Member Info for Risendshine

Sam/Bridges, one mans trash is another mans treasure ;-) Couldn't resist another wee top us since the SP fell just below my current average...again!! GL :)

Thanks for posting: when reading the following, are we to bear in mind that the so called meeting of minds was with GNPC:
"GHANA- Wednesday, July 15, 2020,/ https://africanpostonline.com/ Parliament has approved the report of the Committee on Mimes and Energy on the work programme activities of the Ghana National Petroleum Corporation (GNPC) for the 2020 financial year"

"The Committee therefore urged the Ministry of Finance to prioritize its obligations towards the GNPC during the year in order to implement its planned programme of activities"

BB is getting busy again :)

That's a great question Sam and one I am wrestling with myself. I have in the past been top slicing then working my average back down as the SP fell but now I am thinking that the next anticipation is going to rise till its short term conclusion and therefore I have fallen into doubt in regard to being able to regain a low average after top slicing...what to do??? It's a tough one which I find difficult to call. If it goes above 1.5 without news I might take a couple of k out just to make me feel good :) otherwise I'm in till conclusion of ratification. It's a tinderbox though and wont take much of a spark to light the fuse on a spike ... GL to U though ;)

Last time anticipation took this to 1.9p and that was just the passing of the insolvency bill which had regard to restoration of the lost acreage. Is anticipation now building towards ratification and where will just that anticipation take us, let alone the big one!! :)

"ratification is quite an involved process but we have recently AGREED A WAY FORWARD WITH THE AUTHORITIES WHEREBY WE CAN GET THE RATIFICATION THROUGH PARLIAMENT" ....... Just a matter of time then, looks like its a done deal! DYOR GLLTH :)

Source; Irish Times.

“This solution is satisfactory for the company and brings the company’s interests in acreage closer to existing discoveries,” it said.

Petrel said it was agreed that “additional, contiguous acreage” will be added to preserve the size of the block, and a revised activity map had been circulated.

“All parties have committed themselves to, and are acting to complete, the ratification process in accordance with law, which requires cabinet and parliamentary approval,” the statement added.

As a result, the company said it did not intend to reapply to Ghana’s high court for further equitable relief but that it retained its right to reapply should it prove necessary :)

Interesting section of the said document :)
Notice of decision to enter into a petroleum agreement

Both unsuccessful and successful or preferred bidders shall be issued with a written notice from the Minister after the evaluation of bids and the decision to enter into one or more petroleum agreements. Note to the preferred bidders shall be accompanied by invitation to negotiate the specific terms of the petroleum agreement.

Direct negotiations

The Minister may decide to initiate direct negotiations with a prospective entity in the petroleum industry. However, a body corporate that the Minister intends to engage in direct talk must be a body corporate that have to meet the pre-qualification requirements under Regulation 10 and the additional requirement (that is the objective criteria test) under Regulation 16 of L.I 2359. Direct negotiation by the Minister shall be resorted to if and only if a public tender process does not represent the most expedient way to enter into a petroleum agreement.

The Minister is required to publish the reasons for the decision, the area concerned, and the potential contractor in the following:

in the Gazette
at least two state-owned daily newspapers
on the website of the Ministry; and
in any medium of public communication.

Direct negotiation with a body corporate that has expressed interest is expected to commence immediately after the publication is done.

Ratification

In Ghana, it is significant for International Oil Company's seeking to engage in petroleum activities to bear in mind that, a petroleum agreement entered into by the Minister shall need the ratification of Parliament of the Republic of Ghana to become an effective, operational and binding piece of a document on the parties.

Intriguing 11th post arronm! Could you follow up with what your point is plz :)

Thank you both for some excellent summations of our historical context. I think Tiburn that the last quote you mentioned is the most significant and telling of them all i.e. ""In September 2018 Clontarf agreed that it 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 Chapter 11 bankruptcy), in accordance with law."

For me this is referring to the deal that was made which enabled Clon to drop the legal actions with all things now "resolved to Clons satisfaction". It meant that the claim could be sent for ratification unhindered by what was missing before the insolvency bill was past. Having now been past the process' simply align and things progress as before. All IMO of course :)

RNS* sorry :)

One would think that Clon would be more forthcoming with the details involved yet in interviews they (almost nothing by RHS) only hint that share holders are on the right track, i.e. they seem itching to tell but don't. Does this throw any light on the matter and add weight perhaps to Harry's suggestions. Surely if Clon was a lone beneficiary here they would be more transparent? Whatever is going on back stage it must be requiring them to keep their cards close to their chest!

Interesting article O,Harry,S. Overall it looks like a typical attempt to discredit the opposition from a bad loser. There is no way they will be able to reverse the legislation or they would have been successful in stopping it in the first place.... this administration are popular and will be in power for a long time, thank goodness :)

thank you Tiburn for that excellent summation of the situation. I think what is most telling here too is that "Clontarf also notes the passing of insolvency legislation that may assist in the recovery of all of our original Tano 2A coordinates. " Even in the very unlikely event (IMO) that ratification never happened then after the 27th Sept. there will be an announcement of some sort which will put the SP of this share into a new orbit. IMHO I just can't see a way down here so I am just going to keep climbing as the view from the top will surely be spectacular! all IMO of course and DYOR peeps :)

Apart from the prospect of ratification at any time resulting in a multi bagger, I think another short term lift is on the horizon. Once the travel restrictions are lifted and the"high level meetings" resume anticipation and interest will begin to rise bringing the SP back up over the magical penny mark. If there are any positive announcements then it could go even highr than that....its all to play for!!! :)

This share has always been one to move up easily and sharply, sometimes up to 40% suddenly and without news :)

Tbh OHS I think it was a bit of hype or over enthusiasm regarding what the results would be the passing of the insolvency bill. At one point some peeps were getting this mixed up with ratification as it had been referred to firstly as "the passing of the bill" and then began to be referred to as being "signed off". As the Bill was then being debated in parliament there was excitement as it reached its conclusion. After the insolvency bill was signed the SP began to fall again :)

P.P.S. the insolvency bill was passed then the lockdown was upon us. The quote "high level talks" were put on hold but from what myself and Tiburn have said below one might guess what those talks are about :)

P.S. it was my presumption that the legal action was dropped pending the insolvency bill being passed so that the plot could be restored to Clon before being ratified but I could be wrong so DYOR & MYOMU, GL :)

Hi OHS,
During the last interview I seen from Clon back in Sept it was hinted that Erin got the deal from the then corrupted government because Clon wouldn't pay a bribe, it was part of Clon's legal claim that Erin were awarded (Clon were in a legal dispute) and that now the new administration wanted to set things right then an out of court deal was struck and the claim was sent to parliament for the elusive ratification :)