Persian Gold Share Discussion Threads

[lufc5] 14/10/2010 14:06

Time is of no real importance as ya canni sell em. As long as we get all the red tape sorted, T's and i's crossed and dotted, lets see what 2011 holds for us?......

[bongo bwana] 13/10/2010 14:08

Grapevine suggests B4 Xmas 2010

[nickb] 13/10/2010 13:47

Any rumours of progress to re-listing?

[share_shark] 11/10/2010 12:09

West Africa proving a commodities hotspot

Fiona Bond
10.09.10 17:01




An insatiable demand for commodities has given rise to a whole host of burgeoning industries in West Africa, but political uncertainty and corruption threaten their growth.


Boasting some of the most abundant natural resources in the world, a string of countries along the Gulf of Guinea have been fighting hard to carve themselves a place on investors' radar.


But the stakes are not just high for those countries involved, but for investors and companies alike looking to earn their spoils in the untapped resources of the region. With rising rates of piracy and persistent political uncertainty, they face a treacherous path to production.


Full of beans


The Gulf of Guinea - comprising Nigeria, Ghana, Ivory Coast, Democratic Republic of Congo and Cameroon - produces two thirds of the world's cocoa beans.


However, output during the 2009-10 season is forecast to slump to a three year low below 2.4 million tonnes, largely as a result in declines in top producer Ivory Coast.


Commodities analyst Connor Noonan at Castlestone Management said: "The world depends on West Africa for cocoa, with close to 40% of coming directly from the Ivory Coast. This dependence has presented a dilemma for the market as geopolitical volatility and poor husbandry has led to a decline in the output and quality of cocoa beans and shortage of investment in maintaining crops."


The Ivory Coast's government is keen to improve conditions but political uncertainty has marred efforts so far. Investors will therefore be keeping a close eye on the planned 31 October election date.


US group Hackett Advisors agrees that while western Africa may house some of the greatest natural resources, "massive government corruption, civil war, lack of infrastructure investment and antiquated cocoa pricing systems that have kept more of this increased income from higher cocoa prices out of the hands of the cocoa farmer.


"As a result, cocoa farmers in Africa have no incentive to plant more acreage, rejuvenate trees or practice good sustainable farming techniques."


Stockpiles of the commodity in New York reside at their lowest levels since the start of the year, although consultants at VM Group and ABN Amro said they expected Ivory Coast's cocoa production to "bounce back to more normal levels" going forward thanks to better rainfall.


The influence of the these West African nations on the cocoa market was all too clear to see this week as prices surged during the first half on speculation that inventories will decline, before tumbling to a one-year low on forecasts of a strong crop in the Ivory Coast.


While prices zigzag back and forth, there is little denying the sharp ascent they have enjoyed over the past 18 months, with values some 150% firmer than they were at the start, having soared to a 30-year high at the close of 2009.


The phenomenal rise has prompted Ghana to set itself ambitious targets of one million tonnes annually within the next two years, which would certainly help the global supply and demand dynamic.


If successful, its campaign could place it in the running to overtake Ivory Coast as the world's number one cocoa producer and could help regional production break above the 2.5 million tonnes mark for the first time in three years.


However, Connor Noonan adds: "On a positive note, we're seeing more global companies investing in the region's farmers. Until these investments can be fully implemented, however, the cocoa supply/demand balance will be under strain. There is a limited amount of quality beans available and demand for chocolate has risen over the past five years.


"Demand for cocoa will remain high as the world pulls out of the downturn, which could put more strain on the market if it's still in the midst of recovery."


Iron will


But it's not just cocoa on the menu in West Africa; the Gulf of Guinea nations are fast becoming a hot spot for iron ore companies eager to tap into their vast unexploited resources.


The recent proposed changes to the mining tax in Australia - a mainstay of the iron ore industry - has prompted many to seek their spoils elsewhere and West Africa is fast becoming a favourite play.


