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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Persian Gold | PNG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.125 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.125 |
| Top Posts |
|---|
Posted at 15/3/2011 13:29 by mclellan From johnlll:- 15 Mar'11 - 13:21 - 3738 of 3739 I was at the PNG meeting. The headline is - no sarnies. Mr Teeling thought that there would only be 1 or 2 shareholders turning up. There were about 15 to 20 I'd say. As regards the bits affecting PET, David was very positive on Ghana. Here are some snippets, sorry if a bit disjointed, but thought it best to write them down while fresh in my mind, so not necessarily in any order (I didn't make written notes): 1. We no longer need cabinet and parliamentary approval, just parliamentary approval; 2. We are "next" on the agenda for parliament; 3. We have a signed Petroleum Agreement; 4. TAP Oil signed their Petroleum Agreement in 2008 the same time as we did but didn't ask for amendments to terms and their acreage was approved a few weeks ago; 5. 3d seismic only useful if you have specific depths to target. To target a wider range such as 1500 to 5000m, 2d seismic more useful 6. The "2 weeks away" target date given before Christmas still stands. David is told by the Ghanaians that we are 2 weeks away from approval and that it has always been 2 weeks (don't really know what that means, but that's what he said); 7. Fiscal terms in Ghana are superlative. Government take will be 50%. Compare with Iraq where Govt take is 98%; 8. Petrel were invited to the consortium because the Ghanaian authorities thought that PNG didn't have track record/credentials, so PET were brought in to beef up the bid. The Ghanaian authorities took up references and did full due diligence on PET which they obviously passed. 9. We had to sign the Petroleum Agreement quickly so it was in everyone's interest to split between the Clontarf stable of companies I have a presentation which he handed out. Happy to give copies to anyone who wants. Mr Teeling did say that they would put it up on the website. Mr Horgan mentioned other matters to me in a private conversation but I will not share those on the thread. |
Posted at 15/3/2011 12:31 by mclellan Results of MeetingsChange of name to Clontarf Energy plc Persian Gold is pleased to announce that all resolutions proposed at a General Meeting of the Company held earlier today in London were approved including a resolution to approve the acquisition by the Company of Hydrocarbon Exploration plc ("HyEx") and a resolution to approve the change of the Company's name to Clontarf Energy plc ("Clontarf Energy"). The Company's ticker will change to 'CLON' following the name change; the Company's ISIN and SEDOL will remain unchanged. The approval of the resolutions at the Persian Gold General Meeting followed the approval by HyEx shareholders of (1) a resolution to approve the scheme of arrangement to effect the acquisition of HyEx by Persian Gold at a court meeting of HyEx shareholders (the "Scheme"), and (2) resolutions to implement the Scheme at a general meeting of HyEx shareholders. It is expected that the Scheme will become effective (following High Court sanction) on 5 April 2010. Following this, admission to trading on AIM of the existing ordinary shares in Clontarf Energy (formerly Persian Gold) will be cancelled and re-admission and dealings in the existing ordinary shares and new ordinary shares in Clontarf Energy plc will commence on AIM with effect from 8 a.m. on 6 April 2011. David Horgan, Managing Director, commented: "I am delighted that shareholders in both Persian Gold (PNG) and Hydrocarbon Exploration (HyEx) have approved the acquisition of HyEx which leads to the creation of Clontarf Energy, an oil and gas explorer and producer with an exciting portfolio of projects in Peru, Ghana and Bolivia. While the HyEx acquisition, which is subject to final court approval, will not complete until early April, PNG becomes Clontarf Energy (CLON) in a few days. In Peru, we expect within weeks to complete the formal signing ceremony to acquire two good quality onshore exploration blocks. We have successful experience in creating value with Peruvian oil assets. In Ghana we await cabinet and parliament approval on our 60% held Tano 2 onshore / offshore block. Delay is difficult to explain to shareholders, but as Ghana grows into a major oil producer, pressure grows on how to divide up the oil riches so politicians are slow to make decisions. Despite the political uncertainty in Bolivia, we like the potential on our two joint ventures. In the coming weeks, we will invest $0.6 million into the El Dorado gas project where we hold a 10% interest with Chaco / YPFB, the state oil company, holding the rest. This investment buys Clontarf back into a producing field. The funding for Clontarf's share of two new step out wells is being funded from revenues currently being generated. We expect net cash to be generated from 2012. The producing Monteagudo gas field in Central Bolivia is 30% owned by Clontarf Energy with Repsol (50%) and Petrobras (20%) holding the balance. We are attempting to reach agreement with our partners to acquire 100% of the field. If we can we will seriously consider drilling the huge anomaly at depth on the block. Our plans for Clontarf Energy are set out above. It has been a long road to get to this point but we look forward to the future with interest." Enquiries: |
