Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Ruvuma Farm-Out Update
Further to recent updates on progress towards completion of the Ruvuma Farm-Out, the Company is pleased to announce that following payment by the Company's subsidiary of the capital gains tax bill, and payment by ARA Petroleum Tanzania Limited ("APT") of the stamp duty bill, the Tanzania Revenue Authority ("TRA") has issued the Tax Clearance Certificate to the Company.
The Tax Clearance Certificate has now been submitted to the Tanzania Petroleum Development Corporation ("TPDC") to be forwarded to the Ministry of Energy. The Company has now completed all the requirements to allow the Minister to grant approval of the assignment of the 50% interest in the Ruvuma PSA to APT, the final remaining condition to completion of the Farm-Out.
Robert Ambrose, Chief Executive of Aminex commented:
"This is a major milestone. With the receipt of the Tax Clearance Certificate from the TRA and with the onward submission to the TPDC, Aminex has now accomplished all of the conditions within our control in order to complete the Ruvuma Farm-Out."
https://www.lse.co.uk/rns/AEX/ruvuma-farm-out-update-6jg4qpddhxz4tx6.html
Morning Chris.
One step closer.
Three weeks to get a receipt.
Now passed on to yet another department.
I am very concerned by our own lack of news regarding further investments.
The board did state a few months ago that smaller deals were being looked at.
Annual results due soon. Not sure if they actually have anything to talk about.
steve58 agree with that. I am still holding because it’s not worth selling at these prices, but I have been here over 8 years now and we are still not close to monetising in Tanzania
Good morning Joe.
Very frustrating at lack of any progress by the new board.
I have been here since the reef days when the company was valued at over 40 million pounds if memory serves me right.
Let’s hope the boards strategy pays off. Mid cap company in under 3 years. I have my doubts.
Interesting point.
The question is how much would they pay.
The cost of drilling is the same whether we are involved or not. The only difference is that we would not have to pay our share. IMO the board would be very interested at a complete disposal in excess of $50 million.
Sp on the up again today.
Yes Steve £40,000,000 and millions of fewer shares. Boy how this company has been destroyed. Just a question of one or two making a quick buck here before rapidly moving on i'm afraid.
At least I can’t be accused of that.
Would have been good but afraid I’m in until mid cap status or at least 50p a share is achieved.
Probably another 8 years at least
A complete disposal of Ruvuma would certainly speed things up.
On Farmout completion, 75% of the Project is fully funded trough to production and the Full field development of around 8 producing wells. SOLO's 25% becomes more valuable as a result. I also wonder why the Zubairs would not step in to take them over 50% of the project?
Sounds a feasible outcome.
Weren’t we promised a special dividend.
All the more reason to monetise soon.
Of course it is a buyers market regarding investments at the moment.
Unfortunately the promise of a considerable dividend was made by NR and for some time it was my main reason for holding on to these shares. Since then the SP has gone down so much we would need a dividend of about 2/3p per share to make up (fat chance).
I bet the new bod will state that the promise was made before they took over which makes it null and void. Anything to avoid shareholders making money instead of them.
Hello trrime. one question please. You state "SOLO are looking to exit Tanzania altogether".
Now I do not necessarily disagree with you but do you also include Helium 1 stake in that statement or just the Ruvuma and Kiliwani holdings?
I agree and have a feeling the zubs have let us bleed long enough and will make their move sooner rather than later. IMO obviously
I would tend to agree trrime. The Helium 1 venture has always garnered a lot of support and enthusiasm but I have always asked why it is that shareholders believe Helium 1 would fare any better with the Tanzanian authorities over Helium than AEX and others have in the Natural Gas space..... ? They could wait the 10 years that AEX have to commercialise the underlying assets. Though I grant you that Helium prices seemingly do not suffer the same vagaries that Natural Gas does.
I couldn't agree more trrime. It is just a pity that it has taken me over a decade to finally admit it to myself..... :0(
AEX and SOLO will be my last foray into Africa in sizable, long term investments anyway.
Agreed. I’d rather we had a tidy sum in the bank now than wait many more years to earn anything like the sum involved. Take the money as soon as possible further investments that generate income from day one and return some to shareholders. All imo.
I'm surprised the bod haven't kept us up to date with how they are functioning amid the covid crisis?
Have they furloughed themselves ? "do they still have the enlarged team they built around the ONE- dyas deal and the Scirocco aborted launch ? have they lost the ability to communicate to shareholders? and why don't they update the website in these fallow times.
Hi AA, fully agree. The lack of communication around the strategy and the delivery of that strategy has been appalling post the One Dyas - no deal. Lets hope it's because of something significant about to be delivered, either on the producing asset gaining front or the partial/full disposal of Ruvuma front.
20,000 boepd…...long way to go from 0!
Agreed. Awful to say the least. Lining up for interviews last October.
Since then nothing.
Even nr have more time to investors with interviews even if he did go on about the seed investment in Morocco.
We have him to thank for all our current investments and nothing of note to thank the new board for exempt disposing of horse hill.
Lets hope they sort something out and soon. They have had plenty of time to do so
Even a small deal would be a start.
It could be that the monetizing of ruvuma is the only thing holding it up.
I’m expecting SOLO to announce a sale of its Ruvuma assets soon after the farmout is finalised. I give it a 95% probability it goes to ARA. I’m also expecting the sale price to be lower than many here have suggested. Only upside is SOLO will have cash in hand to pivot quickly on a deal aligned to their strategy.
The base value is already set @ $20 million, don't see anyone voting for less.
Morning Chris.
I would expect much more for a complete sale.
The silence from the board is uncanny.
IMO must be working on a substantial transaction.
However, another prolonged suspension is not something anyone wants at the moment.
I’d rather have a small investment and have some income coming into the company and build on that.
Morning steve, hope all is well. I certainly hope they are working on something steve, the radio silence is deafening post One Dyas. Lets see what happens once the AEX Zubair farmout is completed and lets hope the BOD have taken note of the CGT liability that AEX have just paid on their $40 million.
If the CEO of Helium-1 is to be believed they will be drilling in the 3rd/4th quarter trrime. International flights are now back open in Tanzania and with no Quarantine on arrival.
https://twitter.com/mtanzania/status/1262795849844903947
https://twitter.com/mtanzania/status/1262991302406348801
Ha I always find it quite amusing when people postulate the theory that, "because the Board are saying nothing it suggests that something is going on behind the scenes"....! Believe me after over 10 years in Aminex and almost as long in Solo a period of silence typically indicates exactly the opposite - there is nothing going on the the background; at least nothing worth reporting.
bearing in mind most believe the board is a good one for Solo and they know how to run a good ship, hopefully lack of update since 2/3 suggest they are tying the loose ends up on a deal which one, we just don`t know if any deal, but there has to be a reason quite Frankly good or bad for the delay and 20 Million is cheap in my view GLA !!!