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Morning steve, it's great news for whom ever will be supplying the gas. Question is, who will it be and which companies will own it?
Morning Chris.
Not sure if this is good news for us?
Still not very confident that signature is forthcoming.
They have not signed it in over two years so don’t seem to be in any hurry.
too much uncertainty and I dont have faith in the BOD
I doubt it myself trrime, export gas pipe to Uganda and now one to Kenya, capacity 1BCF per day according to the TPDC. I would not be surprised if the GOV tell them that they will not get a sign off till after the election though.
Find out by the 15th October....
https://twitter.com/facts_Tanzania/status/1313733343997984768
Never great when you fall below that psychological 1p, that energy minister better sort out a signature before I run out of share value, painful day for both shareholders, hopefully tomorrow will be a better day !!!
Chairman of the Association of Tanzania Oil and Gas (ATOGS) will be live on ZBC TV tomorrow morning 8.15 to 9.00am our time.
Picked up from Aminex BB.
Probably not relevant but you never can be sure what is going on.
BOD strip? I am not sure they have much say in the process right now and are beholden to the current AEX/Zubair farm-out that has now dragged on for ever.
Current actors in the asset carve up being, Tanzanian Gov/AEX/Zubair corp (ARA) SOLO + ANO?
"The Company has made significant progress on its Tanzanian asset sales process and extracting maximum value from the Ruvuma asset, which is key to delivering our broader strategy. The Company continues to await the completion of the Aminex / ARA Petroleum farmout ahead of the expected conclusion of its own process;"
There is already a shed load of gas discovered and the potential upside huge. The asset bun fight has been underway for sometime post NT-2 I can only hope that we see a conclusion to the carve up this side of Christmas.
No surprise here. The BoD will strip this companies assets, bankrupt it and walk away with fat pockets from their fees and pay cheques. As usual with a lot of AIM companies, the only losers will be the Shareholders.
I'm surprised though that the BoD haven't sold their own share holdings earlier, but maybe their earnings will more than offset their losses. Legalised Asset Stripping.
Not just the board,what about the govt part in all this.
When he came in Solo had already dropped about 90% in the past few years so to take it even lower seemed almost impossible but yet he has managed it.
it's bordering on criminal. They do not give a damn about shareholders or company value just as long as they keep the fees rolling in.
Almost a year since aborted deal announced.
The annoying bit is that gas prices are over 10% higher than they were when the deal was first announced.
Are the board living in the real world.
We may have lost some income initially but would now be clawing it back.
I would have rather had income and cash flow coming in for the last year than the £1 they raised from selling reef.
I'll do that. Will get back to you as soon as I have something.
Interesting to know.
Maybe a look into the other directors past history would be interesting.
The directors here are a disaster. Under their watch the share price has declined from 3.25p when Fitzpatrick joined the board on May 2nd 2018 down to 0.95p today losing over 70% of it’s value.
I’m not sure why I am in any way surprised though. Now I have researched Ferguson’s performance at his previous companies it seems clear that losing money for shareholders, while lining his own pocket with massive pay cheques is just what he does.
At JKX Oil & Gas the share price was 164p when he a joined as a non-exec in October 2011 and 25.75p when he left (or perhaps more accurately was asked to leave along with all his fellow directors after an EGM) in Jan 2016. This meant under his tenure JKX lost 84.3% of it’s value.
At Zoltav Resources where he was chairman from December 2014 to September 2016 the share price was 111.5p when he arrived and 24p when he left meaning that it lost 78.5% of its value.
So unfortunately it seems like we may have a fair bit further to fall for Ferguson to continue his history of losing about 80% of the share price value from any project that he is involved in.
Absolutely useless imo.
The farm out may indeed happen and we will sell out for a tidy sum.
New investments made and mid cap within 2 years.
At the moment one out of three would be a start.
I had great confidence in this board when they took over but confidence has worn thin now.
I am a holder but the financial discipline shown by the board here is a disaster. I don’t see what value this board offer.
Heavily invested myself.
Nine years.
Over £20 million spent.
I probably won’t be the only one.
Income about £600k.
A sorry state of affairs.
The last nine years of constant dilution and falling sp certainly proves the above statement to be correct.
Steve, it's very difficult not to make a deal out of things when your heavily invested.
Bottom line is they have achieved literally nothing, and what a waste of time for everyone.
I think the least they can do is get out of Africa and reinvest somewhere worth while. Just get something that makes an income! What are they doing all day every day?!
Mid cap within 3 years? Ok then..
I wish we could put some pressure on them to either start getting the house in order, or step down, but what would they care.
Borrowing yet more money is just taking the p*** now.
The days between make no difference steve and you can't read anything into it. I would not be surprised if the Tanz Gov simply said that they are in the middle of an election and will talk to the Zubairs after the end of October when the election is concluded. After waiting years do you think the Zubairs would not wait another 2 to 6 weeks?
If of course they do bail, then we are all right back to where we were in 2017 with the appraisal well drilled, huge gas proven up and no way to fund development, AEX would have to go to the market for the money or the zubairs take over AEX or any one of many other possibilities.
As per usual, it's a waiting game.
The closer to the 15th with no news it is likely that it will not get signed off.
Where would that leave us.
A board with no idea what they are doing.
A worthless asset.
Helium one standstill.
Again worthless until appraisal drilling is done.
Forgot the £1 we banked from the reef sale.
I know shouldn’t make such a big deal about things but for a board who’s main priority was to enhance shareholder value they aren’t doing much about it if anything.
Good luck with your future investments.
I need about 10p to break even.
I would sell but not really worth it given the potential here.
IMO if the Zubairs offer us £30 million or more take it and forget Tanzanier.
A complete waste of money and time as far as I am concerned.
Great potential but if it is taking years just to get one signature why wait another five years ore more for any income here.
Maybe Neil shouldn’t have kept on drilling and we may have had got out of this complete farce years ago.
Both Stocks are breaking down now !!!