The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
sorry … or oil that should say.
Exactly Froglegs, then need to understand what they have in C1 both the cretaceous appraisal and the deeper Jurassic, another TCF as per the presentation of gas or Oil?
Can they even give a 25 year licence if they dont know what they have . Surely ch-1 would need to be drill to the Jurassic first
They Omanis did originally say 25 year development licence but then changed their minds for the farmout, C1 drill and 3D seismic. I guess they see the expenditure as low risk and the 25 year development licence a formality?
Thanks.
Although as I see it. No production licence no income.
I would think they would want the licence in place before all this expenditure is made.
Not sure what you mean steve? the Aminex Zubair farm-out was dependent on the Licence extension that has just been issued, allowing the farm-out & C1 drill to go ahead. The 25 year development licence allows production from the complete field and the drilling of a further 5 wells as it stands.
The one applied for in September 2017.
Am I correct in saying that the farm out is worthless without the 25 year production licence?
positive news from aex today should reflect here too. plenty of cash in bank is a tonic. major asset coming into play finally is superb. surprised the sp is not significantly north from here.
Just a thought but since the Tanzanian Gov are treating the $5+$35 Farmout as a cash equivalent and thus the $2.2 CGT payable by AEX, this confirms the direct read across here of the $20 million cash equivalent valuation for Ruvuma. = to £16 million.
Likewise steve, the only delivery here has been the Tanzaian Gov issuing the extension licence and what looks to be the completion of the farmout very soon. So nothing to do with the BOD at all.
Morning Chris.
Thanks for that.
I do hope our board sort some king of income earning deal soon.
We probably have one of the most experienced boards of an aim company.
It’s been over a year since a new strategy was announced.
We are still waiting.
They haven’t even updated the company website for the aborted transaction.
Not very impressed with things at the moment.
I don't think that's correct steve, the CGT tax is payable by Aminex for the farmout income, solo have not farmed out and are not part of the farmout….yet
"As part of the ongoing process to obtain Tanzanian Government approval, the Company, with the support of its Tanzanian tax adviser, has been in discussions with the Tanzania Revenue Authority ("TRA") regarding any taxes payable on the Farm-Out."
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/AEX/14529606.html
Looks like we have to find about 700,000 dollars to pay our share of the tax payable to the Tanzanian authorities.
The board nerd to get a move on in generating some income soon before our ever decreasing cash disappears altogether.
Yes, could be a good fit for WEN thordon, although I think they are looking to diversify outside of Tanzania, all eggs in one country basket is the position solo currently find themselves in. The Zubairs would be high up the list imo, bearing in mind the financial commitment they have already made and the much larger one seemingly about to execute.
Wentworth Resources PLC operate a gas field in Tanzania and would be ideal partner to buy Solo assets.
Wentworth Res have $14 Million in the bank , so could fund the drill program
There's some sense in a straight merger? Producing, development and exploration assets. Reduce overheads for both operations? A bigger entity to leverage when seeking capital?
It's pure speculation trrime, nothing wrong with people speculating, there are some synergies between the companies assets and of course the fact that both John F and AF are major shareholders in both companies. In any case any deal either by SOLO or BLOE would need financing and that's probably a hard call in todays environment.
no brainer really In My Eyes, but to be fair in regards to SP on both Solo and here who would benefit the most as I note both are down and there could be cost savings for both companies if they work together on a deal or takeover, it bolds very well and has in my mind got genuine legs and not hype but I would like to be close to both this boards or a fly on the wall at the moment, whatever happens it would fit perfectly in a Solo portfolio :o) GLA !!!
steve58 would this be a bad thing if we were bought out by block energy or other way around, we would block any deal if it meant we were worse off wouldn`t we as I`m not looked into this directors bit to be fair ???
I’m banking on a deal or deals. Their must be some absolute no brainers out there at the moment.
Weather getting better again so outside again.
All the best.
Steve
And you steve. AEX Farm-out completion should be along soon and the transfer of operator the Omanis.
Their must be news on Ruvuma, a deal or deals of some kind, helium one.
I have bought more in anticipation.
I know I am trusting the board to deliver.
The directors shareholding’s in block energy are most interesting.
Have a safe weekend everyone.
After a completely unnecessary period of cynical scaremongering by the market IMO.