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What utter nonsense! Selene is 146 BCF 39% COS and Pensacola 93 BCF 20% COS whilst the rest of the portfolio includes numerous other interesting target including Burbank 200 BCF 32% COS, Cupertino Fell SST 558 BCF 30% COS, Cortez South 331 BCF 28% COS and Dewar 39.5 MMBOE 40% COS. Result of licensing round coming soon also.
See June 2020 presentation:
https://www.cluffnaturalresources.com/wp-content/uploads/2020/06/Corporate-Presentation_June_2020.pdf
If they raise now the directors of this company should be sacked with immediate effect
I can’t believe they would be that stupid the cash for the drills might never be required for its original purpose
Welcome back a1m
Placing? At discount to cash. Yeah right.
Starts about 10 minutes in. Nothing we don’t know already. Roll on licence news.
V O X M A R K E T S
www.**********.co.uk/articles/new-articlebahamas-petroleum-company-cluff-natural-resources-and-glen-goodman-on-bitcoin-071a1b6
The 500k seller is back
Really is time this company got its act well and truly together
It is going nowhere as things stand!!
Forget dewar it is a dead duck for now
The Dewar Prospect on Licence P2352 is estimated to contain up to 272 million barrels of light oil (P10 STOIIP) with P50 Prospective Resources of 39.5 million barrels in the Forties Sandstone.
A feasibility study carried out by io oil & gas consulting has estimated the Dewar project to have a post-tax NPV10 of £555 million and a post-tax project IRR of 123%, in a P50 prospective resource scenario.
https://investegate.co.uk/cluff-natural-res--clnr-/rns/operational-and-licence-update/201911250700084462U/
0.85p breakout about to happen.
Guess I did
Did you miss the part where it said they’re now funded into 2022 as a result.
Extract says
The Company remains funded for its share of the Selene and Pensacola wells and, on current plans, for its working capital requirements through to the end of 2021.
Drilling now H2 2021 and 2022, so there will be a working capital raise at some point.
I am waiting for a possible lower entry. If not I will try and make money elsewhere.
Appetite for small cap oilers is really starting to pick up and CLNR looks a reall bargain at these levels. Once this moves through 0.85p SP should increase very quickly.
I agree with that
Hi Mike - potentially could be.....never considered them to be fair. Personally I still believe it’s Shell though. However either would be a catalyst for our share price I believe. We definitely need some good news. Share performance has been terrible since the Farm in with Shell. Mr Swindells and co require to deliver soon as many have been waiting long enough!
Someone said spirit energy when I mentioned it
I said that ages ago I also think 2248 as they said they would reapply for it
Not sure about Shell but hope so!
Anyone else thinking that P2248 will be the licence we are after jointly with the International operator - (Shell perhaps)? Given that the company previously held this and basically had an offer on the table to farm in, but if I recall correctly the company felt that the farmee did not have enough financial stability. I have a personal view that this is the licence we are after with Shell. If so, and they are successful this will jump. Results of 32nd round usually get announced towards end June and that’s not that far away. GL all.
Nice trade to finish off a positive week! Let’s hope it’s the turning point.
Because they are stuffed full of options
And will blow my top if they have the cheek to award themselves even more at this price
Looks interesting, potential for significant upside with committed partner in Shell, strong cash position to get them to the well drill, expect OGA announcement in the summer will give more acreage with Shell. But, begs the questions...how do they pay their way with a major for who costs are insignificant? Why are the Director and CEO share holdings so small?