Dr Beeching Posted May 30, 2023 Share Posted May 30, 2023 Fella on the Mannin Line says Crogga have raised the £50m they needed for doing some test drilling. Surprised at that tbf. Be interesting if they released an update. Maybe Moulton will interview them once he's back from the Faroe Islands. Probably beyond Manx Radio at the moment. 1 Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted May 30, 2023 Share Posted May 30, 2023 9 minutes ago, Dr Beeching said: Fella on the Mannin Line says Crogga have raised the £50m they needed for doing some test drilling. Surprised at that tbf. Be interesting if they released an update. Maybe Moulton will interview them once he's back from the Faroe Islands. Probably beyond Manx Radio at the moment. They had a new capital raise about 12 months ago or so. I don’t think they were short of subscriptions in the end. It’s a private company so they only really need to manage shareholder relations with their actual shareholders. It’s not got much to do with anyone else. Quote Link to comment Share on other sites More sharing options...
2bees Posted May 30, 2023 Share Posted May 30, 2023 It’s a great thing for the Isle of Man, if we don’t tap into it someone else will. I’m 100% into reducing consumption and encouraging the use of cleaner energies but there is still a long way to go before we can stop using fossil fuels. Good luck to them, better the devil you know an all that 12 2 Quote Link to comment Share on other sites More sharing options...
Dr Beeching Posted May 30, 2023 Author Share Posted May 30, 2023 11 minutes ago, offshoremanxman said: It’s a private company so they only really need to manage shareholder relations with their actual shareholders. It’s not got much to do with anyone else. Very true. But hopefully they communicate with island residents so we know what DOI/IOMG are actually up to. There are a few members of Tynwald who would love nothing more than to see the kibosh on the whole thing. 1 1 Quote Link to comment Share on other sites More sharing options...
forestboy Posted May 30, 2023 Share Posted May 30, 2023 4 minutes ago, Dr Beeching said: Very true. But hopefully they communicate with island residents so we know what DOI/IOMG are actually up to. There are a few members of Tynwald who would love nothing more than to see the kibosh on the whole thing. I would like to see the kibosh on a few Members. 4 1 Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted May 30, 2023 Share Posted May 30, 2023 5 minutes ago, Dr Beeching said: There are a few members of Tynwald who would love nothing more than to see the kibosh on the whole thing. Yes agreed. But the investors have put their money where their mouth is despite the objectors. It’s a sensible investment proposition (albeit very high risk) but comes with the usual extra IOM risks - those being the added political risk of a bunch of green numpties and busybodies putting pressure on Tynwald to make it extra difficult. Natural gas is likely the transitional fuel whilst Daphne and her chums dither for another 10 years about everything and spend all the money on half a million pound EV buses charged from a natural gas power station. 2 3 Quote Link to comment Share on other sites More sharing options...
Mann O Mann Posted May 30, 2023 Share Posted May 30, 2023 Gas will definitely be around for many more decades as the transition fuel . With over 50% of the revenues going to the IOM government by way of taxes it could fund schools, hospitals , key workers, roads etc etc . I still don’t think it will happen despite the majority of the silent public opinion being behind it as the clowns in Tynwald listen to sound bites on social media . Put this into the melting pot with the DOI who are incapable of making sound decisions and where there go to is delay, delay and more delay until it goes away . I am not confident about it happening. The DOI will find someway to make this NOT happen I am sure of it! I listened to Mannin Line also and it was stated that the DOI don’t have the rules and regs in place to allow the drilling ( they have only had 4/5 years to work on it as this project has been around for some time!!!!) and the DOI are refusing to meet Crogga to discuss possible ways forward . Sounds like they are sticking their heads in the sand on Douglas beach hoping it all goes away and they can carry on doing nothing ! If they F**k this up the whole administration should resign through sheer incompetence . My fingers are crossed but based on their track record I fear it’s wishful thinking that they will actually try and be proactive to make something happen. 1 7 Quote Link to comment Share on other sites More sharing options...
