Lansdowne Oil & Gas Share Discussion Threads

[bsg] 28/6/2023 14:05

No chance IMO. Just spinning it out to keep them in a job.

[cephalosaurus] 28/6/2023 10:00

Silver circle top law firm, enjoy Herr Ryan :-)

[richpassi] 28/6/2023 07:58

Ideally Irish Government should reply quickly and ask how much LOGP have invested from the start. Having then received that information, as a good will gesture add 5 percent to the amount and send Cheque by return of post.Shouldn't take more than say 5 weeks .......I am singing 'Dreamer' by Supertramp in my head as I type ;)

[swizz] 28/6/2023 07:18

Lansdowne have now officially started their legal journey,…GL S



Further to the Company's announcement of 22 May 2023 that the Company was formalising the engagement with external legal counsel to pursue legal proceedings for the purpose of protecting its investment in the Barryroe Project, Lansdowne is pleased to announce that its legal advisors, Ashurst LLP, have submitted a letter to Ireland giving notice pursuant to Article 26(2)(c) of the Energy Charter Treaty, requiring Ireland to participate in discussions with a view to settling the dispute within three months of the date of such notice. Receipt of this letter has been acknowledged.

Further updates will be made as appropriate, along with more information on the claims sought by Lansdowne in this matter.

[swizz] 23/6/2023 05:30

hTTps://www.irishtimes.com/business/2023/06/23/bottom-of-the-barrel-oil-explorer-barryroe-faces-windup-if-shareholders-dont-pony-up-once-more/

[pro_s2009] 04/6/2023 12:04

Sunday Blog, 4 June 2023

PRD MATD HE1 NHE.AX DELT PANR PTHRF JOG ANGS BOIL LOGP BEY EME LBE CEG CLON

Oilman Jim 4 Jun 2023

Catching up on the last couple of weeks and starting with the drilling news, Predator Oil & Gas (PRD) announced on Friday that the Star Valley Rig 101 would commence drilling the MOU-3 well within ..............................

[swizz] 29/5/2023 09:17

hTTps://www.thetimes.co.uk/article/did-ryan-overplay-his-hand-barryroe-game-of-poker-comment-w8xs5s5r0

[swizz] 29/5/2023 09:17

When Larry Goodman agreed to underwrite a €40 million loan note at Barryroe Offshore Energy earlier this year, it seemed the beef baron turned oil magnate had called the bluff of Eamon Ryan, the climate minister. The perception was that Ryan's department was dragging its heels over Barryroe's application for a lease undertaking to continue to prospect off the Cork coast.Goodman pushed his chips into the middle of the table and appeared to put Ryan in a very uncomfortable spot. Would the Green Party leader be forced to sanction further fossil fuel exploration off the Irish coast?Last weekend Ryan looked to have played his trump card. Despite Goodman's support and plans to raise €20 million from shareholders, Ryan rejected Barryroe's application on the grounds the company's balance sheet was still too thin. Ryan referenced the department's guidelines, which stipulate applicants should have net tangible assets of three and a half times the projected cost of further exploration. Barryroe has estimated the cost of the drill will be €40 million. Barryroe does not have net tangible assets of €140 million, or anything near it.Despite the stark reality of the numbers, it is unlikely that Goodman or Barryroe would simply fold. The junior partner on the prospect, Lansdowne Oil and Gas, has already indicated that it plans to pursue a claim through the international Energy Charter Treaty.Barryroe is reviewing its options.In turfing out of the application, Ryan may well have overplayed his hand. The investment cover is referred to as "an expectation". It is very far from an absolute necessity.Indeed, the guidelines specifically point applicants with an investment cover of less than three and a half times net assets to "provide additional information to evidence its financial capability; this may include showing its capacity with reference to specific funding arrangements", which are then set out in a separate section.On the laundry list of funding arrangements is a rights issue. It also says that the Department of the Environment, Climate and Communications "will consider all types of credible financing arrangements and do not wish to unnecessarily deter any applicants proposing specific or innovative funding methods". So investment cover is far from a deal-breaker.Barryroe and Lansdowne will no doubt flag up the credibility of their funding proposal. The repeated override in the guidelines is that a decision will be at the "department's sole discretion" as to whether the "reasoning and evidence" submitted in support of a proposal is satisfactory.These are guidelines, not statutes.Discretion is not an absolute veto, and it will not absolve the department from making a decision that is unjust.A court or arbitration panel will do that. Lansdowne is already claiming $100 million. It owns 20 per cent. Grossing up, the total claim could be $500 million. This game is not over. The stakes are high.

