Member Info for swizz

The Irish state solicitors office will not be working in isolation, they will be taking their direction from the Government and being mindful of Ryan’s ministerial portfolio, I suspect he has had some influence with the narrative of the response,

It also has all of the hallmarks of Ryan’s incompetence, in regards to it being left to the final hours of the arbitration period,

What is intriguing, is the intention to open dialogue and meet with Lansdowne, especially considering the backdrop of recent years and the absurd refusal of Ryan and the DECC to meet with the Barryroe partners at any stage during the licensing application period, clearly something has changed.

Plus, it is also worth remembering that the DECC are on record in relation to warning Ryan, that any refusal of the licensing application would result in litigation by the Barryroe partners, as there was licensing application approval precedent, whereby applications had been approved by the department, without applying the investment cover criteria, this was disclosed to the Times, as part of a recent FOI process with the DECC,

The fact that Ryan’s department are now willing to sit at the table and start discussions is very telling, if they wanted to stall, it would have been much easier to tell Lansdowne to go forth and multiply, that has not happened and there is more to follow and with LG imminently sealing the BEY rescue, there are other interested parties that will want to be part of those discussions,..GL S

The Irish state solicitors office will not be working in isolation, they will be taking their direction from the Government and being mindful of Ryan’s ministerial portfolio, I suspect he has had some influence with the narrative of the response,

It also has all of the hallmarks of Ryan’s incompetence, in regards to it being left to the final hours of the arbitration period,

What is intriguing, is the intention to open dialogue and meet with Lansdowne, especially considering the backdrop of recent years and the absurd refusal of Ryan and the DECC to meet with the Barryroe partners at any stage during the licensing application period, clearly something has changed.

Plus, it is also worth remembering that the DECC are on record in relation to warning Ryan, that any refusal of the licensing application would result in litigation by the Barryroe partners, as there was licensing application approval precedent, whereby applications had been approved by the department, without applying the investment cover criteria, this was disclosed to the Times, as part of a recent FOI process with the DECC,

The fact that Ryan’s department are now willing to sit at the table and start discussions is very telling, if they wanted to stall, it would have been much easier to tell Lansdowne to go forth and multiply, that has not happened and there is more to follow and with LG imminently sealing the BEY rescue, there are other interested parties that will want to be part of those discussions,..GL S

Interesting note from Lansdowne, Ryan denies the Irish state have breached ECT (no surprise there!), but he wants to talk to Lansdowne, so I wonder with the LG / Vevan / BEY developments and a potential judicial review, is Ryan having second thoughts?,

The recent supply MOU with the UK just underlines the ridiculous position Ryan has place Ireland's energy security, more to follow!,..GL S

Interesting note from Lansdowne, Ryan denies the Irish state have breached ECT (no suprise there!), but he wants to talk to Lansdowne, so I wonder with the LG / Vevan / BEY developments and a potential judicial review, is Ryan having second thoughts?,

The recent supply MOU with the UK just underlines the ridiculous position Ryan has place Ireland's energy security, more to follow!,..GL S

Peter Ryan raises a number of pertinent points in this recent Gript article,..GL S

https://gript.ie/drill-boyo-drill-the-case-for-irelands-oil-and-gas-potential/

you all seem to forget that the aim listing is just that, it is a listing on an exchange and lansdowne will have a number of options, do you seriously think that those that have invested £10’s of millions into lansdowne give two **** toots about the listing, the size of the prize and the journey to date should make you at least think beyond aim, it’s just more chaotic garbage spouted by those who don’t have any idea what is going on and it suits there agenda to promote negativity, expand your thinking folks, it’s right in front of you if you take the time to look deeper,..gl s

The Lansdowne claim is more likely to be in £100’s of millions and there is a queue of litigation funders lined up at the door, plus Lansdowne’s Aim listing is 6 months from mid September, so there is an abundance of time to see what the Barryroe outcome is, plus it is very evident that the Lansdowne backers are not in any hurry for any low ball deal, plus it is also very evident that Lansdowne have no shortage of funding options, the last three fund raises have been supported by 6 corner stone investors and despite a lot of the garbage spouted here, this story is far from over!,..GL S

Good to note that a viable plan to move forward is close to being secured, for the Lansdowne read across take note of the BOE main asset!,..GL S

https://www.irishtimes.com/business/2023/08/31/barryroe-offshore-energy-court-protection-extended/

Ceph, you are correct in your thinking, the license was not issued, based on guidelines, there was no legal basis for the refusal, the fact that Ryan also approved an environmental survey by the partnership, when the very same investment cover ratio was clearly not available at that point, just proves what an absolute chancer he is, had the coalition not been so fragile he would have been dumped long ago, hopefully the litigation or judicial review which is likely to follow, will leave him in an untenable position,…GL S

Even Ryan’s own department have warned him about the likely consequences and outcome, there is clear legal precedent and LG’s team and the Lansdowne’s team will be acutely aware of this,..GL S

https://www.irishtimes.com/business/2023/08/18/ryan-playing-for-high-stakes-in-barryroe-licence-move/

The state could take a big financial hit if it lost a court case to Barryroe Offshore Energy, Minister for Environment Eamon Ryan was warned by officials before he signed off on a decision not to renew its licence to prospect for oil off the Cork coast.