cissolt Posted May 31, 2023 Share Posted May 31, 2023 If there is gas then our government will be rushing to cash in. Gov finances are in dire straits. I don't believe there is any gas, nor do I believe any drilling will happen. Happy to be proven wrong though. Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted May 31, 2023 Share Posted May 31, 2023 2 hours ago, cissolt said: If there is gas then our government will be rushing to cash in. Gov finances are in dire straits. I’m not even sure about that. This is the IOM and we don’t like the wrong people getting rich off government licenses. There will be some in government departments who would rather see any gas stay in the ground than see some people get rich off the back of something like this. That’s another investment risk I’d say. 4 1 Quote Link to comment Share on other sites More sharing options...
b4mbi Posted May 31, 2023 Share Posted May 31, 2023 2 hours ago, cissolt said: If there is gas then our government will be rushing to cash in. Gov finances are in dire straits. I don't believe there is any gas, nor do I believe any drilling will happen. Happy to be proven wrong though. Doesn't matter what you believe, gas is proven to be there and the only way to find out if it flows at good pressure is to drill. @Chris Thomas pull your finger out, enough prevaricating, vary the licence and let them drill ASAP. The funding is in place, conditional on IOMG/DOI issuing the relevant permit, which they are stalling on, to my immense frustration. 9 2 Quote Link to comment Share on other sites More sharing options...
Dr Beeching Posted May 31, 2023 Author Share Posted May 31, 2023 12 minutes ago, b4mbi said: Doesn't matter what you believe, gas is proven to be there and the only way to find out if it flows at good pressure is to drill. @Chris Thomas pull your finger out, enough prevaricating, vary the licence and let them drill ASAP. The funding is in place, conditional on IOMG/DOI issuing the relevant permit, which they are stalling on, to my immense frustration. I'm actually amazed they've raised £50m (subject to approvals). That's serious cashola Quote Link to comment Share on other sites More sharing options...
Mann O Mann Posted May 31, 2023 Share Posted May 31, 2023 To put this in context The North Sea transition Authority ( the body for regulating the northsea for gas ) have released 890 + blocks within UK territorial waters in 2022 and they expect to issue over 100 licences to explore Gas fields this year alone in the UK such is the demand for Gas within the UK and globally . We are lucky enough to have 1 gas field within our territorial waters after a Savy former MHK David North had the foresight decades ago to get manx territorial waters extended . Don't mess this up @Chris Thomas , Alf Cannon , Clare Barber and who ever else makes the decision on this . Get on with it ! Instead of wasting tax payers money , how about potentially generating some money for tax payers for a change and invest in our islands future . 3 8 Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted May 31, 2023 Share Posted May 31, 2023 2 hours ago, Dr Beeching said: I'm actually amazed they've raised £50m (subject to approvals). That's serious cashola It's relative peanuts at this stage, the real commitment will be the full field development costs. 1 Quote Link to comment Share on other sites More sharing options...
Dr Beeching Posted May 31, 2023 Author Share Posted May 31, 2023 4 hours ago, cissolt said: If there is gas then our government will be rushing to cash in. Gov finances are in dire straits. You would think so, but government seem oblivious to the actual situation. 1 Quote Link to comment Share on other sites More sharing options...
Mann O Mann Posted May 31, 2023 Share Posted May 31, 2023 (edited) https://www.manxradio.com/news/isle-of-man-news/government-would-be-foolish-not-buy-gas-harvested-from-manx-waters-if-available/ It would appear that the Chief Minister is absolutely for Crogga but unwilling to take leadership or make decision . ……. He states it’s in the hands of Crogga . It clearly lies with the Government now ! It would appear that Crogga have against all the government negativity, and kinder garden of what is currently Tynwald , raised USD 50 million , booked the rig with a highly regarded operator who service BP’s world wide operation and they have fallen short. So Crogga have apparently raised the funds subject to the government allowing them to drill earlier than originally expected and now the government are stalling . Stand up Alf Cannon or be gone with you !!!!! Do you have the ability to make a simple decision which could be exponentially beneficial to the whole of manx society?!!! Or is this another important issue you deflect to a department. ..,..back bone or no back bone , that is the question …. Edited May 31, 2023 by Mann O Mann 6 Quote Link to comment Share on other sites More sharing options...
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