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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Barryroe Offshore Energy Plc | BEY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.575 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.575 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 05/11/2023 23:03 by cephalosaurus No, it’s Ryan’s fault 100%, that the licence was not granted. If it was granted, and he was not minister for the environment, investment and farmins would not be discouraged. As it was, they had an investor and Ryan still pulled the rug. Sure the previous management have all been rot, just like Europa oil and gas, which will suffer the same fate if they are not careful. |
Posted at 02/11/2023 15:35 by swizz Yes, it is quite well researched and structured, a few snippets are as follows,..GL SBEEF-BARON-turned-oi The most interesting aspect of last week’s rescue plan, which gives Goodman ownership of the former Providence Resources (to be confirmed by the High Court on Friday), is that it suggests he is planning to go after climate minister Eamon Ryan and the state in an effort to remove the block denying BOE its reasonable expectation of getting the lease-undertaking licence required to proceed to the final phase of development of the huge Barryroe offshore oil and gas field or, alternatively, secure substantial compensation. Goodman is no oil or gas developer but he no doubt realises that the Barryroe field is not one of these South Porcupine-type discoveries, located 5,000 ft deep and 400 km offshore, but is just 50 km offshore Cork and in only 100m of water. Moreover, it already has key infrastructure in place such as the gas pipeline and processing plant built for the Kinsale gas field. This makes the project cost effective already and easy to develop, with its near one trillion cubic feet of gas and 350 million barrels of oil recoverable. Goodman’s decision to petition the High Court on Friday July 21 this year to appoint an examiner to BOE was actually a last-minute affair, only one working day before BOE itself was set to hold an EGM on Monday July 24, seeking to get shareholders to place the company in voluntary liquidation. Not surprisingly, the BOE board – headed up by chairman Peter Newman and CEO Alan Curran, who replaced Jimmy Menton and Alan Linn respectively after the latter two jumped ship in late 2022 – held the EGM but no vote was taken and proceedings were immediately adjourned. It is hard to see why the BOE directors showed so little fight when Ryan’s Department of Environment, Climate and Communications [DECC] pulled the rug out from under them in May this year by rejecting the lease-undertaking application. They had, after all, got Goodman to agree to a €40m convertible loan on November 23 last year to fully fund the proposed Barryroe development programme, as well as arranging a top-up €20m placing on April 24. In those circumstances, it is impossible to believe they considered Ryan’s refusal to be reasonable. Indeed, on May 23, BOE’s much smaller (20%) minority partner in Barryroe, Lansdowne Oil & Gas, initiated an “arbitration process under the Energy Charter Treaty [ECT]”. T |
Posted at 11/10/2023 21:47 by northatlanticholdings Herm - we ain’t going to get any additional details than what has been uploaded to the homepage of the website.The detail on the 5% of profit on the Barryroe field - is conveniently, to follow from the investor after the shareholders and creditors meeting. It’s a smokescreen not an offer of anything. It’s certainly not a legally binding offer of a 5% shareholding. The new proposed constitution is on the site. It gives guidance on voting in person, proxy or special proxy, but it doesn’t make the proxy available. You need to go through your broker if you bought via an intermediary. I’ve been through the detail, all of it. Regrettably it is an offer of nothing. |
Posted at 11/10/2023 14:46 by steelwatch I read it as shareholders on the share register as at 21st July, other than Vevan, so presumably all shareholders on that date except Vevan.Details of how it will work to follow via "Documentation giving effect to this element of the Proposals will be prepared and distributed by the Investor, (Vevan), to those other shareholders within 30 working days of the Effective Date". |
Posted at 11/10/2023 13:33 by pwhite73 SOA does not require the approval of shareholders if the company does not have sufficient funds to satisfy the creditors in full. It only needs the majority of class of creditors to support it.BEY does not have sufficient funds so an investor has stepped in to settle on the company's behalf but as a consequence wants full control of the equity in the new venture. If the court sees 80% of the members have voted for the plan it will sail through. If the court sees that only 5% of the members have voted for the plan it may examine it in greater detail. As per page 21 of the SOA the creditors are owed only about £390k. The secured creditors will be paid in full and the unsecured creditors will receive 70% of their money. So its not like LG has splashed out millions with the creditors. It is well worth the exercise for the private ownership of 80% of Barryroe oil/gas field that can be realised at a later date. |
Posted at 11/10/2023 10:11 by steelwatch Well, I guess we'll get the answer as and when this happens:"Documentation giving effect to this element of the Proposals will be prepared and distributed by the Investor to those other shareholders within 30 working days of the Effective Date" |
