A couple other minor points to add to BD's comprehensive summary from yesterday's meeting:
- MEM has not yet signed off the extension as approved by TPDC. No worry here, as the Minister is a stickler for detail, and refused to sign a few weeks ago when a minor grammatical error was spotted. Hold-up now is just getting it in front of him again.
- Though mgmt is still looking at all options, a farm-out for Ruvuma (seemingly the preferred option) should be completed within 2-3 months after drilling date announced. My take was that drilling could commence prior to SOLO raising its share of funds, but can't confirm.
- NT3 drilling plans depends on success of NT2 results. When asked how they define 'success', this is at minimum proving up NT1 discovery, but reiterated that their hope is to find 0.5 - 1Tn tcf.
- Rig currently sitting on top of NT1, and can be shifted to NT2 site, and followed by NT3 if (hopefully) needed. We have first right of refusal for use of the rig.
- AEX busy looking at all monitising options. If NT2 meets potential, it will justify a high-grade steel pipeline to Mtwara (25 kms away). Other options include laying cheaper/faster plastic pipelines (industry-standard) to local markets and nearby industrial plants.
1st payment by TPDC made to Aminex Next tranche of Kiliwani funds are already available - this is great news and agrees with my fag packet calculation.
The next few weeks should be very interesting,
Confirmed payment from KN1 Aminex EGM and take up of placing and confirmation of cornerstone investment SOLO - Confirmation of deal on Ruvuma drilling funding, options as you described and then.......................
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