Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Frustrating!
I am sitting on a long term loss here despite averting down. The delay is bad enough but my fear is of either more losses due to the dilution caused by the fund raising re our other assets or a cheap all share take-over by Wentworth. We fortunately have no debts but it does cost something to run the company and arguably we ought to be progressing our other assets . Let us hope that some funding arrives via overdue payments for gas already produced and sold. Probably a miracle if it happens on a large enough scale. On the latter we have no real protection as our key partner may consider Wentworth to be a better bedfellow going forward or may simply see us as an irritant that can be removed on the cheap via a takeover.
I see a number of people saying that the sp fall has been overdone; really? Why oh why will anybody be buying this at any point over the next 12 months? What is going to stop the fall? Only buyers and I can't see any reason for any body to be buying today or at anytime for months! Once we have sorted out the License extension and have sourced the cash that we need to continue operating then maybe some will - in the meantime why take the chance when the big payday is over 12 months away....
quiet long time to wait
Watch Proactive Interview.......the drop has been overdone, so could now fly up
CrustyPete,
Understand the frustration but I am sitting back on this news and trying to make sense with how this affects my investment situation without any short term over reaction. In real terms it means I wait a little longer - so what, not really a big deal to me!
If Zubair Corp had pulled out or suspended the work programme then it would be disastrous for AEX. This is not the case and they are planning a detailed work programme (albeit later than hoped for!), but this is a company that is investing over $100m into this one project and AEX is part of it and feel this will now be professonially managed in the respect of the monies involved here, plus they will have more clout with the government. As you know this is huge investment/commitment and we are talking serious cash investment and serious amount of gas in place and fully carried!
The delays were down to government and not AEX and the interview was in May so this clearly slipped! Yes I used this information which is all I had at the time and I got it wrong!
Am I disappointed with this, absolutely I am but what can I do other than sell up! I will wait this out to see the outcome of why I initially invested in the first place and hopefully receive my reward for my patience!
I agree Plan B will now be required but I have always stated I was looking for more information in addition to the drill dates with the monies owed, Kilwani, marriage comment, PSA review etc..
Will be looking out for updates and news flow and will react accordingly - this news today is very very frustrating yes, but it doesn't change anything with my investment decision at this time other than timing!
Will I be buying anymore? No, as I have enough already and my portfolio is isn't looking particularly very well on this share today :-(
Good Luck with your decisions
Lol grsshaw are you serious "Ruvuma is now parked ..... - and assume the dates are set so they are under promising so they can over deliver - but this is Tanzania, so anything is possible!"
Under promise and over deliver! Who are you kidding?! that is what many on this board were saying when RA stated that he would be disappointed if they did not spud in Q1 2021!!
And yes I suggest that you do dismiss those statements - I think verything is totally up in the air now. AEX Board will need a "Plan B".
Absolutely Crusty.
I don't know what I'll do. I may re jig portfolio around a bit but to be honest this (without wishing to sound a complete ****) is relatively immaterial for me so I think better to let the dust settle b4 I think about it and again I've wasted so much here on opportunity cost, seriously what's another year, lol!!
I'd be really interested to see UWE's investment letter update to his pals of course.
Disappointing and very frustrating, but not the end of the world!
Ruvuma is now parked up for AEX and will be left for APT to sort and manage - and assume the dates are set so they are under promising so they can over deliver - but this is Tanzania, so anything is possible!
Asset is still the same asset but now with a serious work programme backed with serious cash (in which AEX is fully carried and still have $29.3m left over following this programme!) - PI will be very disappointed and will react accordingly, but you may find when all settles down that AEX is actually more investable with this programme in place (subject to plans for trade through 2021/22!). Another year/s to the money men/women is nothing if there is serious cash to be made!
RNS states 'Aminex can now concentrate on progressing initiatives that offer value creation for the Company' well this is something I'm interested in and to understand what their plans are for all the outstanding issues and their own go forward plan
Looking out for the new AEX plan to trade upto 2022 on cash flow etc.., but at least AEX is debt free and very limited G & A costs, so provides a little assurance!
Over to you RA - lets see what he has to say as assuming he will provide an interview to talk about the update and what is happening with that potential 'marriage' Then again maybe I should dismiss this comment now that all the other things mentioned didn't happen!!
Still staying invested here - not a great day, but I first invested in the asset and all though further delayed to drill the asset still has value in my opinion
More patience required!
GLA
Who is going to "buy in" to AEX with the License extension issue now looming large....
We need our invoices paid as a priority otherwise we are seriously at risk in my view.
I might agree with you dunder but for the fact that we will now need another license extension in April (no guarantee that we will get it) and AEX will need a dilution to get through to March 2020... sp slide is inevitable. Not sure that I have the patience for another 15 month long haul. But there are no takers for any meaningful quantity of shares.
Actually to tell you the truth and after reflecting a little, in reality this RNS isn't that surprising. The work programmes costs are about right for big 3d, plus post processing plus othe drill preparations.
I am of course disappointed and cant see too much share upside for sometime but wtfcwd?
I just thank my good luck I dont need the money and this is just a gamble for me. The odds are far better today than they were a few months ago but as ever a lot longer than expected.
Best of luck all!
"Nelly71:
I thought we had to drill at least 1 well as part of the 12 month licence extension?"
That's a fair point, and I do remember something about a schedule that has to be met.
Crusty, i guess the Farm-out took just to long to complete. and yes i'm not a happy chappy at the mo
The other thing that occurs to me is just clock how much expenditure there is on a proper plan before anything is spudded!
$23m! Aminex could never have paid for all this. Thank God for the farmout.
Interesting that SCIR is up at the moment. Cash calls on them just got bigger prior to CH1 drill results.
Totally agree Crusty! Five year wait now for the ‘back to back’ NT3 / CH1 drill...
Sambo you say "To quote RA, “I’d be disappointed if we don’t spud CH1 by Q1.2021”
Disappointed?! Not as bloody disappointed as those who were relying on his words for "false hope"....
So BG no drilling or Seismic contracts in place and seems they haven't even identified the relevant rig? It seems also that your prediction for a Q1 drill is correct - just the wrong year. How many shareholders will still be holding by then? Indeed will there still be an AEX in 12 mnths time - certainly not without a capital raise or a JV - so more dilution in one shape or form
"APT plans to spud the Chikumbi-1 well in Q1 2022 and to submit the FFD before the end of 2022."
you'll all feel a lot happier in 6 months time, and with them having sight of the 3D results, drilling CH-1 will be a lot less risky
"APT plans to spud the Chikumbi-1 well in Q1 2022 and to submit the FFD before the end of 2022."
you'll all feel a lot happier in 6 months time, with sight of the 3D, drilling CH-1 will be a lot less risky
To quote RA, “I’d be disappointed if we don’t spud CH1 by Q1.2021”
All those rns and interviews about securing the long lead time items, was RA just lying?
(Writing before market positive spin is the work programme is confirmed by the new operator and real cash is going into the full field development. For me, that is not so positive because I never thought that was in doubt.
The Q2 2022 spud date is a blow. There is no spinning out of that conclusion.
WTF is this Aminex?
Same typo is in SCIR's RNS
Must be a typo error. The well pad as already been constructed, so it's not like they don't know where to put the well and they don't need 3D to locate the well. The RNS states work programme and budget for 2020-2021.
what n embarrassment this Board are, even SCIR RNS is written 10 times better. So we now know Ambrose is another lying ********! so now at least another year before anything meaningful, looks like 0.40 again.
Looks like Max needs to get his head out of his arse as he's been mugged off with all his phone calls!