Member Info for thewackmiester

I’m sure Ireland’s government will be aware of the news,
PRD, the business which has proposed the biggest natural gas project ever in Ireland’s history is also an approved CO2 sequestration supplier.

We have now proved not only the business, but in practical terms the ability to use CO2 waste product as a commodity.
We can set up the new infrastructure for Ireland and complete the process by disposing of the by product CO2 generated from using the fuel.

GLA
Wacky

Lol nic

We've got approval from the ministry to produce oil using CO2
Massive news and implications for all of our projects
Yes well done, bloody well done.

GAL
Wacky

Evening all,
The following link is to the ENERGY SECURITY IN IRELAND Report September 2020 (apologies if already posted)

https://www.seai.ie/publications/Energy-Security-in-Ireland-2020-.pdf

This report according to the Authors :--
"In 2019 the Minister for Communications, Climate Action and Environment announced that the Department would
carry out a review of the security and sustainability of Ireland’s electricity and natural gas systems, which will focus on the period to 2030, in the context of achieving carbon neutrality by 2050. This SEAI report provides up to date data and information which can be used as an input to this review".

I would suggest reading all of section 3 FOSSIL AND RENEWABLE GAS, although the full report is extremely thorough.
It does cover some subjects relevant to our proposal, "gas storage, interconnectors (reverse flow),lng, CO2, kinsale infrastructure" and more.
The final section of the report ENERGY SECURITY SCORE may be decisive in the decision.

Happy Reading.
GLA
Wacky

Morning all,
Company valuations and how the market arrives at such is buried in the gunnels of a complex machine that I confess to knowing absolutely nothing about.

Would anyone care to put a valuation on what our company may be worth in the sale of the Ireland project only, based on similar transactions that have previously occurred in the past.

GLA
Wacky

evening all,
Thank you for your kind comments.

Out of all the articles I have read in the mainstream media with regard to the Ireland "Solution or "Problem " depending on which side of the fence you are, to the best of my recollection, not once, our CO2 sequestration plans or the research into its development and implementation, or the research by other members of this board into Blue Hydrogen or Blue Ammonia has been mentioned, by in helping reduce emissions into the atmosphere.
Has anyone else noticed this fact ?.

Even reading through blogs of dedicated environmentalists, it still seems to be under the radar of some, but as we know you need Natural gas to produce Eco friendly Hydrogen etc.
For the green politicians in Ireland to totally disregard the current importance of Natural Gas as a transitional fuel in my opinion would be a political disaster.
The PRD solution ticks so many boxes and If presented correctly to the people of Ireland, I do believe that it will give the greens " a get out of jail card" and would, if they promoted the cycle of technology with great enthusiasm, could actually claim to be the leaders of a great new green revolution as well as receive huge sums of revenue to drive change.
Is a game of poker being played here, not showing your full house until the time is right.
Its what I would do !
Have a look at this little article, again not being shouted about but working quietly behind the scenes.

Causeway Project
Gas Networks Ireland is rolling out its “Causeway Project” consisting of a network of 14 CNG
stations around Ireland’s motorway network and a biomethane grid injection facility.
A public CNG refuelling facility has been constructed at the Topaz Dublin Port service station
and this is due to come into operation shortly.
This will be followed by key strategic locations on the motorway network. A renewable gas
injection facility in Co. Kildare is scheduled to be commissioned and operating early this
year. In the longer term, Gas Networks Ireland is proposing to develop a 70-station CNG
fuelling network, co-located in existing forecourts, on major routes and/or close to urban
centres and further renewable gas injection points.

https://www.gasnetworks.ie/business/natural-gas-in-transport/the-causeway-project/

GLA
Wacky

“My department is currently carrying out a review of the security of energy supply of Ireland’s electricity and natural gas systems in the context of ensuring a sustainable pathway to 2050.”

Ryan went on to say his department was currently considering what legislation, regulations and policy directives were necessary to deliver the commitment in the programme for government to develop a policy statement explicitly removing support for the importation of fracked gas.

Without state support for these projects, it would be a tall order for Predator to convince investors they were a safe bet. But without a legal ban on LNG infrastructure, there is currently nothing to stop these terminals from proceeding as of now, even with the Green Party in power.

