Barryroe Offshore Energy Share Discussion Threads

[chica1] 22/5/2023 07:57

You really think the Greens are going away.
Northern Ireland was a strategic vote!

Lansdowne don't have 2 pennies to rub together and think they can progress a £200 million euro project.

Rogen83 (100's of millions) very little money has been invested in Barryroe.Most of the money raised was spent on other projects and wages for the big boys.
From what I heard in the media some years back Tony O'Reilly Jnr received over £7 million in salary from his tenure as CEO at Providence.

[rogen83] 22/5/2023 07:56

People selling today are gonna look bloody silly in the medium term. BEY has no debt, and the costs of legal route is peanuts compared to the hundreds of millions sunk in to field in the last decade.

People moaned about the terms of the Vevan financing, well that's no longer an issue, and as a shareholder your entitlement to the proceeds from a legal resolution are potentially many multiples of not only today's share price but the share price of 3-4 months ago

[wpc9] 22/5/2023 07:08

Reasoning by Ryan is ridiculous. Wording of refusal has opened a new debate and I am surprised as it really strengthens our case in the courts.Greens being demolished in NI local elections . Same will happen here. Ryan will destroy country before he and his cohorts are cast a drift . Bring on court case.

[hermana3] 22/5/2023 06:56

Obvious petey aint a holder so what is he doing on here? Needs to get out more...

[p5tvr] 22/5/2023 06:52

Yawn!! LOL :0)

[hermana3] 22/5/2023 06:49

Landsdowne are coming out fighting and one hopes for a similar response from Barryroe management. This is simply not good enough and Ryan and his DECC eco zealots need to be dragged into Court asap.

[terminator101] 22/5/2023 06:29

Not so good huh. 90% drop coming.

[swizz] 22/5/2023 06:11

22 May 2023

Lansdowne Oil & Gas plc

("Lansdowne" or the "Company")

Barryroe Lease Undertaking Application Decision

Appointment of Legal Counsel



Lansdowne Oil & Gas plc notes the press release from Barryroe Offshore Energy PLC ("Barryroe") late Friday afternoon on 19 May 2023 advising that Barryroe had received a letter from the Irish Department of the Environment, Climate and Communications ("DECC") advising that Eamon Ryan, Minister for the Environment, Climate and Communications (the "Minister") was unwilling to grant the Barryroe Lease Undertaking, as sought, on grounds of financial capability. DECC also confirmed in the letter that the application was satisfactory from a technical perspective.

To date, Lansdowne has received no direct correspondence from the DECC with respect to this decision, although the board has verified the content directly with Barryroe. A copy of the Barryroe press release can be found here:

The Company can advise shareholders that in recent weeks, given the considerable investment made to date by Lansdowne in the Barryroe project, the substantial potential value that the project could realise for Ireland and all stakeholders involved and the apparent lack of any progress nor any engagement by the regulatory authority, Lansdowne has been engaging with external legal counsel to assess its legal rights and the potential options available, including pursuing legal proceedings, for the purposes of protecting its investment in the Barryroe project.

The decision with respect to the Lease Undertaking is disappointing not only for the Company, but also other stakeholders, including Ireland, which continues to import significant amounts of oil & gas, something the development of Barryroe could help to address.

Accordingly, the Company has no choice but to now formalise the engagement with external legal counsel and pursue legal proceedings for the purpose of protecting its investment in the Barryroe Project. These discussions are already well advanced, as noted above, and the Company believes there is clear evidence of the DECC 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. Given Lansdowne is a UK domiciled company it expects to pursue its claim in international arbitration pursuant to the investment protection regime established under the Energy Charter Treaty to which both Ireland and the United Kingdom are signatories.

A further update will be made with respect to the appointment of legal advisors as appropriate, along with more information on the claims sought by Lansdowne in this matter. Below is a brief assessment of the Barryroe value to Lansdowne.



Value of Barryroe

As has been demonstrated on many occasions, Barryroe contains significant quantities of oil and gas with the potential to deliver much needed energy security for Ireland and great value for all stakeholders.

Lansdowne has invested c. $20 million in the Barryroe project to date and the results of the Competent Person Report carried out by RPS ("RPS CPR") announced in February 2022, addressing simply the first phase of a Barryroe development and solely the Basal Wealden Oil reservoir, concluded that the P50 volumes were estimated at 81.2 million barrels of oil recoverable gross (16.24 million barrels net to Lansdowne) from a Best Estimate of 278 million barrels of oil in place (STOIIP).

An economic evaluation, documented in the RPS CPR, covering the proposed Phase 1 development (Phase 1A and 1B) and in the 2C oil resources case, delivers an NPV10% for Lansdowne's 20% share of $104 million under a Brent Oil Price assumption of US$68 per barrel in 2027, rising to $70/bbl in 2028 and 2029 and inflated at 2% per annum thereafter.

As stated before, the RPS CPR has only addressed the oil in the Basal Wealden A Sand, which allows it to be correlated to the earlier work carried out by Netherland Sewell and Associates Incorporated ("NSAI").

