Claren Energy Corp (CNENF)

[Hamilcar54]

Cancelling the farmin was NOT a good move, however they try to spin it:

- a 5 well program would probably cost around 9 million $
- TGC already has 3 million $
- TGC could earn 41% ownership via the farmin AND with Perseville taking up 1/3 of the drilling costs for the 5 wells (this was all published in their corporate presentation).

So a small calculation gives us:

- 3 million alrady available
- 3 million will be payed by Perseville
- 3 million still to be found -> for example they could have sold another 5% of the PEL

-> So even if they sold another 5% ownership to get that extra 3 million they would still have ended up with around 35% ownership of both PEL's. Right now they have 20% (with 5% in limbo and probably lost) with no immediate chance to gain more ownership.

Cancelling the farmin was the WORST decision ever and it's not a sign of good management !