Member Info for swizz

Interesting to note the news from EOG and DNO this morning and perhaps a signal that changes are imminent in Ireland’s off shore licensing,..GL S

EOG..”told investors it will no longer be acquiring Frontier Exploration Licence (FEL) 3/19 which is located near the Corrib gas field, offshore Ireland.”

“The company, in a stock market statement, said it has received notification from the seller, DNO, that it wishes to exercise its rights to terminate the sale and purchase agreement which was entered into in June 2020.”

“The deal, previously agreed subject to regulatory approval, would’ve seen Europa acquire prospective acreage near its potential 1.5 trillion cubic feet Inishkea project.”

“It would’ve acquired the asset for a nominal upfront fee and paid out a 5% net profits interest to DNO.”

Interesting to note the news from EOG and DNO this morning and perhaps a signal that changes are imminent in Ireland’s off shore licensing,..GL S

EOG..”told investors it will no longer be acquiring Frontier Exploration Licence (FEL) 3/19 which is located near the Corrib gas field, offshore Ireland.”

“The company, in a stock market statement, said it has received notification from the seller, DNO, that it wishes to exercise its rights to terminate the sale and purchase agreement which was entered into in June 2020.”

“The deal, previously agreed subject to regulatory approval, would’ve seen Europa acquire prospective acreage near its potential 1.5 trillion cubic feet Inishkea project.”

“It would’ve acquired the asset for a nominal upfront fee and paid out a 5% net profits interest to DNO.”

Interesting to note the comments by Eamon Ryan today during an interview in relation to a meeting of EU energy ministers and ER finally acknowledging that EU members need to urgently move their reliance from Russian oil and gas imports and this is finally being recognised by EU governments and their energy ministers, hopefully this is a meaningful step in recognition of the importance of EU members developing and supporting indigenous assets and it can also be the precursor to meaningful discussions with the Providence and Lansdowne boards,…GL S

Link below and the time line of interest is approx. 3.40 to 4.00

https://newsroom.consilium.europa.eu/events/20220228-transport-telecommunications-and-energy-council-energy-february-2022/133854-doorstep-ie-ryan-20220228

Nail on the head from Ben,…GL S

“First European greens shut down our energy sources. Then EU leaders made us reliant on gas from Russia controlled by Putin. And now that there's war in Ukraine, this continent is in for a rude awakening.”

Watch The Truth About Europe's Energy Crisis:

https://youtu.be/NgemQD8HXZ0

TS, indeed, not a good situation, but unfortunately that appears to be the self destructive pathway of the Irish Green Party and it just beggars belief that an entity that represents less than 5% of Ireland’s electorate are intent on taking the Irish community to the brink of a social and economic catastrophe and are dictating a number of key government policies,

Hopefully common sense prevails and a credible plan for energy transition and security will be forthcoming in the months ahead, this evening’s geopolitical headlines are providing a timely reminder of how precarious Ireland’s position is, not that the vast majority of Ireland’s citizens needed a reminder, considering the spiralling cost of living that is unfolding,…GL S

It is interesting to note this piece covered by the proactive team today and It would not be a huge surprise to see a similar headline associated with Providence, Lansdowne and the Irish government in the next few months, if Minister Ryan continues to sit on his hands,..GL S

Rockhopper Exploration, RWE sue European governments for damages over fossil fuel projects

"The lawsuits for almost €4bn in damages have been launched under the Energy Charter Treaty, which protects international energy investments, including fossil fuel projects, by foreign companies or individuals"

"Five energy companies are seeking damages of almost €4bn from the governments of four European countries for hampering coal, oil and gas projects, according to a news report."

"UK firm Rockhopper Exploration PLC (AIM:RKH) and the German companies RWE (ETR:RWE) AG and Uniper have launched cases against the Netherlands, Italy, Poland and Slovenia under the Energy Charter Treaty (ECT), following decisions by those countries’ governments to either mandate the closure of coal power plants, prevent the development of specific projects or require an environmental impact assessment, the Financial Times reported."

"The various companies are seeking an estimated €3.7bn in compensation in the five cases, according to documents reviewed by the FT."

