The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Courtesy of toroil and Manyana on BEY discussion, which would certainly be an interesting development and perhaps not a huge surprise and are we about to see a more considered and pragmatic approach to Ireland’s significant Energy security and energy supply issues,..GL S
“The Irish Daily Mail is reporting today that Eamon Ryan may lose the energy part of his portfolio in the upcoming re-shuffle“
https://www.pressreader.com/ireland/irish-daily-mail/20221117/281655374065273
Relevant to Irish offshore interests in regards to supply and security,…GL S
http://iae.ie/wp-content/uploads/2022/11/Restoring-confidence-in-Irish-energy-supply-Nov_2022.pdf
A few snippets,..
• A shortage of back up gas fired generation capacity caused by the failure of Irish institutions to recognise upcoming capacity shortages and remedy the situation.
• Highly volatile prices for gas and electricity following the outbreak of war in Ukraine.
• Worrying medium term vulnerability to supply shortfall from GB gas market now no longer part of the solidarity arrangements under EU gas market arrangements
• A dysfunctional planning and permitting process that is already killing off prospective investment in new infrastructure.
• The highest (pre-tax) electricity prices in Europe.
This short publication seeks to set out in summary form a useful list of positive measures, which can be taken to set about remedying the shortcomings listed above.
Steps to be taken
A. Generation Capacity
1. Transfer to EirGrid direct responsibility for the planning, operation and overall reliability of the electricity system in Ireland.
2. Incorporate data centre back up power plants into the national electricity grid.
3. Arrange for the distribution of oil distillate to gas powered generating plants as a substitute for natural gas where appropriate.
4. Continue the use of coal and heavy fuel oil in power plants until they can be phased out by variable renewable generation backed up by gas fired generation.
5. Fix the flawed permitting processes both for onshore and offshore energy infrastructure in order to meet renewable energy capacity targets.
6. In light of current disruptions to the international energy supply chains, review the adequacy of Irish in-country energy stocks.
B. Gas supply
1. In order to ensure a secure supply of gas for back up generation to renewables until alternatives such as hydrogen or small modular nuclear reactors are available revoke the order banning exploration for natural gas in Irish waters and grant the necessary licences to enable delivery of gas from Irish waters into the gas grid.
2. Diversify sources of gas supply into Ireland by facilitating the importation of LNG into the Irish gas market.
3. Take steps to provide gas storage facilities on the Island of Ireland.
Relevant to Irish offshore interests in regards to supply and security,…GL S
http://iae.ie/wp-content/uploads/2022/11/Restoring-confidence-in-Irish-energy-supply-Nov_2022.pdf
A few snippets,..
• A shortage of back up gas fired generation capacity caused by the failure of Irish institutions to recognise upcoming capacity shortages and remedy the situation.
• Highly volatile prices for gas and electricity following the outbreak of war in Ukraine.
• Worrying medium term vulnerability to supply shortfall from GB gas market now no longer part of the solidarity arrangements under EU gas market arrangements
• A dysfunctional planning and permitting process that is already killing off prospective investment in new infrastructure.
• The highest (pre-tax) electricity prices in Europe.
This short publication seeks to set out in summary form a useful list of positive measures, which can be taken to set about remedying the shortcomings listed above.
Steps to be taken
A. Generation Capacity
1. Transfer to EirGrid direct responsibility for the planning, operation and overall reliability of the electricity system in Ireland.
2. Incorporate data centre back up power plants into the national electricity grid.
3. Arrange for the distribution of oil distillate to gas powered generating plants as a substitute for natural gas where appropriate.
4. Continue the use of coal and heavy fuel oil in power plants until they can be phased out by variable renewable generation backed up by gas fired generation.
5. Fix the flawed permitting processes both for onshore and offshore energy infrastructure in order to meet renewable energy capacity targets.
6. In light of current disruptions to the international energy supply chains, review the adequacy of Irish in-country energy stocks.
B. Gas supply
1. In order to ensure a secure supply of gas for back up generation to renewables until alternatives such as hydrogen or small modular nuclear reactors are available revoke the order banning exploration for natural gas in Irish waters and grant the necessary licences to enable delivery of gas from Irish waters into the gas grid.
