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So the changes brought in by the April License extension would appear to supersede that earlier presentation then....?"
well yes, even though the AR was published after the license extension ?
Tanzanian Developments
"During 2019 and 2020 we have been focused on satisfying
the various conditions precedent for completion of the
Farm-Out and, as reported earlier this month, the Company
received the Mtwara Exploration Licence"
If the gov't were to apply rational logic to these proceedings, this farmout would have been signed by the original target date of November 2018. It didn't. Who knows what their agenda is. That said, will stop listing the many risks to the company. Today's half-year report should be enough to scare away most investors anyway.
So the changes brought in by the April License extension would appear to supersede that earlier presentation then....? It comes as absolutely no surprise to me as I had thought that to be the case for a long while. In the same way that I believed that the KN1 remediation work programme still needed "approval" by the TPDC and then lo and behold...
"maybe you need to dig it out again BG?"
Crusty i think i put up page 7 of the AR, (Ruvuma PSA – Onshore Appraisal and Exploration) (Resource Summary excluding Ntorya Field)
Prospect/ Lead
Namisange 56 325 1,925 1,183 83
Likonde
Updip 39 166 702 444 103
page 7
http://admin.aminex-plc.com/uploadfiles/Aminex%20PLC%20Annual%20Report%20&%20Accounts%202019.pdf
Ah sorry blackgold. I agree. Also to note, not only have the government extended the licence, but under legislation all parties recognise (inc, government) that further extensions can be granted. Can't see the licences collapsing . They're legally solid, hence obligations of the government to now grant the farmout, which they have to do.
yes fully agree page, but i was replying to vike "and they may want these licenses to collapse and take back control themselves." which if that is the case then why grant the extension back in April ?
We had a similar conversation regarding Namisange several months ago and I suggested then that it had been lost as part of the renegotiated license area (Ntorya only) but you then found some "evidence" of that not being the case.... maybe you need to dig it out again BG?
It's the exploration licence that is important which has been granted. Under the terms of the Mtwara licence, this allows for the farmout to complete and exploration activities to commence and includes the negotiation of the Gas terms for the Ruvuma PSA . This all falls under the Mtwara licence which has been extended to April 2021.
For the money they pay for the gas is it actually worth the risk vike? They can extract good value via a GSA, get a shareholding and not have to worry about funding, project management, risk drill failure or anything else. Moreover it would be the year 2050 before the drill bit started turning!!
Page, there is nothing without the PSA license, nothing for ARA to farm-in to
and i only notice that Aminex has lost the Namisange prospect in todays RNS.
. "The 1-year licence extension was received during April 2020, which reduced the size of the Mtwara licence to the same area as the Ntorya location area."
Yeah, but it's not the licences Aminex are waiting for. That's already been extended. It's the farmout approval, should be a formality, as all conditions have been met.
yes maybe vike, but then why give the extension back in April
Let's hope the opposition wake up to the can of worms and start pressing MrM for answers.
Brinkmanship is indeed the right word for this situation. My back of mind concern is that TZ has also been getting into the E&P game itself these days, and they many want these licenses to collapse and take back control themselves.
Yes vike, that's what I meant by the alternative approach - the historic strategy hadn't brought results... And regarding the volte face on the extension, yes, that possibility had already crossed my mind. Brinkmanship though in Tanzania....? Do the the Tanzanians even understand the concept?
Plan A wasn't working either. Agree re APT, though they will be sensitive not to ruin relations with the govt. They'll hold all the assets, but without any favour from MoE, they'll be worthless anyway.
Also, don't discount the company's ability to change it's mind in two weeks. Esp amongst a bunch of Brits having lived through Brexit for 4 years! There is no further extension until there's another extension.
I hope you are right there vike. In truth the alternative approach has never been proven to work - this is high stakes poker and the cash on the table belongs the shareholders. I would suggest that APT don't much care either way - they will end up with the assets one way or another.....
This new approach may have Santos' fingerprints all over it, as someone who's dealt with difficult governments his whole career. His appointment and the new hard line strategy hardly seems coincidental. A higher stakes approach, but something had to be done, the number of extensions were beyond embarrassing.
Pete - who knows what discussions are happening behind the scenes. Nothing gets decided in the General Assembly, all in side meetings.
And I thought that Charles Santos was supposed to have worked for the United Nations? Not their typical negotiating style methinks!! ;0)
Indeed and does the reason for Robert Ambrose's appointment now become clear? He was the person that was appointed to deliver the "coup de grace" to shareholders and oversee the final transfer of all asset value from shareholders to the Zubairs; the process initiated by Brain Hall years ago.... ;0)
Only joking!
What does that mean exactly, we are rolling dice and need a pair of sixes? Or does the Robert Ambrose actually have a reason for this hope?