The warning was contained in a cover note accompanying a submission to the minister on April 25th from the Geoscience Regulation Office (GSRO), a unit within the Department of the Environment. The note said Barryroe had passed a technical assessment but, based on a report by external consultants EY and an internal review by the department’s own financial adviser, they did not meet the investment cover criterion set down by law.

Released to us under the Freedom of Information Act, the note points out there was one previous instance of a company being given an exploration licence extension without meeting investment cover. “However in that case the proposed work programme was desktop studies, and not for costly and high-risk activities such as the drilling of a well,” the officials said.

The decision not to extend the Barryroe licence was “very likely to be legally challenged by the applicant – they have indicated same”, the note went on. “If the department were to lose any case in the Barryroe challenge, there are potentially substantial financial impacts to the department and reputational damage to the GSRO”, and its strategic goal to “ensure best-in-class governance and regulation”.

It would make a lot of sense to have the Barryroe asset in one listed vehicle, possibly post a judicial review, if that is the direction LG takes, their representatives would appear to be very positive on the outcome of a JR and as a UK listed vehicle, it keeps the ECT pathway open, plus a very small group of Lansdowne major shareholders (circa 6 in total) remain very supportive, so there appears to be some positivity in the background, despite some of the chaotic nonsense on this BB, …GL S

Even Ryan’s own department have warned him about the likely consequences and outcome, there is clear legal precedent and LG’s team and the Lansdowne’s team will be acutely aware of this,..GL S

https://www.irishtimes.com/business/2023/08/18/ryan-playing-for-high-stakes-in-barryroe-licence-move/

The state could take a big financial hit if it lost a court case to Barryroe Offshore Energy, Minister for Environment Eamon Ryan was warned by officials before he signed off on a decision not to renew its licence to prospect for oil off the Cork coast.

The warning was contained in a cover note accompanying a submission to the minister on April 25th from the Geoscience Regulation Office (GSRO), a unit within the Department of the Environment. The note said Barryroe had passed a technical assessment but, based on a report by external consultants EY and an internal review by the department’s own financial adviser, they did not meet the investment cover criterion set down by law.

Released to us under the Freedom of Information Act, the note points out there was one previous instance of a company being given an exploration licence extension without meeting investment cover. “However in that case the proposed work programme was desktop studies, and not for costly and high-risk activities such as the drilling of a well,” the officials said.

The decision not to extend the Barryroe licence was “very likely to be legally challenged by the applicant – they have indicated same”, the note went on. “If the department were to lose any case in the Barryroe challenge, there are potentially substantial financial impacts to the department and reputational damage to the GSRO”, and its strategic goal to “ensure best-in-class governance and regulation”.

It would make a lot of sense to have the Barryroe asset in one listed vehicle, possibly post a judicial review, if that is the direction LG takes, their representatives would appear to be very positive on the outcome of a JR and as a UK listed vehicle, it keeps the ECT pathway open, plus a very small group of Lansdowne major shareholders (circa 6 in total) remain very supportive, so there appears to be some positivity in the background, despite some of the chaotic nonsense on this BB, …GL S

It is a Buy and there will be a few more this week,..GL S

I would suggest it’s a positive development that Barryroe continues it’s journey and O&G activities are not being ruled out, plus the observations of Vevan’s legal counsel and the likely successful outcome of a Judicial Review is very welcome, especially considering the stature of Vevan’s legal advisers, I am sure Lansdowne’s team will be watching very closely, .. GL S

Cash-strapped oil and gas explorer Barryroe Energy Services has a green energy future under Larry Goodman vehicle Vevan Unlimited, the High Court has been told. The ailing exploration company, which owns 80 per cent of the Barryroe field, off the coast of Kinsale, Co Cork, hit the skids last May when Minister for the Environment Eamon Ryan refused to grant a license to the oil and gas prospect. Vevan is its largest shareholder. Mr Justice Michael Quinn today agreed to Vevan’s petition to appoint Kieran Wallace of Interpath as examiner to stop Barryroe from going into liquidation. The Goodman entity was described…

Plus, as part of the court submission Vevan and their legal team are of the opinion that a Judicial Review would be successful.

https://thecurrency.news/articles/124649/goodmans-deep-pockets-and-barryroes-green-energy-future/

Interesting to note that as part of the court submissions, Vevan and their legal team are of the opinion that a judicial review would be successful, I am sure Lansdowne’s legal team will be watching closely,..GL S

Adjournment of EGM

24 July 2023

Barryroe Offshore Energy plc ("Barryroe" or the "Company") announces that the EGM to be held in Dublin on 24 July 2023 will be opened but immediately adjourned.

This decision follows a petition, submitted to the High Court on 21 July 2023, by Vevan Unlimited Company ("Vevan"), one of the Company's substantial shareholders, for an Examiner to be appointed to the Company. It was directed by the High Court that the petition will be heard on 31 July 2023.

Upon opening the EGM, the Chairman will immediately propose an adjournment in accordance with section 187(4) of the Companies Act 2014, pending the outcome of the High Court petition by Vevan.

A further notice will be issued to shareholders following the decision of the High Court as regards the petition.

Ashurst, Lansdowne’s legal counsel are following the ECT to the letter, the first 90 days are the arbitration period and if Vevan do succeed in the Examinership process, the time lines for discussion are well matched, this is perhaps more coordinated than first appears, plus it will hopefully clear out the current wasters in the Barryroe boardroom,..GL S

You can perhaps now understand why the Lansdowne team have kept the pot simmering, they must have had a heads up this was developing in the background,..GL S