Green Party jitters over flirting with fossil fuel

Within the Green Party, there is discomfort with the prospect of Predator Oil and Gas developing new LNG terminals and turning Ireland into a major gas exporter while the party is in government.

Lorna Bogue, who chairs the Just Transition Greens group, told the Business Post that commitments from Predator that imported gas would not come from fracked sources were not enough.

“Even taking the method of fracking out of the picture for a moment, we would generally disagree with creating any new fossil fuel infrastructure. These immobile assets very often are subsidised by the taxpayer in some shape or form and lock the state into further fossil fuel use for the duration of the lifespan of these assets. This does not represent good decision making on behalf of the taxpayer, economically, environmentally and socially when the state needs to be transitioning to net-zero in as short a time frame as possible,” she said.

Given the commitments in the programme for government and the ensuing assurances by senior members and leadership of the Green Party, Bogue said there was disquiet within the party that a policy statement on fracked gas had not been produced yet.

“While a policy statement is not a cast iron guarantee that no future fossil fuel infrastructure will be built, it would send a regulatory signal to possible investors that the state intends to move away from fossil fuels, thereby making the investment less attractive.

“Most of these ventures are financed through debt-instruments so any disincentive that the minister can put in place for fossil fuel infrastructure of any type needs to be done as a priority if we are to meet our climate goals and incentivise investment in renewable energy infrastructure,” she said.

last page.
GLA Wacky

Predator’s proposal is to supply the entire Irish gas market of 6.28 billion cubic metres (bcm) a year and to export an additional 5.72 bcm a year into the British market. Calculations by Paul Deane, an energy researcher at University College Cork, estimates this to be worth a total of €2.6 billion a year to Predator, or €26 billion over 10 years.

The use of “existing infrastructure” at Kinsale and Corrib is a central part of Predator’s plans, reducing not only the capital expenditure required, but requiring different planning applications and reducing the possibility for onshore environmental protests to derail the projects.

Campaign group Not Here, Not Anywhere, which obtained the relevant documents through Freedom of Information, is now calling for an immediate ban on all LNG projects in Ireland.

Richard Curtin, a spokesman for the environmental group, said that even if the gas was to come from non-fracked sources, new infrastructure would perpetuate the use of the high-carbon fuel at a time when we should be dramatically reducing our dependence.

“The window of time in which we can realistically fight climate change is rapidly closing,” Curtin said. “The development of any LNG terminals in Ireland would be disastrous, locking us into fossil fuel dependence for decades and obstructing investment in clean energy. Gas usage in Ireland needs to start reducing immediately if we are to meet our obligations under the Paris Agreement and maintain a safe climate.”

Curtin stressed that even gas from conventional sources was not consistent with emissions reduction targets and had “no climate benefit over coal or oil, due to methane leakage throughout the supply chain and the additional energy required to liquefy, transport and regasify the LNG”.

“The most logical step we can take right now is to legislate to ban the development of all LNG projects in Ireland,” he said.

Of course, there is an argument, advanced by the likes of Predator Oil and Gas, that as Corrib gas runs out over the next decade, Ireland will need LNG terminals to ensure we have a secure supply of gas into the future. To that end, Bruton, the former minister with responsibility for energy, commissioned an energy security review last year, which is yet to be completed.

Contacted for comment, Ryan said Ireland needed to invest heavily in renewable energy and energy efficiency to reduce our use of natural gas and that he was not in favour of developing LNG terminals. Stopping short of saying he would, or could, stop the projects, Ryan said companies would be unlikely to invest in projects when he was so clearly against them.

“The government has clearly signalled that it is moving away from investment in fossil fuels, and I am not in favour of the development of any LNG importation infrastructure. In such a policy environment companies are unlikely to proceed with such investments,” he said.

continued

“Whilst there is limited investment appetite for drilling and seismic operations offshore Ireland,” Predator told the department, “there is genuine positive interest in utilising infrastructure and potentially developing gas storage in the context of importing material volumes of LNG for regasification and distribution to an enlarged gas market.”

Predator requested that a meeting be set up with the department so the company could progress its proposal with interested investors. That meeting was never set up, with an election called just one month after the letter arrived.