[danmart2] 26/5/2023 11:39

Good lad Larry, expose the madness of Irish energy policy

[bones698] 23/5/2023 15:21

So locking in buyers from yesterday as mms always do when people are stupid enough to buy shares without doing research thinking the fall is overdone . The reality it's this is all but over now . Lost it's only real asset and facing legal bills and years of legal challenges .

The decc won't have recoked the license without consulting their legal team which to me says logp have failed to meet their targets imo . I guess we will see in court who is right but now this will need to raise money to cover legal costs .

End of the road here, still good to see the manager have found a way to prolong the demise and keep getting payed for a few more years while this drags on but as for shareholders forget it.

[chica1] 23/5/2023 13:50

Wonder if Larry is soaking up the .0015p seller
4,000,000 shares only £6 grand😀

[swizz] 23/5/2023 06:00

Lansdowne, registered in the UK, has flagged plans to pursue international arbitration under the so-called Energy Charter Treaty to recover what it sees as lost profits. It reckons the net present value of its 20 per cent stake in an initial Barryroe reservoir is worth at least $100 million (€92.5 million).That option is not available to Barryroe as an Irish company. It is likely to pursue a judicial review in the High Court to have Ryan's decision declared invalid. It's not without risk. But having committed to a €40 million financial backstop last year to cover the next phase of development at Barryroe, major shareholder, 85-year-old beef baron Larry Goodman, has the financial resources to help the company pursue a legal case.This story is far from over.hTTps://www.irishtimes.com/business/2023/05/23/goodman-holds-key-as-barryroe-project-likely-heading-for-the-courts/

[swizz] 22/5/2023 19:48

A more detailed update from the Irish Times,..GL ShTTps://www.irishtimes.com/business/2023/05/22/barryroe-slumps-almost-50-as-ryan-refuses-permit-on-key-oil-project/

[bones698] 22/5/2023 15:35

Hey digger . Yup does seem that no matter what you invest in these days they all suffer . System is definitely rigged and not worth playing tbh .

This was doomed a long time ago though . Today's rns looks like the final nail in the coffin

[digger2779] 22/5/2023 12:55

Forgot all about this company until I saw todays ADVFN biggest fallers list. Had a few of these back in the day along with Seaenergy (formerly Ramco) which also turned into a dog. Lost a packet as usual and now losing plenty on my latest collection of dogs.
Sometimes wonder why I do this to myself.

I haven't come on here to gloat and I feel your pain. Good luck and hopefully something gets salvaged here.

[swizz] 22/5/2023 09:44

Both Lansdowne's and Barryroe share registers are very tight and whilst the market reaction was predictable, at this stage it has not triggered any notable selling and I doubt there will be, Lansdowne is actually starting to see a few decent buys filter through,..GL S

[bsg] 22/5/2023 08:40

Looks like a dead duck now. Burn the rest of the cash on legal proceedings.

[bumpa33] 22/5/2023 08:09

wow, someone wants out - 16.5m on the offer at 0.2 !

And no bid.

[swizz] 22/5/2023 07:13

22 May 2023

Lansdowne Oil & Gas plc

("Lansdowne" or the "Company")

Barryroe Lease Undertaking Application Decision

Appointment of Legal Counsel


Lansdowne Oil & Gas plc notes the press release from Barryroe Offshore Energy PLC ("Barryroe") late Friday afternoon on 19 May 2023 advising that Barryroe had received a letter from the Irish Department of the Environment, Climate and Communications ("DECC") advising that Eamon Ryan, Minister for the Environment, Climate and Communications (the "Minister") was unwilling to grant the Barryroe Lease Undertaking, as sought, on grounds of financial capability. DECC also confirmed in the letter that the application was satisfactory from a technical perspective.

