Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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POC.....the oh dears were in reference to your saying they have to drill a well by the end of the month....if that were the case then it looks like our new investor has just flushed 100k sterling down the toilet.
POC - Its all ok, don't fret. I have a lot here and know a lot so if you are invested don't worry.
If not invested- fuc* off
Now where is that Malbec.......
As an outside chance, they may get an extension of the licences without further work obligations, but they need to demonstrate funding as a going concern. It means the licences will sit idle for another 3 year period. However, they do say they need to demonstrate they can meet their financial obligations under the terms of the licences.
30th September 2020
Chief Executive's Statement
The current phase of the Company's Falkland Islands Production Licences (PL018, PL019, PL020) and its Discovery Area Licence are due to expire at the end of January 2022. An application has been submitted to the Falkland Islands Executive Council requesting an extension to all licences. As part of the approval process the Company will have to demonstrate that it can meet its financial obligations under the terms of the licences.
For the six-month reporting period up until 30 June 2021, Borders & Southern incurred a loss from operations of $446,000 (loss for the same period in 2020 was $721,000). Administrative expenses were $546,000 (2020: $579,000). The cash balance at 30 June 2021 was $1.35 million compared with a balance of $2.56 million at 30 June 2020. The Company has no debt.
Given the decreasing cash balance, it is likely that additional funds will be sought before the end of January 2022 in order to meet licence and working capital needs and in order to meet the "going concern" tests of the 2021 year-end audit.
During the last six months the Company has undertaken a re-marketing initiative to attract partners. This work is in progress. We have always emphasised the outstanding sub-surface characteristics of the project, the quality of the reservoir and its exceptional imaging, but to support the current farmout, technical work has focused on defining different development options, early production possibilities and minimising the environmental impact of a development.
All is cool POC, don't you worry about it.......
I have 1.5 % and a bit of the company and am sipping on a large glass of Malbec right now.
Good luck holders, patience will reward.
The point is, they need to demonstrate they have the financing by the end of January to be granted the extension of the production licences and the discovery licence in order to carry out the work obligations as stated.
Dyor.
https://www.bordersandsouthern.com/media/pdf/B&S_AGM_2016.pdf
Licences:
Discovery Area:
- New expiry date 31st January 2022.
- A further 5 year extension is possible if the discovery has been appraised (discovery not appraised yet).
Production Licences:
- Extended by 3 years - new expiry date 31st October 2020.
- Existing one well commitment remains in place.
- licences can be extended for further 6 years with an additional work programme.
RNS dated 26th October 2020.
26 October 2020
Borders & Southern Petroleum plc
("Borders & Southern" or "the Company")
Production Licences extension
Borders & Southern Petroleum plc (AIM: BOR) is pleased to announce that it has been granted an extension to its Falkland Islands licences.
The Company's Production Licences, PL018, PL019 and PL020, which grant exclusive rights for surveying, drilling and production within the specified area, were due to expire on 31 October this year. In light of the approaching expiry date the Company applied for, and has been granted, an extension to these licences by the Falkland Islands Government. The new expiry date for the licences will be 31 January 2022, which brings them in line with the expiry date for the Company's Darwin Discovery Area Licence. There is no additional work programme commitment associated with the licence extension.
POC....oh dear oh dear.......oh dear oh dear oh dear.
POC- The company has no obligation to drill a well by the end of this month stupid....
Paperwork is all ok with the FI, its sorted. The company does need some more cash though and if you actually read the RNS of late then you will see the board are planning a part development of our asset, which means part CAPEX.
Trolls have arrived.........
The Capex for Darwin development is about $1.5-2Bn, so will need a partner for that.
Drilling just one well is about $40-60m. If they are going it alone, they will need to demonstrate they have cash.
Looks like the production licence was also extended to 31st January 2022. SO they need to demonstrate they can drill at least 1 well by the end of January to get an extension. Jeez...cutting it fine.
Financial obligations under the second phase of licence is 1 well. The discovered area has been extended to January 2022. The production area extended to October 2020. What happened after October 2020?
..........I will also be watching RKH closely....lol.
Chairman's statement 30/9/21:
The current phase of the Company's Falkland Islands Production Licences (PL018, PL019, PL020) and its Discovery Area Licence are due to expire at the end of January 2022. An application has been submitted to the Falkland Islands Executive Council requesting an extension to all licences. As part of the approval process the Company will have to demonstrate that it can meet its financial obligations under the terms of the licences.
licences get renewed as a matter of course, funds in the bank is the main thing.
Perhaps finally we have our farm in from across the pond.
Tomorrow will be interesting
Licences expiring end Jan, so something's got to happen soon. Nice to see someone thinks it's worth buying BOR shares at last, even if it's just a punt on a possible sale or farm in.
Wouldnt be at all surprised to see another holding RNS tomorrow or Monday.
Well folks an interesting day, nice little bump up but a billion miles from where we should be and could be. Interesting timing today given their need for extra finance. I get what poodle says in regards to raising the stock price to reduce the dilution, however why would you get an investment house who specialises in oil and gas investments to invest in 15 million shares if there is a raise imminent that would immediately create a big loss for them?
More likely is that our new holder has got wind of something and wanted in, sooner rather than later. In addition I suspect the 3% is breached already upwards. Wait for the next RNS, could be the one all.
Good luck long termers (and newbies)
Just FYI LTH's, I put in a limit sell for a micro-chunk at 1.2p to run a flag up the flagpole directly after the RNS dropped. It got taken out after hours at 1.25p?!? That was awfully nice of IG to give me more than I asked for but maybe indicates a forward path for the near future... Hello again rpoodle, sorry you left but it's been extreme BoS to hold here against the losses for all these years, dead money looking for the end of a rainbow! We'll all see how this plays out now, continued hoping....
.....we will all be waiting with baited breath to see what tomorrow brings.
I’m kicking myself for not getting back in here. We know that Borders need money, and soon. There are various best-case scenarios—ranging from a farm-in to a takeover—that may occur, to of course disastrous scenarios—simply put, they can’t raise money and go bust.
However, even in that latter case, it’s been clear to me for a long time that they will have to have a go at raising the share price (in order to minimize dilution), and that means front loading some news. Which means there’s at least a short term trading opportunity here. What that news would be, who knows, and to be fair there’s not a huge amount of new info they can share about a discovery made almost a decade ago. But we know from their half-year report that they’ve been exploring other development options, so they can at least provide some info in that regard.
Anyhow, however it turns out, all the very best of luck to holders here: you’ve balls of steel (even the girls).
Auction in to the close
Looks promising
Come on BOR!
The year of the Falklands is here!