february 2018 - 162 group · 2020. 7. 15. · •oil •mining industrial february 2018 162...
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•OIL •MINING •INDUSTRIAL
February 2018
162 Clontarf Road, Dublin 3, Ireland
Ph: +353 1 833 2833
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The 162 strategy is to identify opportunities, create the project, work with partners and develop. Over 30 joint ventures with
multinationals have been negotiated. Fifteen companies have been listed on the Stock Exchange.
CURRENT OPERATIONS
MINING
2011 Botswana Diamonds plc. – Listed on AIM February 2011. Late stage diamond exploration in Botswana and South Africa.
Active Joint ventures with Alrosa (Russian National Diamond Company) and BCL of Botswana.
2003 Connemara Mining Company plc. – Listed on AIM. Gold and Zinc exploration in Ireland. Joint ventures with Teck Resources
and Group Eleven
2012 Greenore Gold – unlisted gold explorer focused on Scotland, joint venture with Koza of Turkey.
OIL
1982 Petrel Resources plc. – Listed on AIM 1995. Petrel Resources is an Oil exploration company offshore Ireland, Ghana and
Iraq. Joint ventures with Woodside Offshore Ireland.
2011 Clontarf Energy plc. –Listed on AIM. Clontarf Energy is an oil and gas explorer with interests in Equatorial Guinea and
Ghana.
INDUSTRIAL VENTURES
2012 Great Northern Distillery – Second largest distillery complex in Ireland producing 6 million plus of single grain and malt.
Norish – Controlled Temperature Warehouses.
EARLIER BUSINESS VENTURES
2011 Hydrocarbon Exploration - Oil and gas producer/explorer in Bolivia and Ghana. Merged with Persian Gold and relisted as
Clontarf Energy in April 2011.
2007 West African Diamonds plc - Sierra Leone and Guinea diamond and gold producer. Merged with Stellar Diamonds, AIM
listed in 2009.
2005 Alternative Energy Resources - Ethanol supplier in Ireland. Dissolved and cash dividend paid.
2001 African Diamonds plc - Discovered the AK6 diamond deposit in Botswana. AIM listed 2004. Acquired by Lucara Diamonds of
Canada in 2010 for $100m in shares. Now the highly profitable Karowe mine.
2004 Persian Gold - Copper-Gold explorer in Iran. Listed on AIM in 2005. Drilling prospects in the Lut desert. Merged into
Hydrocarbon Exploration in 2010.2
EARLIER BUSINESS VENTURES
2000 Swala Resources - A sub Saharan gold explorer. Operations in Zimbabwe and Burkina Faso. Reversed into Concordia on
the Toronto Stock Exchange January 2012. Now Kaizen Discovery listed in Toronto
1993 Minco - Silver in Mexico and Zinc explorer in Ireland and the UK. Quoted on AIM market in London.
1988 Pan Andean Resources – Certain assets sold February 2010 to Petrominerales of Canada. Listed 1995 AIM
1987 Cooley Distillery - The first independent whiskey distillery set up in Ireland in 100 years. Sold in January 2012 to
Beam/Suntory for $95m.
1987 ASA Resources- Gold/Nickel producer in Zimbabwe. Listed on AIM market in London in 1995. Originally African Gold.
1985 Irish Marine Oil - Took control of a failed offshore Ireland exploration company. Restructured it as a minerals explorer. It
was acquired by Kenmare Resources. The shell was reacquired in 1993, rebuilt and restructured to become Minco.
1983 Kenmare Resources – London full list mining company operating in Mozambique. Acquired control of a failed exploration
company in 1983 and rebuilt it as a mining company. Now world class titanium producer
1983 CountyGlen - Property company listed in London. Originally a large textile company restructured in the early 80's and sold
in 1993.
1985 Conroy Petroleum – Conroy later called Arcon discovered a large zinc deposit in Ireland in 1995 and brought it on stream in
1997. It was a fully listed UK stock exchange company until acquired by Lundin in 2005.
1983 Minquest Resources - Developed as a natural resource explorer. It was acquired by Conroy Petroleum in 1985.
1983 Burmin Exploration - Irish based exploration company. Listed on AIM. Acquired by SIPA Resources in Australia which is
listed.
