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I’ve been invested in here for a long while. I’m sick of Fitzpatrick and Ferguson draining out our hard earned money for themselves. We need to do something and get them removed. It seems they’re using our money, draining us out to focus on other projects. We need to stand up against them and have them removed. Had enough.
Have anything left to change if this outfit don’t pull there fingers out,and quick.
I assume, sometime post the 15th October FO decision and SCIR OT2, but only my opinion, no one here knows for sure.
when is name change and what will numonic be
Morning steve, we will juts have to wait and see. The JV still own the licence over the gas basin, but they will be right back to where they were 3 years ago after the NT-2 drill if the AEX/Zubair FO does not complete and with the Zubairs still owning almost 30% of AEX other options might be considered by them.
We would still own our 25% but basically couldn't do much with it.
Worthless until that document is signed.
Aminex of course have no farmee and be indebted for a few million to ARA.
We could of course come to their rescue once again in return for a large additional ruvuma stake.
In fifteen days time we should know just has to be done.
what will happen if AEX farm out is terminated.
what would be the impact to SOLO and its process of selling it?
Possibly just the Zubs/ARA not willing to extend for another month and insisting it's shorter, either way today has been a tough day.
New longstop date of 15th October is before the election 28th October. Previous comments suggested that nothing could happen prior to the election, not the case now. If it could happen by 15/10 then cannot see why it could not have happened earlier, unless 15/10 is in some other way significant. Maybe just needed to play hard-ball earlier.
So why did they consider the One dyas deal in the first place if they felt it was wrong then and now, its no different now to what it was when they dived in last October, when will they actually do something to enhance shareholder value as they stated when they started.
Why didn’t they just state the truth.
They have made no progress.
They have reduced shareholder value by over 70%.
Not a good outcome for two years and a couple of million expenses thrown in for good measure.
The latest farm out Rns certainly doesn’t help either.
caddy completely agree the directors need a lot to answer for.....terrible
This is gonna get bad,RTO seams the only way if this doesn’t get done.And then what,If they don’t deal with aminex then will they deal with solo.loads of permutations but still hangs on another 14 days.talk about call your bluff while turning everyone over who is trying help the country,
Am I reading it correctly.
ARA are saying that they will not extend the longstop date after 15th.
Seems they have had enough.
They can then terminate the farm out and ask for their money back.
Would leave aminex right in it. Although they would then get their 75% back although lack of cash is the problem.
As for us we still have our 25%.
Maybe buy a large proportion of their stake for an amount to help them with their cash flow.
It wouldn’t be the first time we have come to their rescue.
An rto even springs to mind.
Aminex announces that the parties to the Ruvuma Farm-Out Agreement have, at Aminex's request, agreed to extend the long stop date for satisfaction of the remaining conditions to the Farm-Out from 30 September 2020 to 15 October 2020.
https://www.lse.co.uk/rns/AEX/ruvuma-farm-out-update-and-additional-funding-weyalni0nxq9oc5.html
Seems mr Maling didn’t pay his tax on his options so company liable.
I’m fairly sure that the person receiving the options has to declare it on their tax return and pay the tax due themselves.
More money for old rope.
Just hate it when a company says 'We continue to make progress' as it actually means they have achieved nothing. I wish I had a pound for every pupil report that I wrote saying '******* is continuing to progress towards his/her target' which basically means he/she is failing but you can't say '********* is failing'. Glad I got out of teaching.
I would be satisfied to receive 40 to 50 million pounds for 20% with a free carry on the remaining 5%. Predicted 140 mcf a day so 7 mcf to us. About £5 million a year income if my calculations are correct.
All hinges of course on the farm out being completed.
+1 Crusty, the CH-1 drill potential upside V risk is very significant with further appraisal of the current gas discovery and that deeper additional TCF target.
Have to wait and see what deal is on the table post AEX FO.
"We expect the second half of the year to be transformative period in which we tend to continue to deliver our strategic evolution in line with our growth objectives"
I leave that to the BB to decide !!!!
If it is a complete sale it will be slightly disappointing - I was hoping Solo would hang in for the CH1 drill personally, even if only with a smaller holidng.
Morning steve, completely agree. I was expecting the AEX RNS at 07:00, surprised they have not issued it yet?
Next questions post AEX/Zubair FO is who is buying solo's 25%, how much are they buying, all or part and or course for how much £££?
Morning Chris.
Looks as if we get a good enough offer a complete sale is the preferred option.
Still awaiting confirmation of longstop extention.
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;
AF was already in place and JF & already bought his then large stake in the company, Mailing was promoted by AF and then subsequently...let go along with another of his South of the Equator buddies. 2018 shareholders meeting was the last time I met Mailing along with of course AF and JF.
Mailing did badly on that transactions for shares at a massively inflated price to todays UKOG SP, good job they dumped them quickly, Gusher my backside..... the only thing that gushed was the PR.