Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Nice analogy! It is getting boring though. Shoot the fooking Cat !!
On these boards
For me it’s quiet simple. Either play now and risk losing 80% but with massive upside that you will be shut out of. Or wait until news breaks then decide or half you’re investment and do both. I don’t understand the constant ramper, deramper, mms tricks etc etc.. if you a worried or nervous then you are clearly gambling and haven’t done any reading..
I only bought on a punt but this is a strong play now. It couldn’t be in a more productive safe area surrounded by
majors. Appears connected to a major oil producing fairway..
It’s not a Cert, but it’s very good value for the position it is currently in. I totally relaxed .. if it doesn’t work out fine, but all the sogns are very positive
Think about Torok and unmapped southeast as well.. ramptastic but look what happened 4 miles away! 400mbbl to 1.2nnbls and much more potential.. It’s does happen— just not very often.
But...
When you read through the presentation pre drill, you can see why there is reason to be optimistic here.
Same oil bearing formation only 4 k from horseshoe. Torok also has uncounted potential. Can’t wait for the RNS
One thing that caught my attention is that we do not have full 3D for the whole of the block.. there is a big chinch to the south of the block that is not included in the resource estimate.
spending your money yet, that will hurt if this doesn't come off..
I'm not sure but I think RMP may have done a placing. Think about it, its very hard to raise funds and with the volume over the past few days, they could place "due to institutional bullshit demand" and raise £3 million quid.. I know they don't need the money now, but a placing could derisk a future investment as they wont get it at 1p if this goes tits. Just hedging to ensure survival in a tough market.. whats the thoughts? SP traded a bit odd today and its text book for AIM.. Not concerned about that, it would make sense to tap the market at a high, but don't be surprised if we get one. Im in at 2.3 so not too bothered either way, but hate it when you buy on a spike to find you were an unwilling subscriber to a placing
F.Y.I
Politician has just dropped a bollllock over in the Bahamas, off the cuff comment looks like Market sensitive news, sort of thing we could do with here. I've had a punt
One simple point that kept me invested in this... Why the hell would anyone spend half thier life in the arse end of nowhere, freezing cold drilllng hole in the mountains - unless there was an end game?
Not exactly Fundamental analysis - but you have to admire the dedication that has been put in by the company, we will what come out of this but i do believe they are genuinely trying to create a and develope a world class asset, things can change very quickly with a bit of confidence.. just need some kind of interest from a future partner to resolve mid terms funding, without that clear its hard to argue a rocket in the SP, but pieces are being put in place.
Hi All
Benn lurking... they don't need $8 read the below.... $8 on the 3 - 5 year forecast is predicted by several agencies, but this is viable on much less than. $8 gives only a 3 year payback!
Low cost operations:
C1 costs within the second lower quartile for nickel producers
TS Option estimated $3.87 per pound of payable nickel
FFS Option estimated $2.34 per pound including additional by-product revenues
Exploring cocks in remote parts of Confu may yield some returns, I’ve heard the lower regions have been explored by many an Irishman:0)
Erin block or a share in block 1 - read the history
It Is Simply Messy
Even before the Government manages to pull itself out of the Miura Petroleum block scandal with all the ?forged? signatures, another scandal in the oil industry has popped up and this time round it is even messier.
An oil company by name Pan Andean Resources Limited is getting ready to take on the Ghana Government for breach of contract.
Indeed the company procured an Accra High Court injunction on March 27, 2014, to stay any further action on a license proposal that the Ghana Parliament is alleged to have approved in favor of Camac Energy Ghana Limited.
But reports reaching us say that Ghana Government and Camac Energy appear to have ignored the High Court Injunction and are proceeding with more actions on the transaction. On May 16, 2014 Camac Energy announced its new Petroleum Agreement with Ghana Government, proclaiming its acquisition of 1508 square kilometers of acreage water on the Tano block.
Pan Andean Resources contends that it signed a Petroleum Agreement with the Ghana Government for 1,532km2 onshore/shallow offshore on the Tano 2A block. The company says it is actually the second time it had signed the Petroleum Agreement on the same block because an earlier one they singed in 2008 was revised after the new Government took over.
Pan Andean says since 2010 it has invested Two Million Pounds in purchasing seismic and other data from GNPC and worked up leads and prospects on the Block. Unfortunately however on or about the 21st of March 2014, the Ministry of Energy submitted to Ghana?s Parliament a license proposal to take some portion of that same block (Tano 2A) and grant it to Camac Energy Ghana Limited and the proposal was approved.
