The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Would need to go higher for such an RNS
Thanks mate, nice one
Can you continue to post the other market as can't view the trades anywhere....
I'd think twice about ORR everything around their Senegal project has struck gold and also got IAMGOLD onboard as partner. I hold both of these but that has way better potential. Only thing this has at the moment is Thomas Anderson mystery....why is he buying!!!!!
Nothing wrong with taking profit, but if you followed the recent going ons, the adjacent discovery in the neighboring block few days ago and the increase in price of gold I personally don't think it's time to sell this. But all the best nothing wrong with taking profit.
This is the difference below taken from 2nd July RNS.
Approval for sale remains conditional on the submission of supporting technical data and the Company is confident that this submission will be successful, and that Omega will be able to sell its ELISA antibody test directly into this potentially significant target market.
Basically they filed the submission of the supporting technical data which was approved. So given green light now....
We have had some initial farm-down discussions with potential partners, but could not advance these without full ratification of
title. About 65% of Ghanaian exploration wells have been successful. Fiscal terms, in spite of upward creep, and lower oil prices,
are competitive.
It’s desirable to stick as closely as possible to the 2010 terms, since the Ghanaians might otherwise seek to increase tax
treatment, or require bonds for the entire work programme – which would increase the carrying cost and hence reduce the
attractiveness of the acreage.
Many discoveries since 2008 have made the resource nationalists unrealistic, without educating them about practical need for
prompt and correct ratification, permitting, and associated decision-making.
The current status of Tano 2A Petroleum Agreement, in which Petrel Resources plc has a 30% Working Interest, is that it awaits
ratification (by passage through Cabinet, and Parliament), after which there are exploration periods of 3 years initial term, + 2
extension periods of a total 3.5 years.
In September 2018 we agreed that we could proceed with that portion of the original acreage that remains available – with the
balance to be added when it is relinquished by Erin Energy (now in US Chapter 11), in accordance with law.
After a period of slow progress, Ghana’s current NPP Government has galvanised the licensing effort. The administration is pro-
development, and actively reviewing historic Petroleum Agreements, with stated focus on early exploration, discoveries and
output. During 2018 the Ghanaian Ministry of Energy and the Ghanaian National Petroleum Commission considered the current
re-application by Pan Andean Resources Ltd (30% Petrel Resources plc, 60% Clontarf Energy plc, and 10% local interests) over
the original Tano 2A licence block acreage.
There is a mutual desire to complete the ratification process. Our strong preference is to honour as far as possible the terms of
the existing signed Petroleum Agreement, adjusting the revised coordinates and any other fine-tuning necessary.
The original 1,532km2
in Tano 2A Block included 40% (less prospective onshore – since there are limited sediments from the
target Cretaceous age), and 60% shallow offshore. The fillet of this original acreage was excised in 2014 and granted to the
then Camac, now Erin Inc., an American-listed company then controlled by Nigerian interests, which is now in Chapter 11
bankruptcy. The Ghanaian authorities are in the process of recovering this acreage, since Erin Inc. is in default – both (a) of its
work programme and (b) by ceasing to be solvent – but this has been a slow process, without clear deadlines. In discussions,
GNPC and the Ghanaian Ministry of Energy offered to return this acreage to our group once it was again available. We
understand that the recently passed bankruptcy legislation may assist.
The fiscal terms agreed were before the before many of the Tano Basin discoveries (other than the original ‘Mahogany’ – now
called ‘Jubilee’) had become public.
The work programme was aggressive (by the standards of the time), including 2D seismic and a well commitment, but it was
not bonded (other than by corporate guarantees).
Part of the Petroleum Agreement is a once-off “technology” grant (of US$0.5mm) and “training” (of US$0.2mm yearly) payments,
together with land rentals, and standard fees.
Under the previous administration the authorities raised periodic objections, usually concerning bonding (though this had been
agreed to be unnecessary in the signed Petroleum Agreement), and the market capitalisation of our original vehicle (Pan
Andean Resources plc). They have encouraged us to admit additional Ghanaian partners – though to date these have proven
to be ultimately Nigerian or other companies lacking substance.
Ghana:
We are ready to initiate the Tano 2A work programme, as soon as the signed Petroleum Agreement is ratified, and subject to
securing the necessary funding in an environment complicated by the recent oil price fall.
Despite lower oil prices, the carefully calibrated Ghanaian fiscal terms help make the Tano Basin oil play feasible, given the
demonstrated source rock and Cretaceous sands which remain an industry favourite. Indeed, the industry contraction may
assist Petrel Resources plc focused strategy on the bigger potential stratigraphic traps.
Recent high-level official meetings have been productive. The Company understands that Petrel’s new shareholders are
interested in the Tano 2A Block, and have accordingly helped the Tano 2A Operating Company (Pan Andean Resources
(Ghana) Ltd.) to overcome any financial capacity concerns following a lower oil price and market capitalisation.
Petrel also notes the passing of insolvency legislation that may assist in the recovery of all of our original Tano 2A coordinates.
There now appears to be a legal structure enabling the authorities to recover 529km2
of the original acreage Tano 2A acreage
over which Clontarf signed, with partners, a Petroleum Agreement, and which is now awaiting ratification.
RATIFICATION OF PETROLEUM AGREEMENT FOR TANO 2A BLOCK
During productive discussions in December 2019 on the early resolution of all outstanding issues, the project company Pan
Andean Resources (Ghana) Ltd. requested to finalise and implement our negotiated Petroleum Agreement on Tano 2A Block,
with adjusted coordinates, in accordance with Section 10(9) of the Petroleum Exploration & Production Act 919, 2016.
It seems that the most practical way forward is to assume the available acreage laid out in the coordinates labelled ‘Block 1’ in
the attached map provided by the Ministry of Energy.
Seems like they said once in an proactive investor video that initial talks with partners has taken place but could not be progressed further until ratification. Seems interest is definitely there so farm down expected straight after. Also seems petrels new shareholders may have an interest in the tano project.....
UK investor am not suggesting its done in days surely they will announce the project which they will go ahead with. Since they have so many opportunities pencilled inn....once announced a heads of term shall be announced so let them give us which they are going with as all this does not take months.....
Any email for TA? Maybe a better idea of what is happening from him. Taking too long this due diligence.....