"The ECT, created after the cold war and signed by more than 50 countries, was intended to protect international energy investments by foreign companies or individuals. This protection extends to fossil fuel projects, which discourages governments from introducing policies to close industries that cause global warming because of concern over potential legal action."

https://www.proactiveinvestors.co.uk/companies/news/974617/rockhopper-exploration-rwe-sue-european-governments-for-damages-over-fossil-fuel-projects-report-974617.html?viewSource=TwitterUK

Just as a follow on to my earlier note, it was interesting to note this piece covered by the proactive team today and It would not be a huge surprise to see a similar headline associated with Providence, Lansdowne and the Irish government in the next few months, if Minister Ryan continues to sit on his hands,..GL S

Rockhopper Exploration, RWE sue European governments for damages over fossil fuel projects

"The lawsuits for almost €4bn in damages have been launched under the Energy Charter Treaty, which protects international energy investments, including fossil fuel projects, by foreign companies or individuals"

"Five energy companies are seeking damages of almost €4bn from the governments of four European countries for hampering coal, oil and gas projects, according to a news report."

"UK firm Rockhopper Exploration PLC (AIM:RKH) and the German companies RWE (ETR:RWE) AG and Uniper have launched cases against the Netherlands, Italy, Poland and Slovenia under the Energy Charter Treaty (ECT), following decisions by those countries’ governments to either mandate the closure of coal power plants, prevent the development of specific projects or require an environmental impact assessment, the Financial Times reported."

"The various companies are seeking an estimated €3.7bn in compensation in the five cases, according to documents reviewed by the FT."

"The ECT, created after the cold war and signed by more than 50 countries, was intended to protect international energy investments by foreign companies or individuals. This protection extends to fossil fuel projects, which discourages governments from introducing policies to close industries that cause global warming because of concern over potential legal action."

https://www.proactiveinvestors.co.uk/companies/news/974617/rockhopper-exploration-rwe-sue-european-governments-for-damages-over-fossil-fuel-projects-report-974617.html?viewSource=TwitterUK

CF, If you take a trading view, then yes it is binary and the LU is of vital importance, if you take a longer term view as an investor, with Ireland being fully subscribed members of the energy charter treaty, there is substantial mitigation to support the asset value (based on current market cap), as any change in government policy and if the licences are not allowed to develop, both Lansdowne and Providence will be entitled to significant compensation payments, likely to run into the £100's of millions,

During the COP26 summit, Ireland's Minister for the DECC acknowledged that very fact and being mindful that both Lansdowne and Providence have very substantial backing from their major shareholders, whether it be funding to progress the development of SEL 1/11 or funds to progress litigation, I am sure they will have substantial support made available,

Hopefully common sense will prevail and in light of recent geopolitical events and the fragility of Ireland's energy security, Barryroe can and will be developed, as it is very evident that Ireland's supply demands for oil and gas will be there for decades to come, ...GL S

https://www.energycharter.org

W, cantors sold 1m on the 24th, if you look through their fund disclosures, they have made a number of minor adjustments across their resource positions and it looks as if it is some start of year house keeping,…GL S

Good news and whilst the voting is confidential, the delegated act was apparently approved/adopted with overwhelming support of EU members,...GL S

On 2 February 2022, the Commission approved in principle a Complementary Climate Delegated Act including, under strict conditions, specific nuclear and gas energy activities in the list of economic activities covered by the EU taxonomy.

The criteria for the specific gas and nuclear activities are in line with EU climate and environmental objectives and will help accelerating the shift from solid or liquid fossil fuels, including coal, towards a climate-neutral future.

The Complementary Delegated Act builds on the commitments made in the Commission Communication referred to above and on the dedicated assessment of nuclear energy mentioned below. It will be formally adopted, once all languages are available, for scrutiny by co-legislators.

Disclaimer: This draft was approved in principle by the European Commission on 2 February 2022 and it will be formally adopted when all the language versions are available.

https://ec.europa.eu/info/publications/220202-sustainable-finance-taxonomy-complementary-climate-delegated-act_en

Good news and whilst the voting is confidential, the delegated act was apparently approved/adopted with overwhelming support of EU members,...GL S

On 2 February 2022, the Commission approved in principle a Complementary Climate Delegated Act including, under strict conditions, specific nuclear and gas energy activities in the list of economic activities covered by the EU taxonomy.

