A fool and his money..... Posted February 28, 2022 Share Posted February 28, 2022 Just now, offshoremanxman said: They should be given time to build a business case though. The investors are taking 100% of the risk. Nobody else. I thought Crogga were a limited company. Quote Link to comment Share on other sites More sharing options...
Amadeus Posted February 28, 2022 Share Posted February 28, 2022 Robertshaw trying to sell this really hard. 10 billion therms of gas to be extracted, 750 million pounds a year income to IOMG for a significant number of years. More money for health and education. I can literally see the pound signs in his eyes and I’m thirty feet away... 1 Quote Link to comment Share on other sites More sharing options...
0bserver Posted February 28, 2022 Share Posted February 28, 2022 11 minutes ago, Amadeus said: Opposing argument: yes there’s gas but a: no new wells should be created, b: gas deposits here are not easy to extract, fracking would be needed. Says Crogga promises not to use fracking which is laudable but means the project has a big risk of failure. Very high risk investment for the yet largely unknown investors. But how will we find gas to power all the new EVs? Quote Link to comment Share on other sites More sharing options...
Amadeus Posted February 28, 2022 Share Posted February 28, 2022 7 minutes ago, A fool and his money..... said: Do you get the impression we're witnessing the beginning of the latest in a series of very costly monumental cock ups? Yes it has that vibe. 1 Quote Link to comment Share on other sites More sharing options...
0bserver Posted February 28, 2022 Share Posted February 28, 2022 9 minutes ago, A fool and his money..... said: Do you get the impression we're witnessing the beginning of the latest in a series of very costly monumental cock ups? 2 minutes ago, Amadeus said: Yes it has that vibe. Conversely many people are getting the same feeling about us taking a £400,000,000 cold bath with no solid plans on what exact 'green' projects we're supposedly funding. 2 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted February 28, 2022 Share Posted February 28, 2022 6 minutes ago, offshoremanxman said: If the shareholder value is zero then their investment return is zero. But the point is their risk is limited. 1 Quote Link to comment Share on other sites More sharing options...
Amadeus Posted February 28, 2022 Share Posted February 28, 2022 Opposing arguments again: Science on climate change: ipcc: climate change is widespread, rapid, part 6 released today: many impacts of global warming irreversible. 40% of world population at high risk, findings all based on science. Still time to act. Greenhouse gas emissions in IOM: UK is down since 1990, IOM is up 30%. 8.3 tons per person, compared to 5.4 tons per person in UK. One of the worst polluters. Very unlikely gas extracted in IOM waters will ever be used in IOM. island has to decarbonise energy supply, transport, etc. Pulrose power station expected to have end date by 2031, maybe later if hydrogen is added. What we mustn’t do is replace gas power station with another gas power stations. This is not the time for investment into fossil fuels. Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted February 28, 2022 Share Posted February 28, 2022 1 minute ago, offshoremanxman said: But it isn’t. If you invest £100k in Crogga. You potentially lose £100k in Crogga if the shareprice is worth nothing after all the surveys prove worthless. Exactly. So if it goes tits up and say £10 million in total has been invested in Crogga, but the clean up costs £20million....... The risk is far from just Crogga's. 1 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted February 28, 2022 Share Posted February 28, 2022 17 minutes ago, A fool and his money..... said: I thought Crogga were a limited company. A limited company doesn't protect the money you put in, just the money you didn't. Quote Link to comment Share on other sites More sharing options...
Amadeus Posted February 28, 2022 Share Posted February 28, 2022 2 minutes ago, A fool and his money..... said: Exactly. So if it goes tits up and say £10 million in total has been invested in Crogga, but the clean up costs £20million....... The risk is far from just Crogga's. This. Potential cleanup costs if project fails were pointed out as one of the major risks. Quote Link to comment Share on other sites More sharing options...
0bserver Posted February 28, 2022 Share Posted February 28, 2022 6 minutes ago, Amadeus said: maybe later if hydrogen is added. What we mustn’t do is replace gas power station with another gas power stations. This is not the time for investment into fossil fuels. Show us a viable, proven 'green' solution to this that won't bankrupt the Isle of Man and we can start work on it tomorrow morning. 6 Quote Link to comment Share on other sites More sharing options...
Amadeus Posted February 28, 2022 Share Posted February 28, 2022 Crogga guy claims claim that fracking is needed are wrong, sandstone where the gas is doesn’t need it, apparently had it already analysed. Says other guy doesn’t understand / know this. plays down risk, calls it very very simple and vanilla operation, being done a lot. Double funding has to be in place before project starts, says no risk to Manx taxpayer. energy supply: first time Russia is being mentioned, energy supply crisis started prior to Ukraine, if we continue not to develop these resources, what is it replaced by? He’s selling this project as part of the transition to net zero. Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted February 28, 2022 Share Posted February 28, 2022 In the meantime Daphne defends and lauds the 10% of the "Green Loan" that's actually been earmarked for green issues... 1 1 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted February 28, 2022 Share Posted February 28, 2022 7 minutes ago, Gladys said: A limited company doesn't protect the money you put in, just the money you didn't. Quite, and do you think Crogga will a) be putting only enough in so they can make a fortune. or b) putting enough in so that whatever happens there will be plenty to put everything back as it was regardless of profit? Quote Link to comment Share on other sites More sharing options...
0bserver Posted February 28, 2022 Share Posted February 28, 2022 9 minutes ago, Amadeus said: This. Potential cleanup costs if project fails were pointed out as one of the major risks. Exactly the same if we stick up a load of wind turbines and and don't deliver as promised. 1 Quote Link to comment Share on other sites More sharing options...
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