Internationally focused oil and gas company with assets in
Romania and Australia.
TICKER : CEN
SHARES OUTSTANDING : 59,442,476OPTIONS : 1,668,750 at average price of $0.74
WARRANTS: 28,549,255 Warrants exercisable at $0.15 per share for a period of 2 year
FULLY DILUTED : 89,660,48
Insider Ownership > 50%
Management mostly comes from PacLNG, a group build around the current CEO and senior advisor Carlo Civelli. Their last company was sold for 900 million dollars. Carlo Civelli has a history of developing junior resource companies into billion dollar companies or selling them to the highest bidder. A recent interview with him - in which he also discusses Terrra Nova Energy (before it was renamed to Claren Energy)- can be found here:
Company Investor Presentation (always contains the latest information so a very good resource):
On September 1st 2016, Claren Energy Corp. entered into an agreement to earn up to an 80% interest in the Bobocu Gas Field, onshore Romania
• Transaction represents strategy to focus on lower-risk / lower-cost exploration & development and conversion of resources to reserves
• Bobocu is ~ 6,200 net acres in size and a proven gas resource with 33 Bcf already produced: license in good standing until Jan 2028
• Claren has identified 127 Bcf of OGIP and believes there remains significant recoverable resource with application of “modern” drilling techniques
Gas was found when the Bobocu 310 well was drilled in january 2017 !
The company currently owns 51.50% of 2 onshore blocks on the western flank of the Cooper/Eromanga Basins: PEL 112 and PEL 444.
2,252 SQ KM or 556,473 acres
PEL 112 1,086 sq km (268k acres)
PEL 444 1,166 sq km (288k acres)
only 6% of PEL 112 and PEL 44 have been shot with 3D
seismic as of yet leaving a substantial exploration upside.
(Cost per barrel is around 20$ - 28$ as confirmed by the CEO)
The oil found in the Cooper basin is light sweet crude which receives Premium pricing (10% to 15% higher then the market price for international Brent oil).
Other owners of the properties are:
Holloman Energy (ticker HENC) 48.50%