It says what is intriguing is that on March 26, 2014 Camac Energy which is listed on the New York Stock Exchange (NYSE) announced that it had acquired ?60 per cent interest? in a new Ghanaian Oil Block but on April 22, 2014 Camac Energy again announced that it actually owned only 30 per cent of the new block and that the rest of the shares are held by a subsidiary of the company but did not mention the shareholders or where the subsidiary is based.
Pan Andean Resources Limited says this purported action by the Ghana Government is clearly in breach of their existing Petroleum Agreement which remains valid as confirmed by correspondence from the Ministry of Energy dated March 4, 2014 and dispatched by the Ministry of Energy to Pan Andean Resources Limited on March 27, 2014.
As a result of these actions by the Ministry of Energy and the GNPC a writ was submitted on March 27, 2014 and an interlocutory injunction was put in place as of April 7, 2014 against GNPC and the Ghana Government.
Pan Andean Resources say they are deeply concerned not only for their own shareholders but also for the betterment of Ghana as this process has clearly breached all levels of transparency, accountability, rule of law that G
Yes - Erin Should not be ruled out I suppose , zthey didn’t meet any terms of their licience, dodgy backer and are now in liquidation. Government have been critiques for doing mowing with this
The High court of Ghana didn't see it that way..
Lets hope he understands that NPP signed the agreement with CLON :) - THAT WOULD BE EMBARRASSING
6. There has been good news with the recent announcement by Aker Energy of one of the biggest oil finds in Africa. Mr Speaker, this has led me to think that an NPP government must be good for Ghana.
7. After many, many years of our looking and almost giving up, it took an NPP government to discover oil in 2007. In eight years of NDC administration, 13 oil block deals were signed, and not a single one was developed. The first one signed in 2017, under my government, which was Aker, has led to the second biggest oil discovery in Africa.
8. On the fight against corruption in the oil industry, and to aid transparency, we have established a National Register of Contracts on which all the Petroleum Agreements signed by the Government have been published. This provides a platform for citizens to scrutinize the oil contracts signed by government, and accords with the international call for contract transparency.
9. We have also passed the General Petroleum Regulations, which provide for the disclosure of beneficial ownership information of companies operating in Ghana’s oil and gas industry. This will ensure that people do not hide in the shadows to appropriate oil blocks to themselves, at the expense of the citizens of Ghana.
10. The interest of major oil companies in Ghana has become dramatic. Today, oil companies such as the American giant, ExxonMobil, and the Norwegian conglomerate, Aker, have signed petroleum exploration agreements with Ghana.
11. Through the launch of the “GHANA OIL AND GAS LICENSING ROUNDS 2018”, the bidding process for the allocation of new petroleum rights to prospective investors, the first such exercise in our history, other global players such as BP, CNOOC Group and Total have expressed interest in coming to Ghana.
Civil society organisations in the extractive sector are calling for a review of the corporate governance structure of the Ghana National Petroleum Corporation (GNPC). The advocates are concerned about what they describe as over-politicization of the state entity.
Ghana Oil and Gas for Inclusive Growth (GOGIG) as well as Ghana Extractive Industries Transparency Initiative (GHEITI) are spearheading the call.
The call was made in Kumasi on the sidelines of a discussion of the reports on the 2015/2016 mining, oil and gas and the Ghana Commodity Trading Pilot.
The GNPC was set up to lead the sustainable exploration, development, production and disposal of the petroleum resources of Ghana, by leveraging the right mix of domestic and foreign investments in partnership with the people of Ghana.
The GNPC is bedeviled with political wrangling, the latest being administrative war between the Chief Executive and Board Chairman over the hiring of a procurement manager.
PoliticiSation of GNPC
Co-chair for the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Steve Manteaw, believes the development is dangerous for investors.
“…in fact previous governments have also done same but it looks like the whole problem in terms of politicisation of a national commercial entity as strategic as GNPC has been compounded under this government.”
Mr Manteaw continues that the situation has grown to the extent that, “in some respect it appears that GNPC is being treated as an extension of the NPP bureaucracy where you have the party Chairman is chairing the board and then through the instrumentation of this same party chairman appointing the former deputy youth organizer as the CEO of GNPC foundation”.
According to him, the situation sends wrong signals in terms of the expectations of the international community to depoliticise GNPC and allow it to operate as a purely commercial entity.
Effects on 2020 elections
GNPC was established to represent Ghana’s commercial interest in oil production and as a commercial entity, GNPC is expected to make profit and pay dividends to the state.
The CSOs say the situation where GNPC has moved from its core mandates of exploring for oil and even getting into production of oil, and into doing or financing expenditures is bad.
They hold that the added mandates of the GNPC have become the liabilities of the government to finance through the budget.
Dr. Manteaw fears government might use GNPC to facilitate quasi physical expenditure in the 2020 election, if the current feud is not addressed.