2. Diversify sources of gas supply into Ireland by facilitating the importation of LNG into the Irish gas market.
3. Take steps to provide gas storage facilities on the Island of Ireland.
Cheers Domdrew I did not realise it had been posted on to the companies web site,..GL S
BEY submission and thanks to Domdrew for the heads up that it had been posted to the companies web site,..GL S
https://barryroeoffshoreenergy.com/wp-content/uploads/2022/11/BarryroeOffshoreEnergy_Submission.pdf
Perhaps some pragmatism and reality is starting to dawn with the DECC and the Minster, clear and concise comm’s with BEY and now the licence extension for EOG and FEL 4/19,..GL S
3 November 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
FEL 4/19 Licence Extension Approval
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, is pleased to announce, further to its announcement of 29 July 2022, that it has received notification from the Department of the Environment, Climate and Communications ("DECC") that the Minister has given his consent to extend the first phase of FEL 4/19 to 31 January 2024. The Company intends to use the extension to carry out further technical studies and allow more time to secure a partner to advance development of the licence.
Simon Oddie, CEO of Europa, said:
"I am delighted that our application has been granted and that we can continue with further technical studies of the licence and seeking a project partner. FEL 4/19 contains the large, low risk, Inishkea gas prospect and is a strategic asset that can potentially provide a reliable source of low emission energy for Ireland. Gas from the Corrib field, adjacent to the Inishkea prospect, is one of the lowest carbon-intensity gases in Europe, much lower than long distance pipeline gas from Norway, the UK or the Russian gas piped to Europe. Ireland will continue to require gas into the foreseeable future, having recently agreed plans to build new gas-powered electricity plants. Inishkea, if successful on drilling, could provide a highly secure source of indigenous gas for Ireland, and play a key role in the transition to renewable green power.
We look forward to working constructively with DECC as we seek to progress FEL 4/19 to drilling, and to attracting additional partners to this prospective licence."
Perhaps some pragmatism and reality is starting to dawn with the DECC and the Minster, clear and concise comm’s with BEY and now the licence extension for EOG and FEL 4/19,..GL S
3 November 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
FEL 4/19 Licence Extension Approval
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, is pleased to announce, further to its announcement of 29 July 2022, that it has received notification from the Department of the Environment, Climate and Communications ("DECC") that the Minister has given his consent to extend the first phase of FEL 4/19 to 31 January 2024. The Company intends to use the extension to carry out further technical studies and allow more time to secure a partner to advance development of the licence.
Simon Oddie, CEO of Europa, said:
"I am delighted that our application has been granted and that we can continue with further technical studies of the licence and seeking a project partner. FEL 4/19 contains the large, low risk, Inishkea gas prospect and is a strategic asset that can potentially provide a reliable source of low emission energy for Ireland. Gas from the Corrib field, adjacent to the Inishkea prospect, is one of the lowest carbon-intensity gases in Europe, much lower than long distance pipeline gas from Norway, the UK or the Russian gas piped to Europe. Ireland will continue to require gas into the foreseeable future, having recently agreed plans to build new gas-powered electricity plants. Inishkea, if successful on drilling, could provide a highly secure source of indigenous gas for Ireland, and play a key role in the transition to renewable green power.
We look forward to working constructively with DECC as we seek to progress FEL 4/19 to drilling, and to attracting additional partners to this prospective licence."
Mamms, good to note you are including some factual details in the first part of your reply below,
But that aside, you still persist with your misrepresentation and I would suggest you read the BEY RNS again and more carefully, which I enclose for quick reference,..
The Board of Barryroe Offshore Energy (AIM and Euronext Growth: "BEY") ("Barryroe" or "the Company"), the Irish based energy company notes that it has recently exchanged correspondence with the Department of the Environment Climate and Communications (DECC) regarding its Barryroe Lease Undertaking Application.
DECC believes on the basis of the information provided to it to date that the Company has not yet demonstrated sufficient compliance with the guidelines set out in the Department's 'Financial Capability Assessment for Offshore Oil & Gas Exploration and Appraisal Applications Guidance' and DECC has commissioned an independent report which supports its belief.
DECC has allowed Barryroe an opportunity to provide further financial information in connection with their capability assessment by 21st November.
In the light of these developments, the Board intends to engage with the Company's major shareholders and others in seeking to demonstrate to DECC more clearly the Company's financial capability.
