Member Info for thewackmiester

Great find Chislehurst,

By my reckoning with Shannon LNG and now Cork LNG going bye bye, that leaves only PRDs proposal for indigenous not fracked gas on the table.
A very carefully worded statement with no mention of PRD and our three proposed FRSUs, in pretty much the same locations,
under the radar by any chance ??
Might have to wait a bit for the final decision though.

All eyes on Morocco now.
AIMHO of course
GLA
Wacky

Hi all

Did anyone notice the share price advertised yesterday as 4.2 whereas the the ask and the bid were 4.0 and 3.8 respectively.
If someone could explain why that was so, I would be grateful.
Kind regards

Wacky

Morning all,

SDX rns this morning quotes a timeline of start Q2 drilling campaign in Morocco, have we first dibs on the drilling rig, if so, news for our Morocco campaign can’t be too far away.

https://www.londonstockexchange.com/news-article/SDX/trading-and-operations-update/14813759

GLA
Wacky

Morning all,
The UKs white paper on Powering our Net Zero Future is well worth a read if not already done so.
It is long 170 pages but you can easily cherry pick the relevant bits with regard to our business.

One thing that I did pick up on was the opening statements in particular regarding shipping and ports and the drive to make them cleaner, they are after all the biggest polluters on the planet.

By fuelling ships with LNG, will make a big difference on the amount of CO2 they emit, and of course they will require refuelling points when in port and to the best of my knowledge they currently don’t have this facility in Northern Ireland or any part of Ireland.

Is this another tie in to the EUs directive on all 139 maritime ports to have LNG Facilities.
Could this be the way forward for the Irish Government to give authority for PRDs FSRU program the green light through ship to ship LNG refuelling as a starting point ?.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/943807/201214_BEIS_EWP_Command_Paper_LR.pdf

Also a link to new fuel rules for shipping.

https://www.google.co.uk/amp/s/amp.independent.ie/business/irish/new-fuel-rules-push-ship-owners-to-go-green-with-lng-37224632.html

GLA
Wacky

Thanks everyone,
Thanks Zebra,
Talk about being in the right place at the right time,
Seems to me as long as polluters' of CO2 and it is abundant, not just Massy, require disposal of such, we would hardly have to get our hands dirty , par say, to have the likelihood of Major companies at our doorstep wanting to buy credits or face massive fines and then also using the disposed of CO2 for EOR or enhanced natural gas recovery, which we should also have a return on.
And that's just for T&T, then there's Morocco and Ireland and as also pointed out this will eventually be a global system, it has to be !
A double edged paying Sword.
Am I on the right track here ?
Hope I am.

GLA
Wacky

Thanks PT
Time for some digging.

GLA
Wacky

Agree PT
It’s all coming together, Trinidad is looking really good, our CO2 exclusivity deal with Massy could really come home now.
Trading carbon credits ?? Not my strong point but if anyone would care to elaborate on how the system would work, I would be most grateful.

I’m getting the feeling this is ready to “pop”

GLA
Wacky

Great article PT
Thanks for posting, PRD are in such a good position right across our portfolio.
Next year should be huge for us.

GLA
Wacky

Yes rocklawn
My apologies, articles regarding the energy sector are also covered by Peter O’Dwyer.
I would recommend subscribing to the paper.

GLA
Wacky

Hi wraith,
You’re welcome, if you want any of the article’s posted currently on the website give me a shout and I will do.
There is a lot of info to be gleaned and the business reporter Daniel Murray is spot on (pardon the pun) in what he publishes ahead of the market.
He broke the news on Barryroe and PRDs involvement with the FSRUs before anyone else.
He did state on his last Barryroe article that according to sources, Ryan is likely to approve the license, certainly hope so.

GLA
Wacky

Hi zebra,
From pvr presentation.

