The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
It is progress, however it's clear that those with maligned interests have been forced to recognise that they cannot stop barryroe due to the recent success in firming up the financials by a certain institutional Investor who has single handedly saved the day.
So next is... How do they slow it down or make it difficult?
In my view, they really didnt need to place harsher restrictions on drilling since they've already annoyed and cajoled all the big players away from both petroleum prospecting and also major wind generation projects.
The only players left are those such as Barryroe who have demonstrated that it's in the ground but just need to prove it up further and to create a tangible developmentbplan. And then there's Europa who want to expand into acreage adjacent to the Corrib gas fields.
Maybe I'm being overly cautious, but this simply looks like tactical warfare to me.
Perhaps the petroleum geologists or those closer to the drill bit can comment and put my mind at rest.
If Inshkea get the go ahead for what is a gas prospect and they want to make 5 penetrations into the sea bed, then they will get priority over a dirty oil with some gas prospect such as Barryroe.
How many wells does Barryroe require over its lifetime. I would suspect more than 5 and quite possibly 10 or more.
Who knows... And that's the point right there?
If a farm in partner with big pockets comes in to the fray, they definitely do not what to be limited or capped by the regulator if they are spending big to hit the jackpot.
There's a few on here who regularly provide us with reams of drivel. Perhaps you can carry the mantle and provide a suitable narrative for the unlearned so that they can use as a basis for a response
That would be most welcome and highly appreciated.
They are trying to curtail the number of wells drilled per annum from 10 to 3 at a time when things are now hotting up for existing licenses associated with the Barryroe and the Corrib/Inshkea prospects.
I would like to suggest that serious shareholders read section 7 carefully and provide a polite and professional submission to the Geoscience Policy Division before the closing date of 13 January 2023 stating that this is not acceptable.
Get your family and friends to do the same by clearly stating the case and utmost need for Irish energy independence. The alternative is that a small section of society will continue to rule the narrative and deliberately obfuscate proceedings.
In this instance, stop complaining on these boards and do your duty.
Dail Debate on Wednesday 21st September 2022... We are now almost 3 weeks in at time of writing.
Deputy Eamon Ryan:
"...Regarding the specific application for a lease undertaking made by Providence Resources in respect of the Barryroe field, the countermotion sets out the current position, which is that the application is under consideration by the Department and that it, like all other such applications, is assessed against a number of criteria."
Deputy Mattie McGrath:
How long is it going to take?
Deputy Eamon Ryan
These are environmental, technical and financial. The countermotion also notes that broader energy policy or energy security considerations have no bearing on the regulatory process. To answer Deputy McGrath's question, I expect it shortly, within the coming weeks.
https://powercheck.esbnetworks.ie/
Over 10,000 customers affected in the Limerick area.
Could be an issue at Ardnacrusha Power Station. Hopefully just a random equipment failure or maintenance issue and not a sign of things to come.
For those promoting LNG for Ireland, they should consider the long term implication this could have for what is essentially a small player in the market.
These types of contracts usually demand lengthy 20 plus year commitments by the recieving country as it allows suppliers to have the confidence of a continuous market and also a healthy return on their expensive initial investment.
It's clear with the present Russia-Ukraine situation that competition and prices for LNG is hotting up in what is now fast becoming a squeezed LNG market. As an example, Qatar the world's 2nd largest exporter of LNG is requiring Germany to sign up for 20 years before considering even exporting a single drop. This would force the Germans into long term contract obligations well into the 2040s which would inevitably have an impact on their self-imposed climate requirements for net zero carbon emissions.
The best option I believe is for Ireland to exploit it's indigenous resources to secure its energy future, as follows:
(1) open up and develop oil and gas exploration at Barryroe
(2) develop Corrib gas fields further, and
(3) build a 1000 wind turbines on its coastline within 5 years so that it can bolster it's green credentials and make proper use of its fortunate position in the world
(4) make gentle footsteps into the hydrogen economy as it may not be all that it's cracked up to be. Wait for other countries to prove the concept.
Unfortunately, the Irish government is so hell bent on self-flagulation with it climate zealotry and general incompetence such that we may not see any of these proposals see the light of day.
I believe this is actually good news for PVR investors. All competitor schemes that are being posited (LNG and Nuclear) are being openly discouraged by the minister. This leaves offshore exploration at the Barryroe site as one of the few credible options left for Ireland.
