Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Whilst Ryan dithers and hopes the wind will blow and a technological miracle will occur for green hydrogen, the EU are starting to face up to the harsh reality of what is just around the corner,..GL S
Risk of ‘conflict and strife’ in Europe over energy crisis, EU deputy warns
Exclusive: Frans Timmermans says short-term return to fossil fuels needed to head off threat of civil unrest
Europe is in danger of highly damaging “very, very strong conflict and strife” this winter over high energy prices, and should make a short-term return to fossil fuels to head off the threat of civil unrest, the vice-president of the European Commission has warned.
Frans Timmermans, the second most senior official in the EU, said the threat of unrest this winter, a deliberate outcome of Vladimir Putin’s invasion of Ukraine, must take precedence over the climate crisis.
He said: “If our society descends into very, very strong conflict and strife because there is no energy, we’re certainly not going to make our [climate] goals. We’re certainly not going to get where we need to get if the lack of energy leads to strong disruption in our societies, and we need to make sure people are not in the cold in the coming winter.
https://www.theguardian.com/environment/2022/jul/08/risk-of-conflict-and-strife-in-europe-over-energy-crisis-eu-deputy-warns
It would appear a number of the FF TD’s are Senators are now going to make their move and Martin’s support of the Green agenda is probably a significant reason behind FF facing the political wilderness, you sense with the severity of the energy crisis deepening and a very bleak winter ahead, there is going to be a political scramble in Q3, for a more pragmatic approach to energy transition and the viability of indigenous energy assets supporting a coherent energy security plan, so I don’t think it will be a huge surprise to see the political support for Barryroe gain significant momentum,..GL S
Fianna Fail rebels tell Micheál Martin 'go or be pushed'
Taoiseach Micheál Martin must declare his intention to step down as Fianna Fáil leader in the autumn or he will be forced out, a large number of TDs and senators told Extra.ie this weekend.
A collective fear among party backbenchers of seat losses - aired at an unsanctioned meeting in Leinster House earlier this week - has crystallised into open revolt, pushing Mr Martin's leadership to the brink.
https://extra.ie/2022/07/10/news/fianna-fail-rebels-tell-micheal-martin-go-or-be-pushed
It’s worth noting that the lease undertaking does not need the Dáil to be in session to be granted, it’s a BAU process with the GSRO and the Ministers office, if you were to take a cynical view of Ryan’s modus operandi, it’s more likely he would sign it off when the Dáil is not in session,…GL S
EU taxonomy CDA for nuclear and gas to be included has been voted through, a very sensible outcome considering the current global crisis and the need to ensure pragmatic transition, it will be interesting to note if this will be a catalyst for Minister Ryan to get the LU signed off,…GL S
EU taxonomy CDA for nuclear and gas to be included has been voted through, a very sensible outcome considering the current global crisis and the need to ensure pragmatic transition, it will be interesting to note if this will be a catalyst for Minister Ryan,..GL S
The Irish media are now starting to pick up on the unfolding crisis, it will be interesting to note if Eamon Ryan is called out for the ridiculous delay of Ireland’s energy security review,…GL S
Norway strikes threaten to cut off gas supplies to UK within days
Europe’s energy crisis intensifies as Equinor begins shutting down oil and gasfields
Norway has warned that gas exports to the UK that also supply mainland Europe could be shut off this weekend if a workers’ strike escalates, with up to 60 per cent of the Scandinavian country’s supplies under threat from industrial action.
Equinor, Norway’s state-backed energy company, has already shut down three oil and gasfields since strikes began on Monday evening over pay claims seeking to compensate for rising inflation, in a move that helped propel European gas prices to their highest level in four months.
Around 70 per cent of Irish gas supplies come from the United Kingdom and any prolonged shortage in the UK due to the Norwegian strike could also affect supplies here. Already the news has sent wholesale gas prices sharply higher which, if sustained, could also put further upward pressure on supply costs to Ireland.
Norway’s Gassco, the state-owned pipeline operator, said on Tuesday that “in a worst-case scenario, deliveries to the UK could stop totally”, with striking workers planning to extend the shutdowns on Saturday to a key distribution hub that supplies the UK.
