Barryroe Offshore Energy Share Discussion Threads

[messer2] 16/10/2023 09:18

Where are the 10,320 shareholders (other than the big six holding 3% plus) with a combined 45% holding? Aside from those holding shares via nominee accounts, have all individual shareholders been written to?

Surely a strong vote by smaller holders against the proposals would alert the Judge that all is not well and force a rethink on the part of LG and the Examiner of their virtually worthless offer.

[murmurs] 15/10/2023 06:13

For those not familiar with plasma tech: see Foret Plasma Labs.

hxxp://www.plasmawhirl.com/index.php

[northatlanticholdings] 14/10/2023 15:49

Does anyone believe that a 'special majority,' 75% or more of shareholders, will vote in favour of a resolution agreeing to 'cancel their shares' for 'no consideration' per share and no 'shareholding' in a re-constituted company.

The proposal couldn't be more oppresive to the rights of existing members and shareholders if it tried.

The examiner doesn't need the consent or creditors or members/shareholders to apply to the court seeking an order to implement the scheme; but if the majority of members/shareholders disagree with the scheme, the court can direct that the examiner seek a compromise or alternative arrangement.

Any shareholder, can also apply to the court to stay proceedings, pending a compromise or alternative arrangement being presented. Under what terms would Nick Furlong consent to the elimination of his shares? Or the pension funds?

[texaschaser] 14/10/2023 10:26

group name seems appropriate.

[murmurs] 13/10/2023 05:36

The resources at Barryroe (oil, NG, and wax) are hydrocarbons consisting of hydrogen (H2) and carbon.

NG, also biomethane, can be split into (H2) and solid forms of carbon (graphene, carbon black) using plasma cracking.

Extracted upstream gas in a NG main can be split, then the H2 reinjected into the main downstream. Up to 20% H2 in the main can be accommodated, with no downstream changes.

The H2 can be filtered out later if needed, making the gas main a means of distribution. Reinjecting H2 makes the NG less polluting. The solid carbon also its own value.

Crude oil can also be split into H2 and a residue. The residue depends on the original oil's properties but generally has value and can be disposed of
in conventional ways. As the oil in Barryroe is light sweet crude, there should be little residue.

When Barryroe is depleted in the conventional sense, the resource still in place could be converted to H2 by bacterial action or oxygen injection.

A few years ago, land was allocated for H2 industries near Whitegate in Co. Cork. There is an oil refinery at Whitegate, also NG from the Kinsale fields was landed not far away. Wind turbines in the seas off Waterford and Cork were expected to provide renewable electricity for the H2 electrolysers in that land area.

There is land, expertise, and an experienced workforce, practically all the requirements for H2 and other industries.

The first produced oil could be shipped to the refinery then later shipments to a cracking plant until in time all shipments would to be cracked.

Is this what LG is planning? If it is, then he could have 50% in addition to his current 20%. 50% was always the allocation to a farm-in partner.
Cancellation of shares is not acceptable.

[theshenagainagain] 12/10/2023 21:19

The Judge obviously wouldn't be adjudicating on this matter if he had an interest.

[northatlanticholdings] 12/10/2023 20:56

He actually openly states in the scheme of arrangement, the memorandum, that we will be impaired - and he thinks this is a fair outcome.

Nick Furlong must be seriously under water here; estimate has to be EUR 10M plus, not to mention the Pension Funds.

Larry’s team have to be expecting a string of objections. They are making a direct play for this. There should be a list of objections filed against the scheme. At over 10,000 shareholders, you’d be surprised at who might be under water. Hopefully the judge.

[hermana3] 12/10/2023 19:46

Larry's biz was saved by an Examiner many moons ago so he knows all about the process. Kieran Wallace is a top Examiner and will hopefully try to curb LG and his sons' excess.....

[curly17] 12/10/2023 13:57

Legally the examiner is not allowed to take any action which would adversely affect the shareholders in general. What he is suggesting would not follow this rule.

[murmurs] 12/10/2023 12:41

Yes Paul, in addition to investing in PVR the proper sentence for all the other daft things I have done, should be to be locked up.

[paulsavannah] 12/10/2023 09:16

Murmurs you need to get out more

[murmurs] 12/10/2023 06:09

I have asked Google's AI app Bard a number of questions. The point being to find out if Barryroe will ever be developed in our time.

1: can plasma technology be used to separate crude oil into non-polluting chemicals?

"Here are some examples of non-polluting chemicals that can be formed from crude oil using plasma technology:

Olefins, such as ethylene and propylene
Alkanes, such as methane and ethane
Aromatics, such as benzene and toluene
Methanol
Ethanol
Hydrogen
Ammonia
Urea
Carbon nanotubes
Graphene
These chemicals can be used to produce a variety of products, such as plastics, fertilizers, fuels, and materials.

Researchers are also exploring the use of plasma technology to convert crude oil into other non-polluting chemicals, such as food and pharmaceuticals."

2: what is the status of plasma technology in the EU?

"Plasma technology is a rapidly developing field in the European Union (EU), with a strong focus on research and innovation. The EU is a world leader in plasma research, and many of the leading plasma research institutions and companies are based in Europe.