To date, Lansdowne has received no direct correspondence from the DECC with respect to this decision, although the board has verified the content directly with Barryroe. A copy of the Barryroe press release can be found here:

The Company can advise shareholders that in recent weeks, given the considerable investment made to date by Lansdowne in the Barryroe project, the substantial potential value that the project could realise for Ireland and all stakeholders involved and the apparent lack of any progress nor any engagement by the regulatory authority, Lansdowne has been engaging with external legal counsel to assess its legal rights and the potential options available, including pursuing legal proceedings, for the purposes of protecting its investment in the Barryroe project.

The decision with respect to the Lease Undertaking is disappointing not only for the Company, but also other stakeholders, including Ireland, which continues to import significant amounts of oil & gas, something the development of Barryroe could help to address.

Accordingly, the Company has no choice but to now formalise the engagement with external legal counsel and pursue legal proceedings for the purpose of protecting its investment in the Barryroe Project. These discussions are already well advanced, as noted above, and the Company believes there is clear evidence of the DECC and the Minister failing to act in a fair and equitable manner with the Barryroe Partners consistent with its obligations under Irish law and also international law. Given Lansdowne is a UK domiciled company it expects to pursue its claim in international arbitration pursuant to the investment protection regime established under the Energy Charter Treaty to which both Ireland and the United Kingdom are signatories.

A further update will be made with respect to the appointment of legal advisors as appropriate, along with more information on the claims sought by Lansdowne in this matter. Below is a brief assessment of the Barryroe value to Lansdowne.


Value of Barryroe

As has been demonstrated on many occasions, Barryroe contains significant quantities of oil and gas with the potential to deliver much needed energy security for Ireland and great value for all stakeholders.

Lansdowne has invested c. $20 million in the Barryroe project to date and the results of the Competent Person Report carried out by RPS ("RPS CPR") announced in February 2022, addressing simply the first phase of a Barryroe development and solely the Basal Wealden Oil reservoir, concluded that the P50 volumes were estimated at 81.2 million barrels of oil recoverable gross (16.24 million barrels net to Lansdowne) from a Best Estimate of 278 million barrels of oil in place (STOIIP).

An economic evaluation, documented in the RPS CPR, covering the proposed Phase 1 development (Phase 1A and 1B) and in the 2C oil resources case, delivers an NPV10% for Lansdowne's 20% share of $104 million under a Brent Oil Price assumption of US$68 per barrel in 2027, rising to $70/bbl in 2028 and 2029 and inflated at 2% per annum thereafter.

As stated before, the RPS CPR has only addressed the oil in the Basal Wealden A Sand, which allows it to be correlated to the earlier work carried out by Netherland Sewell and Associates Incorporated ("NSAI").

Gas was proven in the Basal Wealden C Sand reservoir in the 48/24-10z well that overlays the oil reservoir and this has previously been estimated to hold a potential gas resource of c 400 BCF GIIP. Lansdowne believes this significant gas resource could make a vitally important contribution to Ireland's energy mix as it transitions to a zero net carbon economy and it is anticipated that any future phased development programme will include consideration of this important gas resource.


Steve Boldy, CEO of Lansdowne Oil & Gas, commented:

"It is with great reluctance that we must now resort to legal proceedings in relation to our investment as we would much rather have moved forward with a Lease Undertaking and appraisal drilling, for which funds had been sourced, to advance Barryroe toward development for the benefit of all stakeholders.

We believe we have a very strong claim against the Irish government and the Company will be resolute in defending and protecting the rights and investment of our shareholders."

[bones698] 22/5/2023 07:06

Lmao what did they expect given the lack of progress . About time and comical
That's this down to 0.1p and on its last legs

[p5tvr] 20/5/2023 14:40

larger...Yep! :0)

[swizz] 20/5/2023 12:59

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

[largeronald] 20/5/2023 12:47

Steelwatch - thanks. All over?