1983 Ovoca Exploration - Gold Explorer in Russia. Listed on AIM
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BOTSWANA DIAMONDS (AIM: BOD)
• Spin off from the successful sale of African Diamonds, the
discoverer of the Karowe Diamond mine
• AIM listed in 2011, Market Cap - £5.5 million
• Operating in the Orapa and Gope areas of Botswana and the
Marsfontein area of South Africa
• BOD has a 50/50 joint venture with Alrosa, of Russia, using their
specific technology in the Kalahari. The target is large high value
kimberlite pipes
• 15 licences in the JV. Active 2018 campaign - BOD operate
• Separately, BOD has a net 15% carried interest in 10 licences in
the Gope area of Botswana in the Kalahari. The blocks are
operated by BCL. Drilling , in 2015, found kimberlites containing
diamonds. Verification drilling conducted by BOD has found
diamonds
• Thorny River – Drill results show 40 to 70 cpht. Late stage
ventures on kimberlite dykes. 7km strike with targets for “blows.
MINING WWW.BOTSWANADIAMONDS.COM
Licences in the Orapa Area of Botswana
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BOTSWANA DIAMONDS (AIM: BOD)
MINING WWW.BOTSWANADIAMONDS.COM
Licences in the KalahariBoth Alrosa and BCL Joint Ventures
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4 Kimberlites with diamonds
BOTSWANA DIAMONDS (AIM: BOD)
MINING WWW.BOTSWANADIAMONDS.COM6
Deal
• BOD is paying a total of 100 million shares and £942,000 in cash toacquire 72% of Vutomi structured over 27 months as an Earn In
• The flagship project is Thorny River
• A strike length of 1.2km of a 7km kimberlite dyke/blow system iscurrently being assessed. The drill results indicate a high degree ofcontinuity of the system with inclined percussion drill intersections ofbetween 1-17m.
• Estimated grade 40 to 70 cpht. Diamond values up to $200 plus
• The Marsfontein blow was 0.4Ha in size, produced 1.9M carats withan average grade of 172cpht and diamond value of $128/ct (BCOS+1.2mm). The return on the $25M investment was achieved in 4days. The mine was operated by a De Beers / SouthernEra JV.
• The Klipspringer Mine owned by ASA Mining plc is currently on careand maintenance and has an Inferred Resource of 3.4M tonnes andan Indicated Resource of 0.7M tonnes, both with a grade of 49cphtand diamond value of $130/ct (BCOS +1mm)
Vutomi Flagship Project – Thorny River
THORNY RIVER
CONNEMARA MINING (AIM:CON)
WWW.CONNEMARAMINING.COMMINING
• AIM listed – Market Cap £3.3 million
Established to exploit and develop zinc and
gold opportunities in Ireland, 40 licences
• 5 gold licences in Wicklow. Drill results
promising. Grade of 16.1 g/t over 2 metres
• A good gold discovery on the Inishowen
block in Donegal. Gold bearing veins
discovered.