The EU is also investing heavily in the development of plasma technologies for a variety of applications, including:

Energy: Plasma technology can be used to develop new renewable energy sources, such as fusion power, and to improve the efficiency of existing energy
conversion processes.
Environment: Plasma technology can be used to reduce pollution, recycle waste, and clean up contaminated sites.
Manufacturing: Plasma technology can be used to improve the quality and efficiency of manufacturing processes in a variety of industries, including
semiconductors, aerospace, and automotive.
Healthcare: Plasma technology can be used to develop new medical devices and treatments.
The EU is also supporting the commercialization of plasma technologies through a variety of programs and initiatives. For example, the EU's Horizon Europe
program is funding a number of research projects on plasma technology.

Here are some examples of plasma technology companies in the EU:

Plasmatech (Germany)
Gencoa (France)
Plasmet (Netherlands)
Tecnalia (Spain)
SINTEF (Norway)
VTT (Finland)
Fraunhofer (Germany)
Helmholtz (Germany)
Max Planck (Germany)
These companies are developing and commercializing plasma technologies for a variety of applications, including energy, environment, manufacturing,
and healthcare.

Overall, the status of plasma technology in the EU is very strong. The EU is a world leader in plasma research and innovation, and there is a growing
number of plasma technology companies in Europe. The EU is also investing heavily in the development and commercialization of plasma technologies.

However, there are still some challenges that need to be addressed before plasma technology can be widely adopted. One challenge is that plasma reactors
can be expensive to build and operate. Another challenge is that plasma technology can produce a variety of byproducts, some of which may be hazardous.
Researchers are working to address these challenges and make plasma technology a more viable option for commercializing."

3: what is the likelihood that plasma technology will be used to refine crude oil in the EU?

"The likelihood that plasma technology will be used to refine crude oil in the EU is high. Plasma technology offers a number of advantages over
traditional refining methods, including:

Energy efficiency: Plasma refining is more energy-efficient than traditional refining methods, such as fractional distillation.
Reduced emissions: Plasma refining produces fewer emissions than traditional refining methods.
Increased flexibility: Plasma refining can be used to produce a wider range of products from crude oil than traditional refining methods.
Improved product quality: Plasma refining can produce higher-quality products from crude oil than traditional refining methods.
The EU is a world leader in plasma research and innovation, and there is a growing number of plasma technology companies in Europe. The EU is also investing heavily in the development and commercialization of plasma technologies."

[hermana3] 12/10/2023 06:06

Ah the old "smoke n'mirrors" routine from the old Beef Baron....

[northatlanticholdings] 11/10/2023 21:32

Within 30 days of the stitch up per the details in the agreement. A 5% promise on an oil field with no license, by a company supposedly forming a business plan to pivot away from oil and gas. Pure smokescreen to create uncertainty while they draw away the carcass.

[hermana3] 11/10/2023 21:28

Larry has a reputation as a no nonsense ruthless operator and we are at his mercy so wouldnt go spending anything on the back of talk of profits someday in next 10 years....

[northatlanticholdings] 11/10/2023 20:47

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.

[hermana3] 11/10/2023 18:14

The Pension Funds and Pageant will not permit LG to shaft ordinary shareholders. Let's wait for details to be published before threatening to vote down this proposal.

[northatlanticholdings] 11/10/2023 17:06

Please save yourself some time from debating the merits of the 'scheme of arrangement' for existing shareholders, of which I am one.

The scheme holds no current or future value for shareholders in BEY.

If approved, the scheme will result in cancelation of all shares, the rights which attach to them and for 'no consideration' or 'zero' in terms of current monetary value.

There is no offer of any % shareholding in the re-constituted Baryroe Offshore Energy which will be owened outright by Vevan via the investment from its parent. That company will remain in Ireland, unlisted and a business plan will pivot the company (and the tax losses) towards absolutely nothing to do with the Barryroe Field as we no it.

The only way to see any value from your shareholdering is to attain it now, not in the future, or through a notional promise. The 5% is pure non-sense that is put into the T&Cs to distract some shareholders attention away from the actual takeover thats happening, for which they received nothing by way of a % shareholding or compenstion.

Lets hope that either the pension funds or Nick Furlong lodge a legal objection.

[pwhite73] 11/10/2023 15:36

When you say time is not on your side? Don't go into details if you don't want to.

[steelwatch] 11/10/2023 15:26

As you say, we will have to wait and see. Personally, time is not on my side, so not holding my breath.

[pwhite73] 11/10/2023 13:58

steelwatch - "I read it as shareholders on the share register as at 21st July"

Unless I missed something I don't recall reading about any a share register and even if it were the share register you are not on it only the nominated brokers are. If their shares have been cancelled with effective from the date the SOA approval then not even their shares exist. We just have to wait and see.

[steelwatch] 11/10/2023 13:46

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".

[pwhite73] 11/10/2023 12:57

ps200306 - "pwhite -- there has to be a "legal pathway". San Leon, for instance, own(ed) a 4.5% net interest in Barryroe profits without owning any shares in the company."

This is common with exploration companies. San Leon owned part of the Barryroe field. It relinquished its part ownership for 4.5% of any net profits.

Your ownership does not lie in the Barryroe field it lies in the company BEY. Your ownership and all rights are being extinguished by way of a Scheme of Arrangement.

When I first posted here I advised you have to determine who the 'other shareholders' are. There are many classes of shareholders are they referring to PI shareholders? or another class of shareholders?

[pwhite73] 11/10/2023 12:33

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.