UK listed BHP Billiton (BLT) and ArcelorMittal hit headlines earlier this week when they chose to ditch plans for a joint venture in the region, amid growing speculation that both had been pushing to increase their self-sufficiency to take advantage of rising prices.


The duo had entered into talks to combine their assets in Liberia and Guinea, but BHP Billiton has said its plans to explore Liberia for iron ore potential would not be affected by the decision.


Out of the top 10 M&A deals in Africa over the past five years, three were for iron ore in West Africa with the US group Vale responsible for the biggest deal worth some $2.5 billion in Guinea.


Meanwhile, UK-listed giant Rio Tinto (RIO) - who along with Vale and BHP Billiton account for some 70% of total global iron production - also has interests in West Africa.


The company recently pledged $170 million to progress the Simandou iron ore project in Guinea and said it "continues to engage with the Guinean government and to invest funds to keep this world-class iron ore project moving forward".


And moving forward is key.


Output expansion in Guinea has been sluggish over the past decade, partly as a result of the poor political and investment climate. The highest growth rate of 4.9% was reported in 2008, but the economy stalled in 2009 as the political environment went downhill.


The International Monetary Fund estimates that the country's GDP growth will be in the region of 2.7% this year, followed by 3.6% in 2011, although this remains dependent upon governance and policy framework.


However, Rob Edwards, equity analyst at Renaissance Capital, comments: "Guinea's iron ore resource is simply too large to miss in our view.


"We believe Guinea's change of leadership in 2009 has been positive for the minerals industry and for regional stability, manifested in massive commitments from major mining and strategic interests in the country over the first half of 2010."


And it's not just the big guys getting in on the action; AIM-listed Bellzone Mining (BZM) which joined the bright lights of the London stock exchange earlier this year, is ramping up its efforts at its flagship Kalia mine in the country and just this week reported an increase its resource from 2.4 billion tonnes to 3.74 billion tonnes on the central zone of the Kalia I deposit.


The company said: "With global demand for resources fuelling prices it is inevitable that the large bauxite and iron ore resources in Guinea will be developed. These developments and the associated state revenue and infrastructure developments will open a number of opportunities."


Fellow mining minnow African Minerals (AMI) has taken a similar approach in neighbouring Sierra Leone, where it has shifted its focus almost exclusively to its iron ore project at Tonkolili.


"We have carried out of the one the largest exploration programmes in Africa in 2009, proving up the largest reported JORC compliant magnetite iron ore resource in the world. This comes at a time of extremely high demand for iron ore by China and India," executive chairman Frank Timis said.


Macquarie Bank estimates that there are 22 potential projects spanning West Africa, although warns that not all will be developed.


Oiling the way


Perhaps its most famous export, the Gulf of Guinea nations currently produce some 3 million barrels of oil per day mostly for the European and US market, with Nigeria accounting for the bulk of it.


The International Energy Agency estimates that Nigeria is home to 37 billion barrels of reserve oil - a figure which far eclipses that of Norway at just six billion.


However, with Ghana set to join the ranks of oil producers before the year is out, there are changes afoot in the western frontier.


British oil major Tullow Oil (TLW) is on track to produce first black gold in November or December from its string of Jubilee fields, reputed to house up to 1.6 billion barrels with the potential for more.


Where Ghana goes, others follow and both Sierre Leone and Liberia are hopefully that offshore drilling results will spell similar riches for them.


Liberia has enjoyed a boom of international interest in the wake of its devastating civil war at the turn of the century and most recently welcomed US giant Chevron aboard.


The energy giant will search for oil in three deepwater wells off Liberia after being given a 70% interest in the blocks by the Liberian government.


British oil major BP (BP-) has estimated that Africa is home to 127 billion barrels of untapped oil, close to 10% of global reserves.
Yet the country remains blighted by rebel attacks as rival groups fight for their slice of revenue.


Cameroon held piracy responsible for a 13% dip in oil production in 2009 and said it expects its output to full further in 2011, before staging a rebound.


