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You really have to be very, very gullible to believe Ghana will have anything to do with Clon. They are on the verge of big finds in Ireland and various parts of the Globe if you were to believe the spoof coming out of 162 Clontarf Road, Dublin. The few aliases they use is confusing but the spin is the same. Some suckers have parted with their money but they swallowed what they were told hook, line and sinker. They didn't do their research.
I do get that Clon have said that it is waiting ratification (by passage through parliament) as it has been all along. Its the bit that it actually says "it is with parliament" that I don't see anywhere. This seems to be more of an assumption of the words used rather than any actual statement. Even the Sept. RNS says "all legal action has been dropped and it IS BEING sent to parliament". I know its semantics here but as it has been waiting ratification all along, does it actually say anywhere that it IS with parliament? All meant with good wishes here :)
Hi Rise, I drew the information from the following extracts and from following CLON for the last couple of years:
03/04/2020
Corporate Update:
Clontarf also notes the passing of insolvency legislation that may assist in the recovery of all of our original Tano 2A coordinates. There now appears to be a legal structure enabling the authorities to recover 529km2 of the original acreage Tano 2A acreage over which Clontarf signed, with partners, a Petroleum Agreement, and which is now awaiting ratification.
26/05/2020
Preliminary Results for the Year Ended 31 December 2019:
During 2018 the Group resolved the outstanding issues with the Ghana National Petroleum Company (GNPC) regarding a contract for the development of the Tano 2A Block. The Group has signed a Petroleum Agreement in relation to the block and this agreement awaits ratification by the Ghanian government.
Annual Report:
The current status of Tano 2A Petroleum Agreement, in which Clontarf has a 60% Working Interest, is that it awaits
ratification (by passage through Cabinet and Parliament), after which there are exploration periods of 3 years initial
term, plus 2 extension periods of a total 3.5 years.
Forgetting the last 10+ years of messing around CLON have stated that the PA is with Parliament and awaiting ratification. If this is so, what are we waiting for if other agreements have been ratified during C19? Why are the BOD requiring travel to Ghana? In this day and age, there is no requirement, especially in times like these. So my question is the same; if parliament is ratifying agreements, why hasn't one that has been 10+ years in the making the first on the list?
Harry, I have a couple of questions that I hope will help:
Where did you draw the information regarding Clon "waiting on ratification"? Was it from the September RNS, see below
"....The Directors believe all outstanding issues have now been resolved with GNPC on our Tano 2A Block, and understand that the signed Petroleum Agreement is now being sent to the Cabinet. All legal proceedings have been dropped and all issues resolved to our satisfaction...."
If so, how exactly are you reading this? Or perhaps there is a different source giving information on this. If anyone has any it may help to bring it all together here. I say this because things can evolve in discussion to the point they don't any longer reflect the original RNS.... worth a recap I think? :)
Bridges - I still don’t understand what meetings they need to have ‘face to face’? If the licence is awaiting ratification, what are they requiring a meeting for? If they had said they were awaiting a meeting to finalise the licence prior to submitting for ratification then I would understand and accept that but they have stated the licence is awaiting ratification. Can anyone explain the process? Or give a good answer as to why they need a meeting? Many thanks, OHS
OHS things were very different before covid, if you remember back before Xmas last year we had positive announcements about Ghana and Bolivia. Our Time Has Come you tube video. Since then we had covid that disrupted Ghana in a big way and Bolivia we had the coup. 2 scenarios that couldn’t be foreseen. The coup upset the negotiations and delayed the MOU until now when the ousted party who made agreements with Clon are now back in. I expect Bolivia to move and Ghana will get finalised after their meetings.
OHS, I think there are two separate issues involved here. One is resolved and awaiting ratification (block 1) and then the other issue regarding Block 2A is saying the path has been cleared for Clon to recover the original co-ordinates (see below from Sept. 2019 RNS). If both are intrinsically tied together then the meetings may be to resolve this issue and all could be looked at together....just some thoughts but would be interested to hear other views from you guys? :)
Clontarf, and its partners, have also discussed with the authorities the possibility of working along with GNPC regarding the current 'Block 1' (subject to parliamentary ratification).
SEPERATELY we understand that Erin Energy Inc., a US company currently in Chapter 11, may soon relinquish or have abrogated that portion of the original Tano 2A acreage that Erin Energy Inc (formerly known as Camac Energy Inc.) was awarded in 2014 - which led to immediate legal action by Clontarf. This would open a path for Clontarf to recover all of the original 1,532km2 acreage.
The following is from the corporate update RNS 03/04/2020:
We are ready to initiate the Tano 2A work programme, as soon as the signed Petroleum Agreement is ratified, and subject to securing the necessary funding.
Clontarf also notes the passing of insolvency legislation that may assist in the recovery of all of our original Tano 2A coordinates. There now appears to be a legal structure enabling the authorities to recover 529km2 of the original acreage Tano 2A acreage over which Clontarf signed, with partners, a Petroleum Agreement, and which is now awaiting ratification.
They say it in black and white - awaiting ratification. Why are meetings needed? The license is with parliament so why has it not been ratified? They don’t get invited to sit down with them and have tea and biscuits and discuss ratification. I honestly don’t know why I bought in here again!
Exactly Bridges - why are we still waiting? How long are the BOD going to continue spouting out drivel in the RNSs. We are clearly not just waiting ratification otherwise we would have had it already as they are sitting and ratifying licences. There must be something else? It’s either waiting ratification or it’s not but they said it is awaiting ratification so why hasn’t it been ratified?
Imho ....... nothing as they have a rep in country or there’s this thing called MS Teams / Zoom.
This is the status in the interim statement
Critical Ghanaian meetings, scheduled for March 2020, to finalise the few outstanding issues, had to be postponed due to C-19.
Q - If Parliament is sitting and can ratify licences (https://www.globenewswire.com/news-release/2020/07/20/2064257/0/en/Cardinal-s-Mining-Licence-Receives-Sovereign-Ratification.html), what is the hold up with CLON if we are simply only awaiting ratification?
W