Nevertheless, that hasn’t stopped Predator from advancing the first phase of its plans off the coast of Cork with the Commission for Regulation of Utilities (CRU).

In letter dated from August, Predator submitted a completed regulatory checklist and an advanced timetabled work plan for their first LNG facility, with gas scheduled to begin flowing by the end of 2022. Predator also noted that once gas began to flow, it would apply for a gas storage licence to begin the next phase of its plans.

Predator told the CRU it was “very keen to start the regulatory and environmental process as soon as possible,” as it already had a floating LNG tanker assigned by a Norwegian company. The company also noted that it had commenced discussions with Gas Networks Ireland and requested the gas grid operator to provide an engineering solution and timetable for upgrading the pipelines at Kinsale.

Legally required review

The CRU told the Business Post it could not comment on specific cases, but that it was “legally required” to review any applications by LNG operators. It also said it did not “envisage a change in legislation, pertaining to the CRU’s functions, in order to facilitate a floating LNG terminal”.

Gas Networks Ireland also confirmed it had received a “high level technical enquiry regarding a possible connection to the gas network in Cork”. The gas grid operator is also legally bound to assess any serious applications for connection to the grid. Predator Oil and Gas did not reply when contacted for comment.

continued

The first item was one already reported by this newspaper. It involved installing a floating LNG tanker off the coast of Cork, which would import liquid gas from around the world, regasify it offshore, and use the decommissioned Kinsale gas pipeline to pump gas ashore into the Irish gas grid. That would involve taking over the title to the Kinsale pipelines, which currently rest with Kinsale Energy, but would revert to the government upon completion of decommissioning.

The next item involved “acquiring an interest in the Corrib gas field and infrastructure” with the intention of installing a second floating LNG terminal to replace the declining gas in the Corrib field. By 2026, Predator envisaged using the predicted 86 per cent of Corrib pipeline capacity for pumping that imported gas onshore.

Vermilion Energy, the Corrib field operator, was contacted back in June to ask if it had been in discussion with Predator about using its infrastructure for a floating LNG terminal. Vermilion told the Business Post it hadn’t, but contacted again for comment last week, Vermilion simply said it “cannot comment on market rumours or other company’s business plans”.

The third floating LNG facility was suggested for the “quayside” in Drogheda, close to the gas interconnectors with Britain for the purpose of exporting the gas on to the British and European markets.

Currently, our gas interconnectors with Scotland only flow in one direction: from Britain to Ireland. Predator’s proposal would reverse the flow of gas at these interconnectors, cease importing any gas from Britain, and begin exporting into the “larger UK and European gas markets”.

A report carried out by Gas Networks Ireland last year found that the reverse of gas flow from Ireland to Britain was technically feasible, but it had been shelved as there was currently no economic case for doing so, with Ireland having marginal indigenous supplies of gas. If Predator’s plans were to come to fruition, that economic case would certainly change.

The final part of Predator’s proposal involved “developing Europe’s largest gas storage facility” off the coast of Cork where Predator holds a territory licence, while additional storage could be built close to the current Corrib gas field, where Predator also hold a licence.

Predator’s unique selling point to the Irish government was a commitment that none of the gas it imported would be from shale or “fracked” sources. This was in light of clear opposition from the public to using gas from fracked sources in Ireland. That public opposition was subsequently translated into a policy position by the Green Party in the programme for government.

continued

Not only that, but the company also wants to build the “largest gas storage facility in Europe” off the south coast and to reverse the flow of gas through the country’s importing pipelines with Britain in a move that would turn Ireland into a major exporter of gas for the first time in its history. All of this would be done, the company says, with gas imports from non-fracked sources.

The proposals from Predator Oil and Gas are quite simply the most ambitious fossil fuel plans Ireland has ever seen, running counter to the desires of much of the Green Party’s base, and they are being advanced with the energy regulator just as the party finds itself back in power again. They are now placed alongside plans for two other LNG terminals, one in Kerry by New Fortress Energy, a US firm, and another at Cork Harbour by Next Decade, also a US firm.

The companies argue that these terminals are critical to Ireland’s energy security as our last gas reserves at Corrib begin to decline and we become wholly reliant on importing British gas. But environmentalists say they are unthinkable in a time when climate change has become such an urgent political issue.