Total Gross Recoverable Audited Resources are 346MMBOE comprising 311MMBO (2C Resources) plus additional recoverable gas resources mid-case of 35MMBOE (Note:1BOE~6MSCF gas)
No recoverable estimates are currently provided for Lower Wealden and Purbeck reservoirs.

You are correct a lot more oil than gas and according to the presentation they are going after both resources,
The big question now is, given the quoted gas estimates , will they be enough to see the country through to its ultimate goal of renewables.

On the figures quoted.
35mmboe x 6 Mscf/d
= 210 billion scf
Convert to cubic meters
= 19.5 billion cubic meters

At the current burn rate as of 2019
= 5.3 billion cubic meters per year.
Which if used solely, a lifespan of about 4 years,

If I have calculated correctly, I think both Corrib and Barryroe could be depleted before 2030 and another source of gas would be required to complete the transition to renewables.

Thanks Zebra for pointing this out.
Would someone be able to verify the figures.

GLA
Wacky

Article from the Business Post.
Worth a read.

Eamon Ryan will consider a licence application for the Barryroe oil and gas field “within the relevant regulatory and policy context”, his department has said.

Providence Resources and Lansdowne Oil & Gas last month announced a deal to farm out a 50 per cent stake in the field, which is located off the coast of Cork, to SpotOn Energy, a Norwegian consortium.

The finalisation of the deal is contingent on a number of factors, including SpotOn putting the requisite funding in place and Ryan, the Minister for the Environment and Climate, granting approval.

Approving the licence could prove politically difficult for the leader of the Green Party, who has previously said he favoured an outright ban on oil and gas exploration. A spokesman for the department said neither it nor the minister commented on individual licence applications.

“All licence applications are considered within the relevant regulatory and policy context. In that regard, the programme for government sets out a high level of ambition for renewables uptake as part of the decarbonisation process. It sets out that a reliable supply of safe, secure and clean energy such as offshore wind and geothermal, for example, is essential in order to deliver a phase-out of fossil fuels,” he said.

“It also sets out a clear commitment to end the issuing of new licences for the exploration and extraction of gas, on the same basis as the recent decision in relation to oil exploration and extraction.”

In September 2019 Leo Varadkar, then taoiseach, announced that all future licences for oil exploration would be banned while licences for gas exploration would continue. The government subsequently confirmed that existing licences such as Barryroe would not be affected by the change in regulation.

In the programme for government, Fianna Fáil, Fine Gael and the Green Party committed to ending the issuing of new licences for the exploration and extraction of gas on “the same basis as the recent decision in relation to oil exploration and extraction”.

Prior to entering government, Ryan said last year he’d “eat his hat” if the issuing of oil and gas exploration licences was not stopped within a year. “I do not believe it will survive in the programme for government negotiations, no matter who is in it,” he said.

Sources have indicated that Ryan is likely to approve the licence.

Good news especially if the last paragraph comes to pass.

GLA
Wacky

Hi PT
Agreed, anyone’s guess about Barryroe it could go either way, politics politics,
“it’s right on our doorstep and we should take full advantage” or “we’re going to import what we need for the time being” and won’t tell the general public where it comes from. Same old same old.
One thing is for certain though they can’t do nothing,
Corrib will run out before renewables are fully satisfied for Ireland’s needs, a hard “Brexit” just literally around the corner, a rising demand for natural gas in the short to medium term, an EU policy demanding energy security and the U.K. getting first dibs on any gas supply from Europe in which incidentally the Scandinavian reserves of natural gas are also in terminal decline.

Mr Ryan needs to put his game face on !

However just to bring a little sunshine,
If Barryroe gets the go ahead I would like to suggest that our proposal for offshore FSRU units will undoubtably get the go ahead also, no point in having all that natural gas with no prospect of it ever getting to shore. (They could sell it to other non Irish markets obviously, but what would be the point when Ireland’s needs are greater).
The consortiums proposal makes no comment or any plans that I have seen for making landfall with their products, the decommissioned kinsale pipeline is potentially to be used for CCS, (Inch terminal now decommissioned) so unless another project pops up in the near future with all the right permissions etc, I would say we’re looking pretty good with our option.