The criteria for the specific gas and nuclear activities are in line with EU climate and environmental objectives and will help accelerating the shift from solid or liquid fossil fuels, including coal, towards a climate-neutral future.

The Complementary Delegated Act builds on the commitments made in the Commission Communication referred to above and on the dedicated assessment of nuclear energy mentioned below. It will be formally adopted, once all languages are available, for scrutiny by co-legislators.

Disclaimer: This draft was approved in principle by the European Commission on 2 February 2022 and it will be formally adopted when all the language versions are available.

https://ec.europa.eu/info/publications/220202-sustainable-finance-taxonomy-complementary-climate-delegated-act_en

the EU taxonomy delegated act (inclusive of nat gas and nuclear) is also due to presented tomorrow, this is perhaps another moving part in the background, that is now being taking into consideration?,...GL S

"Brexit fallout leaves Ireland short on energy options"

"The EU has assessed Ireland’s security of gas supply based on a region including Britain, with whom there is no deal in the event of a crisis"

"Ireland is failing to meet European Union energy security standards, and has still not achieved an updated gas solidarity agreement with Britain since Brexit came into effect last year, the Business Post has learned."

"As a result, Ireland is left with all its gas import infrastructure running through a “third country” with no legal obligation for Britain to consider Ireland’s energy needs in the event of significant gas disruption. The island of Ireland has three gas pipelines connecting it with the British gas system. Two of these land at Gormanstown north of Dublin, while the other lands north of Belfast."

"Contacted for comment, the Department of Environment, Climate and Communications suggested it had no direct input into these discussions, but was being briefed on developments by the European Commission. Eamon Ryan, the environment minister, was also contacted for comment, but he was unable to clarify if he was aware of these talks or if he was involved in trying to achieve a new deal with Britain."

"An updated agreement based on gas solidarity between Britain and Ireland has become more urgent as Ryan has continued to cut off other gas supply options, including further gas exploration off Irish coasts. He has also said the government is opposed to the construction of LNG terminals to import gas from markets the country has no pipeline connection with."

"It comes as pressure is building on the government to ensure there are secure sources of gas in the future, as domestic supplies from the Corrib field will have reduced substantially by the end of the decade."

"Under current plans for scaling up renewable energy, total annual gas use in Ireland’s power sector is expected to fall, even as more gas power stations are built. Nevertheless, gas will remain a key baseload and back-up fuel until new technologies emerge, making gas security a strategic priority for the country."

https://www.businesspost.ie/energy/brexit-fallout-leaves-ireland-short-on-energy-options-2c2f650a

"Brexit fallout leaves Ireland short on energy options"

"The EU has assessed Ireland’s security of gas supply based on a region including Britain, with whom there is no deal in the event of a crisis"

"Ireland is failing to meet European Union energy security standards, and has still not achieved an updated gas solidarity agreement with Britain since Brexit came into effect last year, the Business Post has learned."

"As a result, Ireland is left with all its gas import infrastructure running through a “third country” with no legal obligation for Britain to consider Ireland’s energy needs in the event of significant gas disruption. The island of Ireland has three gas pipelines connecting it with the British gas system. Two of these land at Gormanstown north of Dublin, while the other lands north of Belfast."

"Contacted for comment, the Department of Environment, Climate and Communications suggested it had no direct input into these discussions, but was being briefed on developments by the European Commission. Eamon Ryan, the environment minister, was also contacted for comment, but he was unable to clarify if he was aware of these talks or if he was involved in trying to achieve a new deal with Britain."

"An updated agreement based on gas solidarity between Britain and Ireland has become more urgent as Ryan has continued to cut off other gas supply options, including further gas exploration off Irish coasts. He has also said the government is opposed to the construction of LNG terminals to import gas from markets the country has no pipeline connection with."

"It comes as pressure is building on the government to ensure there are secure sources of gas in the future, as domestic supplies from the Corrib field will have reduced substantially by the end of the decade."

