Member Info for robrob

what are you saying?

Just read posts I put up. They are the only ones worth bothering with = Poetic Licence

The rest are just noise = Cant hear you

The news is inward bound = Agree with this

IMO its either leaky news or small trades going through in an effort to not move up the bid.

Either way, there is a very limited liquidity currently , many PIs have already taken positions...

GLA

Worth noting the thread at PET, who have a holding and interest to Ghana... pasted below..last lines ...high interest...

Here is MIT's final EGM notes of the day (saved best for last!?) :).

STARTS...

Nobody of our original Board personally knew people from the Tamraz group.

Tamraz Group approached Petrel that they were interested to use the company as a Vehicle and to develop it.

The below is to the best of my memory and with carefully re-examining my extensive notes.

Tamraz gave background (very modest attitude I thought):

Largest stockholder of a Top-20 bank in US.
Active in Middle East and Europe for the past 40 years in Natural Resources, Oil&Gas. Natural Resource was always private for them, until now.

They now decided to go public (listed), so they were looking for a Vehicle with a background in Oil/Gas, where they could get enough shares themselves so they could put some HUGE assets in it, and they had reached that stage now.

So after the meeting they would be working with the present management on certain assets to be in: Oil Reserves, Gas, and some Natural Resources, step-by-step.

Then a short summary of enormous projects successfully achieved (e.g. pipelines (also round the Suez Canal), and e.g. Founder of Tamoil with 3000 gas-stations and refineries).

Right now looking at both Upstream and Downstream, also a pipeline, but don't want to present this to us until its very specific.
They think that within 90 days they have something to share with the Market.
The Assets are there, but it just needs a lot of paperwork and some technical work before they can present it to the public.

Question: What is the impact on existing Shareholders?
Answer: The existing shareholders will carry on with the values of the new Assets we should have, and the effect that will have on the Market, which has already started to put additional value to the price since they came in, and that was without them being precise yet on the assets. They are now ready they think with 90 days with a precise Asset.
Nomad has advised them to not be precise yet, but it will be proven Reserves

Q: Could there come a situation where existing shareholders HAVE to sell? E.g via a bigger Take Over later
A: (JT) That's exactly why we are meeting here today at this EGM - to avoid such situation. They want to evolve Petrel, and bring the Shareholders along. It could involve more of these EGM's, because the Assets are EXTREMELY BIG. The intention is to keep the LISTING.

On question which Petrel Asset is the most important?
A: Mr Teeling and Mr Horgan know much more about Ireland so they can better talk about that. For Iraq, they think they have an added value for Petrel - Iraq has a very big potential. Iraq is also talking about bringing a pipeline to "Akaba"? [Aqaba!] on the Red Sea (2 Billion barrels a day) which Tamraz are looking at.
Ghana - Ghana is very interesting. They have very good relationships in Ghana. He thinks they will de

Interesting 2021 reference there... Good find!

Snazzy Sunday best

"all outstanding issues have now been resolved with GNPC on Tano 2A and that the signed petroleum agreement is being sent to the cabinet. Therefore, all legal proceedings have been dropped."

- https://www.offshore-mag.com/regional-reports/article/14040329/clontarf-in-talks-on-offshore-ghana-license-positions

GLA
DYOR

and the following BOD Share options on October 2nd.... these are from 0.7pence.

Some may say that this buy price right now is an opportunity for PI to get in a SP below Director options.

Worth noting the RNS of September 20th 2019....

GLA

Ghanaian Tano 2A Petroleum Agreement



Ghana currently produces circa 200,000 barrels of oil per day, from the Jubilee, and TEN oil-fields. But potential output could increase dramatically with more pro-business policies. The latest discovery, by ENI, as announced in May 2019, confirms Ghana's prospectivity.



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 a stated focus on early exploration, discoveries and output. During 2018 and 2019 the Ghanaian Ministry of Energy and the Ghanaian National Petroleum Commission considered the current re-application by Pan Andean Resources Ltd (which is owned 30% by Petrel Resources plc, 60% Clontarf, 10% local interests) over the original Tano 2A licence block acreage in the prospective Tano Basin, West Africa.