Norway is the UK’s largest source of gas, according to industry body Offshore Energies UK, overtaking domestic production for the first time last year to meet 42 per cent of all UK demand. Norway also supplies about 25 per cent of total European gas.
https://www.irishtimes.com/business/economy/2022/07/05/norway-strikes-threaten-to-cut-off-gas-supplies-to-uk-within-days/
NtM, you raise a good point and it was notable that Stifel, who are not a regular market maker for Lansdowne, had been sat on the offer in recent weeks with 2.5m clips, interesting to note the last of those was cleared yesterday and with so much recent market turmoil, it is possible that some investors have been rejigging their portfolios, as always this can present opportunities for others,…GL S
Whilst this article and IEA comments are directed towards the UK, they certainly should not be overlooked by Ireland’s government and specifically Eamon Ryan and his colleagues at the DECC, a wake up moment is fast approaching and serious decisions need to be taken before the EU scramble to be fit for winter,…GL S
“Norwegian gas strike shows the danger of the UK’s dithering on domestic drilling, says IEA energy analyst”
“Today’s strike by Norwegian oil & gas workers in the North Sea, and the consequent surge in European gas prices, reminds us of the danger of the UK government’s dithering on fracking and imposition of a windfall tax.
“The EU is dependent on Russia for around 40 per cent of it’s gas imports, with Norway responsible for a further 20-25 per cent. Both countries are throttling supply which will endanger efforts to build reserves for the winter and provoke an even more extreme crisis than the one expected.
“The UK, while not dependent on Russia, is highly exposed to Norwegian supply. They provide us with about 40 per cent of our gas supply, and we have no serious reserves to offset disruption from short strikes.
“Longer disruption from a protracted dispute will force the government to pay British industry to shut down, and presents a significant risk to domestic heating supplies this winter.”
https://iea.org.uk/media/norwegian-gas-strike-shows-the-danger-of-the-uks-dithering-on-domestic-drilling-says-iea-energy-analyst/
Whilst this article and IEA comments are directed towards the UK, they certainly should not be overlooked by Ireland’s government and specifically Eamon Ryan and his colleagues at the DECC, a wake up moment is fast approaching and serious decisions need to be taken before the EU scramble to be fit for winter,…GL S
“Norwegian gas strike shows the danger of the UK’s dithering on domestic drilling, says IEA energy analyst”
“Today’s strike by Norwegian oil & gas workers in the North Sea, and the consequent surge in European gas prices, reminds us of the danger of the UK government’s dithering on fracking and imposition of a windfall tax.
“The EU is dependent on Russia for around 40 per cent of it’s gas imports, with Norway responsible for a further 20-25 per cent. Both countries are throttling supply which will endanger efforts to build reserves for the winter and provoke an even more extreme crisis than the one expected.
“The UK, while not dependent on Russia, is highly exposed to Norwegian supply. They provide us with about 40 per cent of our gas supply, and we have no serious reserves to offset disruption from short strikes.
“Longer disruption from a protracted dispute will force the government to pay British industry to shut down, and presents a significant risk to domestic heating supplies this winter.”
https://iea.org.uk/media/norwegian-gas-strike-shows-the-danger-of-the-uks-dithering-on-domestic-drilling-says-iea-energy-analyst/
Another good indicator for PVR is the Euronext exchange and PVR is up +25% at time of writing and you would have thought the potential for Lansdowne to start closing the value disconnect is getting stronger, ….GL S
https://live.euronext.com/en/product/equities/IE00B66B5T26-XESM/providence-res/pzqa/quotes
Perhaps Alan Curran the new CEO should be placing more emphasis on the gas reserves at Barryroe, as there appears to be no stopping the run away prices, the month ahead uk gas is now above 300p, the day ahead is up 18% to 270p/therm, with TTF now at 168MWH and we are heading towards $300 per barrel of oil equivalent, that is certainly transformational for Barryroe, as is $110 plus for Brent crude, …GL S
PS..A very lively start on Euronext this morning!, +19%
Perhaps Alan Curran the new CEO should be placing more emphasis on the gas reserves at Barryroe, as there appears to be no stopping the run away prices, the month ahead uk gas is now above 300p, the day ahead is up 18% to 270p/therm, with TTF now at 168MWH and we are heading towards $300 per barrel of oil equivalent, that is certainly transformational for Barryroe, as is $110 plus for Brent crude, …GL S
Agreed, a strong and very shrewd appointment by the PVR board and I am sure when Minster Ryan gets the lease undertaking signed off, it will provide LOGP and PVR the catalyst for the share price to recover very strongly, what is very evident, is that there is very significant momentum developing in support of Barryroe, which is good to see,..GL S
Agreed, a strong and very shrewd appointment by the board and I am sure when Minster Ryan gets the lease undertaking signed off, it will very quickly transition from ‘interim’,…GL S
More and more energy sector observers and participants are calling out Ryan’s flawed ideology and significant concerns around Ireland’s energy security are now being reported on a daily basis,..GL S
National power system in ‘very dangerous’ position, say experts
With the British government reportedly planning to stop supplying the Benelux with gas supplies should shortages occur, fears are growing that Ireland could be cut off too
Ryan recently told the Business Post that the energy from the country's future off-shore wind farms off the south and west coast could be converted into hydrogen for use as a back-up system. He said he would be developing a hydrogen strategy later this year.
