Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Jazbo, you say: "Why not do some research"? Regarding what? The length of time that Peter Hill has been in saddle? Well, it doesn't really matter if he's been there for 7 years or 9 years...either figure is still ridiculous given the utter lack of progress achieved.
I actually love your quote: "Global has an experienced and driven management and technical team both in Australia and London."
That's quite funny when you think about it, because it means they have more offices than actual oilfield assets*! Hilarious.
(* PEL 29 and 94 are contiguous blocks from a geological perspective, divided on the map by an arbitrary border, so it's entirely reasonable to claim that GBP currently has just one asset.)
I agree that it could be a biggie, but they have to get the extension. I continue to hold in the hope that they do and that then they get a partner pronto.
"They may well be experienced @jazbo but what have they actually achieved for GBP? "
Not a lot!
Their website for years said they were looking around for investment possibilities - however, over the years that balance was almost solely used to pay management !
It is just a surprise after all these years with no dilution, here comes a biggie, unlike TRP which has regularly diluted shareholders to oblivion over the years.
They may well be experienced @jazbo but what have they actually achieved for GBP? The principal achievement seems to be the imminent loss of PEL29. If indeed that is lost then there isn’t much left.
"Gosh, you'd think Peter Hill would cough up more. He's been in place for how long? 7? 8 years? During that period he has drawn well over £1m in salary and collected various tranches of options. But what has he achieved? Next to nothing... An extension or two, and...??? No farm out in SEVEN years!!! The company only has two blocks....what the heck does he do with his days?"
AO Why not do some research?
Global has an experienced and driven management and technical team both in Australia and London. In September 2011, this was strengthened by the appointment of Peter Hill as UK based Managing Director & CEO.
I agree, £30k is small beer, especially compared to what Asher has at stake in TRP. (Loan of $750k plus his shares).
In the absence of other takers you may be right AO about better the devil you know.
It will be interesting to hear Jim’s take on all this, I am a bit surprised that so far he has not commented.
Gosh, you'd think Peter Hill would cough up more. He's been in place for how long? 7? 8 years? During that period he has drawn well over £1m in salary and collected various tranches of options. But what has he achieved? Next to nothing... An extension or two, and...??? No farm out in SEVEN years!!! The company only has two blocks....what the heck does he do with his days?
How much do the Directors get paid?
I see they've invested circa £30k, 2x £15k and circa £5-7k ?
The £30k one from Peter Taylor is reasonably chunky, he'll want to make this one work...
Sounds like they are banking it all on a farm in partner for 0094.
If they do get one however, the SP could reasonably shoot up to 2p or more and the company would then be well funded assuming many will be converting their warrants at that point.
Hopefully PEL029 gets extended as well though.
Good question Bishop. Apart from the upcoming Total drilling event, the Namibian oil sector is full of tumbleweeds at the moment. Azinam has no money, Eco needs a new farm-in partner to share drilling costs... If a credible new entrant is pushing to acquire PEL 29, then GBP could be at risk of losing it. But if there's no-one knocking on the Namibians' door (which seems to be the case) then they might decide that it's better to retain GBP than to let the block sit alone and unloved. (Better the devil you know...etc)
You are right AO, but I’m not sure what is in it for Namibia to do that?
This is extracted verbatim from GBP's 2019 Annual Report:
"In late 2017, the Company also negotiated and agreed with the Namibian Ministry of Mines and Energy (“MME”) an extension of the First Renewal Exploration Period (Phase 2) of the Company’s Licence of 12 months to December 2018. At the same time the MME had previously agreed entry into the Second Renewal Period (Phase 3) effective from 3 December 2018 for a period of two years. Subsequently, a firm work programme for Phase 3 was agreed with the MME whereby the Company will undertake various studies, including mapping of source rock, mapping of contourites deposits, fault studies and amplitude versus offset analyses and extended elastic impedance studies on seismic data.
The financial commitment to undertake the work programme is estimated at US$350,000. In addition, and carried over from the First Renewal Period (Phase 2), is the acquisition of 600 sq km of 3D seismic data – contingent upon the Company concluding a farmout – and the drilling of one exploration well."
So basically, to retain PEL 29 under the current published terms, GBP needs to acquire 600km2 of 3D seismic AND drill a well before 3rd of December 2020.
Clearly, impossible. Utterly impossible. So, we just have to hope that they can secure ANOTHER extension...