Good work Ryan... Now pull your finger out and approve the lease undertaking to allow PVR and it's partners to firm up the Barryroe site. I guess PVR has time on its side as the precarious energy security situation that Ireland has been facing for a number of years is only going to get worse.
Fingers crossed for a positive outcome here.
The final icing on the cake... https://www.dcarbonx.com/
These are the muppets that are running the show for Irelands green economy and carbon capture idealogy... Irelands brightest and best!
Scroll to the very bottom and you will see 3 familiar faces.
My mistake:
Teesside is going down the blue hydrogen route for with a big carbon capture element associated with it:
https://www.spglobal.com/platts/en/market-insights/latest-news/electric-power/031821-bp-studies-building-uks-biggest-blue-hydrogen-plant-on-teesside
Same for Hull at Saltend:
https://www.equinor.com/en/what-we-do/h2hsaltend.html
Norfolk is going for a mix of green and blue hydrogen with a carbon capture element:
https://hydrogeneast.uk/bacton-energy-hub/
All these projects are still in the early concept stages and are timelined for 2030 onwards to meet 2050 net zero targets. The locations, particularly Hull and Teesside are big petrochemical industrial complexes with Norfolk being an offshore oil and gas hub. Large private institutions such as BP and Equinor and others are the big players who are backing this.
The timelines for these UK mega projects are still 10+ years away.
Ireland needs its gas now and as a nation it hasn't put in the infrastructure to support a hydrogen based economy with carbon capture so to expect a small E&(P)entity such as PVR to figure this out is a non-starter for me.
For me, this is all about the oil as this is where PVR have demonstrated a credible low risk plan for getting it out of the ground and shuttled over to onshore facilities. Unless there are plans to shut down the Whitegate Oil refinery, then it will carry on importing 100% of its oil from external parties. I believe a simple carbon reduction case can be made here by demonstrating that oil sourced locally will have a lower carbon footprint then if sourced externally with significant financial benefit to the irish economy and the exchequer.
From the recent PVR RNS, its too early to tell exactly what plans they have for the gas and Im hoping they will shed more light on this. My views will change once further information has been released and right now Im only focusing my investment towards the Early Development Scheme only.
Hello Manyana,
Sylvias father was always far too busy... too busy to even come to phone. He's out of the picture now.
Thanks for the link for the 2020 Investor Presentation.
In my view the depiction on Page 18 is really just one of many visions that the Irish Government can adopt in its quest for carbon reduction or carbon neutrality. Its certainly a nice integrated approach but I see it as almost a throw away "nothing" slide that simply forms part of the overall sales package for selling Barryroe. This approach is unlikely to be adopted and the rationale for it goes beyond even just the general ineptness of the Irish Government.
Right now the big hoohah, especially in the UK is around Green Hydrogen production which involves electrolysing methane from renewables such as wind rather than steam reformation of methane in the blue hydrogen model that is depicted on the cartoon drawing on the PVR presentation. The reality is that its simply out of PVRs hands to dictate government policy and too far into the future to actually know what the want the government actually wants to do. I guess we will find out what route Ireland will go down once the Climate Action and Low Carbon Development Bill has been released. The methane gas is still required in all eventualities and for many years to come and this is where Barryroe Gas or even proposed offshore LNG from Mag Mell will come into the equation. This is where PVR are much further ahead in the licensing approvals stages and the decision on whether Irish politicians will want to go down the LNG route is still frackin shaky at best.
What is interesting to note is the Emerald Floating Wind project which is envisaged to eventually supply upto 1.3GW of electricity to Ireland. Simply Blue Energy and Shell who are behind this venture are expected to start generating electricity by 2027 onwards, albeit in small incremental stages. This is a champagne socialists wet dream so I cant see any political objections to it, especially not from the green brigade. There is certainly a good tie-in to the Green Hydrogen production route, which is where the political winds are sailing towards on the UK eastern seaboard around Hull, Teesside and potentially Norfolk. Irelands mega Wind Turbines are being proposed to sit directly on top of the existing depleted Kinsale Head Gas Field... go figure!
With regards to carbon capture and depleted reservoir injection, its still very early days and again out of PVRs hands. Within the UK and European continental shelf Im not aware of any operators who are sequestering carbon and re-injecting into depleted wells, yet Ireland with its grand total of 1 or 2 small producing gas fields are expecting an all singing and all dancing a carbon capture policy... rediculous!