Posted at 07/10/2023 09:51 by swizz Yes, that’s the correct term, as in “other shareholders”, and excuse my glass is half full approach, although it is part of a broader series of reference points, sub headed by the title of “existing shareholders” so the prudent approach would be to wait until the documents are received in full, ..GL SI would also add, I think the actual term “other” is being used in the context of “other” than Vevan and it does indeed apply to ordinary and existing shareholders on the share register, as of July 21st. As below,.. Existing Shareholders and Cancellation from AIM and Euronext Growth Markets When the Court confirms the Proposals (with or without modification), the Scheme shall be binding on the shareholders and creditors of the Company. Where the Court confirms the Proposals, the interest of the shareholders in the total issued share capital of the Company will be eliminated. The shareholders shall receive no distribution on account of their shares under the Scheme or under these Proposals. On the Effective Date, the existing shares and all and any rights attaching or relating thereto will be cancelled. Any rights and / or entitlements of the shareholders as members of the Company pursuant to the articles of association of the Company or any other document, or otherwise, shall cease as of the Effective Date. Upon cancellation of all the existing issued share capital the Company will immediately seek cancellation of its listings on AIM and Euronext Growth. The Proposals provide that the Investor will allocate to the other shareholders (as at 21st July), other than Vevan Unlimited Company, 5% of any after-tax net profits realised by the Company from the Barryroe field, either through its sale or operation at any time in the 10 year period after the Effective Date. Those other shareholders shall not be required to commit additional funds to participate. Documentation giving effect to this element of the Proposals will be prepared and distributed by the Investor to those other shareholders within 30 working days of the Effective Date. |
Posted at 01/9/2023 20:45 by hermana3 Like the sound of new investors coming in. Larry may not want to take all the action to himself and his family. |
Posted at 11/7/2023 16:38 by mcbull Maybe not over until the Landsdown lady sings........Daniel Murray: It was only a matter of time before Ireland was sued over energy treaty Lansdowne Oil and Gas plc is to launch €100m proceedings against the state after Eamon Ryan refused to grant a further exploration licence for the Barryroe field. The Irish government can’t say it wasn’t warned. Notice of the first case by a fossil fuel company seeking damages under the Energy Charter Treaty last week was considered inevitable by some. The treaty allows corporations to sue governments for policy decisions around energy – including climate-related decarbonisation plans – that might impact on their profits and their future profits. The treaty has become increasingly controversial in recent years, with multiple EU countries saying they are going to withdraw from it. “It was only a matter of time before Ireland was sued,” said Lynn Boylan, the Sinn Féin senator. Now Lansdowne Oil and Gas plc, a minority partner in the Barryroe oil and gas field off the coast of Cork, are using the treaty to seek up to €100 million in damages from the Irish state on the basis that Eamon Ryan, Minister for the Environment, refused to grant Barryroe a further exploration licence, resulting in a loss of potential future earnings by the company. It would be fair to surmise that the parties to the Barryroe field might have their suspicions about Ryan’s real motives for rejecting the licence, given that he is the leader of the Green Party. But the Department of the Environment explicitly told the Business Post that refusal of the licence had nothing to do with climate action and that the “phasing out of fossil fuels or our security of energy supply did not form part of the assessment process”. Instead, the department said the Barryroe project did not meet the criteria to grant a licence, including the “technical competence of the applicant and the financial resources available to it”. It is these issues that the case will likely hang on, if it goes ahead. There is no doubt that Barryroe Offshore Energy (formerly Providence Resources) has struggled to raise sufficient funding and successfully commercialise the field over its more than 40-year history. But the government could be faced with a chicken or egg argument, whereby the refusal of the licence may be used by the plaintiff as the reason why funding couldn’t be fully secured in the end. Either way, the case will be significant legally and politically. Ireland signed up to the Energy Charter Treaty in 1994, which was originally designed to protect investors in energy in post-Soviet states. But growing litigation of decarbonisation plans under the treaty in recent years has fuelled concerns that it is now stifling climate action in Europe. So much so that the European Commission wrote to member states earlier this year saying that the “most adequate” option would be for the EU and its 27 member states to leave the treaty together. Shock judgment The Lansdowne case has another layer to it as it will involve the use of investor courts, which the Irish Supreme Court recently ruled were unconstitutional when it delivered a shock judgment against the Comprehensive Economic Trade Agreement (CETA) between Canada and the EU, taken by Patrick Costello, the Green Party TD. However, the court also said that the government could avoid the need for a referendum on investor courts by amending the Arbitration Act 2010 to give the High Court additional powers to reject the decisions of investor courts. The government appears to have taken no action on this since the Supreme Court judgment late last year. Boylan is taking a separate case against the Irish government challenging the very constitutionality of the Energy Charter Treaty itself, partly on the grounds established in the CETA case. Then there is the politics, as the treaty comes under increasing scrutiny and the number of EU countries announcing their intended exit from it continues to mount. Ireland has kept its powder dry so far on its intentions to either stay in or leave the Energy Charter Treaty, waiting instead to see how proposed treaty reforms may play out. But with the first case notified to the Irish government last week, it may be too late for the state to avoid slugging it out with a fossil fuel company in the controversial investor courts it was warned about for so long. swizz2 Jul '23 - 16:02 - 245 of 246 Brian Carey - The Sunday Times Litigation funds line up to take on state over Barryroe Lansdowne Oil & Gas approached by litigation funding firms over denial of right to work the Cork prospect Lansdowne Oil & Gas says it will tap specialist litigation funders to finance its case against the Irish government over the decision to withdraw a licence to explore the Barryroe prospect off the Cork coast. The exploration minnow owns 20 per cent of the prospect alongside Barryroe Offshore Energy (BOE), which controls the remaining 80 