Happy days for all PRD shareholders.

GLA
Wacky

Morning Nic,
All good fun, chasing breadcrumbs, hope I’m on the right path.
Two more articles in the Business Post this morning, seems like they are coming thick and fast now.

Article 1
Multimillion-euro deepwater port planned for Co Meath
Developer Johnny Ronan and Drogheda Port Company are to develop the port to support the building of renewable energy infrastructure.

https://www.businesspost.ie/construction/multimillion-euro-deepwater-port-planned-for-co-meath-d95fc65e

The one thing to take from this article is this particular piece.

“The partners hope Bremore Port will act as a landing site, assembly point and support centre for wind turbines, which require large tracts of space and which will be used in the development of offshore wind farms in the Irish Sea over the coming years.

As part of its goal to become a hub for green innovation, the new port also aims to be a centre for the production and distribution of green hydrogen, a zero-carbon energy source that can be used to fuel public transport”.

This is of course where PRD have applied to site one of the three planned FSRU platforms and if the wind don’t blow you need natural gas to produce Hydrogen.

Article 2
Ryan set to consider Barryroe oil and gas field licence bid.

https://www.businesspost.ie/energy/ryan-set-to-consider-barryroe-oil-and-gas-field-licence-bid-3c97fe47

In this article the one thing I took away was the very last paragraph.

“Sources have indicated that Ryan is likely to approve the licence”.

Wonder if the market will start and take note of these developments ?

GLA
Wacky

In light of today’s announcements.

EU budget approval.
No more overseas oil and gas subsidies.
And the big one tomorrow, Brexit.
Based on fellow posters comments regarding Brexit and how it could come into play for PRD, I decided to do a bit of digging and glad I did.

The first link is with regard to :
Oxford Institute for Energy Studies Submission
Inquiry into the implications of Brexit for energy security in the UK by the EU Energy and Environment Sub-Committee of the House of Lords.

Interesting document especially page 8. heading number 5.as below.

5) Another solution would be to review the Irish gas market by taking into account Directive 2014/94/EU on the deployment of alternative fuels infrastructure. This states that LNG refuelling stations are to be installed in all 139 maritime and inland ports on the trans-European Transport (TEN-T) Core Network by 2025 and 2030 respectively. For Ireland, the relevant ports are Cork, Dublin and Limerick20. To deal with both issues (Brexit and Directive 2014/94/EU), Ireland could go for a cheaper FSRU instead of the usual onshore regas. In addition, an Irish utility could sign a deal with an EU company providing LNG at the French or Spanish terminals to access reloaded LNG while benefiting from the subsidies available under the EU trans-European network of “Motorways of the Sea”.
Full article at https://www.oxfordenergy.org/wpcms/wp-content/uploads/2017/10/Submission-to-the-Inquiry-into-the-implications-of-Brexit-for-energy-security-in-the-UK.pdf

Then had a read of the EU Directive 2014/94/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 22 October 2014 on the deployment of alternative fuels infrastructure.

https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014L0094&from=EN

IMO if the Directive is followed, I believe the Irish government will have no option but to go down the path of the FSRU solution and very possibly Moroccan gas could be on its way to Ireland.
I didn’t get it at first when Paul mentioned FRSU for Morocco but now if Mou1 ++++ is successful it does make perfect sense.

And finally is this one of the partners we have signed an NDA with, their credentials could encompass pretty much all of our projects and I for one would be very pleased if that were the case.

https://www.kslaw.com/attachments/000/006/010/original/LNG_in_Europe_2018_-_An_Overview_of_LNG_Import_Terminals_in_Europe.pdf?1530031152

GLA
Wacky.

Hi guys
Thanks for your comments.
The only estimate I can refer to was what was published in the Business post about six weeks ago which was €2.6 Billion per year or €26 Billion over ten years of the life of the project.

