The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Enjoy your weekend don't get to drunk celebrating
Is that a blue finish ?!
Was that a pig flying past ?
Poor old RoJo deeply worried as he is that our investment is looking likely to be successful, he comes with a sardonic pearler, wishing Crusty a good weekend ! Yuk.
"IMVHO they will reimburse their share of costs for NT-1 and NT-2 as these will both be commercial wells."
Yes, no, I'm no expert, but I'll tell you what, we will find out pretty soon. 🙂😀
BG,
IMVHO they will reimburse their share of costs for NT-1 and NT-2 as these will both be commercial wells.
...and we wish you a happy weekend too Crusty.
The main market is UP today, so hopefully your other investments have made up for this one !
" for reimbursing the joint venture partners with the parastatal’s proportionate share of development capital expenditure on the licence to date."
I think the wording that is prominent there is Development. ??
Anyway way one and all I am off for the weekend, there is little point conducting a one way conversation ;0)
I wish you all a lovely weekend - I hope it is warmer than those of recent weeks!! Bbbbrrr
Oh dear here we go gain - firstly there was a review of ALL historic PSA's in 2019 and the rights of the TPDC were changed and now (so I have heard from BoD) now stan at 20%. Furthermore each back-in is negotin its own merits and so will not necessarily reflect those signed n the ast - the assumptions that applied to Kiliwani and other PSA's have been totally superseded. But then of course haggismctripe always knows best....
Appreciated cp.
BG,
This is why I believe the TPDC have to reimburse Aminex for costs incurred to date on the licence if they back in. The precedent has already been set.
"Tanzania Petroleum Development Corporation (TPDC) has notified operator Aminex that it plans to take a 5% working interest in the Kiliwani North development licence. Under the terms of the Nyuni East Songo-Songo production-sharing agreement which governs the Kiliwani North licence, TPDC has the right to take up 5%, in exchange for reimbursing the joint venture partners with the parastatal’s proportionate share of development capital expenditure on the licence to date."
https://www.africa-energy.com/news-centre/article/tanzania-tpdc-exercise-back-right-kiliwani-north
Nothing changes Baramara - the back-in rights apply to the combined shareholding of the JV partnership -whether that is ARA, AEX and SCIR or just ARA and AEX makes not a jot of difference they will take whatever %age they choose (up to their maximum) of the "whole", of the 100%.
Having reneged the option to back into scirocco’s 25 %, will the option still carry ,
Maybe this is taking time to renegotiate.
Going back to this thread, it is evident that ARA mention Oil several times in their 3D Seismic analysis. So as I have said, ANY trap that ARA drill could contain Oil. CH-1 is unlikely to because it is the same trap as NT-2 penetrates, so we know what is in it, but ANY subsequent traps, as I have said, could contain Oil. The most noteworthy mention is "Both the Karoo and Jurassic source rocks are now identified as being potentially mature for OIL and gas generation in the Mtwara Licence".
"Large structural and stratigraphic traps have the potential to host gas and OIL accumulations including, inter alia, a large untested mass transport complex prospect (“MTC”) which, in terms of structure and depth, closely resembles several of the large-scale offshore accumulations which await development."
"OIL and gas shows are noted in sands identified on mudlogs in Likonde-1 at the levels of the Jurassic post-rift prospects in the block, suggesting the bright amplitudes up-dip of the Likonde-1 well could be potential direct hydrocarbon indicators."
"Deposition occurred during the Early Jurassic in a partially restricted marine environment allowing additional potential OIL and gas source rocks to be deposited and preserved under anoxic conditions. Both the Karoo and Jurassic source rocks are now identified as being potentially mature for OIL and gas generation in the Mtwara Licence"
"The southern of the two mapped lobes is distinct as a separate prospect, but in contrast to the northern fan, the feeder channel has not been preserved potentially aiding up-dip trapping. OIL and gas shows were noted in sandstones in the Likonde-1 Jurassic interval which, when combined with strong indications of fan geometries significantly derisks these prospects."
https://aminex-plc.com/wp-content/uploads/2024/03/APT-Revised-Resource-Potential-Mtwara-Licence.pdf
Yes BG exactly and that was the reason for the delay in the approval of the M&P offer for WEN - the original agreement supercseded the TPDC's preemption rights; it had to be renegotiated to allow TPDC to exercise those rights. Note also that their purchase was funded from income....
Absolutely RJ, anyway as haggismctripe has me filtered he will not see my responses to his queries, so maybe you can summarise them for his consumption; he may even give them some credence if they come from you! ;0)
Tpdc, paid for a % of Wentworth share which was up for sale to M,&P, ,there % back in rights into the development of Ntorya is completely different, and as far as I understand it, historical exploration cost are not included
Hard to speculate on the percentage or anything tbh. We don't even know the details of the GSA. I shall want to know at the AGM if it doesn't come before
It is not a "given" that backing in would necessitate contribution to historic costs, or indeed, if so, how far back they would go or what they would include; it would be by negotiation.
“TPDC paid Maurel et Prom USD 23.6 Million using its internal revenues to acquire the interest."
How much would Aminex get? I think they said somewhere that exploration costs would be repaid pro-rata, and gave a figure for the total?
Though RJ, if we are to believe the headlines the GSA has been agreed for an eternity, we were simply kept waiting interminably for it to be approved..... I suspect that the imponderable was what event acted as the trigger for that back-in? You might argue that until such time as the Dev License was approved there was very little point of backing into anything? TPDC being a 20% shareholder in what?
Https://www.pura.go.tz/index.php/news/tpdc-doubles-its-stake-in-the-mnazi-bay-block
As per mnazi bay...
Now that would require a signing ceremony
Agreed, and I don't think they have the cash to inject, so we could second guess part of the reason for negotiations taking so long was to take account of how this might be handled
"Tanzania and Uganda Ink Historic Gas Pipeline Deal"
November 13, 2023
Tanzania and Uganda signed a bilateral agreement on Thursday that pledges to build a natural gas pipeline in a ground-breaking and spice-infused gesture.
This pipeline has the potential to catapult both countries into an age of extraordinary energy security and economic prosperity.
As the deal was being signed, Biteko said, “This project will not only skyrocket the demand for natural gas, but it will also breathe vitality into Tanzania’s Lindi and Mtwara regions, transforming them into powerhouses of energy production.”
https://infrastructure.go.ug/tanzania-and-uganda-ink-historic-gas-pipeline-deal/
"Speaking at the signing ceremony, Mr. Biteko emphasized that the project will increase the demand for natural gas in Tanzania as well as gas production in the Lindi and Mtwara regions of the country."
https://en.sputniknews.africa/20231110/tanzania-uganda-sign-agreement-to-construct-natural-gas-pipeline-1063448396.html
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Ntorya is in Mtwara.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
"the Ntorya Gas Field, located in Mtwara Province, Tanzania."
https://arapetroleum.com/gas-sales-agreement-for-the-ntorya-gas-field/