Barryroe Offshore Energy Share Discussion Threads

[paulsavannah] 12/10/2023 10:16

Murmurs you need to get out more

[murmurs] 12/10/2023 07:09

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 07:06

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

[northatlanticholdings] 11/10/2023 22:32

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 22:28

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 21:47

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 19:14

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 18:06

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 16:36

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

[steelwatch] 11/10/2023 16:26

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 14:58

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 14:46

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 13:57

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 13:33

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.

[messer2] 11/10/2023 12:50

Regarding the shareholder meeting on 24th, I'm very confused. The Proposals for a Scheme of Arrangement (6th October) clearly states in a footnote that the proposals do not require approval of shareholders. However, the other documentation on the Barryroe website invites members in the Notice of Meeting "to determine by resolution if the Scheme of Arrangement placed before the meeting should be approved pursuant to Section 540 of the Act".

So, what is the position? Approval or not???

[blustry123] 11/10/2023 12:10

The offer is zero...I will vote to liquidate I just want this over for the tax losses ...Lesson learned.I will never buy AIM shares again

[pwhite73] 11/10/2023 11:19

ps200306 - "It involves getting a judge to agree that Ryan shouldn't have had the discretion to apply his own department's guidelines, a tall order."

It is not a tall order at all. The department's guidelines are not law. The ECT is law. The DECC would have to demonstrate it has applied the 3.5 times funding criteria as standard right across the board on all companies that have applied for or requested the extension of a licence and not simply implemented this never before used policy because the DECC minister is a member of the Green Party. Getting the decision overturned by the Irish courts is the easiest part.

As part of the SOA there is no intention to develop Barryroe and the company clearly states this below:-

5.17 As the licence in respect of the Barryroe field is held by Exola, no provision (other than in the group consolidated accounts) is made in respect of that.

5.18 The Company has no interest in continuing any exploration pursuant to the licences directly held by it.

If the company has no intention of developing Barryroe then what was the point in settling with the creditors it wasn't LG that owed the money it was BEY. LG was only a 20% shareholder BEY should have been left to go into liquidation. The problem is LG could not have allowed that because another company would have stepped in with the funds and fought the DECC in court. The secured and unsecured creditors were owed less than £400,000 peanuts in the scheme of things involving an oilfield with potential of 300 million barrels.

[ps200306] 11/10/2023 10:36

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. So it can be done. I was just curious as to how it would be effected.

Not that it matters. I don't believe Larry even intends to develop Barryroe, except maybe as a vague Plan B. It involves getting a judge to agree that Ryan shouldn't have had the discretion to apply his own department's guidelines, a tall order. It's not enough to show Larry has the development money *now*. If Ryan's decision was valid then the license no longer exists, end of story. Larry is not dishing out multi-millions to buy a ticket in that lottery.

[steelwatch] 11/10/2023 10:11

Well, I guess we'll get the answer as and when this happens:

"Documentation giving effect to this element of the Proposals will be prepared and distributed by the Investor to those other shareholders within 30 working days of the Effective Date"

[pwhite73] 11/10/2023 08:49

ps200306/NAH- Pleased to see you've both seen the light. If the shares are cancelled not just from the London Stock Exchange but cancelled outright there is no legal pathway of handing 5% of net profits of Barryroe to previous existing shareholders as they are non-existent. This is not like a company that has gone into administration or liquidation where the shares still exist but are worthless. There are no shareholders in BEY other than those in the new entity.

[northatlanticholdings] 11/10/2023 08:03

What is on offer is not 5% of the new BEY company - that would have a value. What is on offer is 5% of a profit that they will never make as it’s restricted to the ‘Barryroe field’ not the new business. If we agree to ‘no consideration’ for shares held then that’s exactly what we will get in terms of value. Reject this and they need to table a current offer if the courts hear the rejection load and clear.

[murmurs] 11/10/2023 07:54

Energy independence is the way.

The negative reactions to climate change do not inspire, but instead conjure up guilt, punishment, deprivation, cost, ... It is an area where authoritarians thrive. Who do we blame, who can we control!

It may be the reason why FG and FF have taken an arm's length approach to it and given it to Ryan.

We don't need to be global winners in net zero - does not mean much. We do need to be in control of our future as much as possible.

Energy independence is positive and how we achieve it can be inspirational, understood, measured, costed, and lower the influence from malign outside forces.

During a transition period energy needs to become cleaner until it reaches acceptable cost and cleanliness levels.

As shareholders in BEY we could be partners in achieving independence and solving some of the country's problems along the way. It just requires good leadership that inspires. Ryan is not the one, Martin is like a sail (goes where the prevailing wind blows him). Varadkar has taken a role in Housing in addition to his other responsibilities so he may be to one, otherwise we wait for SF. I thought LG could inspire but now because of the selfishness of his plan his true motivations are exposed.

[ps200306] 11/10/2023 03:13

How would shareholders even get notified of their golden tickets in Larry's "Five Percent of Nothing Giveaway"? If shares are held in a broker's CREST account how are the golden tickets tracked after share cancellation? (Not that I think they'd be worth the electrons they're printed on).

[hermana3] 10/10/2023 23:20

Steel, Lazzer saved Barryroe from de auld knacker's yard for sure. He will make out like a bandit and hopefully gives us a few quid before the grim reaper comes a calling...

[steelwatch] 10/10/2023 21:21

Without Lazzer, there would be zilch, full stop. (Appendix 3).