Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Good point cheapskater, thank you
There is a big difference between a renewal and an extension. MSMN are not asking to renew the permit at this point so all that stuff about 5 years, 3-6 months notice in the Ts&Cs that have been posted and the title of this thread doesn't apply here. They are seeking an extension to one of the conditions of the existing permit to allow them more time to obtain the necessary access from indiginous groups. Nothing more than that at this time.
I am uneasy about what is happening at Amadeus - a month ago JB and AC were foaming at the mouth at the proposition of a large helium find and what impact that would have on their own licence. Now the drill bit has stopped turning and August is fast approaching without a firm understanding of whether Mosman have managed to secure a second extension. I would suspect Santos have much more sway with those in control of such matters and Mosman could find themselves sidelined if a savvy Santos director has been doing the correct wining and dining with the right people.
I worry if an RNS appears to advised of 'circumstances out of our control' and/or 'allow us to focus on our American assets' we would drop into sub 0.2 trading. Of course, the opposite could be true and the BoD have played a master stroke but with their previous track record I would suspect the former. Sadly.
Half year report Rns 28/03/2019 do wish people DYOR
‘....
Exploration
Mosman continues to progress the exploration portfolio in Australia and maintains its interest in the 100% owned granted permits EP 145 and one application (EPA 155).
During the six months $66,275 was expended on advancing these assets.
The permit anniversary date on EP 145 is 21 August 2019, which is the due date for completion of 100km of 2D seismic surveys, seismic processing and interpretation and well planning. If the Company has not fulfilled the above obligations, a negotiation with the Northern Territory Department of Primary Industry and Resources may be commenced to extend the period for completion, or the permit relinquished. There can be no certainty that an extension may be granted. Mosman continues to pursue farm-in discussions on EP 145 with potential joint venture partners....
‘
My point is spary that I don’t think they have a clue what they’re doing which they have proved on many occasions. According to that information the have to apply 3 months before. The rns on 24th of June would be within that 3 months and they are still talking about applying. Which would be too late. Also they would have to prove that they have made steps to progress the permit which unless someone knows otherwise they haven’t. Soooo
They are fully aware we need an extension of ep-145.
The procedures and processes are in place for this to happen within NT link I provided in previous posts. I have also quoted sections that may be relevant to Mosman in pursuit of this.
The point I was making was this would have had to be considered and requested 3 months prior to the 21st August 2019 as the current expiry date to meet the requirement of 100km 2D seismic, it is clear from June rns Soulac and others have referred to that the bod knew this and having requested an extension last year know NT rules also.
The bottom line is they need to prove to the NT government we have made significant progress this year but give reasons why we need the extension which is in the June Rns they were already alluding to what may go into the reason for extension.
We are now at the mercy of the NT government in granting that extension so nothing to do with pointing the finger at the bod they are doing what is right for mosman and it’s share holders.
Imho I was thinking the delay In Dukas results may ironically work in our favour as all the risks are still there for all companies with permits.
We will just need to hope the extension is granted and confirmed via Rns soon.
Incidentally if you hadn’t noticed we are building up quite a portfolio of producing wells and have 3 fully funded drills for the next quarter in Stanley-3, falcon and galaxie so building up the US side of the company to be profitable at the corporate level by year end hopefully ,
so not bad cushion to have if things don’t go in our favour in Oz.
Gla
From June Rns
Australia
In Australia, progress continues at EP-145 in the Amadeus Basin, where seismic acquisition planning has reached the stage of finalising plans to acquire seismic and discussing the various requirements with the Northern Territory government and the local indigenous groups. This is an important part of obtaining the required clearances to enable ground access and permission to conduct the seismic work. If required, an extension may be sought which, if granted, will allow additional time for obtaining approvals and then acquiring seismic to finalise a drilling location.
‘3. Altering Work Programs –Variation, Suspension, Extension, Waiver
3.1 Alterations to work programs of Permits
An application to suspend, extend, waiver or vary permit conditions is required to be submitted within three (3) months prior to expiry of the current work program year. Applications will be considered on a case by case basis; however the first two (2) years of a work program must be satisfied.
For the purpose of work program alterations and where a Permittee holds a number of permits, each permit is to be considered as a separate entity.
....
3.4 Extension
Extension of a permit (beyond normal term of 5 years) will not be considered unless substantial work has been carried out in previous years and there is demonstrated technical evidence for the application and a strategic plan transitional to moving forward to development.
Extensions do not exceed one (1) year.’
Wtf my understanding is after corresponding with the bod that they will need to apply for extension and again if meeting NT rules that needs to be done 3 months prior to expiry of current work program so should already had been applied for.
That’s all I can say because that is all I know.
Gla
They won’t of done it they will have been too busy. Surely when they arse this up as well someone or both will have to step down. Surely
Has anyone asked the BOD directly?
Was concerned about the CTP presentation posted today with regards to mechanical issues with Dukas drill, clearly this gives us the potential for the delay of results after the current deadline for our conditions of permit which is August 21st 2019.
However
Northern terrorities oil exploration permit rules taken from official NT government
https://nt.gov.au/__data/assets/word_doc/0004/203476/exploration-permit-application-assesment-criteria.docx
website states the following :-)
‘2. Permit Renewal
An application for renewal of a permit is required to be submitted to the Minister (delegate) no earlier than six (6) months, but no later than three (3) months before the expiration of the permit. The Minister (delegate) may not renew the permit more than twice.
The Minister’s (delegate) approval is required for late renewal applications and must be obtained before the three (3) month expiry timeframe date. Failure to submit a renewal application within that timeframe may result in full surrender of the permit area.
A renewal application must include a comprehensive report of the previous five (5) year work commitment program, findings and results. Additionally, the application is to include the proposed work program towards development for each year of the renewal term and a report on the strategic exploration plan going forward.
Fifty per cent (50%) of the acreage is required to be relinquished upon renewal and a tenure map showing proposed relinquishment blocks should be submitted with the renewal application. An exemption to relinquish blocks may be granted (for 12 months) if the titleholder/s can provide significant evidence as to the reasons why they should retain the additional acreage for an additional 12 months after renewal.
Permit renewal of more than 50% of existing tenure or acceptance of waiver to reduce tenure is not guaranteed.‘
In 2014 we acquired the ep145 oil exploration permit with a 5 year work program last April 2018 we were giving the first extension to August 21st 2019 for the 100km 2d seismic, applications for a second extension are within the rules and in the application so seems normal practice , after that things get more awkward.
So the bod should have already applied for this renewal as they need to do so within 3 months before expiry and would not have known the results from Dukas either way , this should if all things are equal give us another year and take the pressure of this immediate time risk, so hopefully if NT follow their own rules this will be confirmed in rns in due course,
This is obviously my own opinion on this matter but hope I am right for all our sakes.
Gla