Research Notes1 Dec 2012 10:47
Guys, I've been doing a bit more research and for those who are not in the know. I did not realise that PET are part of a 5 company group known as the 162 Group. This group is made up of PET, CLON, BOD a gold mining and gas company. Now, it just so happens CLON have a 60% stake in Tano, PET 30% and the other 10% is registered to a Ghanaian company - Abbey Oil. A partnership with a Ghanaian company is essential as part of the licence ratification process, as it clearly states on the licence application process that if you are not a Ghanaian citizen you need to hold a Ghanaian partnership and be of good financial reputation (PET ticks all these boxes) . With the recent visit to Ghana this week of a high powered Irish governmental delegation, mainly discussing investment in infrastructure and mainly based around the port areas (in order to aid the oil industry) wouldn't you send a delegation if an Irish group of companies had a 90% stake in a possible farm out of 3.64 Bn barrels of oil, this just, of course this may be just pure coincidence too? Set aside the news from the Porcupine Basin, and ignore operations in Iraq for now, my assumption is (and it's only my perception) that the Ghanaian licence will be ratified, (and sooner than we think) and this will send the share price to new heights alone. You only have to look at the wording in Northland Capital release notes dated 18 Oct and 28 Nov 12 respectively and there has been a massive change in confidence from the one dated 18 Oct to the most recent release......I would like to hear any bodies else view on this please :)