Member Info for freeshare

It's not Ghana....

Just my opinion, nothing factual. Possible meeting which was to take place.....again just my opinion!!!

Something leaked.....

I mailed them this week, voicing my concern was told hold up was due to covid travel restrictions, I voiced my concern that this could go on for the foreseeable future and whether there was an alternative.....to traveling to Ghana..... Was told the following
They want to meet in London, with another due to come from Paris.
Nothing more!!!

Don't quote me on it as I couldn't get much from my correspondence but it seems these high official meetings want or are going to take place in London......

I contacted the company asked whether the meetings were this month as flights have resumed.
Was told the following "hopefully everything will fall into place".
Maybe if anyone knows David can elaborate on what the above means.....

I asked to which I was told " they insist on strict confidentiality" so seems some talks may have taken place. That is merely my opinion from the quoted answer.

Sam I hope it works out for you as you seam like a nice person. But always stick to your research I've made losses long enough to learn from them. You sell all your holding?/

UK investor, Europas!! can you kindly explain the asset which Europa have?

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.

My post at 14.15pm wasn't my opinion it is from a report from the company.

Nothing really material, just re-election of some directors. Which we know now was passed!!!