The Phantom Posted January 16, 2023 Share Posted January 16, 2023 2 minutes ago, HeliX said: Perhaps it was always a private firm trying to make a load of wedge at our expense. I had some inside info and exposure to some bits of it about 18 months ago. They were pretty close to finalising a big funding deal with some private investment funders. So either that has fallen through, or new/increased costs. Although I can't remember exactly what was being covered. Maybe they had funding for the investigation etc, but now the drilling is a seperate funding exercise? Either way, I don't think this call for investment has been an underhand plan from the outset. 2 Quote Link to comment Share on other sites More sharing options...
Happier diner Posted January 16, 2023 Share Posted January 16, 2023 10 minutes ago, HeliX said: So much for all that shite about a company taking all the risk and providing us loads of benefit. Turns out they've no money to do the job and want the public to take the risk. I'd gloat about calling it from the start but it's miserable. We did forecast this about a year ago didn't we? These outfits always look for 'support'. Translated as someone else providing the money and removing their risk. Quote Link to comment Share on other sites More sharing options...
Gladys Posted January 16, 2023 Share Posted January 16, 2023 12 minutes ago, HeliX said: So much for all that shite about a company taking all the risk and providing us loads of benefit. Turns out they've no money to do the job and want the public to take the risk. I'd gloat about calling it from the start but it's miserable. But that is exactly what it is, the company, or its investors, are taking the risk and reward. That is how business works. The other alternative is for IOMG to fund it, and I would not be happy with that. 1 1 Quote Link to comment Share on other sites More sharing options...
HeliX Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, Gladys said: But that is exactly what it is, the company, or its investors, are taking the risk and reward. That is how business works. The other alternative is for IOMG to fund it, and I would not be happy with that. Not much risk to the company if they're not paying for it! Wasn't one of the touted benefits of letting a company do it supposed to be the "skin in the game"? My first bet is it doesn't go ahead at all, second is that even if it does the IoM will see the square root of bugger all out of it, except the loss of our national resources. Quote Link to comment Share on other sites More sharing options...
The Phantom Posted January 16, 2023 Share Posted January 16, 2023 2 minutes ago, Happier diner said: These outfits always look for 'support'. Translated as someone else providing the money and removing their risk. Of course they do. It needs a shit ton of funding to develop a gasfield and unless you've got someone like Shell backing it 100% then they'll always be a bunch of other funders. A friend of mine is actually a professional negotiator in the Petrochem industry. His job is putting together investors and operators for this exact purpose and he gets paid a crazy amount to do it and even more on the successful development and implimentation of the projects. It's actually commonplace. The reality of it however will probably be similar to IPOs or crowdfunding equity. They may say they're looking for small local investment, but when the time comes, there will likely be a handful of big investors that actually snatch up all the shares the instant they are issued. To be honest if there aren't then you probably should be concerned... 2 Quote Link to comment Share on other sites More sharing options...
Gladys Posted January 16, 2023 Share Posted January 16, 2023 (edited) 14 minutes ago, HeliX said: Not much risk to the company if they're not paying for it! Wasn't one of the touted benefits of letting a company do it supposed to be the "skin in the game"? My first bet is it doesn't go ahead at all, second is that even if it does the IoM will see the square root of bugger all out of it, except the loss of our national resources. The company is looking for investors, that's how it works. The risk is on the company and their investors. Not sure what your issue is. ETA The company has skin in the game, it is answerable to its shareholders. Without being condescending you need to understand how companies work and their separate identity from, and relationship with, the shareholders. Edited January 16, 2023 by Gladys Quote Link to comment Share on other sites More sharing options...
Happier diner Posted January 16, 2023 Share Posted January 16, 2023 12 minutes ago, Gladys said: But that is exactly what it is, the company, or its investors, are taking the risk and reward. That is how business works. The other alternative is for IOMG to fund it, and I would not be happy with that. No one would be happy with that. If there was money to be made the big boys would be investing. Just like the @The Phantomsays. The fact that they are not suggests they are looking for some gullible clots to take the risk. Anyone imagine who they have in mind. Quote Link to comment Share on other sites More sharing options...
HeliX Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, Gladys said: The company is looking for investors, that's how it works. The risk is on the company and their investors. Not sure what your issue is. The risk is almost wholly on the investors. Which the company now wants to find from residents. Not quite the dream we were sold during the lead-up. Still, hopefully they won't find investment. Quote Link to comment Share on other sites More sharing options...
Happier diner Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, Gladys said: The company is looking for investors, that's how it works. The risk is on the company and their investors. Not sure what your issue is. They wouldn't have to look for investors if they had struck gold. The investors would be looking for them. 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted January 16, 2023 Share Posted January 16, 2023 Just now, Happier diner said: They wouldn't have to look for investors if they had struck gold. The investors would be looking for them. You can't strike gold until you dig a hole... 4 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, Happier diner said: They wouldn't have to look for investors if they had struck gold. The investors would be looking for them. Let's see what the offering document says to understand the risk. But this doesn't come as a surprise, I think they did say an offering would be made. There may be institutional funding which has conditions on it, we don't know. Quote Link to comment Share on other sites More sharing options...
HeliX Posted January 16, 2023 Share Posted January 16, 2023 Looks like Gecko have resigned as registered agent of the 3 Crogga entities. https://services.gov.im/ded/services/companiesregistry/viewcompany.iom?Id=pqYXtYkI4huws0FDAsYFvA%3d%3d Quote Link to comment Share on other sites More sharing options...
b4mbi Posted January 16, 2023 Share Posted January 16, 2023 (edited) 34 minutes ago, HeliX said: Giving away our national resources to a company that will have to bow to its shareholders in the first instance, and us as a very distant afterthought, is a cost. Idiot. If you bothered to take the time to understand how this works, IOM Govt (we) stand to generate an estimated £8Billion in taxes over the project's lifetime, for a ZERO taxpayer outlay. Hardly "giving it away". Edited January 16, 2023 by b4mbi 1 Quote Link to comment Share on other sites More sharing options...
HeliX Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, b4mbi said: Idiot. If you bothered to take the time to understand how this works. We stand to generate an estimated £8Billion in taxes over the project's lifetime, for a ZERO taxpayer outlay. Hardly "giving it away". I've got a bridge to sell you. 1 Quote Link to comment Share on other sites More sharing options...
Happier diner Posted January 16, 2023 Share Posted January 16, 2023 13 minutes ago, The Phantom said: You can't strike gold until you dig a hole... Accepted yes. But these days they don't dig holes unless they are pretty certain the gold is there. Quote Link to comment Share on other sites More sharing options...
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