Gas was proven in the Basal Wealden C Sand reservoir in the 48/24-10z well that overlays the oil reservoir and this has previously been estimated to hold a potential gas resource of c 400 BCF GIIP. Lansdowne believes this significant gas resource could make a vitally important contribution to Ireland's energy mix as it transitions to a zero net carbon economy and it is anticipated that any future phased development programme will include consideration of this important gas resource.


Steve Boldy, CEO of Lansdowne Oil & Gas, commented:

"It is with great reluctance that we must now resort to legal proceedings in relation to our investment as we would much rather have moved forward with a Lease Undertaking and appraisal drilling, for which funds had been sourced, to advance Barryroe toward development for the benefit of all stakeholders.

We believe we have a very strong claim against the Irish government and the Company will be resolute in defending and protecting the rights and investment of our shareholders."

[steelwatch] 21/5/2023 17:39

cat - All acreage apart from Barryroe 1/11



Celtic Sea Basin
St Georges Basin

all expired and subject to extension applications which are long overdue for DECC decisions.



Also trying to relinquish 3/04 in the Porcupine basin.

[rogen83] 21/5/2023 17:34

DECC have continually moved the goalposts while encouraging ongoing investment in the field. None of this decision making stacks up as reasonable under international law.

It will go to court, and in the grand scheme BEY can afford to, especially if they win damages and legal costs, which has to be a fairly good probability based on what is now in the public domain.

[cat33] 21/5/2023 16:40

Is it a management that anyone would really want to invest in?

[cashandcard] 21/5/2023 16:24

Yes, but they are Irish, and not going anywhere.They need to look elsewhere.Cash

[mcbull] 21/5/2023 15:59

It will be interesting to see Mondays RNS as a reply to yet another posponing tactic by the Greens.

[cat33] 21/5/2023 15:56

Do they have any other assets?

[cashandcard] 21/5/2023 14:54

Yep, in the absence of other meaningful assets, it's practically finito for shareholders, even if it goes down the legal route. No certainty in timing or result there.Management have one option, diversify away from Ireland, or expect an exodus. Cash

[roadster750] 21/5/2023 14:39

THERE WILL BE BLOOD.

[cat33] 21/5/2023 14:22

Oilman Jim's comments https://oilman.substack.com/p/sunday-blog-21-may-2023

[chica1] 21/5/2023 14:09

Very Surprised the Government revoked the lease.

The wheels of the Irish Court system is very slow in corporate cases.
Larry G will be pushing up daisy's long before this is settled.
I'd imagine more dilution coming down the pipe to pay the legal eagles.

[paulsavannah] 21/5/2023 13:27

This is a much bigger problem for LG and Co than any of us so I doubt they'll just walk away. I think long term this will work out better for retail investors like ourselves.The financing agreement with Vevan was asking for trouble from the outset so I would actually say the issue has more to do with that than with the GREEN agenda.The RNs says CONFIRMS so Barryroe knew in advance which is maybe why the open offer was delayed.

[rogen83] 21/5/2023 13:12

This is going to the be decided in the European court. BEY can now sue for substantial damages. This might be an all out better outcome for shareholders given 12-18 months.

[swizz] 21/5/2023 12:06

Agreed Roads, Ryan is using a very tenuous clause within the financial capability assessment, as in the 3.5 times investment cover, the relevant section of the document is below and you will note, that the regulations even acknowledge that other forms of funding capability evidence can be provided, which Barryroe have done so via the funding model with Vevan and the other major shareholders,

Ryan is utilising his ministerial discretion and I would suggest that is both subjective and influenced by political ideology and he is not acting in the interests of the country, the basis of appeal are very substantive and under no circumstances do I believe this is the end of the road for Barryroe, if anything it is now probably at the stage where we should have been 18 months ago, as it has been clear all along that Ryan would only be persuaded by litigation and we have finally reached that point,..GL S

Investment Cover

The Investment Cover calculation assesses if an Applicant has a high tangible net worth compared to the total costs of the Work Programme(s). The Department will calculate the Applicants Investment Cover as follows:

• Investment cover = Tangible Net Worth*/Total Outstanding Financial Commitment
• *Tangible Net Worth = Net Assets – Intangible Assets

The calculation provides an indication of the real value of the balance sheet excluding Intangible assets, were the Applicant to cease trading. Intangible assets are excluded from the calculation as their valuation can be subjective and the assets difficult to monetise. The Tangible Net Worth value also, demonstrates the quality of the Applicants credit worthiness and its ability to access cash to meet its future commitments.
Expectation: Investment Cover greater than 3.5X.

Evaluation Guidance: Where the Applicant has an Investment Cover ratio lower than 3.5 times it may be an indicator that the Applicant is not able to meet all its financial commitments. As a result, the Applicant will be expected to provide additional information to evidence its financial capability, this may include demonstrating its capacity with reference to specific funding arrangements as set out in Section 7. It will be at the Department’s sole discretion as to whether such reasoning and evidence is satisfactory.

[dcme] 21/5/2023 11:58

The market tomorrow will tell the tale. BEY is by definition a one trick pony and there can only be a binary outcome to this saga. If the market believes it's over then that will be immediately reflected in the share price

[p5tvr] 21/5/2023 11:12

Can't say i didn't warn you! LOL :0)