I agree with vike; the RNS said that T&C gas would be paid on invoice but does nlt make clear the invoice terms; I think it is simply a case of the RNS choosing not be be clear. I am sure this was known all along as I said earlier today. Indeed weeks ago when I said "it will be interesting to see how long it takes to get paid....?" I was anticipating months rather than weeks due to the experience of WRL et al.... So I can't say that I am the least bit perturbed by the issue. As long as it comes by September when we need it to drill NT2 fine by me.
And for me the T&C gas has always been a red herring (and will be peanuts anyway imo); the real issue is the "Date for Commercial Production" and the blessed flow rate - for which as vike has repeated yet again we will be paid "IN ADVANCE".... Hopefully in July or August at the latest.
I haven't looked at this board for a while, so surprised to see how bitter it seems to have become. What a shame, as it used to be one of the best ones.
On the RNS language regarding payment for T&C gas, there is no doubt that it is saying that payment was due on invoice which would happen each month. So I am surprised that the BOD would give different information at the AGM without a clarification. From a commercial point of view, I don't see this as a major issue in the long term (as long as TPDC pay when due). But any clarification now will probably result in an overly negative short term reaction, so any holder is probably happier to leave it as it is and not rock the boat.
I think you're right TT and I also think the explanation offered up by edgar222 is likely but the fact that it's raised the question here either shows an inept misunderstanding by us lot in reading and understanding RNSs or that the statement isn't as clear as it should be.
To me it's the latter (surprising that I would say this :D), whether that means there should indeed be a clarification RNS will, I suspect, depend upon what the listing rules say and whether they believe that lack of clarity is creating a false or imperfect market.
Certainly wouldn't be the first time that a junior market company has released an unclear RNS so I don't anticipate there being any clarification RNS although it would be good to have the point clarified one way or another.
Irishmouse, have you heard anything further from AEX on this?
The TPDC will have to keep us onside. Who else is going to provide gas for all this energy they've promised, apart from the onshore explorers. If they want us to exploit Ruvuma then we need to see doors opening. Orca is in dispute with the TPDC over old contracts , M&P have slashed spending and are already fully committed with an expansion programme for the coming years and Dodsal are in very early stages of exploration so will not be in a position to produce anytime soon. So with offshore gas moving further away and multinationals slashing budgets the TPDC have very few options to gain more gas to power. We need to see red tape cut to allow us forward momentum with our projects.
I got the feeling the BOD are in the process of making headway with Ruvuma but had to remain tight lipped. Just a hunch though.
You may want to stick to the facts as they are and not keep screwing with them to fit your own agenda - if you pay attention and read what I actually said you will see that I said "if I'd had the RNS detail to hand when I asked the original question at the AGM...." i.e. I wasn't aware of/didn't have the detail to hand back then....
Like I say, I don't see what the affairs of AEX has to do with someone who doesn't hold any shares or never intends to unless they hit 0.8p so if and when they do then you may have more credibility to comment but for now I'll continue to take your attention seeking views with the pinch of salt they deserve.
If you also look back through my posts, I've never claimed you tell lies but have just pointed out your other multiple shortcomings - a point of view which does appear to be shared by the vast majority on here given the number of recommendations my posts get.
Lastly, by your own admission in your exchange with gaslady, you agreed to shut up but just proves you don't stick to what you say and can't resist the constant negative spin and arguments - pretty obvious for all to see here.
During commissioning, TPDC are to pay on invoice, but the invoice terms are a sliding scale. The first invoice requires payment within 6 months, the second within 3 months, etc. An RNS does not need to provide all the details of the initial invoicing structure, but if you want to raise a legal challenge for misrepresentation of terms, then that's your right.
More importantly in my mind are the terms of post-commissioning payment whereby TPDC are required to pay 1 months in advance.
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