While we will seek to provide all outstanding financial confirmations to DECC within the required timeframe, it should be noted that the final decision in relation to the award of the Barryroe Lease Undertaking has not yet been taken and it remains in the hands of DECC and the Minister.
A couple of points to highlight, would be that there is no mention of “the govt seeing their money” the government have stated that “they have not yet demonstrated sufficient compliance with the guidelines” etc. etc. and the company in turn have confirmed that it is their intention “to demonstrate more clearly the company’s financial capability”
As this is a fundamental requirement for the company to get the lease undertaking signed by the Minster, this DECC communication with BEY, finally provides some long overdue clarity on the department’s requirements and with associated timelines and yes, I do view that as a positive development and as I detailed in my response yesterday evening, I have spoken to a number of major shareholders and everyone is focused on supporting both companies, to provide the most robust plan and response to the DECC, so perhaps can I suggest you at least respect that position/opinion and await the outcome of the response provided by BEY, that will be provided to the department to demonstrate more clearly the financial capability, …GL S
Sections 5 and 6 of the DECC guidelines may also be helpful,..
https://assets.gov.ie/77796/965e4661-8bde-4f9b-8bce-464c80611981.pdf
Mamms, good to note you are including some factual details in the first part of your reply below,
But that aside, you still persist with your misrepresentation and I would suggest you read the BEY RNS again and more carefully, which I enclose for quick reference,..
The Board of Barryroe Offshore Energy (AIM and Euronext Growth: "BEY") ("Barryroe" or "the Company"), the Irish based energy company notes that it has recently exchanged correspondence with the Department of the Environment Climate and Communications (DECC) regarding its Barryroe Lease Undertaking Application.
DECC believes on the basis of the information provided to it to date that the Company has not yet demonstrated sufficient compliance with the guidelines set out in the Department's 'Financial Capability Assessment for Offshore Oil & Gas Exploration and Appraisal Applications Guidance' and DECC has commissioned an independent report which supports its belief.
DECC has allowed Barryroe an opportunity to provide further financial information in connection with their capability assessment by 21st November.
In the light of these developments, the Board intends to engage with the Company's major shareholders and others in seeking to demonstrate to DECC more clearly the Company's financial capability.
While we will seek to provide all outstanding financial confirmations to DECC within the required timeframe, it should be noted that the final decision in relation to the award of the Barryroe Lease Undertaking has not yet been taken and it remains in the hands of DECC and the Minister.
A couple of points to highlight, would be that there is no mention of “the govt seeing their money” the government have stated that “they have not yet demonstrated sufficient compliance with the guidelines” etc. etc. and the company in turn have confirmed that it is their intention “to demonstrate more clearly the company’s financial capability”
As this is a fundamental requirement for the company to get the lease undertaking signed by the Minster, this DECC communication with BEY, finally provides some long overdue clarity on the department’s requirements and with associated timelines and yes, I do view that as a positive development and as I detailed in my response yesterday evening, I have spoken to a number of major shareholders and everyone is focused on supporting both companies, to provide the most robust plan and response to the DECC, so perhaps can I suggest you at least respect that position/opinion and await the outcome of the response provided by BEY, that will be provided to the department to demonstrate more clearly the financial capability, …GL S
Sections 5 and 6 of the DECC guidelines may also be helpful,..
https://assets.gov.ie/77796/965e4661-8bde-4f9b-8bce-464c80611981.pdf
Posted on BEY in response to mamms, but it’s also applicable in part to his post below,..