The question is whether the Green Party will demand Ryan halt the private projects in their tracks, and if so, would he even have the power to do so?

On December 11, 2019, the Petroleum Affairs Division of the (then) Department of Communications, Climate Action and Environment received a letter from Jersey-based Predator Oil and Gas with a detailed business proposal. Richard Bruton and Sean Canney were the relevant ministers at the time.

The publicly listed oil and gas firm has exploration interests in Trinidad, Morocco and Ireland. It is led by Irishman Paul Griffiths, who was previously with oil and gas firm Fastnet, before it diversified its investments away from hydrocarbons.

The letter, seen by the Business Post and obtained under freedom of information by the environmental group Not Here, Not Anywhere, contained a business proposition that amounted to the most ambitious Irish fossil fuel plans by a private company ever.

continued

here is the article.
Happy reading.

New firms’ LNG plans would make Ireland major exporter of gas
Latest proposals from Predator Oil & Gas are the most ambitious fossil fuel plans Ireland has ever seen – and they run contrary to what the Greens’ base wants.
Eamon Ryan has a habit of giving hostages to fortune. In 2005, the Green Party TD was pictured protesting against the Corrib gas pipeline with the Shell to Sea campaign. Two years later, he was the minister in charge of making it a reality.

It was one of the starkest examples of a politician campaigning in poetry and governing in prose. But more than that, it was a cautionary tale about the limits of office and how some things are simply out of a minister’s control for a variety of political, commercial and legal reasons.

Last year, long returned to opposition, Ryan stood up in the Dáil to make his views known on another controversial piece of fossil fuel infrastructure: the proposed building of a Liquefied Natural Gas (LNG) terminal in Co Kerry.

The concept involved importing gas from far away markets, such as the US, with which Ireland has no pipeline connections. The primary concern of many environmentalists was that gas from the US would almost certainly be “fracked”, a form of hydrocarbon extraction that is exceptionally damaging to the environment. But Ryan was clear that, fracked gas or not, new LNG terminals were a bad idea.

“We cannot bet on or invest in gas,” Ryan said. “There is already a massive oversupply and an overextension of the numbers of new applications for LNG terminals and pipelines in Europe which, if they are all built and used, will completely blow the European climate plans and budget.”

In the negotiations for government back in April, the Green Party took a clear anti-LNG line, demanding “an end to the issuing of licences for oil and gas exploration and the importation and construction of LNG infrastructure”.

That demand was notably watered down in the programme for government, instead stipulating that the government would not support the “importation of fracked gas and shall develop a policy statement to establish that approach,” leaving the door open for LNG terminals to still be constructed if they did not import fracked gas.

Ryan now finds himself back as minister in the reformed department he left in 2011. And the Business Post can today reveal that the Department of the Environment, Climate and Communications has received plans from a private oil and gas company to construct three major LNG terminals, one off the coast of Cork, another off the coast of Mayo and a third off the coast of Drogheda.
Continued in reverse order.

Holy Moly,
Have just read the full article, for and against the LNG proposal offshore Ireland.

For anyone who has not read, the highlights are:--
The offshore locations of the three lng sites.
A Norwegian company supplying the vessel. (not named but quite easy to work out)
2.6 Billion euros per year to PRD or 26 Billion euros over ten years.

New firms' LNG plans are set to turn up heat on Ryan... Latest proposals from Predator Oil & Gas are the most ambitious fossil fuel plans Ireland has ever seen ..

If the link does not work, let me know and I will post the full article.
You have got to read it !!!!

GLA Wacky

Morning all
Wow just wow, thanks for posting proselenes,
If this gets the go ahead, Ireland will be huge, not only for PRD but possibly as well for other e&p companies. If they are truly planning to make Ireland the biggest liquid natural gas exporter in Europe, the government must be considering all the other existing applications as the ram head prospect alone will not meet those expectations.
IMO of course.

