Clontarf Energy Share Discussion Threads

[malc5] 30/3/2020 09:33

Anyone who had invested in 2010, would have been given free shares from the pan Andean days, so your dilution is not quite true.

[adnexal schevsur] 30/3/2020 09:32

Ghana 1 hour behind uk - session start 10 am onward

[fenners66] 30/3/2020 09:23

Since its been 10 years already ..... specific time?.......!!

[skynet2000] 30/3/2020 09:22

Is the a specific time?

[1liam] 30/3/2020 09:10

Buy, top up and hold for ratification approval. Once passed share price will continue upward trend.

[whatsthepoint] 30/3/2020 08:54

You could repeat that about most oil explorer shares.

[fenners66] 30/3/2020 08:53

Clontarf

Share is issue Dec 2010 75,172,835

Shares in issue Jun2019 716,979,964


So anyone invested since 2010 without buying any more would have their holding diluted by around 90 % and are still waiting to see if Tano is a realised project.

[adnexal schevsur] 30/3/2020 08:43

Ghana parliamentary discussions - Monday 30 March we have good conclusion - big day big rise for PET + Clon

[fenners66] 30/3/2020 08:37

A sign of things to come here ?

Arkle - the 162 Group sister co,

"As the Placing Price is lower than the current nominal value of the Company's existing ordinary shares ("Existing Ordinary Shares"), being EUR0.01 (1 euro cent) each, the Company will shortly be convening an extraordinary general meeting ("EGM"),"


Not essential travel for individuals I guess .

But Arkle desperate for funds , so it happens anyway. Guess with no business income to support, bank financing was out of the question.

[adnexal schevsur] 29/3/2020 21:42

Ghana parliamentary discussions - Monday 30 March we have good conclusion - big day big rise for PET + Clon

[dreamtwister] 29/3/2020 17:32

Bolivia,confirm first coronavirus deaths

Bolivia, which has 81 confirmed cases, has taken aggressive measures to slow the spread of the disease including a nationwide quarantine and closing the country’s borders.

[adnexal schevsur] 29/3/2020 17:10

Ghana parliamentary discussions - Monday 30 March we have good conclusion - big day big rise for PET + Clon

[fenners66] 29/3/2020 16:54

From the 2018 accounts (last finals published)

Among Teeling Horgan and Finn

They owned about 16.8% of CLON
They owned about 11% of PET

[adnexal schevsur] 29/3/2020 16:39

Ghana parliamentary discussions - Monday 30 March we have good conclusion - big day big rise for PET + Clon

[fenners66] 29/3/2020 16:00

From the PET thread

So about £1.6m of intangibles seems to be related to ERIN in chapter 11 being removed so that PET /CLON can take over and commit to spending $m's over the next 3 years (?) whilst the inflation adjusted selling price of a barrel of oil is the lowest for 48 years.

[adnexal schevsur] 29/3/2020 15:27

Ghana parliamentary discussions - Monday 30 March we have good conclusion - big day big rise

[fenners66] 29/3/2020 15:14

This bit from the 2010 accounts was interesting :-

"The Tano Agreement currently in place specifies
the requirement to make a US$1 million per annum
payment in respect of training grants, payment of
a US$2 million technology grant during the first
contract year and other commitments including
minimum on and offshore spending requirements
(US$25 million and US$35 million respectively in
the initial three year phase).
The Tano Agreement was renegotiated in March
2010 and is currently subject to ratifi cation by the
Ghanaian Parliament and Cabinet. The revised
agreement seeks to reduce the technology grant
payment to a once off payment of US$500k,
reduce the training grant to an annual payment of
US$250k and amend some other conditions which
Management considers onerous. Management
expects to receive approval during 2011."

So even if the agreement were to go through 10 years later it looks like there would still be some requirement to spend , what ?

$750,000 on training grants etc.


Then commit to, GET THIS ....(again 2010 accounts)

"Minimum Expenditure during the Initial
Exploration Period: a minimum spend of US$25
million including one well onshore or US$35
million if this were to be an offshore well "


That initial period was 3 years.

Price of oil now - about $25 a barrel.

ERIN Cost of oil per barrel in 2016 (from Nigeria granted) $48.21 a barrel.

Why refer to ERIN ?
Because their going bust is the reason CLON hopes to get a Tano License .....

[fenners66] 29/3/2020 14:59

The good news though was in that same year , CLON were able to start new projects in Ghana and Bolivia.
Well that saved them from just twiddling their thumbs.

[fenners66] 29/3/2020 14:57

Just noticed that there were CLON operations in Iran !

From CLON's 2010 accounts :-

"In relation to the Iranian operations, discovery certifi cates were applied for in 2008 in respect of both the Chah-e-zard project and the Dalli project, neither of which have been received. As there is no guarantee that a discovery certificate and development licence will be issued in respect of either project in Iran, the directors have decided to provide in full against the carrying value of the Iranian assets. Accordingly an impairment provision of £1,934,807 has been recorded by the group in the current period (company: £1,597,198)."

So they did not get something applied for in 2008 by 2010 so decided to write off nearly £1.6m 2 years later !

These 162 Companies have been so unlucky - time and again they are forced to write off £m's from intangible assets.
How unlucky can 1 Group get ?

Talk about "luck of the Irish" perhaps someone should compile a book on the "Bad Luck of the Irish 162 Group"

[adnexal schevsur] 29/3/2020 14:17

Ghana parliamentary discussions - Monday 30 March we have good conclusion - big day big rise

[adnexal schevsur] 29/3/2020 14:11

Ghana parliamentary discussions - Monday 30 March we have good conclusion - big day big rise

[fenners66] 29/3/2020 14:00

From CLON's 2017 accounts : -

"On 26 September 2017 the board of Clontarf Energy had been informed that Union Oil (the 80% owner of the concession held in Peru) had returned to the Peruvian Authorities the licence held on Block 183. They gave as their reason an inability over a 3 year period to obtain the permits, particularly environmental permits, necessary to explore.

Clontarf held a 3% royalty on revenue arising from future operations on the Block. Clontarf did not incur any liabilities as a result of Union Oil's decision but has written off the carrying value of the asset. Accordingly an impairment charge of £2,473,538 in respect of the full carrying value of the Group’ Peruvian assets has been recorded by the Group in the current year.

During the year the Group incurred expenditure of £78,447 on evaluating licences in Equatorial Guinea. An impairment charge of £78,447 has been recorded by the Group in the current year in respect of those licences."

Over £2.5m written off.
The Peru bit had a long wait... before it was written off.
EG was quicker than usual though.

[teemore] 28/3/2020 19:48

magicnumber-stop posting spam!!!!!

[adnexal schevsur] 28/3/2020 15:34

Friday - large buy after hours - monday big day for clon