Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Thank you both for some excellent summations of our historical context. I think Tiburn that the last quote you mentioned is the most significant and telling of them all i.e. ""In September 2018 Clontarf agreed that it could proceed with that portion of the original acreage that remains available..... – .....with the balance to be added when it is relinquished by Erin Energy (now in Chapter 11 bankruptcy), in accordance with law."
For me this is referring to the deal that was made which enabled Clon to drop the legal actions with all things now "resolved to Clons satisfaction". It meant that the claim could be sent for ratification unhindered by what was missing before the insolvency bill was past. Having now been past the process' simply align and things progress as before. All IMO of course :)
Chairman's statement - annual accounts:
May 22nd 2020
"In recent months there has been renewed motivation among the parties involved to seek a solution for
Clontarf. World lockdowns have effectively stopped all international travel and meetings but once travel is possible these
meetings will take place."
This looks promising in that all parties involved are interested to move this forward.
"The (overdue) passage of the Insolvency Bill by the Ghana Parliament should help the possible early recovery of the
acreage in Tano Basin held since 2014 by Camac/Erin, which has been discussed during recent visits"
The discussions could have been if this was passed, then award of licence easier.
"It seems that the most practical way forward is to assume the available acreage laid out in the coordinates labelled
‘Block 1’ in “Exhibit 1” included above, provided by the Ministry of Energy"
Basically Block 1 is owned by GNPC - so what percentage given to CLON?
"The Company has had some initial farm-down discussions with potential partners but could not advance these without
full ratification of title. About 65% of Ghanaian wells have been successful. Fiscal terms, in spite of upward creep, and
lower oil prices, are competitive."
If CLON have a Major who has agreed in principle that they would join on PA approval for their original licence, it follows that any joint working with GNPC on block 1 may also be considered for this new team.
Its a dance as CLON need to make sure they are not squeezed out, need to secure the licence and then gain a major.
There is over 500 sq m of Licence area that could be awarded now with no links to Erin:
"In September 2018 Clontarf agreed that it could proceed with that portion of the original acreage that remains available
– with the balance to be added when it is relinquished by Erin Energy (now in Chapter 11 bankruptcy), in accordance
with law."
I would have thought that after the length of time they have been after this block it's more a case
of not wishing to draw unwanted attention. No need to advertise to the opponents in Ghana that
the block size could well be larger than than originally anticipated.
All will become clear over the coming weeks. Just A waiting game for the expected outcome.
RNS* sorry :)
One would think that Clon would be more forthcoming with the details involved yet in interviews they (almost nothing by RHS) only hint that share holders are on the right track, i.e. they seem itching to tell but don't. Does this throw any light on the matter and add weight perhaps to Harry's suggestions. Surely if Clon was a lone beneficiary here they would be more transparent? Whatever is going on back stage it must be requiring them to keep their cards close to their chest!
I’ve been looking through the CLON Interim and Annual reports over the weekend, along with the investor presentations to get a better understanding of Ghana and what we are actually awaiting. Here’s what I’ve sumised but please add more detail or correct if I’m wrong:
We had a signed PA for 2A (onshore/offshore block)
We know that our original Tano Block 2A lost a fair percentage of acreage to CAMEC
We accepted adjusted co-ordinates for 2A (mainly offshore now) and reapplied for it with a revised PA
ERIN (old CAMEC) filed for bankruptcy so we ‘could’ get our original average back
So, I have 2 thoughts/questions (further down) from what I’ve read and either one I think adds some serious further prospect here:
1. We are awaiting ratification of the PA for the adjusted Tano 2A
2. We could have even more 2A acreage (our original area back)
3. This is the bit that I’m unsure of (from the Interim 2019 report): “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)”. - Q1. Are we also awaiting ratification of a second PA for Block 1 which was reserved for the GNPC? If so, that’s another fantastic opportunity and prospect we have here!......
.....OR.......
4. This bit was from the latest annual report: “During productive discussions in December 2019 on the early resolution of all outstanding issues, Clontarf’s project company Pan Andean Resources (Ghana) Ltd. requested to finalize and implement the negotiated Petroleum Agreement on Tano 2A Block, with adjusted coordinates, in accordance with Section 10(9) of the Petroleum Exploration & Production Act 919, 2016. It seems that the most practical way forward is to assume the available acreage laid out in the coordinates labelled ‘Block 1’ in “Exhibit 1” included above, provided by the Ministry of Energy.“
Q2. Does this statement mean that the adjusted coordinates have taken some of Block 1 (GNPCs block)? If so, does this suggest that CLONs Tano 2A block that we are awaiting ratification on is now a collective of Ghana’s own National Petroleum Corporation’s block 1?!! That’s not a bad partner to be working with!