Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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From ADVFN f31:
Last year I left the AGM with a feeling of a complete standstill and not much hope for anything any time soon.
Yesterday I came away a lot more positive, and in fact I feel rather optimistic that we will see some positive developments coming up for Petrel – and in a not too far distance.
Summary of the AGM:
GHANA:
I would say – forget about Ghana for the moment.
As per David in AGM…….
“There is a deal to be done, but the expectation on the other side is for pay-off’s - which we can’t do”
They have also been asked to consider alternative other acreage than the current one, perhaps with better chance of title, but we might struggle to find farm-in, so not attractive.
For the moment they are therefore hanging in and insisting on their current acreage “agreementR21; and see how it all packs out.
But I would say – don’t gamble on any Ghana development any time soon.
IRAQ:
Stumbling block has always been the fiscal terms.
But David on the new TOTAL Contract…..
”Not seen official details but media reports suggest that up to 30% of produced oil may be available for profit sharing, which means that the game could be up again.
And as a result of that we also re-established contact with Itochu”
PS: the current world-wide boss of Itochu Gas, was previously a 1 year intern with Petrel in Dublin !!
David….
“We have a very good local representative, politically involved, who had made considerable progress and wanted Petrel to submit a very specific proposal.
So they have submitted a proposal for Merjan, and they have been told to be available in September for meetings on the proposal.
David:………
“It will all depend on which terms can be negotiated.
If it’s not sufficiently attractive, we won’t be able to farm it down – and if the rate of return is not sufficient, we won’t be able to fund it independently”
So basically, we’ll now have to wait and see what will develop in September, and if negotiations can be successful.
As of February this year, no other competitors had (yet) submitted a bid for Merjan.
GENERAL:
As per above, I feel we MIGHT get a reasonable shot at Merjan, so that’s good.
But in addition to that ………;
(and this is the reason why I feel rather optimistic ………;..)
First off: David stated that their priority is now to increase the share price, and he could not have been clearer that this was not only in the interest of us as shareholders, but obviously also in the interest of their own large shareholdings and that of their family.
As you know, altogether they have a very large combined shareholdings, so yes, a good share price is very important to them as well.
The quickest way to achieve this goal is to use Petrel as a liquid LSE trading vehicle, very much like the Tamraz model
(David:……; “The Tamraz model in itself was a good model, but unfortunately Tamraz could ultimately not deliver).
So they have prioriti
Never ending B/S from these cowboys, how have they got away with this for so long.
Dream on Pal.
From ADVFN
Merjan share price
The value to Petrel if we were awarded Merjan-Kifl-West Kifl and it got developed into a 100,000 bopd producer, then that alone would be company changing.
According to the article in my previous post:
"In the hybrid revenue-sharing model, for each barrel of oil produced, 25% would go towards the Iraqi state as a royalty, while the remaining 75% would go towards reimbursing shareholders for capital and production costs and be distributed as revenues".
Assuming Petrel JV'd with Itochu on a 50/50 basis with Petrel as the operator (37.5% each), and after our 'capital & production costs' we had 10% profit, then at 100,000 bopd, the calculation is:
100,000 x 365 days x £50pb x 10% = £182.5m profit per year.
£182.5m / 178m shares = £1.03 eps.
At PE of 6, this would support a price of £6.15 per share.
And a market cap of £1.1 billion.
Have you tried emailing David yourself before throwing accusations? Try that then when you find out retract your statement.
Show me where in the RNS there is a mention of Ghana other than in the opening statement which then went on to say absolutely nothing about Ghana.
Other than the usual rampers and fake news brigade trying to make a quick buck here nothing has changed, always has been and always will be a pump and dump share. Buyer beware!
Looks like news on Ghana soon. David mentioned Ghana and provided updates in the agm for clon today. If you check on the rns it's there. Also plenty have had updates via email with david that he's working on potential drilling targets. Tweet below shows an email exchange.
https://twitter.com/DudleyTrader/status/1679532618247806976
Also plenty of interest building in the media about Ghana drilling. https://energycapitalpower.com/ghana-oil-and-gas-outlook-2023-2027/
Seems like some news coming from Ghana soon. From the horses mouth.
https://twitter.com/captaintruth999/status/1676540539699712000?s=52&t=-cyBa2rVR8kl1sb_UkRntA
Can anyone remember historically how long, if successful, it takes to be awarded a license after its submission to the relevant bodies
Oil man jim ramped this the weekend it moves off a few buys
From Oilman Jim:
PETREL announced results for the year ended 31 December 2022. The future it says is in the emerging economies. It claims that Australian brokers and investors have profited through the liquidity of Petrel's sister company, Clontarf Energy (CLON), and are now pressing Petrel to open its books for greater Australian and Asian participation. The board says it may be worthwhile to accept funding, hopefully at much higher share prices, as it rolls out high-potential new projects.
I highlighted PETRELseveral times in 2019 at around 1p and it went as high as 26.5p thereafter. Back at around 1p again, might it be ready for an encore?
From ADVFN
looking forward to hearing who has won the licences in the 5th round annex (that included Merjan). Now a fortnight since the closing date was for submissions.
Ground hog day all over and over again.
Dream on
Lol!!! The ceos have proper milked it
Final results now due. If we get any Iraq positive news and we should see 3p.
buys today from friends of the bod i’m sure to hype up the share price, followed soon by some **** and bull stories about iraq, watched this happen time and time again over the last twenty years. guaranteed that buys this week will result in sales next week to replenish funds so they can do it all over again the next time.
Will hold but what a dawggg of a company really- they have done jack in all these years. Wasters- dont know why they didnt get a real job. Exploration licenses yeahhhhhh right- they will get nothing. IMO DYOR
Looks like it’s ready to go on a little run.
What has any of this got to do with Pet ??? Wishful thinking my friend.
This could be huge news for PET!
how many millions of barrels for PETREL RESOURCES??
https://www.iraqoilreport.com/?s=s
Iraqi oil minister wants oil exploration to explore oil
The directors, collectively, the last major purchase I'd say.
When was the last time someone bought some shares here there’s a reason why it’s a continuous sell off and that’s because they have absolutely no business plan or assets.
Time old man Teeling hung his wellies up and moved over for someone who can do something with this shell of a company. Twenty years of achieving nothing is taking the proverbial.
It seems to be getting harder and harder to buy small volumes here now. Matter of time before it moves