• Significant zinc discovery at Stonepark near
Limerick – 3 zones, 2 km apart. Group
Eleven JV. Connemara holds 23%
• Oldcastle block joint ventured with Teck
Cominco who are spending €1.35m to earn
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75%. Deep drilling (800 metre) found zinc mineralisation traces
CONNEMARA MINING (AIM:CON)
WWW.CONNEMARAMINING.COMMINING
JOINT VENTURE AGREEMENTS
JV in Oldcastle, Teck spending €1.35 m to earn a 75% interest, have earned 65%. Targets are deep up to
800 metres. First three holes found zinc mineralisation traces. Their earn in will be completed in 2018
with the drilling of 4 holes
Significant zinc discovery in Stonepark. Over 130 holes drilled to date and €7 m spent. Group Eleven propose
to spend $1 m in 2018
Zinc
Zinc
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CONNEMARA MINING (AIM:CON)
WWW.CONNEMARAMINING.COMMINING
• Original exploitation by artisanal miners from 1720
• Advanced stage project. High grade gold discovered
in Tom Breen and Knocknalour – 3 km apart
• 2017 hole on Tom Breen produced 16 g/t over 2
metres
• 2018 drilling on both target areas
Wicklow – Location and Background
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CONNEMARA MINING (AIM:CON)
WWW.CONNEMARAMINING.COMMINING
Inishowen Licences: Gold
• Exploration on Inishowen found gold bearing veins
• Drilling extended the length, width and depth of the veins
• Best results 3m at 05.6g/t
• Extensive geochem, geophysics and drilling have identified drill ready targets
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CONNEMARA MINING (AIM:CON)
WWW.CONNEMARAMINING.COMMINING
• A total of 135 holes drilled to date on Stonepark
• Group Eleven propose to spend $1 m in 2018. Connemara
will participate
• Comprises of six connecting licences in County
Limerick
• 23.4% owned by the Company, 76.6% owned by
Group Eleven €7.1m spent to date
• Located 2km away from the Glencore Pallas Green
zinc discovery
• Three significant zones of zinc mineralisation, all of
which remain open:
– Stonepark – including 4m at 11.62% Zn & 3.46% Pb
– Stonepark North – 7.45m at 19.25% Zn/ 8.52% Pb
– Stonepark West - 2.5m at 4.16% Zn/ 4.37% Pb
• Many open target areas
• Glencore latest Inferred Resource in Pallas Green at
42Mt @ 8% Zn+Pb
Limerick Area: Group Eleven JV: Zinc/Lead on Stonepark/Monaster
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CONNEMARA MINING (AIM:CON)
WWW.CONNEMARAMINING.COMMINING
Oldcastle Block – Zinc Target (Teck Joint Venture)
• Geologically and structurally analogous to
the setting of the > 100 Mt Tara Mine just
20 km to the east
• Target areas refined by exploration over
the last two years by operators Teck
• Teck spending a total of €1.35 million to
earn 75%
• Interesting results from three first holes,
90 metres of elevated sulphides, up to
3.7% zinc grades over short distances
• Four holes expected to be drilled in 2018
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Clontarf Energy (AIM: CLON)
• Listed on AIM in 2011
• Market Cap £2.5 million
• 1,600 shareholders.
• Management/directors hold 29%
Operations –Ghana and Equatorial Guinea
• 60% Interest in a block offshore Ghana, held via “Pan Andean
Resources Ltd”. Awaiting parliamentary and government
approval. Co-ordinates agreed. Negotiations ongoing.
• Awarded Block 18 – Offshore Equatorial Guinea.
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Clontarf Energy (AIM: CLON)
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Equatorial Guinea
• Block EG18 is 5,056 km2 of undrilled deep water acreage with several structural and / or stratigraphic trap targets
• Initial 80% production interest through 40 million barrels falls gradually until 200 million barrels where the interest stabilises
at 30%
• Royalty 13%, rising to 16% over 100,000 bod
• Initial 3 year work programme (extendible) includes seismic plus one well if drillable targets are identified. 2nd sub-period is
2 years, with two allowable extensions
• Profits tax is 35%. Total State take 70%+
• MOU signed. Final negotiations February 2018
Clontarf Energy (AIM: CLON)
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Ghana
• 2 billion barrels discovered to date.
• Production began from Jubilee in 2010.
• West Africa attractive due to competitive conditions and large exploration potential.
• Ghana Terms attractive
– Royalty – 12.5% on oil
– GNPC Carry – 10%
– Income Tax – 35%
• Clontarf holds a 60% interest in a signed agreement on the Tano 2A onshore/offshore block. New coordinates agreed.
• Clontarf has been awaiting ratification of a signed licence on Tano 2A since 2010.
• In March 2014 the Ghanaian parliament approved the award of a block to CAMAC – a US/Nigerian company. This block
overlapped a third of Tano 2A.
• Clontarf obtained a High Court injunction against the Ghanaian state on the overlap.
• In July 2014 we proposed adjusted block coordinates to preserve the prior (1,532km2) acreage on the same terms, with
expedited ratification. These have now been agreed.
