback for the company came last month when it announced to the market that the Department of Energy, Climate Action and Communications (DECC) had been in touch to say it didn’t believe Barryroe had demonstrated it had sufficient financing to be awarded a lease which would allow it to drill an appraisal well.
The company was given until November 21 to demonstrate it had the means to meet the requirements of DECC’s financial capability test, and set about talking to investors immediately in an urgent bid to prove it had the requisite backing.
Early this morning, Barryroe updated the market with the news that Goodman, through Vevan Unlimited, his investment vehicle, had “substantially agreed a funding arrangement” with the company, Under the agreement Vevan would “underwrite all of the expected funding required to undertake the work programme proposed in the lease undertaking application”, it added in a statement.
Alan Curran, the company’s new chief executive, said it had worked to “solve the issues” identified by DECC over recent weeks and flagged the path forward for Barryroe with Goodman’s backing now secured.
“Subject to Ministerial consent, once the lease undertaking is in place, we will rapidly move to commence preparations for drilling operations,” Curran said.
Barryroe’s management and several investors had been bullish about its chances of landing such a commitment in the few weeks the department afforded it, but the news was met with a degree of surprise in many other quarters, As one shareholder told the Business Post last year - after Alan Linn left as chief executive and a farm-out deal with SpotOn, the Norwegian firm, fell apart - there’s a reason Barryroe has been a penny stock for so long. Others have raised concerns with what was perceived to have been the inaccessibility of the field’s resources.
For Goodman, one of Ireland’s most astute investors, to plough up to €40 million into Barryroe he must have seen appraisals of the field which show a clear path to commercial success for the business.
Even for a man of his wealth, such a large investment marks a very significant commitment.
Good to note Dublin understands the significance of today’s update,…GL S
https://live.euronext.com/en/product/equities/IE00B66B5T26-XESM/providence-res/pzqa/quotes
Good to note Dublin understands the significance of today’s update,…GL S
https://live.euronext.com/en/product/equities/IE00B66B5T26-XESM/providence-res/pzqa/quotes
One from the archives, but a timely reminder of the importance and significance of Barryroe, especially in light of today’s excellent news and an important step forward,…GL S
https://youtu.be/nkVvmyCiFu4
One from the archives, but a timely reminder of the importance and significance of Barryroe, especially in light of today’s excellent news and an important step forward,…GL S
https://youtu.be/nkVvmyCiFu4