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No response from him thus far....
Not really acceptable if he doesn’t respond and I will be letting Hugh know that if I don’t get a reply in the next week or so. However given the sorry state of affairs and The current share price I can understand why he might not really wish to respond.
Hugh however requires to give some answers to the questions asked as it was him that was ramping up the assets 6/7 months ago and how majors had already been in the data room and were showing great interest at that point.
Shell granted a 3 month exclusive option to farm-in to P2437 and if exercised:
? Shell will receive 50% working interest in return for total consideration of $600k
? Shell will pay 75% of the costs associated with the first well to be drilled on the licence up to a gross cap of USD$25M
? CLNR to remain ‘Operator’ until well investment decision is made
Last bullet point is interesting
Haha Oilmajor - no worse than de-ramping by saying nothing will happen before 2022 lol
Exploration - I totally agree with your thoughts on this. Once the broadband seismic has been completed over the summer the COS on P2552 will increase significantly IMO. In terms of the Selene prospect and Shell potentially farming in to this - if they do at least one well will be drilled in short order thereafter subject to approval being granted by the OGA, which is pretty much a given IMO. The likelihood is that at least one well would be drilled by summer 2020. All my own thoughts on potential scheduling and no advice intended. GLA
Looking at CLNR website the Selene prospect has a P50 resource of 291 BCF with a 38 percent COS. I would say that’s a pretty good COS in terms of oil and gas exploration. Our friend is very quick to play down the COS on P2552 at 20 percent, but fails to highlight the COS on our Selene prospect. Looking good here for Shell to take this up given their other interests in this location. News in the near future.
Gunthorpse - I totally agree that there is a buyer behind the scenes hence why it was NT last week when it was rising fast. MM’s up to their tricks to fill order and switch shares from the weak prior to further news landing and the real rise. That’s my take on it anyway - GL to all shareholders and just ignore the troll as we all know what he is up to.
Dickupham - seems crazy that they may require to relinquish P2248 given that they have spent quite a bit of cash already on establishing estimated reserves on this and P2252. Is there a possibility that the OGA will grant a further extension period to Clnr on this license? Mr Swindells has indicated that they would indeed reapply for the license if they did require to relinquish. Your thoughts on this would be very much appreciated.
WOOOOOHOOO!! Well done all LTH ??????????
Yes Draft I believe they are. I must say that Spirit have been nailed on for me for some time now. However LtdAxis has highlighted a very valid point below and therefore now looks like it might be someone else other than them. Whoever it is we will hopefully find out in the next couple of days.....let’s all hope we get good news and are finally rewarded for our patience GL all.
Perenco :)
Draft I agree with your forecast for the share price given an appropriate farm in. I think it will be at least one big name for one of the licenses and I believe that it will Spirit Energy as I have alluded to in previous posts. Could we possibly see a rise to 6-10p when/if such news arrives and then a further spike if they get the second licence over the line thereafter? Could be the same party, or another. Food for thought, but no advice intended. DYOR
Spirit Energy are without doubt the front runners IMO. They tried to get some of the same blocks that Clnr were awarded in the latest licensing round after being through the Clnr data room and therefore knowing what is in 2248 and 2252. However they were not successful and the OGA awarded the adjacent areas to Clnr. By doing this Spirit Energy have clearly shown their intent and hence why I feel they are the most likely. I also think that a complete takeover is not out of the question yet either (no advice intended). GL to all.....not too much longer before we find out.
Next week Rodders.....we’ll be??
Buy - hence the jump in share price at the end of the day yesterday.
I suspect much is still happening on this behind the scenes Julia. For me I can’t see how the OGA would allocate further licences to CLNR and extend the date for 2248 and 2252 if they were not sure something was coming. I still feel Spirit Energy are a potential company who could take us out totally given that they have been in our data room and then bid for some of the same licences as CLNR. Just my opinion and no advice intended. GL to all invested - we are all due some decent news and uplift in the share price!
He’s doing the same thing over on the Igas forum page DG1. He is quality 😂
Totally agree with your thoughts DG1. I would have thought that the OGA must have been satisfied that some sort of a deal was indeed close before they awarded these additional licences to CLNR. The most intriguing thing for me was that Spirit Energy wanted in on blocks 42/43 and we were given the nod by the OGA over them....that speaks volumes to me.