"So, my view is the real potential for us is using hydrogen, green hydrogen as the zero-carbon storage gas for all the different uses of the future," he said.
However, analysis carried out by the Irish Academy of Engineering suggests hydrogen technology is still decades away.
“The idea that hydrogen is somehow going to solve this problem is not realistic. Maybe in 25 years’ time it will, but right now, hydrogen is still a future technology. It’s in existence nowhere in the world at the moment. There are still all kinds of problems with hydrogen, including the fact it’s very difficult to store,” Moore said.
“It’s a crazy decision not to have an LNG terminal in Ireland, which is still government policy, and it has only added to this current problem. We’re the only country in Europe with a coastline that doesn’t have an LNG import facility.
“To me that’s amazing and incredibly foolhardy. I just wonder why the Commission for Regulation of Utilities [CRU] haven’t been more vocal on this. What exactly are they doing? It’s the CRU’s job to ensure the energy security of the state.”
The government still has not published a long-awaited review of Ireland’s energy system, which was first commissioned in 2019 by then minister Richard Bruton, to assess the security of Ireland’s gas and electricity systems.
“My sense is that the report on Ireland’s energy security has been buried,” a senior energy industry source said.
“Minister Ryan doesn’t want it out there as its findings are likely to include recommendations to build gas storage and LNG infrastructure, which is the very antithesis of his policies.”
In the aftermath of Russia’s invasion of Ukraine, the EU launched its multibillion-euro RePower EU plan, which sought to provide direct supports to member states to build biomethane facilities, gas storage and LNG infrastructure. These supports included capital grants of up to 40 per cent on such infrastructure.
“Ireland didn’t apply for any funding under the scheme. I’ve never seen such an opportunity missed in my entire career. It’s a terrible shame,” the source added.
https://www.businesspost.ie/news/national-power-system-in-very-dangerous-position-say-experts/
More and more energy sector observers and participants are calling out Ryan’s flawed ideology and significant concerns around Ireland’s energy security are now being reported on a daily basis,..GL S
National power system in ‘very dangerous’ position, say experts
With the British government reportedly planning to stop supplying the Benelux with gas supplies should shortages occur, fears are growing that Ireland could be cut off too
Ryan recently told the Business Post that the energy from the country's future off-shore wind farms off the south and west coast could be converted into hydrogen for use as a back-up system. He said he would be developing a hydrogen strategy later this year.
"So, my view is the real potential for us is using hydrogen, green hydrogen as the zero-carbon storage gas for all the different uses of the future," he said.
However, analysis carried out by the Irish Academy of Engineering suggests hydrogen technology is still decades away.
“The idea that hydrogen is somehow going to solve this problem is not realistic. Maybe in 25 years’ time it will, but right now, hydrogen is still a future technology. It’s in existence nowhere in the world at the moment. There are still all kinds of problems with hydrogen, including the fact it’s very difficult to store,” Moore said.
“It’s a crazy decision not to have an LNG terminal in Ireland, which is still government policy, and it has only added to this current problem. We’re the only country in Europe with a coastline that doesn’t have an LNG import facility.
“To me that’s amazing and incredibly foolhardy. I just wonder why the Commission for Regulation of Utilities [CRU] haven’t been more vocal on this. What exactly are they doing? It’s the CRU’s job to ensure the energy security of the state.”
The government still has not published a long-awaited review of Ireland’s energy system, which was first commissioned in 2019 by then minister Richard Bruton, to assess the security of Ireland’s gas and electricity systems.
“My sense is that the report on Ireland’s energy security has been buried,” a senior energy industry source said.
“Minister Ryan doesn’t want it out there as its findings are likely to include recommendations to build gas storage and LNG infrastructure, which is the very antithesis of his policies.”
