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interesting news, at least it shows activity...
That link of yours mentions both PEL's were suspended for a year if I read this correctly...
No implications, maybe it's a sign things are happening. I believe it's the intention to get a 3rd party onboard (Senex) to share the risk/cost but not to sure if this will materialize (and at what terms).
They need to do some standard engineering work each year on the properties, see the filings for more details. It's listed there for each year what they need to do to maintain the license.
Therefore I agree with fingolf, it's operational costs...
it's dead till next year when the next deadline nears or whenever they actually start doing something...
Saw that as well, they issued shares for cash.
I'm afraid it's now waiting untill 2019 comes along...
And oil is likely to remain above 70$ with all the Iran bashing and trying to reduce their oil exports.
I just hope they don't wait until the last minute (again) to start drilling.
I think they will at least drill one well on each license. Both companies have been kept afloat by their primary investors so they won't let it go without one more chance of striking gold, otherwise they would have given up on it already.
On what terms a new partner will come on board, no idea but I bet the price will be big (% ownership of possible wells)for someone willing to take on the risk.
It's time that's running out, if they hit oil on their first attempt then their's plenty of time to obtain more money to drill some more and get as much wells as possible online before the leases expire (and most of the land)...
So get your act together in 2018 and start drilling in 2019 !
I've been looking at the PEL license information and if I'm reading this correctly:
- This is the final renewal term of the licenses, if no oil is found on the PEL's then the licenses expire and both companies end up with nothing, no land, nada...
- If the above is correct then january 2020 and january 2021 are strict deadlines !
- If oil is found then a retention license can be obtained
Reading the HENC annual report it states that the goal is to still drill the 8 sites that they targeted when in 2015 the Baikal1 well was drilled. With the dry Baikal1 well removed that still leaves 7 wells to drill on both PEL's.
They better start drilling in 2019...
Correction: PEL 444 expires one year later: january 2021
Don't count on drilling this year. I hope to see a deal with Senex later this year as their new partner and then drilling in 2019 (since they always wait for deadlines it might be in nov/dec).
Since both PEL's expire january 2020 we will see 2 attempts: one well in each PEL.
Thank you for your insights, still holding on to the stock and waiting...
awaiting news...not much to discuss until we have news...
Claren now also mentions the 2020 expiry date for PEL 112 (instead of 2019). That means we can look forward to another dead year in 2018 and that things will only get going in 2019.
Latest info I got from their filings:
Recently (spring 2017), Senex drilled an exploration well on PEL 182 called “Hoplite-1” which is situated 2.5km from the
Maverick prospect within PEL 444. Hoplite-1 reported oil shows from the Birkhead reservoir but well tests yielded non-commercial oil flow. The Company is undertaking additional exploration work on PEL 444 in
order to integrate the results from the Senex Hoplite-1 well with the Maverick prospect.
The minimum one year work commitment under PEL 444 is to carry out geological and geophysical studies
and the license term expires on January 11, 2021. The minimum one year work commitment under PEL
112 is to carry out geological and geophysical studies and the license term expires on January 10, 2020.
In order to renew each license, a well must be drilled prior to the end of the license term.
Recent technical work on PEL 112 included the reinterpretation of the Mulka 3D seismic data focusing on
Birkhead prospectivity. The interpretation, coupled with seismic inversion results, has put into evidence
three prospects associated with the Birkhead channel play.
Claren update, nothing new regarding the PEL's:
TORONTO, ONTARIO–(Marketwired – Oct. 11, 2017) – Claren Energy Corp. (“Claren” or the “Company”) (TSX VENTURE:CEN) is pleased to provide shareholders with a corporate update. Currently, the Company is pursuing the acquisition of regional near-term producing assets in Romania.
Following the completion of Claren’s Phase I Work Program on the Bobocu gas field onshore Romania, the Company has updated its reservoir model of the Corcova, Blueray and Boomer prospects with respect to the sand quality, structure and gas saturation modelling specific to these prospects.
Claren in conjunction with its partner Zeta Petroleum will be engaging a 3rd party reservoir engineering firm in order to continue to further de-risk these three key prospects. Upon completion, and all subject to approval by the National Agency for Mineral Resources (NAMR), the Company will subsequently propose its 2018 work program.
“The further dynamic reservoir engineering work will largely de-risk the drilling of future wells at any of the selected prospects at Bobocu,” stated Henry Aldorf, Claren’s Chairman and CEO.
Claren also continues to engage potential partners to share the financial and technical risk on PEL 112 and PEL 444 in the Cooper Eromanga Basin, in South Australia
TORONTO, ONTARIO–(Marketwired – Oct. 11, 2017) – Claren Energy Corp. (“Claren” or the “Company”) (TSX VENTURE:CEN) is pleased to provide shareholders with a corporate update. Currently, the Company is pursuing the acquisition of regional near-term producing assets in Romania.
