Member Info for swizz

No, my bb nickname is swizz on all discussion forums, ..GL S

Thanks Bren, you pipped me to the post,..Cheers S

Tom Lyon’s from The Currency also running with the story and confirming that the M&G position was picked up by one buyer,..GL S

“A large volume of shares in the owner of an oil field worth billions off the coast of Cork has just been acquired by one buyer. The seller of these shares has previously sold to Goodman and may have done so again.”

https://t.co/eQNc95Q1xd

highlander,..That trend appears to be continuing, with a couple of sizeable prints in PVR today, with some speculation that it could be LG (Vevan) clearing the M&G position, which would certainly create an interesting side story and perhaps would also shine the spotlight on Lansdowne, whereby 20% of the Barryroe project is valued at circa £3.5m,…GL S

I wonder if LG has cleared out the M&G position?, it would certainly add another interesting side story if true, it would also perhaps shine the spotlight on Lansdowne, whereby 20% of the project is currently valued at circa £3.5m,…GL S

Larry Goodman is also not giving up on the Barryroe project, with the recent pick up in political momentum and support, this just adds another level of credibility to the funding, which is good to see,..GL S

Courtesy of Bren on the PVR discussion,..

Article in The Currency by Tom Lyons
Larry Goodman raises his stake in Providence Resources

Billionaire beef baron Larry Goodman has upped his stake in the owner of the Barryroe oil field.

22nd Jun, 2022

Tom Lyons
Chief Executive

Larry Goodman has increased his stake in exploration company Providence Resources to 8.8 per cent, a move that makes him the third biggest shareholder in the company.

London-based Kite Lake Investment Management owns 10.18 per cent while Pageant Investments, the investment vehicle of the Furlong family, controls 9.35 per cent. Nick Furlong also owns another 3.31 per cent of the company making the Irish family the largest single shareholder in the company.

Goodman owns his stake through Vevan Unlimited Company. The tycoon first bought into the company just below the 3 per cent disclosure threshold in April 2021. He later increased his stake after buying shares from M&G Investment Management and others.

Providence Resources recently raised $1.8 million through the issue of placing securities and subscription securities from its existing shareholders. Goodman took up his full position and may also have acquired other shares. The fundraising by Providence is to be used to fund the company as it seeks to develop its Barryroe oil field off the coast of Cork.

To drill the appraisal well, Providence needs to get sign off from the Minister for the Environment, Climate and Communications Eamon Ryan. However, the Green Party leader is, so far, refusing to do so. Providence chairman Jimmy Menton told The Currency in April: “You would prefer to convince any government and any minister that your case has merit. So the last thing you really want to be forced into is the situation where you look at your legal options.”

Tanaiste Leo Varadkar told The Currency last weekend he wasn’t sure how such a large project would be financed. “My understanding is that to get the renewal, part of the process is that you have the financial backing to actually do it,” he said. “These drills cost like a hundred million or something, and part of the condition of renewing a licence is that you are able to demonstrate that you have the financial wherewithal to make use of it and I think that may have been the issue.”

Goodman, one of Ireland’s wealthiest businesspeople, certainly has the money to do it. By increasing his stake in Providence Resources, he is certainly signalling he has not given up on a company which has been a rollercoaster ride for investors over the last decade.

Hopefully the Irish government have a plan!,..GL S

IEA chief warns Europe to prepare for total shutdown of Russian gas exports

“The International Energy Agency has warned that Europe must prepare immediately for the complete severance of Russian gas exports this winter, urging governments to take measures to cut demand and keep ageing nuclear power stations open.”

“Fatih Birol, the head of the IEA, said Russia’s decision to reduce gas supplies to European countries in the past week may be a precursor to further cuts as Moscow looks to gain “leverage” during its war with Ukraine.”

https://www.ft.com/content/f7990162-395f-488e-9d23-13f3cce83e24

A small snippet on Barryroe in Pat Rabbitte’s Business Post article and the suggestion that the soon to be released energy security review, may perhaps provide the political cover for the lease undertaking to be granted, which makes a lot of sense,…GL S

“Experts suspect that the Barryroe oil and gas strike off the south-west coast may change that and could offer significant commercial finds. Barryroe was licensed before the ban on exploration and is awaiting the necessary permissions for further drilling to confirm if it is commercially viable. After the Corrib is exhausted, such an indigenous supply would ease the pressure.”

“The department is due to publish a major report on energy security that it commissioned before the Ukraine invasion was anticipated by anybody. Presumably, it will provide clarity on general policy direction and enable not just a decision on Barryroe, but also on the future of the proposed LNG terminal at Tarbert, in north Kerry.“

https://www.businesspost.ie/analysis-opinion/pat-rabbitte-questions-for-the-utilities-commission-as-energy-crisis-was-waiting-to-happen/

A small snippet on Barryroe in Pat Rabbitte’s Business Post article and the suggestion that the soon to be released energy security review, may perhaps provide the political cover for the lease undertaking to be granted, which makes a lot of sense,…GL S

“Experts suspect that the Barryroe oil and gas strike off the south-west coast may change that and could offer significant commercial finds. Barryroe was licensed before the ban on exploration and is awaiting the necessary permissions for further drilling to confirm if it is commercially viable. After the Corrib is exhausted, such an indigenous supply would ease the pressure.”