In the aftermath of Russia’s invasion of Ukraine, the EU launched its multibillion-euro RePower EU plan, which sought to provide direct supports to member states to build biomethane facilities, gas storage and LNG infrastructure. These supports included capital grants of up to 40 per cent on such infrastructure.
“Ireland didn’t apply for any funding under the scheme. I’ve never seen such an opportunity missed in my entire career. It’s a terrible shame,” the source added.
https://www.businesspost.ie/news/national-power-system-in-very-dangerous-position-say-experts/
Larry Goodman has certainly ruffled the feathers of the various media outlets, another well structured and detailed article has been circulated by Joe Brennan in the Irish Times this afternoon,..GL S
“The war in Ukraine has pushed energy security and pricing to the top of the agenda for governments across Europe. And there are hopes in some quarters the expected publication in the coming months of a long-awaited Government-commissioned energy security report will provide Ryan with political cover to finally sign off on the lease.”
“Ryan’s colleague, Tánaiste Leo Varadkar, indicated an interview last month with The Currency, the online business news publisher, that the main stumbling block in the way of the renewing the licence lies in the fact that there is a question mark hanging over whether Providence has the financial backing to move forward with the next stage of its appraisal.”
“The growing presence of Goodman, with his deep pockets, on the shareholder register may assuage such concerns.”
“It could also provide comfort to Providence, which plans to rename itself as Barryroe Offshore Energy, if it ultimately feels the need to take legal action.“
https://www.irishtimes.com/business/2022/07/01/larry-goodman-eyes-providence-success-but-eamon-ryan-is-stalling/
Good to note Ireystate watchdog speaking out and drawing attention to the government’s ludicrous position, the volume is clearly being raised by the right people and it will difficult for Ryan to keep his head in the sand for much longer,..GL S
“State needs more sources of fossil fuels, says energy watchdog”
“Electricity generation on the island of Ireland is becoming ‘more and more reliant’ on gas, according to the Commission for Regulation of Utilities”
Electricity generation on the island of Ireland is becoming “more and more reliant” on gas, and there is a strong need to diversify the State’s fossil fuel sources, according to the country’s energy watchdog.
The British Irish Chamber of Commerce hosted representatives from the Commission for Regulation of Utilities (CRU), as well as other experts, at an event on Wednesday to discuss the security of Ireland’s energy supply and storage capabilities ahead of the winter months.
https://www.irishtimes.com/ireland/2022/06/29/state-needs-more-sources-of-fossil-fuels-says-energy-watchdog/
Good to note the state watchdog speaking out and drawing attention to the government’s ludicrous position, the volume is clearly being raised by the right people and it will difficult for Ryan to keep his head in the sand for much longer,..GL S
“State needs more sources of fossil fuels, says energy watchdog”
“Electricity generation on the island of Ireland is becoming ‘more and more reliant’ on gas, according to the Commission for Regulation of Utilities”
Electricity generation on the island of Ireland is becoming “more and more reliant” on gas, and there is a strong need to diversify the State’s fossil fuel sources, according to the country’s energy watchdog.
The British Irish Chamber of Commerce hosted representatives from the Commission for Regulation of Utilities (CRU), as well as other experts, at an event on Wednesday to discuss the security of Ireland’s energy supply and storage capabilities ahead of the winter months.
https://www.irishtimes.com/ireland/2022/06/29/state-needs-more-sources-of-fossil-fuels-says-energy-watchdog/
Whilst there is still hard yards ahead with regards to the DECC granting the LU, it is very evident that it is a very different landscape in terms of the financial support available to PVR and Barryroe partners, this coupled to the viability of the Irish economy being on a cliff edge, as a result of ridiculous ideology and the fingers in the air approach to energy security, is sharpening the focus of the political forces within FG and FF, so it would not be a huge surprise to see some movement with the LU, even before the Dáil rises in a few weeks time, or at the very latest in Q3 when the energy security review is released and the news below from Vevan this morning is a very clear statement of intent!,…GL S
RNS Number : 7851Q
Providence Resources PLC
30 June 2022
Providence Resources P.l.c. ("the Company")
Notification of Interest in Share Capital
Providence Resources P.l.c. have been informed by Vevan Unlimited Company of a change in its shareholding.
Vevan Unlimited Company, now holds 172,905,735 ordinary shares of €0.001 each in the capital of the Company representing 16.13% of the issued ordinary share capital.