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Right now, WE are the smart money.

The majors must be quite risk-averse, and The Bahamas is after all, technically a frontier. Albeit a peaceful, stable frontier with good governance.

It has been suggested that, during discussions with the major/super-major last year, there was disagreement about the site of the initial well. This does make sense. As well as perhaps a low-ball offer being made. Together these hurdles would have been a farm-in agreement untenable.

Yes, and he actually said "1p, 2p,.... 4p"

A further fund-raise can't be ruled out, as the Open Offer might not be fully subscribed. It was reiterated that the shareholders agreed to a ceiling for new shares to be issued, in the recent AGM vote.

Self-confessed shorter:
https://twitter.com/EasyBrent/status/1181476097600438272

Fair point, PageOfCups.
Let's wait and see.

Indeed.
If the Open Offer fails, and alternative financing is on much worse terms, then we as shareholder all lose.
If alternative finance doesn't happen at all, on any terms, then it might be curtains for the company, and the shareholders.

Note the parts of the RNS which state:
"Shareholders should note however that there remains a high degree of uncertainty in relation to both the Open Offer and Conditional Convertible Notes, given that ultimate quantum of funding to be received from both is dependent on the occurrence of future events outside of the control of the Company."
and:
"In circumstances where suitable funds are not raised via the Open Offer (if the Open Offer raises less than US$7.5 million and the placement of the Open Offer Shortfall as described above is unsuccessful in raising the balance), or where the conditions precedent set out in the Convertible Note Subscription Agreement are not satisfied (or waived), or if a farm-out is not secured, the Company would not have sufficient cash to complete the drilling of the planned initial exploration well in H1 2020. In such circumstances the Company would look to secure funding by way of alternative sources. There can be no assurance, however, that the Company would be successful in securing any such alternative funding. Excluding any costs relating to the planned initial exploration well in H1 2020, the Company currently has sufficient cash available to meet general working capital needs through to H2 2020."

It might be implicit, PageOfCups, but they ought to have made it explicit.
Many long term shareholders will be very much already 'underwater' at the 2p. They may not have the stomach for, or even able to afford, to take up, the Open Offer in any meaningful way.

I didn't notice anything in the RNS about the Directors taking part in the Open Offer, aside from the shortfall covering. Please quote where it says this, PageOfCups.

So, the Open Offer must achieve at least £6.75million, so that the addition of the Directors' £250,000 will take the total to the required £7million, which is required for the drill to happen.

Directors are partaking to the tune of a combined £250,000.

"Management of the Company (collectively) has indicated an intention to subscribe £250,000 of any shortfall in the Open Offer."

Thanks for posting that.

The tweet from last week. I don't think they've specified any day or time:
hTTps://twitter.com/AndrewScottTV/status/1179684989442674688

Hope your dream was a premonition, Molokai (except for the bit about the cushions, of course).

Wed, 2nd Oct 2019 16:00
RNS Number : 5514O
Clontarf Energy PLC
02 October 2019




2nd October 2019



Clontarf Energy plc

("Clontarf" or "the Company")



Issue of Share Options



The board of Clontarf Energy plc announces that Directors John Teeling, David Horgan, Jim Finn and Peter O'Toole have each been granted options over 10,000,000 ordinary shares of 0.25 pence in the Company ("the Options"). The Options vest in equal tranches over a three year period commencing from the date of grant, have an exercise price is 0.7 pence and an expiry date of 1 October 2026.



Accordingly, as at today's date, a total of 40,000,000 options are outstanding, accounting for approximately 5.6 per cent. of the Company's currently issued share capital.





This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.



Ends

Thanks, Linton78. Can you confirm the posting on here is accurate, just for clarity. I would prefer to not give out my FB ID.

Cheers for posting :-)

Thanks BigSi, I take it that was the S.P. article?

Thanks, Bridges.