per cent stake. A UK-domiciled company, Lansdowne is pursuing a claim through international arbitration pursuant to the investment protection regime of the Energy Charter treaty (ECT), to which both Ireland and the United Kingdom are signatories. In its annual report, released last week, Lansdowne said that it had been approached by litigation funding firms and initial discussions were already under way, “with positive feedback thus far”. Lansdowne’s legal advisers, Ashurst, initiated arbitration proceedings under the ECT by submitting a letter to the government, which requires it to participate in discussions with a view to settling the dispute. The government has three months to respond to a settlement offer. The company said that it intended “to wait to see” the government’s response before looking to formalise litigation funding. Eamon Ryan, the climate change minister, last month withdrew the licence citing concerns over the “financial capability” of the partners. As an Irish-registered company, BOE does not have a right to pursue international arbitration under the ECT. It is believed to be in talks with its largest shareholder, Vevan, an entity controlled by the businessman Larry Goodman, about mounting a possible judicial review. Vevan underwrote a loan note issuance of $40 million (€36.6 million) to prove the financial strength of the exploration partners. BOE, as operating partner in the joint venture, had already commenced planning for drilling in 2024, in the expectation that it would be granted a lease undertaking to continue work on the prospect. The company had gone out to the market inquiring about rig availability in early May 2023. Lansdowne has said it values its interest in Barryroe at up to $104 million. It said there was “clear evidence” of the Department of Environment, Climate and Communications and the minister “failing to act in a fair and equitable manner with the Barryroe Partners consistent with its obligations under Irish law and also international law”. |
Posted at 02/7/2023 15:48 by swizz Daniel Murray: It was only a matter of time before Ireland was sued over energy treatyLansdowne Oil and Gas plc is to launch 100m proceedings against the state after Eamon Ryan refused to grant a further exploration licence for the Barryroe field.The Irish government can't say it wasn't warned.Notice of the first case by a fossil fuel company seeking damages under the Energy Charter Treaty last week was considered inevitable by some.The treaty allows corporations to sue governments for policy decisions around energy including climate-related decarbonisation plans that might impact on their profits and their future profits. The treaty has become increasingly controversial in recent years, with multiple EU countries saying they are going to withdraw from it."It was only a matter of time before Ireland was sued," said Lynn Boylan, the Sinn Féin senator.Now Lansdowne Oil and Gas plc, a minority partner in the Barryroe oil and gas field off the coast of Cork, are using the treaty to seek up to 100 million in damages from the Irish state on the basis that Eamon Ryan, Minister for the Environment, refused to grant Barryroe a further exploration licence, resulting in a loss of potential future earnings by the company.It would be fair to surmise that the parties to the Barryroe field might have their suspicions about Ryan's real motives for rejecting the licence, given that he is the leader of the Green Party.But the Department of the Environment explicitly told the Business Post that refusal of the licence had nothing to do with climate action and that the "phasing out of fossil fuels or our security of energy supply did not form part of the assessment process".Instead, the department said the Barryroe project did not meet the criteria to grant a licence, including the "technical competence of the applicant and the financial resources available to it".It is these issues that the case will likely hang on, if it goes ahead.There is no doubt that Barryroe Offshore Energy (formerly Providence Resources) has struggled to raise sufficient funding and successfully commercialise the field over its more than 40-year history.But the government could be faced with a chicken or egg argument, whereby the refusal of the licence may be used by the plaintiff as the reason why funding couldn't be fully secured in the end.Either way, the case will be significant legally and politically.Ireland signed up to the Energy Charter Treaty in 1994, which was originally designed to protect investors in energy in post-Soviet states.But growing litigation of decarbonisation plans under the treaty in recent years has fuelled concerns that it is now stifling climate action in Europe. So much so that the European Commission wrote to member states earlier this year saying that the "most adequate" option would be for the EU and its 27 member states to leave the treaty together.Shock judgmentThe Lansdowne case has another layer to it as it will involve the use of investor courts, which the Irish Supreme Court recently ruled were unconstitutional when it delivered a shock judgment against the Comprehensive Economic Trade Agreement (CETA) between Canada and the EU, taken by Patrick Costello, the Green Party TD.However, the court also said that the government could avoid the need for a referendum on investor courts by amending the Arbitration Act 2010 to give the High Court additional powers to reject the decisions of investor courts. The government appears to have taken no action on this since the Supreme Court judgment late last year.Boylan is taking a separate case against the Irish government challenging the very constitutionality of the Energy Charter Treaty itself, partly on the grounds established in the CETA case.Then there is the politics, as the treaty comes under increasing scrutiny and the number of EU countries announcing their intended exit from it continues to mount.Ireland has kept its powder dry so far on its intentions to either stay in or leave the Energy Charter Treaty, waiting instead to see how proposed treaty reforms may play out.But with the first case notified to the Irish government last week, it may be too late for the state to avoid slugging it out with a fossil fuel company in the controversial investor courts it was warned about for so long. |
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