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‘OCCUPY Wall Street’ protestors on Dame Street

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    #722
    Anita M.
    Banned (with Prison Access) Posts: 260 ✭✭Anita M.


    Just taking a quick look on the boards here, over a nice cuppa. I thought it was certain that both a large oil and gasfield exist offshore Ireland? http://royaldutchshellplc.com/2009/01/31/ireland-sitting-on-a-fortune-exclusive-eur5trillion-oil-field-could-defeat-recession-but-gloom-grows/


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    #723
    K-9
    Registered Users Posts: 43,311 ✭✭✭✭K-9


    Anita M. wrote: »
    Just taking a quick look on the boards here, over a nice cuppa. I thought it was certain that both a large oil and gasfield exist offshore Ireland? http://royaldutchshellplc.com/2009/01/31/ireland-sitting-on-a-fortune-exclusive-eur5trillion-oil-field-could-defeat-recession-but-gloom-grows/

    As far as I know they are based on best estimates from prospectuses. The big Companies have come in for flack before for over estimating fields, good for the share price and all that!

    Costs €70 Million for a drill! :eek:

    Mad Men's Don Draper : What you call love was invented by guys like me, to sell nylons.



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    #724
    Scofflaw
    Registered Users Posts: 23,283 ✭✭✭✭Scofflaw


    Anita M. wrote: »
    Just taking a quick look on the boards here, over a nice cuppa. I thought it was certain that both a large oil and gasfield exist offshore Ireland? http://royaldutchshellplc.com/2009/01/31/ireland-sitting-on-a-fortune-exclusive-eur5trillion-oil-field-could-defeat-recession-but-gloom-grows/

    Nope. Tom Prendeville - the guy who wrote that piece - just makes stuff up with very large numbers in it. Basically, take the maximum estimate anyone has made of a prospect, multiply by the price of oil and gas, and voila! you have a very big number. In doing this Tom has created two enduring myths (he also did the multi-billion fish estimates), so credit for that at least.

    In terms of what might be out there, that depends on your value of "might". The Dunquin prospect, which is the basis for that highly speculative article, "might" contain a lot of gas and condensate, or it might contain nothing at all. Nobody will know until they've drilled, and nobody has drilled. However, it's a little disturbing that ExxonMobil, which licenses the acreage, and which did the exploratory surveys, just sold a chunk of its stake to another oil company - and since ExxonMobil is hardly desperately in need of cash but would be very happy to find itself holding 40% of a huge find, that suggests they don't think Dunquin is a huge find. Mind you, the company buying in is Repsol, which is also large, so perhaps there's something in it.

    All that's really known to be out there, in terms of actually being able to go and start producing from it, is Corrib and Kinsale, which is to say two little gas fields. Everything else is maybe, possibly, perhaps, could be. On a scale of 1-100, where 100 represents oil actually flowing in a pipeline, Ireland's dizzying oil and gas prospects are somewhere around 5-10.

    cordially,
    Scofflaw


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    #725
    andrew
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 3,368 Mod ✭✭✭✭andrew


    Anita M. wrote: »
    Just taking a quick look on the boards here, over a nice cuppa. I thought it was certain that both a large oil and gasfield exist offshore Ireland? http://royaldutchshellplc.com/2009/01/31/ireland-sitting-on-a-fortune-exclusive-eur5trillion-oil-field-could-defeat-recession-but-gloom-grows/

    See this. In no way is that site related to Shell in any formal capacity.


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    #726
    meglome
    Registered Users Posts: 7,980 ✭✭✭meglome


    Anita M. wrote: »
    Just taking a quick look on the boards here, over a nice cuppa. I thought it was certain that both a large oil and gasfield exist offshore Ireland? http://royaldutchshellplc.com/2009/01/31/ireland-sitting-on-a-fortune-exclusive-eur5trillion-oil-field-could-defeat-recession-but-gloom-grows/

    The problem is it's in our governments interest to big it up and it's in the oil companies interest to big to up. The fact that no major oil companies took up our recent licences says it all.


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    #727
    Anita M.
    Banned (with Prison Access) Posts: 260 ✭✭Anita M.


    andrew wrote: »
    See this. In no way is that site related to Shell in any formal capacity.
    I was referring to the contents, not to who owns a site.
    Other sites confirm that there is indeed oil and gas.
    Not bothered to go look for them again. Boring. Anything else to do on a sunday?


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    #728
    meglome
    Registered Users Posts: 7,980 ✭✭✭meglome


    Anita M. wrote: »
    I was referring to the contents, not to who owns a site.
    Other sites confirm that there is indeed oil and gas.
    Not bothered to go look for them again. Boring. Anything else to do on a sunday?

    Oh yeah lots of people say there is oil and gas but why aren't the oil companies falling over each other to take our licences? We've never found any oil and three small gas finds in total over the last thirty years.


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    #729
    323
    Registered Users Posts: 1,135 ✭✭✭323


    meglome wrote: »
    Oh yeah lots of people say there is oil and gas but why aren't the oil companies falling over each other to take our licences? We've never found any oil and three small gas finds in total over the last thirty years.

    Drilling it is one thing but my guess is the cost of developing it would be much to high to make it worthwhile as yet.

    “Follow the trend lines, not the headlines,”



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    #730
    hatrickpatrick
    Registered Users Posts: 17,797 ✭✭✭✭hatrickpatrick


    Suryavarman wrote: »
    Thanks. I was hoping Anita M might answer that question though. I've found that many requests for bankers to be jailed are purely rhetorical and that people generally don't have a clue what actual laws might have been broken.

    Isn't it categorically illegal to loan money from a bank to people to buy shares in that bank, and artificially drive up the share price?
    ^ Golden Circle.

    And transferring loans between banks at different times of the year to avoid the money ever showing up on any balance sheet?
    ^ Seanie.


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    #731
    steve9859
    Closed Accounts Posts: 1,554 ✭✭✭steve9859


    hatrickpatrick wrote: »
    Isn't it categorically illegal to loan money from a bank to people to buy shares in that bank, and artificially drive up the share price?
    ^ Golden Circle.

    And transferring loans between banks at different times of the year to avoid the money ever showing up on any balance sheet?
    ^ Seanie.

    2nd one is a no - it isnt as black and white as that. Every bank does "year end trades" to some extent in order to manage year end regulatory capital and liquidity positions, as long as the provision is in the documentation to unwind (ie. reverse) the trade in a short period of time, and the fee paid to the counterparty bank is a fair and commercial one. The practice on the scale of 5 or 6 years ago is forwned upon now, and regulations have made it harder, but when Anglo did the IL&P trade it was very widespread, and had been for many years around Europe. Intent to delibaratelly mislead investors is very hard to prove even if the transaction now looks very dodgy

    1st one I am not as sure. Iintent to mislead would be not as hard to prove I wouldnt have thought - the transaction seems fairly straightforward. But there is still that same hurdle to get over, and highly paid defence lawyers would fight it hard


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    #732
    ianuss
    Registered Users Posts: 3,019 ✭✭✭ianuss


    hatrickpatrick wrote: »
    Isn't it categorically illegal to loan money from a bank to people to buy shares in that bank, and artificially drive up the share price?
    ^ Golden Circle.

    And transferring loans between banks at different times of the year to avoid the money ever showing up on any balance sheet?
    ^ Seanie.


    I think the issue might be that the loans were made to company directors, rather than ordinary customers. It's in the banks usual business to lend money, how the loanee spends it is not their concern. But when it's a loan to a director to buy shares I think there's a breach of the Companies Act and also directors fiduciary duties too. Open to correction on that though.......


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