There are also growing fears that an amnesty called in Nigeria in 2009 could be broken as former fighters argue that their monthly pay from the government comes nowhere near their previous illegal earnings.


Supermajor Royal Dutch Shell (RDSB) has said that up to $40 billion worth of investment in its offshore blocks has been delayed due to the ongoing uncertainty surrounding government legislation.


However, president Goodluck Jonathan has vowed that next year's election will not follow the pattern of the past three discredited polls and has said a raft of new legislation will reverse the underinvestment that has plagued the country's oil and gas industry and left it running at half speed.


Cameroon, which relies on petroleum for half of its export revenues, said it expects output to rebound sharply in 2012 as a slowdown in pirate attacks and the onslaught of new wells would help break its recent slump.


Dragan Trajkob can see why foreign investors continue to flock to West Africa's shores despite the ongoing uncertainty in the area.


"Why Africa? Because it pays," he says, adding that from from 2008 to mid 2010, the shares of the top four exploration and production majors with the greatest African exposure have outperformed the shares of comparable global peers with a small African exposure by 31%.


"In our view, the good fundamentals - production growth, crude oil reserve growth and export potential, make Africa a good investment opportunity in the global oil and gas industry," he concludes.

[domtheone] 19/9/2010 16:03

One thing is sure, the future is going to be very different from the past. New directions, new projects, new money and a new name will revitalise our company.


Exciting words but once you see the name underneath it all turns sour.

I can see all the ex PRE owners running to the door as soon as they get their shares.

[currypasty] 17/9/2010 10:35

So, short term, Petrel's most prominent investment is likely to be a 30 per cent stake in a 1,500 sq km on-shore/off-shore oil exploration block some 12km from Tullow's giant Ghanaian Jubilee oilfield. It's due to come on stream before Christmas. Petrel is now a clean exploration company that might attract suitors with a 2,000 shareholder list. The shares remain a speculative buy.

[father o toole] 17/9/2010 10:12

kk, this time next year we`ll be millionaires.

nice piece of business here,

Persian Gold has acquired 1,425 shares in Hydrocarbon Exploration representing
5.6% of the issued share capital. This was achieved by purchasing all of the
share fractions held by upwards of 3,800 Hydrocarbon Exploration shareholders in
the process of a share consolidation. The cost of purchase of these shares was
GBP178,125.

[share_shark] 17/9/2010 07:12

many thanks for that LM.

[liquid millionaire] 17/9/2010 07:10

Friday 17 September, 2010Persian Gold PLC
Half Yearly Report
RNS Number : 8540S
Persian Gold PLC
17 September 2010



17th September, 2010





Persian Gold plc

Interim Results for the Six Month Period to 30th June 2010





A new era beckons for shareholders in Persian Gold. A major transformation in strategy in underway. In the coming months Persian Gold will transform into Clontarf Energy. Gold exploration opportunities in Iran and our early stage lithium opportunities in Bolivia will be subsumed into a company with oil and gas production and exploration. The above will require shareholder approval. Details will be sent to all shareholders in the coming months followed by a special meeting.



The proposal, agreed by your board, is to acquire Hydrocarbon Exploration, an unlisted public company, with oil and gas operations in the Gulf of Mexico and Bolivia, and a potential share in a Ghanaian oil exploration block and early stage exploration interests in Bolivian lithium exploration.



The proposal is to offer 2,500 Persian Gold shares for every 1 Hydrocarbon Exploration share. On that basis, the Persian Gold share price of 6.75p at the time of suspension values each Hydrocarbon Exploration share at £168.75. Post merger and prior to any funding, Clontarf Energy, the relisted vehicle, will therefore be owned as to 54% by Persian Gold shareholders and 46% by Hydrocarbon Exploration shareholders respectively. The merger is being achieved by a Scheme of Arrangement. Technical, legal and financial due diligence is advanced. Assuming this is satisfactory and all legal, regulatory and shareholder approvals are obtained, and necessary funding raised, the relisted company with new financing will list in the last quarter of this year.



