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If they get the right kind of offer then I agree steve. Catch 22, probably be worth a big bucket more post C-1 and then a huge amount more with a 25 year development licence.
I think meant either or both.
All in all a very difficult decision for the board.
Probably sell before drilling anyway.
SOLO have already drawn down $500,000 of the $5mill yet they have the money for the firm budget. I asked the BOD about that and it is in preparation for a cash call from the operator to start prep should the FO complete on the 14th July.
They can spud and drill during the current licence imo, providing the Gov sanction the AEX/Zubair FO of course.
Drilling**
‘Not enough time to complete selling’ - inaccurate statement Steve
Agreed.
I still think the best option is get our money and out of Tanzanier as soon as possible.
I myself am not prepared to wait many years for any income from this farcical situation.
Even if farm out completed soon there will not be enough time to complete drilling so another licence extension will be required and so on.
Need more be said.
Get out and stay out.
Even the board have said the future is in Europe.
Jeez ..... i bet the Ozzie and NR are on a beach in Barbados licking their lips as we continue to tread water .....
what a disaster of a punt this has been .... TANZ government are an absolute disgrace ..... people in power are clearly getting a backhander to drag this one out ...i wonder if its eithin Africa or the China powers that have an eye on the EAST of africa energy developments ... i cant beleive the BOD thought it okay to award themselves for what they have done thus far .... bring back the ozzie and NR at least the ozzie shot from the hip
Lack of funds is evidently an issue for KN1 and KNS but there is still the outstanding issue of the need for TPDC approvals for the programme of work at KN1 - which has been outstanding for an eternity. So even with money they could not currently proceed. Moreover why would you spend money trying to turn the gas back on all the time that the Tanzanian authorities still owe you $7m for gas you produced over two years ago? If they paid the outstanding invoices AEX (and Solo) would have the cash to complete the work programme, once approved.
So before anything is likely to happen at Kiliwani they need
1) The TPDC to approve the KN1 work programme
2) The Tanzanian authorities to pay outstanding invoices
3) And / or partner with cash to fund the work programme and keep the lights on
4) TPDC approval to drill KNS and build pipeline
4) A partner to help build/ fund a pipeline to SS GPP for KNS
5) A partner to help fund KNS drill programme.
So a lot of boxes to tick Steve.
If for some reason the farm out doesn’t happen where would that leave solo.
We have our 25% in Ruvuma and about 8% in kn1.
Seems aminex lack of funds is holding up kn1.
We could pay them an amount to take over their stake about 50% I think and take control there.
As for our 25% stake in Ruvuma not sure if it would be worth much should Zubairs walk away and licence is relinquished.
I cannot believe the hold up in the farm out. The whole thing has looked dodgy to say the least from the start.
Let’s hope for everyone’s sake that it is sorted by 14th.