Clontarf and its partners have had cordial and frank discussions leading, we believe, to a meeting of minds.



The Ghanaian authorities are now keen to resolve outstanding issues, and drive forward with the professional and prompt development of Ghana's oil & gas potential.



Two official bodies are reviewing dormant and pending petroleum agreements in Ghana: the Ministry of Energy and the National Petroleum Commission.



Accordingly, the authorities are reviewing existing Petroleum Agreements, as well as conducting a separate bid round.



This fulfils Section 10 of the new Petroleum Exploration and Production Act, 2016 (Act 919) requiring enforcement of a transparency regime to better manage Ghanaian petroleum resources.

Clontarf, and its partners, have also discussed with the authorities the possibility of working along with GNPC regarding the current 'Block 1' (subject to parliamentary ratification).



Separately, we understand that Erin Energy Inc., a US company currently in Chapter 11, may soon relinquish or have abrogated that portion of the original Tano 2A acreage that Erin Energy Inc (formerly known as Camac Energy Inc.) was awarded in 2014 - which led to immediate legal action by Clontarf. This would open a path for Clontarf to recover all of the original 1,532km acreage.

....you think?

spot on. Appears no one buying or selling it appears. Those who think that this will go places have taken their positions and are not selling, while those who are waiting on news are in the side lines...

Lets see what happens!

A sea of blue today,,, something starting / are we taking positions.

tick tock

GLA

that is quite a broad time line mr wads :)

oh ok, I think we posted at the same / similar time

OK,

and whats your thoughts on timeline Wads? to go to main market?

Wadnob, tell me your estimated ' go to main market ' timeline for Portage.

Will not hold you to it, just that you have undertaken your research - I'm interested in your opinion.

GLA

Yes, we'll have to see what happens.

My understanding is that the Senate have already been appointed as temporary 'leadership'.

Also, Bolivia had interests to Lithium for decades, no wonder as they have 25% of global reserves, there is talk that the Bolivian resource may actually be up to to 50% of the worlds resource buried in the ground - the problem has been getting i t out of the ground. Toole has a good relationship to Government and commerce over many, many years for building infrastructure.

Regardless of what has happened, I cannot see Bolivia doing a 360 degree turnaround to their exploration policies and stopping the recent relationships with China and Germany - if anything Bolivia will want to capitalise the global interest of Lithium and continue to look for new partners and complete the existing agreements under consideration.

my two cents. We'll see what unfolds...!

Interesting part for me, is that this could happen any day. There is no minimum time stated, just an insight to the lead times. Now that we have Ghana Gov officials stating publicly 'it's happening' - very happy to be holding here.

What'll come first the Lithium MOU or the Ghana ratification?

"Ghana’s Deputy Energy Minister Amin Adam said on Wednesday that domestic laws must be changed to allow companies already producing to further explore offshore areas for more oil.

“We’re changing our law to allow companies that are already producing in a certain area to continue with exploration. We have in our laws provisions that constrain investment,” he said."

https://af.reuters.com/article/investingNews/idAFKBN1XG1KW-OZABS

and.... draw your conclusions..... from this

https://www.reuters.com/article/us-africa-oil-ghana/ghana-to-change-laws-on-licenses-to-spur-oil-production-idUSKBN1XG2HU

"The government also plans to revoke licenses from four companies that are not developing their assets. The licenses were awarded between 2011 and 2016, but he declined to name the companies as they had not yet been notified.

“We are convinced that we cannot continue to allow them to hold the blocks,” he said.

...."Parliament has 21 days to review the regulatory changes, and Adam said he expected them to go forward without delay."

FWIW
I'm expecting updates to CLON within 21 days. Draw your own conclusions here, will Ghana choose a company in chapter 11, gone/going to bankrupt or choose a company that has a legal and current approval that has invested £M in data, needing only ratification..? Makes me think BoD got their options just in time.

GLA
DYOR

Yes Bridges that would make sense to me, the recent options for BoD are via CLON.

IMHO it was a signal showing the CLON is the BoDs main interest moving forward.