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It's always really confused me too that on the one hand they have made so little progress and have not managed to sort out KN-1 after a long period, yet they talk of looking for prospects elsewhere. I would have thought they would need the money from Tanzania before they can start looking elsewhere but maybe I've misunderstood something.
Atb,
Northern
Whoops, sorry, that should read,
it looks like Shell, Equinor and Ophir WILL have concluded this summer.
My reading is completely different. No substantial work will be done till the PSA terms are confirmed and even then they might plug and abandon KN-1 post farmout and go for the larger leads over the licence area and connect up to the existing pipeline.
As for the prospects, they are very large, multi TCF and simply need the licence issued post PSA review and it looks like Shell, Equinor and Ophir have concluded this summer.
As for new ventures, they have been saying that for years as do most small mcap O&G companies.
Good luck with your snapped up shares!
Good questions! I understand there was a remediation performed but it appears there is another issue that was hinted at in subsequent reports. Vague mention of liquids in the well bore and mention of testing and such. It appears to me, based on the June slide deck, that this company is seeking a buyer. Someone interested in distressed assets may make a run for it but not without some sort of positive mews from the regulatory authorities.
Many mixed messages. Cutting of G&A is now taking place after the departure of the CEO. This company is in dire straits and has no firm date for a turnaround but they state they are actively seeking new ventures in their June slide deck. How can a company in their current financial and operational situation be seeking new ventures? I snapped up a few shares. Cheap shares for a company with very little in the way of prospects but so much potential per their public statements. Surely they would not mislead the shareholders.
November 30th Max. Hopefully the last extension required.
It is really quite simple Max, they must still have a hope that it will come through and until they are sure that it won't, why should they push that into the market. Over the cause of negotiations I believe they had quite a few monthly meetings on or around the 20th of the month so maybe they have one planned at the moment, who knows. I do understand the frustration, we all feel it, but is two more weeks of waiting really going to hurt us?
October. Which year?
If they know it won’t come by the date given, why not come out and say it? Why the delay from our bods? It’s this indecision that is really a let down! Or is the Tanzania gov directing that aswell! Come on Aminex... stop taking the ****... and let us know when it’s been extended to again.
My suggestion is October? What is everyone else’s?
colinski, there are approvals needed but not for the remediation to take place, as I've stated many times approvals would be for safety and operational reasons at the plant
I think that was made pretty clear recently cp and Pete did call it right as it turned out, despite the companies official stance. I saw the potential in what he said but with facts from the company pointed the opposite way I could not just accept it and it's a shame we came to verbal blows over it when our own personal knowledge put us into conflict.
Just to be clear, I don't feel the company were trying to deceive us in any way because it was government delays that forced them to back off from spending the money on remediation that may or may not have been successful. In the unknown situation of not knowing when the next cash input would come it would have been foolish to continue imo and as you say cp we are unlikely to see any physical action until we get the go ahead.
A question I have in my mind is... If we were told straight away that it would take almost three years to get to the next stage, would we have dropped from 8p to where we are today? or, would we have stabilised somewhere in between? I ask because in my view it has been the not knowing and the uncertainty that has allowed the bashing of the share to where it is today. The Bod couldn't have predicted such a delay but though it doesn't matter it would be interesting to have a view on a price
Yes your probably right cp... when they mentioned a low cost solution I had hope. They need government approval again even for that so we’re back to square one.
I think as Crusty first pointed out (and in direct conflict with the Bod's then official stance) With the terms of all PSA's still to be agreed and very little cash in the bank, the Bod are unlikely to spend any significant money (they haven't got) on Kiliwani till the review, the licence and the farmout is complete.
2D re-processing (thanks vike for the reminder) is about the limit of my expectations till the farmout is complete.
Very happy to be wrong of course!
On kilwani , we already have a license and GSA in place. I would hope for a positive update as they have a chance to focus whilst we wait for the farmout to be completed e.g.
• Pending government approvals, the Company has designed a relatively low-cost remediation project to unload fluid from the well and attempt to re-establish flow to the Songo Songo gas processing facility
• Equipment has been identified in the region and plans are in place to mobilize once approvals are in place
No point regurgitating old issues. They've given the answer to that and it's well documented. We are waiting for the fuse paper to be lit and we are going nowhere until it is. BTW no LTH here expect it to happen this month so when it doesn't happen I wouldn't expect much movement. If you can it seems a great opportunity to me
time. I don't think the dragging on with very little apparent activity does the sp any favours at the moment. What we really want is the Farmout to be signed and then some action. Given though that it hasn't been signed off yet and time drags on towards the 31st July then imho things are not looking good. One thing that continues to annoy me is that didn\t Aminex do a raise earlier on in the year to progress things? What's happened to that and where's the progress?
Atb,
Northern