Very very interesting.
GLA
Wacky

Another piece of the picture.

https://www.lse.co.uk/news/ex-boe-governor-to-establish-credible-carbon-market-by-start-of-next-year-the-telegraph-9e2573pg74p4lkd.html

GLA
Wacky

Evening all,

Great interview and really pleased Paul clarified the situation on al three projects.
Trinidad, as expected, pleased he took the time to explain the ongoing way of business in the country.
Upside, £750k clear profit on five producing wells based on the figures quoted.
I think it was Zebra who posted a huge figure of redundant wells in Trinidad, even 10% of those redundant compatible wells susceptible to CO2 would return a very tidy sum each year for the foreseeable future.
Possible project sale ??

Morocco, Starting to feel the love, Paul mentioned 1TCF, forgive me but isn’t that figure for the MOU1 prospect only ??, and he did mention five drills, but didn’t want to comment on the confirmed extra TCF from the other four prospects until the CPR is released.
Possible project sale ??

Ireland, LEAD PROJECT MANAGER (business)
Of all the businesses and governmental departments involved in a hugely divisive political arena, to be able to recognise our company as the driving force is IMO, testament to our bod and associates involved in such an important project, for the future of Ireland’s energy security.
(No mention of Corrib south , or are they planning to run Ram head only on this project, would be good to know.)
Possible project sale ??

All in all, really happy with the presentation, would like to see the market take another look.

GLA
Wacky

The figures given from original conception (300/350 bopd) which I believe started to gain traction in 2015, were an approximation from the modelling put forward by various industry professionals and universities in the hope that Trinidad’s eor program could be revived.
To state we would get exactly 50 bopd from each well would probably be pushing the envelope a bit far imo.
I have been informed that you can increase or decrease the amount of flow from each well by either increasing or decreasing the choke size at the well mouth but what effect co2 has on that process, a more qualified person may want to comment.

I would like to suggest we should be incredibly proud of what our tiny company has achieved when in reality Texaco walked away from Co2 eor because of what they claimed to be technical difficulties in extracting the oil.

GLA
Wacky

Sorry guys but I need to put you right on the expected bopd from the Inniss Trinity Pilot well.
At the current phase which is 2/2a we are pretty much right on the money.
We have one pilot well currently producing @ 42 bopd (at 5x)
Phase three of the pilot is expected to have seven wells producing @ 50 bopd, hence 7 x 50 = 350 bopd.

The pilot was never going to produce 350 bopd on phase 2, we are currently where Paul has said we would be at this stage.
The next part of the plan is to get the production license from the ministry for the at 5x well to start officially producing oil under normal operating conditions, not test parameters.

As the rns stated, at13x well is now under constant co2 injection which will if all goes according to plan will yield more bopd.
We are only at the proving the technology works stage guys, and it should be treated as such.

Patience again is what I believe is required here.
Let’s see what Paul has to say tomorrow.

GLA
Wacky

A great rns on Trinidad, Paul is no mug.
Co2 exclusivity until 2022, the company not being burdened with being an old fashioned oil producer and saving cash for Morocco, the potential for no more share dilution.
But the most important and value making, is the last sentence of this paragraph.

Extension of exclusivity over Trinidad's entire surplus liquid CO2 supply and the successful execution of Trinidad and Tobago's first large scale CO2 EOR project for many years are compatible with the Company's strategy of developing and offering a flexible CO2 EOR services business in Trinidad to other operators.

“This is achievable without the onerous burden of licence liabilities”.

In other words, when the phone rings a tailor made quick regulatory business is on hand to recover your previously going nowhere oil reserves.

Now wouldn’t that be a business a major would be interested in purchasing.

AIMHO of course.
GLA
Wacky

Hey Nic,
Once again a solid post,
With what we have in Trinidad I’m solidly in the opinion it would be very foolish to sell our stake In this technology to early.
I believe the Trinidad project is for a better term, our workshop, our R & D base, our shop window and although it generates a small income, it is an income nevertheless which could potentially grow significantly.
If we were not in the position we are, I would consider our company to be no better than any other small oiler on an “aim” market.
This technology if fully successful will be undeniable and in my opinion will be the catalyst to a whole new Global industry in co2 eor sequestration.
History may say PRD made a fortune through clever technology and the company maker was moulded in Morocco but in reality the true value of the company was made in the Caribbean.

All in my honest opinion of course.

GLA
Wacky