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Decent coverage in today’s Phoenix, with a detailed and well structured article, covering LG, Vevan, BEY and SEL 1/11, it would appear I am not the only one who is expecting more to follow,..GL S

https://www.thephoenix.ie/article/barryroe-oilfield-saga-far-from-over/

A few snippets,..part 1

BEEF-BARON-turned-oil-explorer Larry Goodman knows a good thing when he sees it. His move to gain control of Barryroe Offshore Exploration (BOE) is clearly based on a belief that the wily billionaire can turn the heat up on the government and waltz way with a very nice profit. The other shareholders have been severely bruised but, if he gets his way, there may be a few bob for Nick Furlong et al. For outside investors, there is always the option of buying shares at a lot less than 1p in Lansdowne Oil & Gas as a way into the party.

The most interesting aspect of last week’s rescue plan, which gives Goodman ownership of the former Providence Resources (to be confirmed by the High Court on Friday), is that it suggests he is planning to go after climate minister Eamon Ryan and the state in an effort to remove the block denying BOE its reasonable expectation of getting the lease-undertaking licence required to proceed to the final phase of development of the huge Barryroe offshore oil and gas field or, alternatively, secure substantial compensation.

Goodman is no oil or gas developer but he no doubt realises that the Barryroe field is not one of these South Porcupine-type discoveries, located 5,000 ft deep and 400 km offshore, but is just 50 km offshore Cork and in only 100m of water. Moreover, it already has key infrastructure in place such as the gas pipeline and processing plant built for the Kinsale gas field. This makes the project cost effective already and easy to develop, with its near one trillion cubic feet of gas and 350 million barrels of oil recoverable.

Goodman’s decision to petition the High Court on Friday July 21 this year to appoint an examiner to BOE was actually a last-minute affair, only one working day before BOE itself was set to hold an EGM on Monday July 24, seeking to get shareholders to place the company in voluntary liquidation.

Not surprisingly, the BOE board – headed up by chairman Peter Newman and CEO Alan Curran, who replaced Jimmy Menton and Alan Linn respectively after the latter two jumped ship in late 2022 – held the EGM but no vote was taken and proceedings were immediately adjourned.

It is hard to see why the BOE directors showed so little fight when Ryan’s Department of Environment, Climate and Communications [DECC] pulled the rug out from under them in May this year by rejecting the lease-undertaking application. They had, after all, got Goodman to agree to a €40m convertible loan on November 23 last year to fully fund the proposed Barryroe development programme, as well as arranging a top-up €20m placing on April 24. In those circumstances, it is impossible to believe they considered R

Hey Spud, I am quietly confident that we will see confirmation of discussions between Lansdowne and Vevan, but only when the scheme of arrangement is confirmed by the high court, what will follow those discussions is speculation at this stage, but i would suggest it will relate to the forward path for SEL 1/11 and what steps can be taken to get the LU decision overturned,

Vevan and LG will bring significant capabilities to the table, both financial and litigation and any suggestion otherwise is ludicrous, plus Lansdowne bring significant technical and geological expertise to the table, but they are also very capable of meeting their financial obligations,

I have made it clear to other major shareholders that I would support the part funding of a JR with Vevan, as this is potentially an option for the partnership to consider and I know others would be willing to support that also,

That said, what is evidently clear in all of this, is what LG and Vevan see as the way forward, if they do indeed secure the approval of the SOA, but there are enough references in the SOA to indicate that SEL 1/11 is still an intrinsic part of their future plans and they have made it clear those plans will be set out in the first 30 days, post the high court ruling, so we will not have to wait to long,..GL S

Energy Security,..

https://youtu.be/nITn8zDzWeQ?si=p0n9b7KjTRQlK5Np

Agreed Ceph,

Turning around the LU decision and developing Barryroe is the most lucrative and viable opting for LG and Vevan, with LG's financial capabilities and also the legal network that they have available, the appetite for a judicial review, will increase significantly when LG is the only captain of the Barryroe ship,

Plus there should be no reason why the SEL 1/11 partnership with Lansdowne cannot continue, the LOGP major supporters and major shareholders clearly have the appetite to continue, plus Steve B will bring significant technical and geological expertise to the table to support the development, I believe all concerned would want the project to continue, rather than be locked in litigation,

So it should be interesting times ahead and in my opinion and it would not be a huge surprise, post Friday's confirmation hearing, if the scheme of arrangement is indeed confirmed by the high court, that Lansdowne and Vevan will be in talks with each other shortly after, to work out a way forward with the licence and stage one should be the JR, ...GL S

I would suggest there are 3 key actions for the Lansdowne team at this stage,..GL S

1) Finalise litigation funding agreement.

2) Engagement with Vevan to fully understand their plans for SEL 1/11

3) issue a very clear directive to the Irish government and the DECC, that any discussion would only be based on the required conditions to reverse the LU decision.