mamms, I would suggest if there is any misrepresentation it’s coming from you, which is not a surprise taking into account your persistent negativity, for starters your reference to the figure of circa €100m is without any validation whatsoever, Lansdowne have not stated they cannot raise the funds, albeit they have stated the timetable is unrealistic and based upon the most basic methods of research you would realise that there are numerous permutations of project funding that are considered appropriate/acceptable by the DECC, so your suggestion of a share issue of 5 billion shares is also without foundation, I would also suggest your comments regarding them not being able to raise “a few hundreds of thousands in the past” is also absolute nonsense, taking into consideration the fund raise of circa $1.8m in June and whilst there is some substance in your comment regarding the two failures, with Spot On and APEC this was ultimately the failure of Spot On and APEC to raise the required funds, although previous management and inadequate due diligence was a significant contribution to the failure of those deals, fwiw, I have spoken to a number of major shareholders in the last 24 hours and there is no intention of running and everyone is focused on bringing together the most robust plan and response to the DECC in the time line that has been set out, ….GL S
mamms, I would suggest if there is any misrepresentation it’s coming from you, which is not a surprise taking into account your persistent negativity, for starters your reference to the figure of circa €100m is without any validation whatsoever, Lansdowne have not stated they cannot raise the funds, albeit they have stated the timetable is unrealistic and based upon the most basic methods of research you would realise that there are numerous permutations of project funding that are considered appropriate/acceptable by the DECC, so your suggestion of a share issue of 5 billion shares is also without foundation, I would also suggest your comments regarding them not being able to raise “a few hundreds of thousands in the past” is also absolute nonsense, taking into consideration the fund raise of circa $1.8m in June and whilst there is some substance in your comment regarding the two failures, with Spot On and APEC this was ultimately the failure of Spot On and APEC to raise the required funds, although previous management and inadequate due diligence was a significant contribution to the failure of those deals, fwiw, I have spoken to a number of major shareholders in the last 24 hours and there is no intention of running and everyone is focused on bringing together the most robust plan and response to the DECC in the time line that has been set out, ….GL S
You also have to be mindful that the partners have provided financial compliance based upon the rule set when the licence was originally granted and it is only just in recent days that the DECC have used the change of 2019 to justify their current position and it shouldn’t be too difficult for the letters of financial comfort that have been provided in the past, to be modified to an offer of finance, so I stand by my earlier comments and it’s a positive development that this has been brought to head and the DECC are only highlighting a single issue, …GL S
Please note pages 12 and 13 on the financial guidance document linked below,…
https://assets.gov.ie/77796/965e4661-8bde-4f9b-8bce-464c80611981.pdf
Whilst it’s an incredibly shoddy way for the DECC to act, it’s certainly brought the situation to a head and in some respects the DECC and Ryan no longer have anywhere to hide now, plus all other key elements of the licensing compliance are clearly in order and based on the support that the partners have provided to date and the individuals involved in the background, it’s perhaps created a good opportunity for those sat on the sidelines,..GL S
You also have to be mindful that the partners have provided financial compliance based upon the rule set when the licence was originally granted and it is only just in recent days that the DECC have used the change of 2019 to justify their current position and it shouldn’t be too difficult for the letters of financial comfort that have been provided in the past, to be modified to an offer of finance, so I stand by my earlier comments and it’s a positive development that this has been brought to head and the DECC are only highlighting a single issue, …GL S
Please note pages 12 and 13 on the financial guidance document linked below,…
https://assets.gov.ie/77796/965e4661-8bde-4f9b-8bce-464c80611981.pdf
Whilst it’s an incredibly shoddy way for the DECC to act, it’s certainly brought the situation to a head and in some respects the DECC and Ryan no longer have anywhere to hide now, plus all other key elements of the licensing compliance are clearly in order and based on the support that the partners have provided to date and the individuals involved in the background, it’s perhaps created a good opportunity for those sat on the sidelines,..GL S
db, this is just an initial overview from the IAE, there is more to follow,
It’s also worth noting that they are strong advocates of the development of indigenous O&G resources and Don Moore has detailed Barryroe on a number of occasions in recent months, as the energy security debate has unfolded,…GL S
The IAE report in full,…GL S
http://iae.ie/wp-content/uploads/2022/10/Response-to-Energy-security-report.pdf
The IAE report in full,..GL S
http://iae.ie/wp-content/uploads/2022/10/Response-to-Energy-security-report.pdf
The IAE report in full,…GL S
http://iae.ie/wp-content/uploads/2022/10/Response-to-Energy-security-report.pdf
Ireland is spending €1 million every hour to import fossil fuels as we face into not one but two winters where meeting our energy needs is going to be a major challenge, an Oireachtas committee has heard.
Let the above sink in and then try and convince yourself Barryroe is not happening, you would be as delusional as Ryan’s ideology,..GL S
https://www.rte.ie/news/politics/2022/1019/1330179-energy-committee/