Barryroe Offshore Energy Share Discussion Threads

[jotoha2] 07/7/2023 20:59

At this moment in time the present BOD have shown zero ability in sorting this out , they have enjoyed. the nice ride on the gravy train and will probably retire soon , certainly with their track record employment will not come their way , unless of course a new scam appears to be exploited.

[hermana3] 05/7/2023 19:30

The BOD have no skin in the game and totally dependent on rich speculators like Goodman and Furlong. We are where we are....

[paulsavannah] 05/7/2023 17:51

Why don't the current BoD put up the funds for a judicial review as it wouldn't cost that much relatively.Then if successful they can come back to the well for further funding from major and minor shareholders. They just want to take their salaries with all take and no give in 10 years which would turn any investor off.

[hermana3] 05/7/2023 17:20

EGM at The House of Davy on 24/7 at 10am

[wpc9] 05/7/2023 07:08

Ryan knows Greens are goosed at next election.
He has eyes on big Eco Warrior job in some multi gov funded climate saving quango in Brussels. He does not care about a court case as the outcome which will be years away if it happens at all will have no effect on him. I do have a sense however that biggest court case in irish history may be in the offing with a potential 1 billion payday if sucessful

[wpc9] 05/7/2023 06:52

when and where

[wpc9] 05/7/2023 06:52

when and where

[theshenagainagain] 05/7/2023 06:30

Do we have anyone here planning on attending the EGM? I unfortunately am abroad at the time. It would be good to have some eyes and ears present to assess wtf is going on.

[hermana3] 05/7/2023 06:21

ER has had a free run at destroying Barryroe thanks to his poodledog partners in Government. Hard to gauge old Larry's appetite for an expensive legal spat with Ryan and DECC. Was expecting a much more robust approach but hoping Larry hasnt turned into a bleating sheep...

[swizz] 05/7/2023 05:18

The Irish Times..

Letters

The Barryroe oil and gas field

A vital national energy source

Sir, – The distinct likelihood that Barryroe Offshore Energy, the owners of the Barryroe oil and gas field, will be forced into liquidation in a few weeks is a national catastrophe.

The reason for closing is because the Minister for the Environment, Eamon Ryan, has refused to grant a licence for further evaluation test drilling.

The Barryroe field, just off the coast of Cork, has been independently proven to have more than 300 million barrels of oil as well as copious quantities of high-grade natural gas which, if developed, would afford us backup energy security in conjunction with renewables well into the future.

The company has, over the years, failed to attract investors due mainly to the incoherent and irresponsible attitude of Irish governments, particularly in 2019 when they foolishly stopped issuing oil and gas exploration licences off our coast, and, still today, opposing an LNG facility at Shannon.

These decisions were driven by incomprehensible Green Party ideology, despite the fact that 100 per cent of our oil and over 80 per cent of gas is imported.

Our only native source at Corrib off the Mayo coast is fast dwindling, leaving our future energy security on a knife edge and at the mercy of volatile international markets.

Prolonged and becalmed weather last year and currently has exposed the Coalition’s naive policy of relying on offshore and onshore intermittent wind energy.

It is now generally accepted that over the next two decades, we will have to rely on oil, natural gas and coal as permanent backup to unreliable renewables.

It beggars belief therefore that Coalition strategy favours long-term imports of low-quality fuels from the UK over a proven “sweet” native source at Barryroe.

As we are now again awash with money, we could, and should, even at this late stage, follow Norway’s successful strategy and take equity in the Barryroe field, and in the national interest, support rather than hinder its development to full production in 2026.

This pragmatic strategy, while anathema to the Greens, would provide us with vital national energy security and avoid our exposure to international markets.

It would boost the economy, allow us to cease high-cost imports and, importantly, give us full control over supply and price for decades to come. – Yours, etc

JOHN LEAHY, Cork.