I will rephrase:I
If you go to companies house and search for Glen Dimplex Ireland, it will state that Sean O'Driscoll has an active role as company secretary. He resigned as director in March 2017.
Typo. should be Glen Dimplex
Sean O'Driscoll is still active in Glen Simplex Ireland
Have a look at Companies House where it shows he has been an active secretary since March 2017.
HTTPS://ie.globaldatabase.com/company/roaring-waters-capital-limited#div_ownership
Global Waters Capital Limited
This must be our Bonny and Clyde
I hold mostly PVR shares and a small holding of LOGP. Hopefully that should indicate where my priorities lay.
PVR (Exola) are ultimately in the driving seat here and I really see LOGP as the shaky trailer (at 20% load capacity) thats being dragged behind it.
Once/if the Lease Undertaking is granted by the Minister then that is what will stipulate the required T&Cs for proving commerciality of the field. If a discovery has been established as being commercial (i.e. conversion from 2C to 2P at the K site location) then the T&Cs from the Lease Undertaking will also dictate the timeline for application of the Petroleum Lease which will then subject to funding, ultimately allow PVR the exclusive right to produce petroleum products from the field.
The next iterations of the Acreage Reports and Concession Maps are released at the end of every Quarter which at time of writing will now be either end Q3 or end Q4 of 2021. Im hoping the PVR Team will be allowed to release that information earlier via RNS (fingers crossed). This will certainly give the market a warm fuzzy feeling and potentially give the share price of both companies a small boost.
As part of the Lease Undertaking submission Providence Resources will need to clearly indicate to the minister its ability to financially resource the project along with providing key details of the work programme and its technical competencies etc.
I suspect (Im guessing) some confidential information regarding the MOUs with service providers and potential nordic bank financing will have been divulged to the ministers department during this April 2021 submission that we smaller shareholders were not allowed to be privvy too. Again an RNS for these funding details released at a convenient time will propel the share price aswell. Im sure the multibagger brigade will be out in force during these periods doing the usual pump and dump rinse and repeat that we've all become accustomed too.
In my view, the potential value is significant just in the oil production alone. If the Barryroe Team can demonstrate they have a credible plan to get the early development scheme underway by securing the requisite funds then we have a winner.
From the 21st June 2021 RNS, it looks like Providence are gearing the Barryroe development more towards oil production using an FSPO and shuttling the stocks back to the oil storage facilities at Whitegate. This is certainly backed up by Mag Mell Energy (formerly Predator LNG Ireland) who mention these details within there draft Cork County Development plan submission on 23rd June 2021.
The initial thinking to export Barryroe Gas via the existing Petronas 24” pipeline from the Kinsale Alpha/Bravo Gas platforms to the Inch Terminal on the eastern coastline seems to now be off the table. The Providence Management Team, under Alan Linn are expecting the Barryroe gas to be used for facilities power generation with potential for tie-in to the Irish Power Grid via a new undersea cable. Whilst FPSO or fixed platform topsides electrification is easily achievable Im certainly not confident of Providence Resources ambitions to be a power generation company that is capable of delivering electricity to meet Irelands needs to feed its hungry datacentres. In my view they haven’t successfully demonstrated there Oil and Gas Production credentials, so they should steer clear of power generation and do something else with the methane gas and liquid condensate production, if they ever get to that point that is. Perhaps flare it off, if Ireland has no use for it!!!
To realise there ambitions, Providence have submitted a revised Lease Undertaking Work Programme in April 2021 which involves moving Barryroe to a declaration of commerciality, with the intention of turning its 2C resources to 2P Proveable reserves. The K site location (Basal Wealden Sands) on the eastern portion of the Barryroe field is expected to be drilled in Q2 2022 as this will provide the project with the best bang for its buck in the Early Development Scheme. They have previously established good oil and gas flowrates from this K Location (almost 4000bopd) which is significant and more importantly, verified by external parties.
The new management team under Alan Linn have taken the Barryroe Development further than the previous administration ever could and I have faith in them securing the requisite funding with the consortium of large oil and gas service providers.
If Linn and co. can successfully demonstrate they have a credible plan at the upcoming AGM and can provide a warm fuzzy feeling with regards to obtaining the funding, then I would advise people to pile in. If they cannot, then steer clear… Its as simple as that in my view.