“The department is due to publish a major report on energy security that it commissioned before the Ukraine invasion was anticipated by anybody. Presumably, it will provide clarity on general policy direction and enable not just a decision on Barryroe, but also on the future of the proposed LNG terminal at Tarbert, in north Kerry.“

https://www.businesspost.ie/analysis-opinion/pat-rabbitte-questions-for-the-utilities-commission-as-energy-crisis-was-waiting-to-happen/

I am sure the Providence board will be straight on to Leo Varadkar in the morning and ensure he is fully appraised of all of the relevant facts and fair play to the RIG, they have certainly put Barryroe front and centre right across the political spectrum and have also exposed Ryan’s ludicrous contributions to the debate in regards to indigenous O&G assets and in particular the viability of Barryroe, the elastic is now at breaking point for Ryan and Friday’s fund raise completed in the space of a few hours, underlines the strength of support in the background and you sense that the lease undertaking is very much within reach now,…GL S

I am sure that the vast majority of this fund raise will be taken up by LG and the inner circle of the largest shareholders, I don’t believe we will see many share finding there way through to the PI community,…GL S

cd, your frustration is very understandable and shared by us all, the focus in Ireland is very much political and I understand things are moving at a pace behind the scenes, being mindful that James Menton went on record just over a month ago to say he hoped the lease undertaking would be granted in 90 days, hopefully we are not too far away from a meaningful update, Barryroe is far to valuable to the Irish state for the likes of Ryan and his ideology to delay indefinitely and far more sensible people in Ireland will ensure the development progresses, the Russian and Ukrainian crisis has amplified Ireland’s farcical energy security and changes will be made,..GL S

To Poland, .. The next phase of the energy crisis is about to start, perhaps this will now finally sink in with Ryan and the Irish government, that the crossing fingers approach to energy security will result in a catastrophic outcome,....GL S

Russia to suspend gas supplies to Poland

Russia will stop sending gas to Poland from Wednesday, the Polish state gas company PGNiG has said.

PGNiG said Russian energy firm Gazprom had told it all gas deliveries to the country would be halted from 08:00 CET (07:00 BST).

Gazprom has justified the suspension under new rules announced last month, which mean "unfriendly" countries must pay for gas in roubles.

PGNiG has refused to do this.

PGNiG relies on Gazprom for the majority of its gas imports and bought 53% of its imports from the Russian company in the first quarter of this year.

https://www.bbc.co.uk/news/business-61237519

Good to see JM publicly making the case for Barryroe,…GL S

Jimmy Menton on energy security, Providence’s prospects, and why Eamon Ryan is wrong on Barryroe

Is Eamon Ryan right to block the development of a major oil field off the coast of Cork? The field's 80 per cent owner is Providence Resources, and its Executive Chair Jimmy Menton thinks not.

When Providence Resources discovered the Barryroe oil field off the coast of Kinsale in early 2012, the market was ecstatic. That September shares traded for €7.08, valuing the company in the low billions. Geologists estimated there were 81 million barrels of oil at Barryroe, which is 80 per cent owned by Providence. The field’s oil is worth about €7 billion worth at today’s prices. Ten years later, the oil is still in the ground, and the market looks to have given up on ever getting it out. Providence shares trade at 2p, for a market cap of £23 million.

https://thecurrency.news/articles/80869/providences-jimmy-menton-on-why-eamon-ryan-should-permit-exploration-of-barryroe-irelands-biggest-oil-field/

Battle, I think it is quite evident when you read the document, it is a government and multi departmental approach, although light in detail at this stage, sections 6 and 7 are perhaps the strongest acknowledgment for some time, that Ireland’s energy security needs secure and alternative supplies of oil and gas medium term, which should provide Providence and Lansdowne a solid platform to build from, leading into the next meeting with Michael McGrath, which in turn signals to me that Providence and Lansdowne are now leveraging other areas of government to support the development of Barryroe,…GL S

It is interesting to note the release of the National Energy Security Framework document today from the DECC, it certainly appears that Ryan and his colleagues in government are finally waking up to the fact that cohesive plans are required for alternative and secure supplies of oil and gas, this will hopefully add some further substance to the follow up meeting with Minister Michael McGrath and Providence, to discuss the development of Barryroe,…GL S

https://assets.gov.ie/221399/86cb99f5-58e3-4821-bc4c-e1bb1fa706fb.pdf

It is interesting to note the release of the National Energy Security Framework document today from the DECC, it certainly appears that Ryan and his colleagues in government are finally waking up to the fact that cohesive plans are required for alternative and secure supplies of oil and gas, this will hopefully add some further substance to the follow up meeting with Minister Michael McGrath and Providence, to discuss the development of Barryroe,…GL S

https://assets.gov.ie/221399/86cb99f5-58e3-4821-bc4c-e1bb1fa706fb.pdf

TT, many thanks for your thoughts and research that you have shared, they have been a great help in recent weeks, whilst I have been piecing together my research on FOX and taking my opening position, Cheers….S

Communication and frustration have quite often been in the same sentence with Jangada, but in contrast to your thoughts O&W, I have grown to become somewhat reassured that the Jangada board only speak when there is something material and meaningful to share, which I concede is not the BAU for most companies on Aim, as promotion for the sake of promotion is many other companies only means of survival, the other key point is the boards equity holding, which makes them more aligned to shareholders (I prefer that term as opposed to outsiders), but I certainly endorse your thoughts of well done to those that have stuck with it over the last 6 months and those of us that have stuck with it a lot longer,….GL S

D, not at the moment, the feedback was from a journalist at the meeting, I believe there will be some coverage of the meeting in weekend press,…GL S