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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lansdowne Oil & Gas Plc | LOGP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.10 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.10 | 0.10 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 05/7/2023 05:21 by swizz 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. |
Posted at 02/7/2023 14:48 by swizz 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. |
Posted at 20/5/2023 11:59 by swizz I am sure both Barryroe and Lansdowne will be fully prepared for this development, as it was always a potential outcome with Ryan being the decision maker, plus the recent routing of the Green Party both North and South of the border, will have added an extra political incentive for Ryan, as it is very evident their days are numbered,Lansdowne as an international investor, also have the ECT route available, as this decision by Ryan certainly calls into question the Irish government's support of international investors and the compensation numbers will be very considerable,I have no doubt that this is only just the beginning of a more intense period of news and developments associated with the Barryroe asset and whilst the market will be harsh on Monday, we should also expect to see the response and strategy of Barryroe and Lansdowne become very clear early next week, ...GL S |
Posted at 24/5/2021 16:03 by pensionbooster I hope it's the start of something great. Been a long term holder of these shares and have kept buying on the prospect of this old discovery being the last major Irish fossil fuel extraction before the shutters come down. The facts are all known to those LTH and the senior management seem to be better placed now with the strong support of the larger investors.. |
Posted at 01/3/2021 08:16 by sportbilly1976 From the #PVR rns...more detail in the final paragraph below and not as negative as it would seem:"Reason and Background to Extension of Agreement In November 2020 (RNS 30(th) Nov) the Barryroe partners completed a farm-out agreement with SpotOn Energy Limited, a Norwegian Resources company, for a 50% share in SEL 1/11 located off the south coast of Ireland and which includes the undeveloped Barryroe oil and gas field. In return for this 50% share in the project SpotOn Energy Limited and its Consortium partners, a group of International oil and gas industry service companies, undertook to fund, develop and produce the Barryroe field. A conditional part of the farm-out agreement involves SpotOn securing a minimum of $166m in funding to finance 100% of the costs associated with an early development programme for Barryroe. The Barryroe partners have been advised that SpotOn is confident of raising the funds set out in the farm-out agreement. However, the financing structure has had to be adjusted to reflect the fact that GIEK is unable to participate in the Barryroe funding consortium in the form originally proposed. GIEK's original commitment was for c. 20% of the overall funding. An alternative funding structure has been proposed by SpotOn involving an increased contribution to the financing by the Consortium and the Bond Investors. Discussions to secure this increased commitment are well advanced. SpotOn has confirmed that it believes that funding will be completed within the period granted under the extension. The overall scale and shape of the development proposal remains unchanged. " |
Posted at 17/2/2021 08:08 by sportbilly1976 Post from the PVR threadroadster75016 Feb '21 - 22:51 - 63309 of 63311 Article posted by zephra on lse. google translated from Norwegian so a bit patchy. Dec 2020 "It is a large field and the estimates suggest that there is a lot of oil there. But you can never be completely sure until you've plunged your cop into the reservoir. That's according to Jan Vatsvåg, chairman and second largest shareholder in the oil company SpotOn Energy. Under the radar, the unknown Stavanger company has negotiated an agreement to buy half of the Barryroe field, located 50 kilometres off the southern coast of Ireland. The field is considered to be one of the largest undeveloped offshore oil and gas fields in Europe. Recoverable resources are estimated at around 400 million barrels, with a great potential for more discoveries with issued reservoir sections. "It is a very interesting field," says Vatsvåg, pointing out that the quality of the oil is good with low viscosity. Going to get money. It is the Irish companies Providence Resources and Landsdowne Oil & Gas that are selling down in the field where SpotOn Energy now becomes operator, provided the deal goes through. A final agreement contingents government approval and that SpotOn secures funding of at least $166 million - around kr1.5 billion - for the development's first phase. The money will be collected in the Norwegian bond market. In this regard, Pareto Securities has been hired as a facilitator. "The plan is to go into the market in the new year," says Vatsvåg. However, the development requires more capital than that. Providence has long tried to raise capital, but it has become increasingly difficult as investors' focus has turned away from oil and