Based on the content of the RNS, it is difficult to see it going any other way, than full control of Barryroe’s future is with LG and Vevan, with the confirmation hearing expected on November 3rd,…GL S

It would be wrong to rule that out, but I believe the shareholders vote and request will make no difference to the outcome though, as in, the examiner process is designed around the creditors, so In the case of BEY, it is those that are actually owed money who will decide the outcome, so it is likely that todays meeting, is related to a court application date to approve the scheme and based on previous guidance that was provided, in relation to the scheme of arrangement, today’s date was outlined as a possibility for the confirmation hearing,…GL S

Kieran Wallace the Barryroe Examiner is certainly progressing in a timely way, he is back in front Mr Justice Quinn tomorrow at the High Court and in all probability based on the process details, it will be to advise on the outcome of meeting on Tuesday, we may well have a date for the final hearing at some stage tomorrow.,..GL S

Manyana, I have just posted the below on the Lansdowne discussion board,...

It is my understanding from a very reliable contact in Ireland, that the creditors did indeed vote to support the scheme of arrangement and the majority of the company shareholders who had voted, had voted against, although no detail was shared in relation to the qty of shareholders votes,

So I would anticipate that the examiner will now move forward to the next stage of presenting to the High Court, at some point in the next week or so, ..GL S

It is my understanding from a very reliable contact in Ireland, that the creditors did indeed vote to support of the scheme of arrangement and the majority of the company shareholders who had voted, had voted against, although no detail was shared in relation to the qty of shareholders votes,

So I would anticipate that the examiner will now move forward to the next stage of presenting to the High Court, at some point in the next week or so, ..GL S

You would expect the creditors to have voted yes and the shareholders to have voted no, the key outcome is no doubt going to be the decision from the high court, at some point in the next week or so, ..GL S

It was nothing to do with LG and Vevan, the Lansdowne approach was totally ignored by the BEY board, but you can understand the frustration from a number Barryroe’s ordinary shareholders, which I am one, although I do wonder how many that post on these bulletin boards actually are BEY shareholders?

My main holding has always been Lansdowne, but considering the position the BEY board and major shareholders found themselves in, I do believe the most tangible way of seeing the Barryroe project develop, is with the backing of LG’s financial muscle legal capability and that is perhaps why certain individuals are so against LG and Vevan securing BEY,

I personally believe it will be the best outcome for Lansdowne, so my BEY votes will be heading LG and Vevan’s way and with SB’s technical knowledge of the SEL 1/11 license area, If LG and Vevan do reach out, it could be quite a formidable partnership with Lansdowne, especially considering the security of the ECT position,..GL S

Yes, agreed and this also needs some peripheral vision as the other interesting part, is the 100 per cent and 70 per cent payments to secured and unsecured creditors, along with the 1 per cent decommissioning costs payment, as this includes the Irish government and the DECC, is that an olive branch to get them to sit up and take notice? I would suggest it is,..GL S

This will need some peripheral vision, as the other interesting part, is the 100 per cent and 70 per cent payments to secured and unsecured creditors, along with the 1 per cent decommissioning costs payment, as this includes the Irish government and the DECC, is that an olive branch to get them to sit up and take notice? I would suggest it is,..GL S

An interesting twist in the Barryroe update that LG/Vevan are making a compensatory gesture to existing shareholders of a 5% profit share of future production or asset sale proceeds for up to a 10 years period from July 27th 2023, I would suggest some significant litigation and representation to the Irish government is not very far away and I am sure the Lansdowne team will be lining up their communication plan with LG in the very near future,…GL S

Mb, not at this stage, but what it does underline, is that there is still a lot of this story to unfold, despite some of the absolute bile that is being spouted by certain individuals on this board,

You can certainly understand LG and Vevan trying to capitalise on the opportunity presented by the BEY board and if anyone thinks that LG is going to let Barryroe and SEL 1/11 disappear without a trace they are clearly deluded and Lansdowne and their supporters continue to be in a very strong position on the sidelines, it will be interesting to note what is disclosed later this week when the restructuring and ongoing business plans are shared,..GL S

Battle,..why do you think Lansdowne only have 6 months for the litigation process, are you confusing the Aim rule 15 period?, as this is purely relevant to the Aim listing status,..GL S

The document records at the High court denote a fair amount of activity in recent days, with an order issued by Mr Justice Quinn as recently as Wednesday, so perhaps some news will break in the press over the weekend, but it would appear LG and Vevan have completed the restructuring process with the examiner,..GL S

https://www.csol.ie/ccms/highCourtSearch.html?execution=e1s1

Mb, the Lansdowne business can continue BAU, the Aim regulations are a side show at this stage and have zero bearing on the company’s on going Barryroe discussions, it is purely the listing status, for all we know Lansdowne may feel a standard listing on the LSE is a more appropriate listing in the future?, rather than the shenanigans of Aim,..GL S

The document records at the High court denote a fair amount of activity in recent days, with an order issued by Mr Justice Quinn as recently as Wednesday, so perhaps some news will break in the press over the weekend, but it would appear LG and Vevan have completed the restructuring process with the examiner,..GL S

https://www.csol.ie/ccms/highCourtSearch.html?execution=e1s1