[northatlanticholdings] 04/7/2023 18:35

The great irony here is that ER may indeed turn out to be the one to finally unlock the value of Barryroe.

It's pretty clear that the BOD are driving the ship straight at the iceberg now.

That may be what's needed to confirm legally, via the liquidator, that the company failed because of the actions of the Minister; which can only strengthen any legal case progressed.

Naturally I would prefer to see the shares still tradeable in the market.

Perhaps the liquidator wont be appointed, the BOD will stand down at EGM and LG/NF will install their own Board - followed by the financing of legal's - its open. The optics for business failure and the reasons for, are pretty clear to be seen. Even to the point that the BOD has fulfilled their legal duties by convening an EGM.

If there is a compensatory claim in the works - given the strength of the case - I'm happy to wait on my payment for damages, and to lock in my share OF those damages based on the final shares in issuance of 1,146,096,598.

Lets hope the legal's are in the region of the 1.5B mark.

[roadster750] 04/7/2023 18:24

The gobaloon no doubt think's he is some sort of global eco superhero in his actions, in reality he is a traitorous idiot in the pay of the WEF, he should get the Mussolini treatment , but for now I would be satisfied with his defenestration in the courts.

[swizz] 04/7/2023 18:00

I have completed 4 x FOI with the DECC, in relation to SEL 1/11 from November 2021 through to March 2023, covering the period of January 2021 through to March 2023,

Each of the FOI’s was progressed with the specific requirements of all correspondence between the company, the minister, the DECC, the GSRO and the Secretary General and the output of those FOI’s included the document records of the period Jan21 to Mar23 and in some cases a number of the correspondence and documents were issued to me and I can confirm that there was repeated requests by the company to meet the relevant parties and each and every one of those requests was declined and in some respects the responses from the DECC and GSRO were bordering on obstructive,

Shameful is indeed the correct reference for Ryan and his civil servants, hopefully whatever litigation does develop from BEY and LOGP, will open this up for all to see and how the Irish state has been denied the benefits of national asset of strategic importance, to suggest this is not a politically motivated decision is absurd!,..GL S

[northatlanticholdings] 04/7/2023 16:42

hxxps://www.fitzsols.com/david-swinburne

[northatlanticholdings] 04/7/2023 16:26

hxxps://barryroeoffshoreenergy.com/circulars/

hxxps://barryroeoffshoreenergy.com/wp-content/uploads/2023/07/June-30th-2023-Circular.pdf

[divmad] 04/7/2023 16:19

The company should enlist the legal support of Burfield in this matter. They are proven warriors against governments and big business.

[peaeff] 04/7/2023 15:46

I find it very hard to fathom just how easily it seams the department have been able to ignore responding to many, apparent, requests for discussion about Barryroe.

The department say numerous talks have taken place, a statement which Mr GOODMAN totally refutes, as far as BOE is concerned. (Providence maybe) He says the last talks took place in July 2021. In AUG 2021 he responded to circular from the department and informed them that their assets would not be able to cover 3.5 times of investment required under the non mandatory provisions. He did however raise the 40million (having been given just 3 weeks to do so) to cover the cost of the prep work. That was a total waste of time as we now know.

So this is now a question of who do you believe and, if this was made clear at this time (AUG 2021) why didn't RYAN, having been told this, refuse the licence at that point. We have now wasted 2 years of valuable funds in the hope that he would eventually have to give in. He has effectively, by his total avoidance and intent, run us into the poorhouse.

With the lack of information we have received over the past 2 years it now seems that this 3.5 times cover of investment may have been a stumbling block all along and the BOD just didn't want to admit it but, having said that, there is no excuse for being unable to correspond with a Government hell bent on protecting their policies at all cost to the detriment of those they have been elected to serve.

Shameful.

regards

[theshenagainagain] 04/7/2023 06:42

The stage is clearly being set for a legal battle.

[hermana3] 04/7/2023 06:02

And little or no "skin in the game" too.