Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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would end once the farmout was approved and signed off.
Instead the market reaction was a loud yawn, SOLO have added another week of uncertainty by announcing their meeting on 02/11 and APT have chucked another brick in the pond by saying there will be an Operating Committee meeting “shortly”
"APT, as the new operator of the Ruvuma PSA, intends to call an Operating Committee Meeting (OCM) shortly, where it is expected that they will formally present their programme and schedule for the drilling of the Chikumbi-1 well and the 3D seismic acquisition programme."
So now we have two more delays, one of an indeterminate nature and both giving traders, speculators and the market generally another week, more to trash the sp.
The farmout was meant to be the big news yet nothing happened( I know there was big rise in anticipation - buy on the rumour, sell on the news) but what happens while we wait ? The delay before these next two events has all the potential to push the sp way back, before they do whatever they will do, to the sp ( it should be positive but what if its not ?).
Can't believe they've managed to pull one rabbit out of the hat and stuff two more in it.
Really John..? I don’t see any ‘delays’. A few weeks ago things were looking pretty bad, and I was preparing to write this and solo off which was pretty grim. We then got gov approval and now farmout completed. I for one am feeling very very thankful.
Maybe I'm just having a wobble, but after seeing 1.5+ and watching it slide back ( having repeated that experience many times in the last 3 years and with a break even of 1.52 I found the reaction to the farmout news on Friday unsettling.
The last thing I want to do is sit tight and get locked in again but having been at breakeven on the 16/10 and now down 19% again ( was75% ) a reaction like that and the prospect of it sliding if news is delayed is making me twitchy.
The head says hold the heart is saying run for it !
i'm with you Jack, feeling a lot more positive now.
John, there were always going to be ‘delays’ moving things forward post farmout. The drill was never going to be tomorrow, and there will be a wait until CH-1 can spud.. possibly even a perceived ‘delay’.
The important thing to distinguish, is that all the recent painful delays have been outside of any possible control; we were at the mercy of an unpredictable government.
Any delays now (at least up to CH-1, which is going to be the catalyst for any substantial share price growth) are under the control of the operator. Now that operatorship is transferred to APT, there are no longer any reasons for delays with the operations. APT certainly don’t need to raised any finance!
Gaining govt approval for the farm out was massive. The value of AEX has been unlocked. Any wait or delay from now is not really any concern. CH1 will be drilled, soon, and it’s going to be a massive success and the share price will rocket again!
Just need a little more patience now. Really not long to go now, after waiting all this time..
Personally I will now look at AEX like a new company - most of the FO delays were down to the PSA review which looks like this is about to be concluded. Hopefully this will now mean any other outstanding issues will be sorted so they can move on - lets see how KN1 is sorted and how quickly they receive the approval to get the gas flowing again and also monies owed will hopefully be resolved. RA has impressed me so far when it came to cost control and taking the ridiculous share options back off the table as well as not taking a large salary in the first place
There will still be the general slow African decision timelines to work around but feel it will be a lot better than the last few years going forward
Early production revenues
I have an eye now on that pipeline to the Madimba Gas Plant which can be financed as part of the $105m spend at a cost of approx $20m. It would be good to see if there is any mention of this in the up and coming OCM. Assuming they could start to build the gas pipeline at any time now as its not subject to the drilling of CH1 and will be on site of NT2. Hopefully, they will also need to look at building an Oil pipeline from CH1 at some point too!!
I feel the share price should slowly move up over the next few weeks following the FO and I had a target at 1.65p at the end of the month which I hope will still be achieved then onto 2p from there with nice steady small increases
Robbie2017, I think majedie sold out 13th (day after the 160% increase which finished down 10% on that day) then completed their sale on the morning of 14th which then SP shot up and ended 50% up