February 2018 - 162 Group · 2020. 7. 15. · •OIL •MINING INDUSTRIAL February 2018 162 Clontarf Road, Dublin 3, Ireland Ph: +353 1 833 2833 [email protected] 1

•OIL •MINING •INDUSTRIAL

February 2018

162 Clontarf Road, Dublin 3, Ireland

Ph: +353 1 833 2833

[email protected]

1

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.

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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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MINING WWW.BOTSWANADIAMONDS.COM

Licences in the KalahariBoth Alrosa and BCL Joint Ventures

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4 Kimberlites with diamonds


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



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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http://hendrickresources.com/

http://hendrickresources.com/



• 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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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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• 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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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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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


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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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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


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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Documents

February 2018 - 162 Group · 2020. 7. 15. · •OIL •MINING INDUSTRIAL February 2018 162 Clontarf Road, Dublin 3, Ireland Ph: +353 1 833 2833 [email protected] 1