Following the completion of Claren’s Phase I Work Program on the Bobocu gas field onshore Romania, the Company has updated its reservoir model of the Corcova, Blueray and Boomer prospects with respect to the sand quality, structure and gas saturation modelling specific to these prospects.
Claren in conjunction with its partner Zeta Petroleum will be engaging a 3rd party reservoir engineering firm in order to continue to further de-risk these three key prospects. Upon completion, and all subject to approval by the National Agency for Mineral Resources (NAMR), the Company will subsequently propose its 2018 work program.
“The further dynamic reservoir engineering work will largely de-risk the drilling of future wells at any of the selected prospects at Bobocu,” stated Henry Aldorf, Claren’s Chairman and CEO.
Claren also continues to engage potential partners to share the financial and technical risk on PEL 112 and PEL 444 in the Cooper Eromanga Basin, in South Australia.
Silly to let the domain name expire for their website. I don't believe they will pull the plug on this one a year before drilling and after waiting so long for a payoff. So I'll wait...
This major I assume is Senex, here are the highlights regarding Cooper of their 2018 financial year outlook which has just started:
Matured the regional petroleum system model, resulting in a western flank focused capital program for FY18 • Birkhead oil discovery on the western flank in early FY18
Production growth required to materially reduce unit operating costs
Continued focus on low operating costs and maximising production from base oil portfolio • Returns focused capital program prioritising high value western flank targets
Birkhead oil discovery made in July 2017: Marauder-1 exploration well
Focusing on high value oil opportunities on the western flank of the Cooper Basin • All other areas in the Cooper Basin will be a second order priority while we focus on delivering free cash flow
That's weird, in your reference the expiry date for PEL 112 is 2020 whereas HENC and Claren always say it's 2019: see their filings.
I wonder which is correct. Because of the 2019 expiry I always assumed we would see some action in the second half of 2018.
Not so much anymore is my guess, around 450.000$ last april
Strategy might be that whoever comes on board in Australia as the new partner will provide some cash to the company. Hopefully we'll hear something this year also as to what they are going to do in Romania. They'll need cash to proceed there as well.
What is interesting however is that Civelli has been buying shares the last months, around 1.7 million as to the filings.
They still have 1 million $ in cash so bankruptcy is not a possibility here.
Probably some investor needed money and wanted out at any price...
Everyone should know by know that this won't move until the next deadline. I've already resigned to that fact long ago...
When the deadline neares I would like to know how many holes there will be drilled and who will be the new partner that comes aboard.
they don't have any money left to drill a second well, first extra financing is needed.
Come on guys, give us an update: it's 3 weeks since the last one so surely that's time enough for all relevant tests...
No surprise your didn't get any input from henc. Never got any in the past. Nothing here till the second half of 2018...
ibox has been updated
That would be great but those warrants probably need to be triggered first to get the required cash.
better then expected so it seems:
"We are encouraged to have encountered gas shows not only in our Lobe G and Corcova objectives, but also in three additional uphole units."
Awaiting DST results, this is the important part...
Gas found !
http://finance.yahoo.com/news/claren-energy-provides-drilling-operations-131840372.html
There is severe snow and cold in central Europe lately so it looks like we'll have to wait for better weather conditions for further drilling and info...
2017 could start well if they find any gas...fingers crossed
I don't think we'll see much activity in 2017 from Henc, as always they'll wait until the deadline is on the horizon so look at the second half of 2018.
60$ is probably the max for the oil price before shale comes back in full force. The rig count is going up massively the last few weeks and that will have effect on supply in the second half of 2017 - and as such for the oil price. But who knows, it's been a rollercoaster the last few years for oil and so many surprises...
Citrati,
Perseville sold it's work interest to TGC in exchange for shares of the company. This is (I assume) a consolidation to get a new 3rd party on board which will share in the cost/risk for future drilling. Afterwards TGC did a reverse split of it's shares.
See the previous PR's for the history of the Perseville transaction.
not happy about the split but still holding, will be interesting to see what 2017 brings with the Romanian gas field.
2018 then hopefully a partnership for Cooper and drilling.
The most important item was the approval of the transfer of ownership from Perseville to TGC for their acreage. Now that Perseville is out of the game TGC & Henc can look for a new partner to share the cost/risk.
http://finance.yahoo.com/news/terra-nova-energy-announces-results-183947827.html
Don't forget that they also get a 10% to 15% premium to the market price so with that in mind we are nearing a 60$ per barrel price.
Don't think we'll see any drilling in 1017 in Cooper; last PR TGC made it clear they will focus on Romania first and Cooper should be for 2018 and with an extra partner !
It's in the Intro from this board: CEO indicated production costs of 23-28$
With the productivity changes and lower costs the last 2 years everywhere in the world in the oil patch I would think this is now more on the lower end so say low 20's
50% for now, if they get a partner that percentage will drop again. If HENC does the same then we might end up with 4 instead of 2 sides now.
I hope they collaborate and they both pick their new partner together to end up with 3 sides again.
Less is more...