Posted at 14/3/2011 07:31 by yarisverso From the PET BB. Looks like updates coming at the EGM.Hatto - 13 Mar'11 - 17:03 - 3695 of 3702 From: David Horgan To: xxxxxxx Sent: Sun, 13 March, 2011 16:06:45 Subject: RE: My Persian Gold Shares We will fill you in on Tuesday From: xxxxxx Sent: 13 March 2011 08:19 To: David Horgan Subject: Re: My Persian Gold Shares Dear Mr Horgan, I will be coming to the EGM on Tuesday. Could you tell me if we will hear of confirmation of PNG`s Ghana oil contract. please Thankyou once again. ================== Good afternoon everyone. A non ADVFN poster friend of mine sent this DH reply to me. Looks like we should be a little wiser in 48 hours time. |
Posted at 08/3/2011 13:07 by mclellan Bit of volume today.Anyone going to the PNG EGM on the 15th March in London? |
Posted at 26/2/2011 21:01 by fumanchuchu Some key words/phrases that describe the life of PNG (in PNG's own words see RNS 23 June 2010) :* no progress has been made * to no avail * So far nothing has happened. * we have made no progress * nothing has been achieved. |
Posted at 26/2/2011 20:59 by fumanchuchu PNG was effectively bust. It only managed to survive because it was able to reverse into ex-Pre assets..... but that was at the expense of PNG shareholders - massive dilution.Even their OWN AUDITOR said they are as good as bust : from the annual report - page 12/13. PNG in it's then current form was BUST. Without the RTO they were effectively bust/insolvent (they have NET LIABILITIES) : Emphasis of Matter- Going Concern and Realisation of Assets Without qualifying our opinion, we draw your attention to: Note 3 to the financial statements which indicates that the group incurred a loss for the year of £316,000 and had net current liabilities of £358,459 at the balance sheet date. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern. The going concern assumption of the group is dependent on the group obtaining additional finance to meet its working capital needs for a period of not less than twelve months from the date of approval of the financial statements to enable the company to meet its liabilities as they fall due. |
Posted at 01/11/2010 21:15 by f 10 eh m es mx - 9 Jul'10 - 17:22 - 2528 of 2709Look at the dilution at CON announced today. Shares in issue : 15m Today's news : New shares to be issued totals 5,283,000 so 33% more shares issued to raise a poxy £1m at near 15% discount. At least CON are drilling where they have a mineral discovery. Now take a look at PNG. They are as good as bankrupt. No cash. Net liabilities. The only way they can survive in doing this RTO. So what has and will happen ? PRE had cash of £1.46m However, "There is a claim against HyEx for circa $4 million from Hunt Oil, who operate High Island 30.." So they have net liabilities of £1.1m PNG has no cash whatsoever, it's effectively bust. PNG/Hydro have to bring $12m to the table for the 3 year work programme before drilling starts at their alleged Ghana block. So add in the liabilities of £1.1m + the above amount £8m ($12m) and they have to raise around £9m just to ensure they are able to continue with their venture in Ghana. Raising £9m @ 5p/share would mean issuing another = 180m shares. Add to the current total shares in issue 140 + 180 = 320m shares will be in issue There you have it..PNG holders been taken to the cleaners and mullered. The new company will then consolidate the stock which means ex-PNG holders being swept away out of sight |
Posted at 01/11/2010 20:59 by f 10 eh m es mx - 1 Jul'10 - 09:43 - 2431 of 2671PRE had cash of £1.46m However, "There is a claim against HyEx for circa $4 million from Hunt Oil, who operate High Island 30.." So they have net liabilities of £1.1m PNG has no cash whatsoever, it's effectively bust. PNG/Hydro have to bring $12m to the table for the 3 year work programme before drilling starts at their alleged Ghana block. So add in the liabilities of £1.1m + the above amount £8m ($12m) and they have to raise around £9m just to ensure they are able to continue with their venture in Ghana. Raising £9m @ 5p/share would mean issuing another = 180m shares. Add to the current total shares in issue 140 + 180 = 320m shares will be in issue There you have it..PNG holders been taken to the cleaners and mullered. The new company will then consolidate the stock which means ex-PNG holders being swept away out of sight. |
Posted at 01/11/2010 20:57 by f 10 eh m es mx - 30 Jun'10 - 09:04 - 2417 of 2671Not one of them is capable of arguing with the facts I have provided. They know that PNG holders are going to be screwed on the same lines as WAD holders were with the WAD/STEL RTO. But in PNG's case it will be a heck a lot worse. Even before they have done the placing, the number of shares in issue has already nearly doubled to 140m. PNG needs to raise at least £5m (could be more because PRE has big liabilities). So raising capital at say 5p (conservative) means issuing another 100m shares... giving total number of shares in issue.... a whopping 240m. But I suspect this figure be a lot more as more money will need to be raised at a deeper discount (to entice new placees to cough up). They will then follow the WAD / STEL route and consolidate which will mean current PNG holders being completely wiped out. |
Posted at 01/11/2010 20:57 by f 10 eh m es mx - 28 Jun'10 - 17:04 - 2409 of 2671The cost alone for for the first 3 years is quoted as being $20m. Three companies are involved : 30% Hyrdo exp 30% PNG 30% PET 10% local outfit That means each of the first three have to come up with $6m. Now where will PNG get it's share of $6m/£4m from ? It has absolutely not money whatsoever. It's a cashless wonder. PNG has to raise the money of course (hence the comment : "It is also anticipated that Persian will undertake a placing of new shares to raise sufficient working capital,,")...... market cap of PNG at suspension = £5m get it now ? PNG shareholders are going to be diluted to oblivion. |
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