Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Drilling/seismics etc? Surely any full sale should far exceed these costs?
I have a few grand in .............!
not a patch on some................ :(
All the best (never drilled or seismicated............ ;()
I estimate around £14 to £15 million spent on exploration and appraisal, not including placing fees. £20 million if you include all gross costs to date.
Any deal below £20 million for a full sale is a loss.
Cheers Chris. I trust the bod takes this into account - they bloody ought too!
I would think anything north of £50 million would be a reasonable amount.
We could of course farm out half receiving a smaller sum including half of our costs so anything north of £25 million. A free carry of 10 to 12.5% would be ideal. £10 to £15 million for further investment and £10 to £15 million by way of a special dividend.
Not asking for much but after all these years of waiting I think we deserve some return on our investment here.
No worries Paul. AEX only manged base cost recovery in their deal but the upside is the carry to production and a good proportion or even all of full 8 well field development. If solo sell 25% then they have no upside so need to account for that in the price and after all, C1 drill is likely to add significant CPR'd value to the licence area.
What about a proportion of salaries and other company admin costs? I would say figure would be closer 25-30 for break even
Complete lack of communication from the board is dreadful.
So much for strategy. Even some sort of update would be better than nothing.
Imo ruvuma will be sold once the farm out is complete.
That is probably what is holding up any future deals.
I would not think a large deal such as the aborted one will happen as another suspension
would not go down well with shareholders at the moment.
Even a small deal bringing in 50k a week will do.
We have no income cash diminishing.
Doesn't give me much confidence in the new board at the current time.
Don't be a negative ninny then Steve..............!
"Doesn't give me much confidence in the new board at the current time."
if you feel that way.............. Sell............. :)
All the best (you won't though :)
No not until at least 20p.
Have a good weekend.
......... :)
All the best (I will, don't sell yourself short :)
how did your AML go Chesh, not invested there yet so can`t earn a AM tail light bulb let alone the car, anyway back to Solo risen from 1.175 this week so shouldn`t be too greedy I suppose and 1 week closer to amazing update here or not as Crusty thinks ;o) (Maybe he is correct) anyway I more confident with our board be it slow but are they putting the ribbons on our present we will have to see, Steve it could be worth as you could of been a HUR investor (so sad really) have a good weekend folks and stay safe and look forward to a (Monday) RNS !!!!
No RNs Monday bank holiday
£100m
Solo Fund raising
List of funds raised through share issue (dilution) resulting from a quick analysis of past RNS -
Nov 2009 raised £6,400,000 Tanzania
Apr 2011 raised £2,100,000 Reef
Jan 2012 raised £ 350,000 from £10,000,000 equity line
Feb 2012 raised £ 750,000 from £10,000,000 equity line
Feb 2012 raised £ 250,000 from £10,000,000 equity line
May 2012 raised £ 150,000 from £10,000,000 equity line
Jun 2012 raised £ 128,000 from £10,000,000 equity line
Jun 2012 raised £ 300,000 from £10,000,000 equity line
Aug 2012 raised £1,500,000 Tanzania
Jan 2013 raised £1,500,000 ‘Strengthen company Balance Sheet’
Mar 2013 raised £1,000,000 ‘Strengthen company Balance Sheet’
May 2013 raised £1,500,000 ‘Strengthen company Balance Sheet’
Jun 2014 raised £ 500,000 Tanzania
Sep 2014 raised £ 760,000 placing and £1,500,000 conditional placing totalling £2,260,000
Feb2015 raised £ 700,000 Tanzania
Apr 2015 raised £2,000,000 Tanzania and UK
May 2015 raised £ 200,000 ($300,000) BURJ Africa
Apr 2016 raised £ 800,000 Tanzania
Sep 2016 raised £2,000,000 Tanzania
Feb 2017 raised £2,000,000 Tanzania
Mar 2017 raised £1,350,000 Helium - part of £2,550,000 investment
Nov 2017 raised £1,500,000 Tanzania (from £5M convertible loan)
Feb 2018 raised £2,000,000 HH
Mar 2018 raised £ 650,000 HH
Totalling £31,888,000
Mkt Cap
13/06/18 = £11,720,000
Summary
£17,400,000 Tanzania
£ 4,000,000 Balance sheet strengthened
£ 1,928,000 from £10,000,000 equity line
£ 2,100,000 Reef
£ 2,650,000 HH
£ 2,260,000 placing/conditional placing
£ 1,350,000 Helium
£ 200,000 BURJ Africa
I suppose we should deduct proceeds of Horse Hill and IOW investments. About 4.5 million pounds.
So net fundraising about £27 million pounds.
Maybe Ruvuma can be sold on for that without further capital raising for drilling etc.
Have a good weekend.
Cheers BD. And our only actual income was a pittance from KN1. Talking of which - what's happening there with the disputed payment?
Still waiting for resolution, the GOV held back payments for gas sold in excess of the disputed tax amount as per below from the AEX annual report.
"The Company continues to meet with the relevant Tanzanian authorities to discuss and resolve the issue of outstanding receivables from previous gas sales from KNDL."
Owed to Gov (disputed)
"the TPDC has requested payment of certain amounts totalling US$6.0 million for liabilities arising on revenues from gas sales, of which Aminex’s share is estimated to be US$2.7 million."
Gov owe JV for gas sales;
"TPDC trade receivables balance of US$7.8 million, of which Aminex’s net share amounted to US$3.2 million, due from the TPDC for invoiced gas sales and interest for late payment thereon"
Big week/s coming up for Solo shareholders now, what is in store for us I wonder !!!!
Market hates our investments BD or market not caught up with our true MC yet (take your pick) :o)
Reasonable probability that the AEX/Zubair farmout will complete this week/next and the $40 million effectively handed over for 50% of the asset. Lets see if that unlocks the BOD farming down/selling solo's 25%
Morning Chris.
Sure hope something happens here.
Hardly a word from the board in 7 months.
I assume they are actively working hard on their strategy.
At least weather is good and lockdown being relaxed.
Imo once farm out agreed we will sell our entire stake.
Tanzania is just too slow all round.