Daily Archives: February 6, 2012

Dublin Opinion » Blog Archive » RESOURCE EXPLORATION OPTIONS AND THE IRISH BUSINESS MODEL

When I talk about how this is geared towards speculation, I’m not talking about speculation on Ireland resources, but speculation on the licenses to explore the Irish block.

The Irish model is geared towards speculation on the paper asset – the license – rather than the actual assets – the natural resource.

The licenses which Pat Rabbitte gave out in October were not frontier licenses, they were two-year licensing options.

Frontier licenses ‘typically require a substantial upfront investment by companies’.(’Ireland awards offshore exploration licenses‘, Financial Times, 17 October 2011)

The companies which won in the October round of licenses DO NOT HAVE TO EXPLORE ANYTHING. They just have to come up with a detailed plan in order to apply for one of the 15-yr licenses in two years’ time.

Nobody else can apply during this period. The companies that won the licenses in October 2011 get first option, and nobody has to put up any money for exploration.

Which is how a company with no assets, no capital, and absolutely no experience in gas and oil exploration ended up with a license last year, i.e. Bluestack Energy.

Thankfully, Pat Rabbitte explained the business model to the Financial Times last year.

Pat Rabbitte, Minister for Energy, told the Financial Times it was possible some major oil groups could join with license winners at a later stage.” (’Ireland awards offshore exploration licenses‘, Financial Times, 17 October 2011)

In other words, you get the license and then wait for somebody to buy you out.

via Dublin Opinion » Blog Archive » RESOURCE EXPLORATION OPTIONS AND THE IRISH BUSINESS MODEL.

On spending the European taxpayer’s money – Marta Andreasen on TVR (Romania)Televiziunea Română

On spending the European taxpayer’s money – Marta Andreasen on TVR (Romania)

via Televiziunea Română.

Nigel Farage: Diplomacy at Gunpoint – YouTube

Nigel Farage: Diplomacy at Gunpoint – YouTube.