"Under current plans for scaling up renewable energy, total annual gas use in Ireland’s power sector is expected to fall, even as more gas power stations are built. Nevertheless, gas will remain a key baseload and back-up fuel until new technologies emerge, making gas security a strategic priority for the country."

https://www.businesspost.ie/energy/brexit-fallout-leaves-ireland-short-on-energy-options-2c2f650a

It was clear from the preliminary update in December, that JM is wanting to ensure that the strategic review is as comprehensive and as detailed as possible, so if it ends up being outside of the previous guidance, so be it,…GL S

If we are facing into another delay, the questions around credibility and capability will be very understandable, especially considering the previous history, but hopefully current shareholders and prospective shareholders will be able to look beyond that and focus on the validity and substance of the strategic review, it is very evident that we are at a time when both the micro and macro dynamics, in relation to the social, economic, environmental and political landscapes are in favour of Barryroe receiving the support it justifies and the current energy crisis and risk of significant energy poverty are evidently here for some time, despite some of the delusional comments suggesting otherwise, the time line to some degree is no longer relevant, it’s all about the detail for me,…GL S

“Gas Will Stay High Even After the Spat With Russia”

“Forward contracts show markets pricing upwards for the next couple of years.”

“When the European energy crisis started in mid-2021, Brussels bet the upheaval would be largely gone by spring. As it became obvious that wasn’t going to happen, it speculated the problems wouldn’t last beyond 2022. That wager looks to be off, too. Away from the daily gyrations of European spot natural gas prices — swinging between worries about a potential Russian invasion Ukraine and the effects of mild winter — the forward market has begun to price trouble in 2023, 2024 and beyond.”

“Europe imports approximately 40% of it gas from Russia, and if a war — one that Moscow says it does not intend to launch — led to the loss of all those supplies, the region would be forced to take draconian measures, including shutting large swathes of its energy-intensive industry. European gas prices would spike multiple times higher than the record high set in December.“

https://www.bloomberg.com/opinion/articles/2022-01-27/europe-will-continue-to-struggle-with-gas-prices-even-after-the-spat-with-russia

BERLIN, Jan 26 (Reuters) - The European Commission will not make any fundamental revisions to proposals that classify nuclear power and gas as sustainable, Financial Markets Commissioner Mairead McGuinness said on Wednesday, despite objections from some European Union states.

The Commission included gas and nuclear investments in a draft of its "sustainable finance taxonomy" rules circulated on Dec. 31, as the bloc seeks to manage a shift to green energy and grapples with a gas supply crunch amid tensions with Russia.

"We may be able to tweak the proposal in one place or another to address some objections," McGuinness told the Frankfurter Allgemeine Zeitung. "But we actually have limited room for manoeuvre."

https://www.reuters.com/world/europe/eu-commissioner-rules-out-big-changes-green-finance-proposal-2022-01-26/

An interesting exchange with Tánaiste Varadkar during leaders questions in the Dáil today, in relation to rising energy costs, EU inclusion of gas in the taxonomy and existing exploration licences, his response very much underlined that the Irish government will be supportive of existing licensing and if they do indeed result in gas being found, it will be brought ashore, hopefully the Providence board were watching!, …GL S

The timeline is 31.00 to 34.00

https://twitter.com/i/broadcasts/1vOxwyPoDOWGB?t=27s

An interesting exchange with Tánaiste Varadkar during leaders questions in the Dáil today, in relation to rising energy costs, EU inclusion of gas in the taxonomy and existing exploration licences, his response very much underlined that the Irish government will be supportive of existing licensing and if they do indeed result in gas being found, it will be brought ashore, hopefully the Providence board were watching!, …GL S

The timeline is 31.00 to 34.00

hTTps://twitter.com/i/broadcasts/1vOxwyPoDOWGB?t=27s

BERLIN, Jan 26 (Reuters) - The European Commission will not make any fundamental revisions to proposals that classify nuclear power and gas as sustainable, Financial Markets Commissioner Mairead McGuinness said on Wednesday, despite objections from some European Union states.

The Commission included gas and nuclear investments in a draft of its "sustainable finance taxonomy" rules circulated on Dec. 31, as the bloc seeks to manage a shift to green energy and grapples with a gas supply crunch amid tensions with Russia.

"We may be able to tweak the proposal in one place or another to address some objections," McGuinness told the Frankfurter Allgemeine Zeitung. "But we actually have limited room for manoeuvre."

https://www.reuters.com/world/europe/eu-commissioner-rules-out-big-changes-green-finance-proposal-2022-01-26/