• We seek a final negotiation to confirm details, followed by expedited ratification.
PETREL RESOURCES (AIM:PET)
WWW.PETRELRESOURCES.COM
• AIM listed oil explorer founded in 1982 focused on Ireland with interests in Iraq and Ghana.
• 1,800 Shareholders. Market Cap £3.0 million.
• A joint venture with Woodside Petroleum on FEL 3/14 frontierexploration licence offshore Ireland. Petrel has a 15% carrythrough seismic and one well. State of the art 3D seismicprogramme completed 2016 on one block.
• Two new licences totalling 600 plus sq km in the Porcupine offshore Ireland in the 2016 bid round
• Holds 30% of a concession on the Tano 2A block onshore/offshore Ghana. Awaiting ratification.
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PETREL RESOURCES (AIM:PET)
WWW.PETRELRESOURCES.COMOIL17
• Petrel formed in 1982 to explore offshore Ireland
• The team has long experience and knowledge of Irishoffshore
• Why now?
– Oil is c. $70 - was $13 a barrel in 1978
– New tools in seismic and data
– Greater knowledge of comparable plays
– Low entry cost
– Attractive fiscal terms
• Petrel holds a licence FEL 3/14 over 900km2 in thePorcupine Basin
• Farmed out 85% stake to Woodside, Australia's leading oiland gas company
• Carried through exploration up to and including one well
Focus on Atlantic Porcupine Basin – Carried FELs
PETREL RESOURCES (AIM:PET)
WWW.PETRELRESOURCES.COMOIL18
2015 Irish Atlantic Bid Round
• Petrel was awarded 924 km2 of prospective Irish Atlantic
Porcupine Basin acreage in June 2016 by way of two
Licensing Options.
• The newly awarded Licensing Option 16/24 includes 664
km2 bordering the Connemara oil-field discovered by BP in
1983.
• Licensing Option 16/24 work programme is now underway
with the acquisition of available seismic not already in
Petrel’s database. These North-Western Porcupine Basin
blocks are our current priority, giving the best shot at a
quality farm-out. We aim to achieve state-of-the-art
interpretation in one phase rather than in incremental steps.
Ireland: Additional Licensing Options in 2016
GREAT NORTHERN DISTILLERY
INDUSTRIAL
• Own 100% of the Great Northern Distillery. Private company. Capacity
5.0m LPA Malt, 12.0m LPA Grain. Second largest distillery complex in
Ireland.
• Irish whiskey is the fastest growing brown spirit category in the world.
• The principals have extensive experience in the sector having built and
sold Cooley Distillery.
• Currently operating 5 days a week producing 5 million LPA grain and 1.5
million LPA malt
• Target markets – Private Label and Retail Own Label
• First mature whiskey available Q4 2018
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GREAT NORTHERN DISTILLERY
INDUSTRIAL 20
David Horgan
• Holds a Law degree
from Cambridge and an
MBA from Harvard.
ONE SIX TWO GROUP PRINCIPALS
162 Clontarf Road, Dublin 3, Ireland Ph: 01 - 833 2833 Fax: 01- 833 3505
Jack Teeling
• Over 15 years experience in industry
• Oversaw 85% growth in whiskey
business between 2010 and 2012.
• Jack holds a MSc in International
Business from Dublin University, MBS
in Finance and B.Comm from University
College Dublin.
James Finn
• 25 years experience in
exploration companies.
• Held senior finance positions
in industrial and commercial ventures.
• Director of 3 AIM companies.
• Qualifications in Accounting and
Management.
• Boston Consulting Group experience
in Europe and South America.
• Former Commercial Director Kenmare.
• 15 years resource experience.
Stephen Teeling
• Was Cooley Distillery Commercial Manager
• Stephen holds a MBS in International
Business from University College Dublin and
Bachelors in Business, Economics, Political
Science and Sociology from Dublin
University.
John Teeling
• 46 years resources
experience.
• Extensive industrial
experience in Ireland.
• Established a number of AIM resource
companies.
• MBA from Wharton and Doctorate
from Harvard.
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