Persian Gold has acquired 1,425 shares in Hydrocarbon Exploration representing 5.6% of the issued share capital. This was achieved by purchasing all of the share fractions held by upwards of 3,800 Hydrocarbon Exploration shareholders in the process of a share consolidation. The cost of purchase of these shares was £178,125.



When shareholders receive the full set of documents the strategy will become clearer. The Ghanaian block, though early stage, offers significant potential. Work is ongoing to clear up legal issues with the Gulf of Mexico properties. Bolivia has political uncertainty and legacy issues relating to title but there are opportunities in gas and lithium.



We are not ignoring our Iranian investments. Five years work and millions of dollars have gone into our two projects, Chah-e-Zard and Dalli, both of which have potential. We are working with the Iranian authorities to obtain Discovery Certificates without which we cannot proceed.



One thing is sure, the future is going to be very different from the past. New directions, new projects, new money and a new name will revitalise our company.





John Teeling

Chairman



17th September 2010



















Persian Gold PLC



John Teeling, Chairman

James Finn, Finance Director


[phone]

[phone]



Nominated Adviser



Cairn Financial Advisers LLP

James Caithie
[phone]






Broker and Financial Adviser





Alexander David Securities Limited

Ian Rice
[phone]






College Hill



Nick Elwes
[phone]









www.persiangoldplc.com

[nickb] 13/9/2010 12:56

Tullow Oil confirms major oil discovery offshore Ghana

StockMarketWire.com

Tullow Oil announced today that its Deepwater Tano licence offshore Ghana has significantly extended the column of high quality light oil discovered by its Owo-1 well, confirming that Owo is a major new oil field.

The Owo-1 well encountered 53 metres of net oil pay and the sidetrack, drilled 0.6 km east of the Owo discovery well, encountered an additional 16 metres of net oil pay in the lower part of the same channel system. Pressure data indicates that this oil pay is in communication with the reservoirs penetrated in the Owo-1 well and confirms at least 69 metres of total net oil pay in a substantial gross oil column of 200 metres.

Beneath the Owo oil field, 13 metres of net condensate pay was also discovered, with an additional 6 metres of net gas pay logged in the deepest sand encountered. No water was encountered in any of the hydrocarbon bearing reservoirs in either well.

Following completion of logging operations the well will be suspended for future use in appraisal and development.

The Sedco-702 dynamically positioned semi-submersible drilled the Owo-1 sidetrack to a final depth of 3,998 metres in water depths of 1,428 metres. On completion of operations, the rig will remain in the Deepwater Tano block to drill the Onyina-1 exploration well which targets a large Campanian prospect between the Tweneboa and Jubilee fields.

Tullow (49.95%) operates the Deepwater Tano licence and is partnered by Kosmos Energy Ghana (18%), Anadarko Petroleum (18%), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).

Angus McCoss, Exploration Director, said: 'The Owo-1 sidetrack has proved a very substantial 200 metre gross oil column in the heart of the Owo oil field and new condensate and gas accumulations below. Appraisal wells are currently being planned to extend the main Owo oil discovery up-dip and down-dip, to appraise the adjacent Tweneboa oil and gas condensate accumulation and, to refine further our estimates of recoverable resources of both fields. The discovery of very material volumes of light oil in Owo and the fact that the oil is concentrated in high quality channel sands greatly enhances our outlook for the efficient future development of both the Owo and Tweneboa fields.' Story provided by StockMarketWire.com

[yarisverso] 08/9/2010 08:50

FOT, Any news due soon on Ghana, and the RTO? I believe ratification on Ghana is ongoing according to DH. Cabinet first then parliament.

[bongo bwana] 05/9/2010 17:09

The Roller guv, the roller innit!!!!

[share_shark] 05/9/2010 09:52

What is that then.....sale of the Rusty Rover or the article on Ghana?. :-)

[bongo bwana] 05/9/2010 09:19

Nice1 Guv!

[share_shark] 06/8/2010 14:09

Ghana, Ghana, Ghana !.;-)