Barryroe Offshore Energy Share Discussion Threads

[theshenagain] 04/7/2023 03:26

Does not look like a unified board for sure.

[hermana3] 03/7/2023 19:14

Landsdowne(LOGP) holders and Board sure have "cojones". Not one bit happy with our Board and major holders and feel us small holders deserve much better...

[theshenagain] 03/7/2023 19:01

Wonder would a compo deal be split with them legal eagles ?

[hermana3] 03/7/2023 17:18

chica, Larry dont do charity and we are on the floor goodo!

[theshenagainagain] 03/7/2023 07:10

Defo not a share for the faint hearted!

[hermana3] 03/7/2023 06:51

Ryan will not back down and there is only 3 weeks to raise money to take de scheming minister on. We are The
Last Chance Saloon once again here...

[northatlanticholdings] 02/7/2023 21:34

Shareholding in BEY only worthless
- if shareholders vote for CVL
- if the majors abandon case
- if we lose case
- if receiver can't sell company
- if receiver can't agree merger with another entity
- if receiver can't agree a re-finance/ restructuring

If it gets to it Receiver takes on the role of the Directors

Receiver must establish reason for business failure and if business can be rescued or if value can be extracted to pay in order of preference
1. Creditors ( including receivers costs)
2. Shareholders

As BEY doesn't carry any debt - creditor list is not substantial

[wpc9] 02/7/2023 18:54

trading suspended. I dont believe shares are worthless. working capital and a pending law suit could still save the day albeit in s minor way

[patfishing] 02/7/2023 18:26

Thanks Swizz

[paulsavannah] 02/7/2023 16:38

Maybe Ryan will reverse his decision with the threat of legal action looming. It would be the least worst option for him. BEY may be holding out in the hope he does hence no confirmation of legal action from BEY

[swizz] 02/7/2023 15:28

Yep, it looks very grim for BEY PI's and all eyes on the EGM on July 24th,..GL S

[patfishing] 02/7/2023 15:19

Swizz, what happens now for private investors, our shares are cancelled and worthless, so any kind off court case won't give us a button, true or false.

[swizz] 02/7/2023 15:02

Brian Carey - The Sunday TimesLitigation funds line up to take on state over BarryroeLansdowne Oil & Gas approached by litigation funding firms over denial of right to work the Cork prospectLansdowne 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".

[swizz] 02/7/2023 14:48

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.

[srvsrv] 02/7/2023 12:31

Anyone able of sharing the articles in the irish times and sunday business post?

[mcbull] 02/7/2023 09:28

Game on and in the meantime Ireland will still continues to import foreign oil and gas, what an utter nonsence of an energy policy.

[northatlanticholdings] 01/7/2023 14:22

Or compensatory commercial damages

[paulsavannah] 01/7/2023 13:54

Landsdown are based in the UK so they can sue the Minister as things currently stand but may not be successful but as BEY is Irish based they can only opt for a judicial review at this stage.

[northatlanticholdings] 01/7/2023 12:36

The purpose of corporate failure will be to bring the 280m of invested and carried losses in to play - they are non recoverable commercially if the political ideology and gov policy is blocking the feasibility of commerciality and recovery

[theshenagainagain] 01/7/2023 11:48

It will be for the Courts to assess how much compensation they will be entitled to if their claim is successful. Will they be entitled to compensation for the $20 million they state they invested in the Barryroe project or more than that to compensate for loss of opportunity and damages? Time will tell.

[wpc9] 01/7/2023 11:33

Landsdowne using for 100 million. Surely if they won the case they would be entitled to s considerably higher amount. theoretically Barryroe could only sue now for 800m to 1b.
Am I missing something here.

[hermana3] 30/6/2023 22:11

Fear we have a better chance of getting a few quid from those shysters in RTE executive management team...