Barryroe Offshore Energy Share Discussion Threads

[swizz] 23/5/2023 17:41

Ryan interviewRyan took part in a Q&A session with Matt Cooper on Today FM this evening and he was asked about the Barryroe decision and he was clearly incapable of providing a coherent explanation for his decision to refuse the LU and he was also asked about the financial credibility of LG as a key supporter of the financial model and again his response was completely incoherent, the link is below and the catch up show should be available just after 7pm tonight, The Barryroe section was around 5.30pm hTTps://www.goloudplayer.com/radio/today-fm

[paulsavannah] 23/5/2023 10:48

RTE news did only refer to it as a setback so they don't think it's over. If I had spare cash now I'd be buying.

[chica1] 23/5/2023 09:55

Well if there is a case Vevan and Pageant should be mopping up shares.
Hey maybe they might even start accumulating Landsdowne shares.

[swizz] 23/5/2023 04:59

Lansdowne, registered in the UK, has flagged plans to pursue international arbitration under the so-called Energy Charter Treaty to recover what it sees as lost profits. It reckons the net present value of its 20 per cent stake in an initial Barryroe reservoir is worth at least $100 million (€92.5 million).That option is not available to Barryroe as an Irish company. It is likely to pursue a judicial review in the High Court to have Ryan's decision declared invalid. It's not without risk. But having committed to a €40 million financial backstop last year to cover the next phase of development at Barryroe, major shareholder, 85-year-old beef baron Larry Goodman, has the financial resources to help the company pursue a legal case.This story is far from over.hTTps://www.irishtimes.com/business/2023/05/23/goodman-holds-key-as-barryroe-project-likely-heading-for-the-courts/

[swizz] 22/5/2023 21:38

Some interesting points extracted from the document, Vevan’s legal team should have a field day, …GL S

(Thanks to Manyana on L.S.E. for pointing this out)

Excerpt from the financial capability guidelines,

1.3 It is important to note that this Guidance:
a) Is for guidance purposes only and the Department may, at its absolute discretion, elect to depart from the approach set out in this Guidance;
b) Is supplementary to the Act and the Licensing Terms, both of which take precedence over this Guidance;
c) Is not a substitute for any regulation or law and does not have binding legal effect;
d) Is not a substitute for any other financial assessments that may be carried out by another regulator; and
e) Is made specifically and exclusively for the purposes set out within.
f) Will be kept under review by the Department and may be amended as deemed appropriate by the Department.

[rogen83] 22/5/2023 20:24

Chica, perhaps you go back to chewing your crayons.

[hermana3] 22/5/2023 19:14

they will be trying to keep their jobs as caretakers in runup to legal battle with ryan and his dishonest goons.

[jotoha2] 22/5/2023 18:50

It's about time that this BOD start to make decisions which are for the best interest for the company and it's shareholders , and not for some greedy selfish interest.

[swizz] 22/5/2023 18:49

A more detailed update from the Irish Times,...GL ShTTps://www.irishtimes.com/business/2023/05/22/barryroe-slumps-almost-50-as-ryan-refuses-permit-on-key-oil-project/

[paulsavannah] 22/5/2023 13:55

The public and main steam media will know about it now which may put pressure on Eamon Ryan to act sensibly due to the current cost of living crisis.

[paulsavannah] 22/5/2023 13:50

At least it's getting coverage if nothing elseBarryroe shares plummet over permission set back https://www.rte.ie/news/business/2023/0522/1385007-barryroe-shares-plummet-over-permission-set-back/

[paulsavannah] 22/5/2023 13:15

There may be some back channel communications going on between them and the DECC which is why they haven't responded as yet unlike Landsdown who may have been too eager and jumped the gun. Not much else we can all do but wait and see. No point selling now at this price.

[paulsavannah] 22/5/2023 13:09

I doubt it very much if LG will walk away just yet.He's known to be very vindictive and not one to take no for an answer. I still think it's the deal itself and the manner of it in which he and Barryroe came to with Vevan that's the issue.I see no reason why that can't be looked at again in order to make it compatible with what the DECC expect assuming it's not because it is a green issue after all.

[peaeff] 22/5/2023 12:20

Chica1

20 years ago was not privy to the same technology as in later years and therefore never produced the same sort of flow test results as in 2012 as a result.

That said there is no doubt that there have always been questions as to why development has been an issue, particularly why huge oil companies have apparently not been interested. Those that reportedly had, have shied away, for whatever reason, failure to raise necessary funding, for past false dawns, being the stated reason.

We shall never know why but I have no doubt in my mind that Barryroe is viable and the answer to 'proof of the pudding' is a toss up between the Irish Government and our present board of directors.

If your theory of the 'Government case' is correct it's a pretty thin one.

regards

[chica1] 22/5/2023 11:23

There is no guarantee that Barryroe is actually viable!
Multiple management teams at Providence and now Barryroe have failed to produce a drop of oil over a 40 year timeline.
That's you Government case!

If it were it would have been spudded 20+ years ago.

[peaeff] 22/5/2023 10:16

The decision made by the 'Minister' seems to be an absolutely vicious last ditch attempt to 'kill off' Barryroe once and for all. For government to declare, in actual writing, that the decision has nothing to do with it's policies is disgraceful, to say the least, whilst it continually seeks to 'change the goal posts' as and when it suits. Lansdowne have reacted swiftly and it will be interesting to note any progress on that front. However they surely will be hard pushed to progress anything without the backing of BEY.

So where are our wealthy BOD, where is their reaction to this decision, I can't believe that there is no communication between the two companies before Lansdowne issued their intent. Are we of a like mind? perhaps they might let us know soon.

Our BOD have told us that they have complied with every aspect of what the Government have required of them and yet it still appears 'not to be the case' in it's finality. Where are the tiny loopholes being exploited and why has it taken 6 months for RYAN to, finally, reach this latest delaying statement.

It's difficult to know how either party stands legally but it would seem that the Government feel they have the upper hand on funding issues but should that argument fail the Barryroe argument looks very strong, added to the overall good it will do the Irish economy and it's electorate.

AIMHO regards

[roadster750] 22/5/2023 09:01

Shareholders are standing firm, who would you rather trust, a congenital idiot or a nobel laureate.🤔

[swizz] 22/5/2023 08:43

Both Lansdowne's and Barryroe share registers are very tight and whilst the market reaction was predictable, at this stage it has not triggered any notable selling and I doubt there will be, Lansdowne is actually starting to see a few decent buys filter through,..GL S