Barryroe Offshore Energy Share Discussion Threads

[cephalosaurus] 07/11/2023 13:04

Thanks to Tommy for this link posted on EOG

[hermana3] 06/11/2023 07:46

Ryan put us out of business just when oil was in sight. Delayed us all along the road and then blocked the licence when victory was in sight. His partners in Government the spineless Martin and Varadkar let it happen and I will be voting for Labour next time around as them shinners also backed the ban as they always wanted their mitts on such an asset...

[cephalosaurus] 05/11/2023 23:03

No, it’s Ryan’s fault 100%, that the licence was not granted. If it was granted, and he was not minister for the environment, investment and farmins would not be discouraged. As it was, they had an investor and Ryan still pulled the rug. Sure the previous management have all been rot, just like Europa oil and gas, which will suffer the same fate if they are not careful.

[hermana3] 04/11/2023 10:09

Ryan put us out of business with his blocking of our licence illegally and Goodman then picked up the pieces for a song. I see in The Irish Times the Judge read out correspondence from 2 shareholders opposing big Larry's coup. Covering his ample ass...

[paulsavannah] 04/11/2023 00:45

Larry Goodman has screwed all of us every bit as much and maybe even more than Ryan has so I certainly wont be cheering him on. I'll care as much about him as he does about me.

[hermana3] 03/11/2023 20:58

Never in doubt. Larry will now work on the goons in Government to get a licence. If anyone can do it is him

[hermana3] 03/11/2023 07:22

Judge Quinn again. Larry going after Eamon Ryan et al is very good news.

[theshenagainagain] 02/11/2023 17:46

Tomorrow's High Court list

IN COURT 11
MR JUSTICE QUINN
AT 11.00 O'CLOCK
2023 139 COS BARRYROE OFFSHORE ENERGY PLC -V- COMPANIES ACT 2014

[mcbull] 02/11/2023 16:42

Thx TSA,

Looks like it's not over for another 3/12 (again sic)

[swizz] 02/11/2023 15:35

Yes, it is quite well researched and structured, a few snippets are as follows,..GL S

BEEF-BARON-turned-oil-explorer Larry Goodman knows a good thing when he sees it. His move to gain control of Barryroe Offshore Exploration (BOE) is clearly based on a belief that the wily billionaire can turn the heat up on the government and waltz way with a very nice profit. The other shareholders have been severely bruised but, if he gets his way, there may be a few bob for Nick Furlong et al. For outside investors, there is always the option of buying shares at a lot less than 1p in Lansdowne Oil & Gas as a way into the party.

The most interesting aspect of last week’s rescue plan, which gives Goodman ownership of the former Providence Resources (to be confirmed by the High Court on Friday), is that it suggests he is planning to go after climate minister Eamon Ryan and the state in an effort to remove the block denying BOE its reasonable expectation of getting the lease-undertaking licence required to proceed to the final phase of development of the huge Barryroe offshore oil and gas field or, alternatively, secure substantial compensation.

Goodman is no oil or gas developer but he no doubt realises that the Barryroe field is not one of these South Porcupine-type discoveries, located 5,000 ft deep and 400 km offshore, but is just 50 km offshore Cork and in only 100m of water. Moreover, it already has key infrastructure in place such as the gas pipeline and processing plant built for the Kinsale gas field. This makes the project cost effective already and easy to develop, with its near one trillion cubic feet of gas and 350 million barrels of oil recoverable.

Goodman’s decision to petition the High Court on Friday July 21 this year to appoint an examiner to BOE was actually a last-minute affair, only one working day before BOE itself was set to hold an EGM on Monday July 24, seeking to get shareholders to place the company in voluntary liquidation.

Not surprisingly, the BOE board – headed up by chairman Peter Newman and CEO Alan Curran, who replaced Jimmy Menton and Alan Linn respectively after the latter two jumped ship in late 2022 – held the EGM but no vote was taken and proceedings were immediately adjourned.

It is hard to see why the BOE directors showed so little fight when Ryan’s Department of Environment, Climate and Communications [DECC] pulled the rug out from under them in May this year by rejecting the lease-undertaking application. They had, after all, got Goodman to agree to a €40m convertible loan on November 23 last year to fully fund the proposed Barryroe development programme, as well as arranging a top-up €20m placing on April 24. In those circumstances, it is impossible to believe they considered Ryan’s refusal to be reasonable.

Indeed, on May 23, BOE’s much smaller (20%) minority partner in Barryroe, Lansdowne Oil & Gas, initiated an “arbitration process under the Energy Charter Treaty [ECT]”. This gave the environment minister three months to engage in discussions, with a view to settling the dispute and, failing settlement, the company had the right to go to arbitration.

[mcbull] 02/11/2023 14:03

or maybe no white flag yet........lol

Can anybody see the whole article?

[hermana3] 02/11/2023 07:29

No chance against Larry's deep pockets? White flag is raised...

[mcbull] 01/11/2023 21:55

and if you do want to fight how would you go about it?

Take "City Hall" to the courts would require very deep pockets.

[theshenagainagain] 30/10/2023 21:03

I find it very hard to believe that all of the other significant shareholders, and the many smaller shareholders just gave up the fight.

[hermana3] 27/10/2023 19:07

he will settle quietly for a hundred million

[paulsavannah] 27/10/2023 19:04

Why didn't LG just set up a new company for renewable energy from scratch instead of going through all this malarkey? Ryan did him a favour by refusing the lease otherwise if he had granted it LG would never have got control of Barryroe. I'd say he'll transition it to renewable energy on the promise the lease undertaking is granted which is a WIN WIN for both parties.