Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Reads like CEG are defaulting in the FRAM deal with regards to operator obligations, pls owe a loan and o/s revenue to PRD. PRD to seek recovery. Another legal battle would be a disaster for CEG.
Seems like things are just getting worse.
Definately a fall out with prd, nothing in yesterday's rns ,kept that quiet,,thought they were going to be upfront about things.
Interims at end Oct should give a clearer picture of what is really going on.
Funding they need $15m, good luck with that.
Production falling even with the 81bopd from s2 added in.
S2 over budget by $1.8m.
Agm, who is going to vote the bod back in, don't think that anyone who took up the open offer at 3.5p will, then again there are some funny investors here that's for sure.
Just shows how important DYOR is and not to follow anyone on here.
Zag,
Appropriately enough the AGM notice is out and it's Mssrs Potter, Uliel and Bizzell up for a vote this time around https://www.cegplc.com/investor-relations/constitutional-documents/ . Sadly though I think a new guard would only be able to bring some closure by picking through the skeletons rather than turn things around.
If it wasn't surreal enough, CEG now seems to be getting itself in trouble for trying to decommission its field in Spain as well https://www.diariodeburgos.es/Noticia/ZC73EC25D-C639-4A47-52F2085CDF72E290/202109/La-Junta-levanta-acta-por-acceder-sin-autorizaci%C3%B3n-a-La-Lora
malcy is paid to promote companies,....cant take him seriously c'mon.....his top picks are essentially who paid him the most to promote ....like the front of a football top.....huge gambling advert.
dyor please and dont act on tips ffs.
Ah yes Malcy, the one who gets it more wrong than right, I've lost count of the number of companies he has promoted over the years that subsequently failed.
SC, if you are indeed relying on his advice then you really should give up on investing.
Sc
Come on, everyone around sees where this is going and its not up.
I keep a very close eye as I would love to recoup some of my big loses and if I thought for one minute there was a glimmer of hope I would jump in, not until this BOD is shown the door will ceg make a penny.
Very sad
Relying on a paid shill like Malcy, Starchild? Things really have got desperate .
Anyone under any illusion that he's not on the company payroll here needs only take a read. A complete whitewash of what was a year of utter omnishambles.
Malcy produced a very eloquent elevator pitch yesterday on the financials. Read https://www.malcysblog.com/2021/09/oil-price-challenger-chariot-prospex-and-finally/
Anti-CEG commentators and shorters immediately homed in on the auditor’s paragraphs in the report and extracted worst possible outcomes. It’s the duty of an auditor to independently explain potential risk to shareholders. CEG has $15m due for some expansion and historic debt, however we do not know it’s cash balance today, nor how amiable creditors and future suppliers, partners will be to do deals. For example to farm-out Trinidad S3-S5, or a potential Bahamas one. There is no way Arena would have contemplated doing a $10m deal for expansion, having undoubtedly undertaken some initial due diligence, if they were concerned the business would collapse. Furthermore in CEG’s favour is $70+ PoO. If it was <$45/b I’d be concerned. Currently I am not.
Also of note is Bizzell Capital Partners owns >11% of the company as at 30/6/21 and a £500k CLN outstanding. Stephen Bizzell is on the BoD (source https://www.cegplc.com/investor-relations/major-shareholders/ ). Those shares were ‘bought’ for 3.5p (converted) as part of the company reset in the Spring. There would have to be a dramatic chain of events for them to support mega dilution at a silly rate, or a merger for less than 3.5p. I’m not saying this will not happen, in the same way there is always the risk of getting run over by bus. Risk always exists , so it’s up to you to DYOR.
No doubt, angry ex-holders and admitted shorters will be in full swing.
GLA
Starchild
https://www.lse.co.uk/profiles/starchild