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Last Friday I posted my doubts whether the PSA's had been finally distributed to all operators and with the negative effect of the virus issue on the sp, no positive signals anywhere yet. Both AEX and Wen wandering southwards. As CP has clearly maintained, approval is one thing, terms and conditions another.
extending further from last posts, if psa review is complete and work program agreed and licence issued, then maybe, the securities held by TPDC over KN might have been rescinded, hopefully then making them legally obliged to pay the receivables. which I think is how I read, what is going on in the statement of last RNS.
Kiliwani Gas Receivables
"Aminex is in discussion with the Tanzanian government authorities to secure payment of the outstanding receivables owed for gas sales from the Kiliwani North gas field that amount to approximately US$6.7 million (gross) excluding interest. This is finally being progressed after the return of senior government officials who have recognised their obligations and are making efforts to resolve the matter. A meeting has been scheduled and we hope to be in a position to update shareholders soon. "
The link from the 19th Feb Bucks.
"Current reports indicate that the PSAs review was completed by early January 2020and companies should receive drafts or final text by end of the month. However, it may not be easy to find out the proposed changes made by the review since government and companies do not disclose PSAs."
https://www.ippmedia.com/en/features/tanzania’s-natural-gas-sector-%C2%A0elusive-economic-game-changer
Which press was that CP? Been a lot of "speculative" articles posted lately.
According to the press, PSA's due to be delivered to the operators the end of Feb, so today?
as I see it, if the KN-1 well is not producing/might not produce, ie; worthless, then how else can TPDC assure themselves of any value from the (committed guarantied security), if/when, Aminex is deemed to fail in drilling the obligated 4 wells ?
though in saying that, I have a feeling or maybe hoping, that once the PSA review is complete and the Mtwara licence has been granted by the Attorney general, the negotiated agreements between TPDC and Aminex will have been ratified and then the TPDC might find themselves (legally obliged) to pay Aminex the withheld $7m.
I'm thinking that Aminex and TPDC have agreed the transferral of the commitments of the old work-program of 4 wells, to the new Mtwara licence which now comes with two, and the fact that Aminex agreed to hand back the Lindi licence which originally had two, might then have released them of all the old commitments and those (certain securities) granted by Aminex to TPDC over the Kiliwani North Development Licence. Plus, which could be a factor, was NT-2 classed as appraisal or exploration ?
"What's the excuse for not paying us? Daylight robbery!" I've had this one with jerry on the other side
jerry, we've been here before
blackgold00 16 Aug '19 - 15:00 - 71180 of 72044 Edit
I've often wondered whether your so called "stolen $7m" has anything to do with the (certain securities) granted by Aminex to TPDC over the Kiliwani North Development Licence back in 2014 ?
https://uk.advfn.com/stock-market/london/aminex-AEX/share-news/Aminex-PLC-FORMAL-ADDENDUM-TO-RUVUMA-PSA/60889813
"The Addendum allows for the remaining obligations under the First Extension Period to be completed in the Second Extension Period, as previously announced by the company on 30 May 2013. The amended agreement requires four wells to be drilled by the end of 2016. In conjunction with the amended obligations to the Ruvuma PSA, the Company has granted TPDC (Tanzanian Petroleum Development Corporation) and the Government certain securities over Kiliwani North Development Licence on a sliding scale basis. As each of the wells is drilled the security reduces and when all four wells are drilled the Government and TPDC will no longer have any further security over the Kiliwani North Development Licence".
"might be indefinite"
and what probability or likelihood would you put on that trrime ?
I get delays in license....fine.
What's the excuse for not paying us? Daylight robbery!
"In hindsight we should not have put all our eggs in one basket."
yes but that one basket has one hell of a lot of gas close to infrastructure, it has to be worth the wait
Tanzanian government could have rejected this ages ago. They didn't.
Tanzanian government could have paid us our 6 million. They didn't.
What are they playing at one wonders.
In hindsight we should not have put all our eggs in one basket.
well as I see it, the AEX SP is not directly exposed to the fall in the price of oil, but, what it has been adversely exposed to for over a year or two, is the exceptionally bloody long time, it has taken for Tanzania to review the PSA's and the granting of our license. hopefully to be ratified soon. : )
shhh...
It’s on the Middle East coast of Africa, next door to Kenya.
More delays from this inept government. They keep putting up barriers to hinder progress.
Not so helpful when they are only reporting Aminex' inconclusive ramblings. Soon means when? Monday? June? June 2021?
I think the saying is usually "No news is good news". Realistically, "No news is No news".
Let's move on from manufacturing crap to finding out what is going on, on the ground, in Tanzania. Anyone? Aminex?
These guys need to get moving PDQ. Otherwise the opportunity is going to pass. I see four LNG tankers ordered to support the MZ side of gas development. Where the f--k is TZ?
https://www.oedigital.com/news/476021-aminex-s-wait-for-tanzania-approvals-continues