“My particular worry is that if Ghanaians are not careful, in the 2020 elections we will see a lot of quasi-physical expenditures being undertaken by GNPC through its foundation all ostensibly to influence the outcome of the 2020 elections”.
He is worried that if care is not taken Ghana will not reap the full benefit of its discovery of oil in commercial quantities.
Corporate governance revie
Seem to be a bit of a storm brewing at GNPC..
Corruption At GNPC: Nepotism and Cronyism Collapsing Organisation
Recent happenings at the Ghana National Petroleum Corporation (GNPC) is clear manifestation of widespread corruption that has engulfed the Akufo-Addo led administration. The GNPC as established under PNDCL 64 has amongst its functions, to promote petroleum exploration activities, to appraise existing petroleum discoveries, and to ensure that Ghana benefits the most from the development of the country's petroleum resources.
However, the national aggregator of Oil and Gas resources has lost focus from these core mandates and has been engulfed in corruption, cronyism, nepotism and a complete breakdown of good Corporate Governance practices. This state of affairs threatens the sustainability of GNPC.
To avoid further damage to GNPC, it is important the underlisted issues are properly investigated:
1. The recruitment of 200 personnel without the knowledge of the Board.
2. Board Chairman (who doubles as the NPP Chairman) actively participating in procurement processes in clear violation of the Public Procurement Act.
3. Board Chairman giving directives to personnel of the corporation without recourse to the CEO.
4. Root cause of the low morale among staff of the GNPC as alluded to by the CEO and Board Chair.
5. The extent to which the finances of GNPC has been dissipated by the current Board, headed by the NPP National Chairman and Management as well.
Furthermore, happenings at GNPC suggest Ghana’s petrochemical industry is certainly not safe under the current administration.
7. Procurement irregularities are serious and can lead to possible prosecution, to the extent that such an irregularity can lead to causing financial loss to the state, and trust in state enterprises.
I Cut off the important part last sentence!!!!:)
9. The President in whom the power to appoint leadership to state institutions is vested, must call the leadership of GNPC to order and save the country from embarrassments.
Read the last sentence, I might and let him know of ONE!
The Institute for Energy Security (IES) has condemned the strained relationship between the CEO of the Ghana National Petroleum Corporation (GNPC) and the board chairman.
Dr. K.K Sarpong has accused the board chair of the firm Freddie Blay of undermining his authority. According to him, the NPP chairman is interfering in roles specifically assigned to the Chief Executive.
The two key officials of the state entity appear to have clashed on the recruitment of a procurement officer.
In a statement on Monday, the IES said it is “alarmed at the complete breakdown in the top hierarchy” of GNPC.
“This Board Room power-play is very dangerous to the country’s economy since GNPC’s share of our off-shore oil and gas production is a vital component of Ghana’s annual budget,” the IES said.
Below is the full IES statement:
POWER PLAY AT GNPC IS UGLY AND MUST BE STOPPED
1. The Institute for Energy Security (IES) is alarmed at the complete breakdown in the top hierarchy of the Ghana National Petroleum Corporation (GNPC), as evident in the outright public confrontations between the Chief Executive Officer (CEO) and the Board Chair over procurement related issues.
2. It is important to state that “the turf war is ugly, undesired and greatly undermines the smooth running of Ghana’s Oil Company, the GNPC.”
3. The turf war between the CEO and the Board Chairman has the potency to fuel a weak front in Ghana’s negotiation with independent oil companies (IOCs). The wrangling could equally make GNPC unattractive to potential investors and partners.
4. This Board Room power-play is very dangerous to the country’s economy since GNPC’s share of our off-shore oil and gas production is a vital component of Ghana’s annual budget.
5. One would have thought that current GNPC Board Room energy now being displayed publicly and negatively, could have been channeled into meeting the mandate of exploring and producing oil on its own to reduce the reliance on IOCs, and the country’s benefits from its petroleum resources.
6. For GNPC to meets its mission and vision to be a stand-alone operator in the next few years, its leadership, staff commitments to a common purpose, and internal control system; must be apt.
7. Procurement irregularities are serious and can lead to possible prosecution, to the extent that such an irregularity can lead to causing financial loss to the state, and trust in state enterprises.
8. Considering the vital role of GNPC, the Institute for Energy Security (IES) calls on the Ministry of Energy (MoE), the Public Procurement Authority, and the Attorney General (AG) to look into the possibility of infraction in relation to the functions and mandates of the top-most officials of GNPC, and take a decisive step.
9. The President in whom the power to appoint leadership to state institutions is vested, must call the leadership of GNPC to order and save t
Another possibility.
Ghana take back ERIN as part of a deal, they did not meet any other their obligations, in fact with oil price so bad, it was probably good that we have been in dispute for so long