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Finncap are their nomad and broker so should have a report out in the next few days, which will be free to access on the finncap website
That is a fair point Zac
"We estimate that CLNR's cash position at the end of January 2019 was around £1.26m. The underlying financing requirement is about £2.1m split £1.6m G&A and £0.5m licence related. The prospective $0.6m payment from Shell would cover a large proportion of the apparently funding gap in 2019."
http://www.allenbycapital.com/research/research-cluff-nat--resources_29_3087363525.pdf
Apparently Allenby Capital have a valuation/share of 15.8p on #CLNR factoring in dilution from its annual £2.1m funding requirement
https://twitter.com/GRaconteur/status/1094979810462482432
I think you're wrong on this one, actually. If you check the chart, you can very clearly see at 16:04-05, there was a large jump in the SP, from 3.8 to 3.9, likely the effect of this buy. The buy would have been within the spread at the time.
The data is from IG which shows the actual prices trades go through at. You are welcome to check. This website also shows the trade as a buy.
75k, 2,000,000 share buy from Friday just reported.
Your point is valid - as Lord Lee says, the two most important traits in investing are common sense, and patience, and of the two, patience is the most important. Things won't happen here overnight.
I do however expect news on other fronts for CLNR. Everyone has focused purely on 2 licences and forgotten about the other 6. The company has P50 prospective resources in excess of 4.3 TCF (trillion cubic feet)
IOG for example is valued at £16mil, with only 600BCF (billion cubic feet), and they've had no funding or farmout news whatsoever.
(cont.) “We were awarded six additional licences in the 30th licensing round in October. We have been running a process on P2248 but we are running against time and we’re still working on it.
“If we don’t get that over the line I think the likelihood is we would relinquish and reapply for the licence in the next round.”
https://www.energyvoice.com/oilandgas/north-sea/192356/shell-deal-huge-step-for-cluffs-north-sea-growth-says-ceo/
The chief executive of Cluff Natural Resources (CLNR) has said the company’s farm-out deal with Shell will be “transformational” in its North Sea growth plans.
Last week CLNR announced it will farm-out 70% of its P2552 licence to Shell, along with the option for the energy giant to acquire a 50% stake in the P2437 licence.
CLNR saw its share price surge following the announcement, and CEO Graham Swindells said it gives them “clear line of sight” over their drilling plans, with Shell set to bear most of the costs.
He believes the deal will raise the profile of the company and offers a platform for growth as it aims to take on more licences in the next round from the Oil and Gas Authority (OGA).
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He said: “This takes us from a company with a portfolio of highly prospective assets to a company that’s trying to position ourselves as one of the leading independent exploration and appraisal-focussed companies in the North Sea.
“A big part of this is it provides a platform for us from which to work and build on these assets that we have farmed out.
“We have the intention to further expand and diversify our portfolio when the 32nd licensing round is opened up, hopefully in the summer of this year.”
The two licenses combined hold an estimated 190million barrels of oil equivalent.
CLNR first announced it was in exclusivity talks with a major oil and gas firm in November.
Graham Swindells, CEO of Cluff Natural Resources
Mr Swindells said closing the deal was a “tremendous achievement”.
He added: “There was always talk of things being a partnership.
“It would be an understatement to say there is a difference between CNLR and what is one of the most profitable companies in the world, in and out of the oil and gas industry.
“To have that endorsement from a company like Shell is a tremendous achievement for a company such as ours.
“We feel that this is just the start of what will hopefully be a very long-term and fruitful relationship with Shell going forward, not just with these licences but as a company as a whole.”
Shell has until the end of April to exercise the option to farm-in to the P2437 licence, but may do so sooner.
Following last week’s announcement, CLNR is still on the hunt for a partner for another of its southern North Sea licences.
Talks have fallen through with a preferred bidder to farm-in to the P2248 licence due to the other company not being able to demonstrate it can fund the project.
Cluff has until the end of February to find a farm-in partner or it will be forced to drop it.
Mr Swindells hopes the Shell news will make matters easier in that job.
He added: “The announcement will hopefully raise the profile of the company so that people will become more aware of the other portfolio of
advfn boards are a mess
Should be a fair bit of support around 3.8, based off prior resistance at that level that we've now smashed through, and has turned to support.
Probably some larger orders being worked in the background. Will come back to check how its going after lunch
If the market's being rational, should be fireworks today :)
You make a fair amount about the amount of shares in issue affecting future rises - share count now vs. 2016 September high is more than double.
I've got no clue what a takeover price would be quite frankly.
I can however see a situation in which Algy Cluff wants out of CLNR with a nice payday for his retirement and for his charitable activities - something we know he wants to focus on due to the move from CEO to Chairman of CLNR, specifically so he can do this.
Agree dickupham, you're totally correct.
However surely there is a case to be made for exceeding all time highs of the stock?
The proximity to production has never been closer - in other words this is the rosiest the outlook for CLNR has ever been. It is not unreasonable to expect ATHs off the back of this news.
Welcome contrary views of course.
Do anyone have an idea of which licenses CLNR might apply for in the next licensing round? These could provide another uplift in value for the company.
hahahaha great spot cristalball
75mmboe being the amount attributable to CLNR