You can read the full article if you read back through my posts.

GLA
Wacky

Hi all,

Not for me to shout about things, but I think some of us may be missing the point with the LOPG tie up.

The PVR presentation does show offshore vessel’s etc (@16mins in)

https://www.proactiveinvestors.co.uk/companies/news/932354/providence-resources-ceo-alan-scott-linn-presents-at-the-proactive-one2one-virtual-forum-932354.html

The vessels proposed are FSOs (floating storage offshore) (not FSRUs) and you could in theory through new sections of pipeline connect into the remaining kinsale infrastructure, but what then ?
Where is the gas going, it can’t go to the onshore inch terminal because it’s decommissioned and in the planning permission it has to go back to a green field site.
This is where we step in.
The gas is pumped to our offshore FSRU terminal where the gas is processed and from there onwards to the Irish gas network and beyond.
We all know the Irish government will not approve any gas terminals wether onshore LNG or another onshore corrib processing plant.
So in our proposal if we get the go ahead, not only PVR/lOPG but any other company who wants to sell LNG on the Irish market will have to use our infrastructure to do so. It’s as easy as that.
We can have our cake and eat it !
Big things are coming.

AIMHO of course.
GLA
Wacky

Hi JimmyJesus,

The or one of the main reasons why Texaco abandoned their CO2 project in Trinidad in the late 1980s/90s was due to CO2 leaking back into the atmosphere on the Forrest reserve wells, they also cited maintenance reasons, but a quick google search will throw up a few pointers.

For PRD to come this far with no serious issues is testament to our bod and their knowledge.
Texaco couldn’t do it, but we can says it all really.

GLA
Wacky

Another article in the business post regarding the barryroe project.

Surprise Suprise Equinor get a big mention as possible funders , they do after all hold 50% of Corrib.
I’m still in the thinking that the barryroe project will get the go ahead as it’s a world class field and we PRD will supply the “infrastructure” to take the gas to market.
Watch this space for our next announcement.

Providence Resources’ partners in the development of the Barryroe oil and gas field plan to raise between €60 million and €70 million through a bond issuance in the coming months, the Business Post understands.

Providence last week announced it had reached a farm-out deal for the Barryroe field with a consortium led by Norway’s SpotOn Energy. The Irish exploration company expects it could begin making dividend payments within three years.

The agreement, first reported by the Business Post, will result in SpotOn and its consortium funding 100 per cent of the early development programme (EDP) and the full field development.

Funding will come from the deferral of service fees on the part of the consortium partners, cheap Norwegian export credit and the issuance of a Nordic bond.

It is understood that the bond will be worth in the region of €60 million to €70 million and that a number of parties have expressed an interest in funding it.

Two sources identified Equinor, the Norwegian state-owned multinational formerly known as Statoil, and Askator, a Norwegian oil services investment company, as having a potential interest in the bond.

An Equinor spokesman said: “We are not aware of any involvement by Equinor in this project or funding of bonds related to it”.

An Askator spokesman said it had a connection with SpotOn through AGR, a well management and consultancy company in its portfolio, which is part of the Barryroe consortium. Askator had “no role in the fundraising of SpotOn”, he added.

Providence declined to comment when contacted on Friday while SpotOn did not respond to a request for comment.

On Wednesday, Alan Linn, the chief executive at Providence, said the plan was to go to the markets for the bond in early 2021 and added that further details would be “available pretty soon”.

“I think once the bond is in place people have confidence in a lot of the rest of it,” Linn said. He added that discussions on the bond had all been “very positive” and he expected strong interest in what he said would be an “attractive bond”.

It’s all getting exciting.

AIMHO of course.

GLA
Wacky

Is that how you greet fellow investors rocklawn, if you did a little bit of research you might enlighten yourself.
Very shortsighted if I may say.

GLA
Wacky