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Good to see some optimistic, relatively new or lately returned faces on board. For so many of my fellow LTH's still well underwater, it feels as though the temperature's rising, not just on the barometer but how many times have we said that before just to see disappointment in the end ! In my case it's always been about our acreage and the firm belief government wouldn't dare lead such a valuable investor as the Omani's into this merry farmout dance without the reward of a Licence.
The Swala proposal was accompanied by a non-binding, unsigned conditional term sheet for a Swala financing to fund a portion of the purchase price for the proposed acquisition. However, approximately 72% of the purchase price for the acquisition would be funded with Orca's distributable cash. The Swala proposal effectively values Orca's non-cash assets at US$55 million. It should be noted that the recent McDaniel's engineering report on the Company's natural gas assets in Tanzania which valued the reserves associated with the Songo Songo licence at US$294 million based on the future net revenue from the 2P reserves using a 10% discount rate.
Need to find the resource size
The Swala proposal was accompanied by a non-binding, unsigned conditional term sheet for a Swala financing to fund a portion of the purchase price for the proposed acquisition. However, approximately 72% of the purchase price for the acquisition would be funded with Orca's distributable cash. The Swala proposal effectively values Orca's non-cash assets at US$55 million. It should be noted that the recent McDaniel's engineering report on the Company's natural gas assets in Tanzania which valued the reserves associated with the Songo Songo licence at US$294 million based on the future net revenue from the 2P reserves using a 10% discount rate.
Need to find the resource size
Never give up on your dreams they say. Even if it is from a far away place in Tanzania above a shed load of gas. Weird dream lol
Well if the delisting is only for financial reason then ok. But there is a little voice saying maybe there is more going on than where been told . The farm out as got shareholders permission so its not that . A reverse takeover hmmm maybe . Full sale of ruvuma well solo have said they will listen . Then there us a value . I was looking at the orca value in the swala failed buy out the last month . Its a lot more then over here lol . Think it was aroind 300mil for 270bcf . After confirm that can not remember the correct figures . So that is what solo should be worth and aminex after the farm out . If ive got that right so if solo was to be in a reverse take over. Wow and it would have all of kilawani . Lol just a pipe dream
Well from a solo point of view It seems ruvuma has been zapped out of the mcap over there anyway. It’s all risky stuff, but it could turn like a switch. Let’s hope it’s good
Well i can see good and bad in that and im in both . Going to be a long week lol
So the zubs could make an offer for the aex? at the current sp an offer of 2p would look like a significant offer. Shareholders would rather something in the region of 5-6p though. Looks like it might start to get interesting. As a solo shareholder I await with baited breath the outcome haha
Im reading that as if they will not need share holder permission for a disposal or a reverse takeover
This is a big difference
Class tests require shareholder approval for a Class 1 acquisition (broadly speaking acquiring or disposing of a company or assets worth more than a quarter of the company's value) or on a reverse takeover
Gotcha well I’ll have a read on the pros and cons and see if I can conjure something up.
Forget that aex is move from premium listing to standard listing not to aim listing . So like everyone said it maybe just financial and just a very odd coincidence that its all going on around the same day . Still looking .
It’s all way above my head that sort of stuff haha. With all aim companies the only benefit I have learnt is that it’s a free pass to fleece private investors pf cash through placings. My view will change if aex and solo swing this around again and back into the blue:)
Yes im trying to find what difference it does to the shares right now . Some thing i did find is about large transactions of shares and shareholders right ? . Maybe nothing but it if solo want to make a reverse takeover it could mean some thing .
Is that the transfer to aim?
Ruvuma investment forum 25th july
Accordingly, the Company has now applied to the FCA to effect the Transfer on 26 July 2019.
How odd
CP
Yes, as worded, it’s unambiguous: the “should it be required” refers only to the 31.10 extension.
Of course, in practice is another thing entirely!
And the billionaire who owns that bottling plant as interests in omani companies.? Im not saying this could be the right it but i find it odd. Then there is the china / omani port that just seems to be back on this last week or so . Dyor its just what ive found .
What im wondering what is going on at that investment forum in ruvuma on the 25th of july . I can not find any info on it or who will be there. All ive seen over the last few months is kalemani and co going around the north of the country signing deals at investment shows . Shaking hands with kenya and uganda endorsing gas bottling plants . When are they coming down south of the country? Could it be the 25th who knows
Hi Crusty, hope all is well.
Yes that was my first thoughts, but on reading it back it does not seem to be the case, especially when you consider all the references,
The wording does not reference beyond 31st October. States “to 31st October”
“Aminex announces that all parties to the previously announced Ruvuma farm-out agreement ("Farm-Out") intend to extend the longstop date to 31 October 2019 should it be required.”
CP I think that "Should it be required" refers to beyond the 31st October....
After sleeping on it I still find their choice of wording very strange with the extension "Should it be required"
Guess we will know in 7 working days, licence or extension.
Sultan Al-Ghaithi, Chief Executive of Ara Petroleum LLC, said:
"We are similarly disappointed in the time it is taking to obtain approvals but continue to be encouraged by the positive response by the Tanzanian authorities to our future involvement in the Ntorya project and content to further extend the longstop date to the Ruvuma farm-out agreement, should it be required"
I certainly don’t see a drop like that bluff and I don’t think it’s easy to call either way. We could see a rise as it’s great news they will extend if needed. Think about the alternative which certainly could have been in the thoughts of investors.
As expected.... great all parties willing to wait... as for investors what choice do we have.... I just hope we have been paid the money the Govt owes for the gas supplied plus interest for the late payment.
Timing of rns is unusual as we cant judge the impact on sp.... I imagine down to .05p? I wish I invested now rather than the ramping days of mr jay :)
I would have liked to have seen a interview explaining the situation... mr ritson was good like that... good evening folks