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I’ve always said no sale not even part we’ve waited years for this progress and now for a sale is madness.
bigpat I agree & disagree with you equally lol.
I think had the Tanz gov commissioned all the infrastructure needed over the past 10 years, these assets; once drilling & testing was completed, would be turnkey & a very different scenario.
I don't know how much income would be net to Scirocco in 2025 with the Chikumbi well/s & Kiliwani North/South all producing revenue.
Whether it would be £5000 a month or in the high tens of thousands or millions?
How many years would it take to generate the same figure as a partial/complete sale?
Seeing the possible figures would give me a better idea of what would be more beneficial.
Ruvuma alone would be $40m per year (as documented in the IO report and aminex farmout circular) but funding it to get there seems beyond their reach and doesn't align to their strategy.
I think I remember they are targeting production of 140000 c ft a day so 25% to scirocco assuming we still hold the stake. $40 million a year less costs taxes etc I would assume. If sold for say $30 million would we be generating a similar annual income from biogas etc by then. We are talking at least three years or more.
As you say the problem is the funds required to get to that stage. Probably over $20 million.
£40M a year gross to Scirocco is a eye-watering. I honestly had no idea it could be that high.
But after waiting 8 or so years with governmental delay after delay, I am torn on thinking whether Scirocco should sell up completely and exit Tanz for good or continue to hold a percentage.
It would depend on the Tanz gov being 100% committed and fast tracking and not more months/years of indecision.
Is £30M in hand worth £40-80M in the bush?
I think the numbers published were
NT1 + 2 and CH1 (Early production system) = $11,428,571 PA to SCIR Approx cost to production = $7 million ish (We are waiting updated numbers)
Full field development =$40 million PA to SCIR and a further cost of around $23 million
Evening Chris.
I think that just confirms the board's intention to sell.
Based on those figures, a sale price of £30M seems like a good deal. Mind you if £14M of that has to go on consultancy fees, (which wouldn't surprise me), maybe not so much..
I wonder what the Gniess fees would be with a sale.