gas. Last year, among other things, an attempt with Chinese stakeholders. "The problem is that you need much more capital than can be collected in the market in normal development. In our model, the capital need is significantly less from external investors and bondholders, and they get very good conditions," vatsvåg argues. TO RAISE MONEY: Jan Vatsvåg is chairman and major shareholder of oil company SpotOn Energy, which is about to raise money for a major field development in Ireland. In addition, they are considering a field on the UK continental shelf. Collaboration with giants The way SpotOn Energy will solve the capital challenge is a close cooperation with suppliers. "We have established a new model for field development by joining several of the larger oil service companies in a consortium that takes a large part of the expenditure. When the oil comes up, they get a share of the profits," says the chairman. The consortium that will finance the development of the Barryroe field together with SpotOn are giants Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel FELS, and Aibel. "We envisage an early development so that we can start production. Then we can plan further for a major development of the field in the next phase," says Vatsvåg. In addition to its own share, SpotOn Energy will finance Providence and Lansdowne's share of early development through a loan secured with future cash flow from production. When the first commercial barrels of oil are lifted from the field, SpotOn Energy will receive warrants, which give the right to subscribe for 60 million shares in Providence Resources at 0.17 euros per share. On Friday, the exchange rate was 0.05 euros. Early development includes four wells and floating production facilities. These will be linked to a floating oil production vessel (FPSO). The start of the campaign is scheduled for late 2022. "What we have not landed on is which FPSO to use, but we are in negotiations with different companies. Sniffs in British field Barryroe is probably the last major field on the Irish continental shelf to be explored after Ireland last year put an end to further oil and gas exploration. But it's not just the Barryroe field SpotOn Energy is working on, it's also under consideration. "We have made an assessment of the costs of the development and are currently evaluating. We are not quite in the finish, but we are working on it," says Vatsvåg. Bentley, located just east of Shetland, is considered to be the largest undeveloped field on the UK continental shelf. The field is who heleid by Whalsay Energy, which took over when its predecessor went bankrupt in 2017. Since last fall, Whalsay has been looking for a partner. At that time, the company indicated that oil production could start in late 2023, reaching up to 45,000 barrels per day. On the ownership side of SpotOn Energy Holding are a number of investors from Stavanger and Sandnes. The largest shareholder is Alf Ståle Helland, who is also managing director. He owns around 35 per cent, while Vatsvåg holds 25.3 per cent. In total, around 20 shareholders have contributed to the development of the model. |
Posted at 09/12/2020 08:19 by bones698 To say it is happening before any of the funds have been raised is the usual dreamer comments I expect to see by the blind in here . The share price reaction to the deal says it all by dripping 50% since yet fills still think it's great news .Shows had idiotic some investors are and simply can't see beyond their investment decision and the fact they have got it so badly wrong . Best answer is complete denial followed by copiuos amounts of twaddle and BS |
Posted at 08/12/2020 20:50 by terminator101 It’s mostly the same consortium members that were involved in the last failed fund raising. Nine of them are putting in any cash, but they are happy to take a risk on getting funding out of production if someone else ponies up the dosh. That looks unlikely and even if it miraculously did happen, it really is going to be years before investors see a single penny. 18 months to get funding, another 2 years of planning, and at least 4 to 5 years go before any EPS delivers a single drop of oil. |
Posted at 30/11/2020 11:40 by cephalosaurus Peaff, it's been fateful for me too being stuck here for 10 years. I piled in massively at average 12p then sold all at just under 4p, and now hold 2,5 x the original amount I had, paid for at average of about 1.25p. Which means soon I will break even, but beyond that I expect to make a healthy return - which will make it all worthwhile.We are not alone in that kind of up and down, all the institutional investors have held fast through thick and thin, and added. They will not be looking to sell at anything less than b/e which would be about 6p. I doubt they would be here for just a simple b/e after all this time, any more than I though. |
Posted at 27/11/2020 18:35 by ultrasharp Well investors definitely believe a farmout deal is imminent judging by the rises today in both PVR and LOGP.Investors will know early next week for certain. Both PVR and LOGP have been truly excellent investments for those who bought 6-8 months ago. ATB PAPILLON |
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