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Very quiet here.
Ten months since the aborted acquisition which took at least six months to put together.
The board have achieved nothing in over two years.
The Ruvuma delay is becoming a joke.
We have been waiting months if not years for it to complete.
So have the board.
Why can’t they come up with some deal to generate income and shareholder value.
They were very good at all the hype when the deal subsequently aborted took place.
IMO it is getting to the stage that the strategy they promised is just not happening.
What have they all been doing since March when the deal fell through.
They had access to 30 million euros at the time which was not needed.
I assume they still have access to funds to make an acquisition but have failed miserably to come up with anything.
Many on here have trusted the board on their strategy which was first announced nearly 18 months ago. I wonder how many still do.
It seems they are just waiting to get out of Ruvuma. However, waiting is not growing the company.
The company needs income not endless waiting and promises that cannot be kept.
Helium one also seems in danger of being another asset write down if something doesn’t happen soon.
I consider myself one of many very unhappy shareholders.
Quite frankly helium had all the hallmarks of an overpaid con from day one ,!
The Geology, licence and CPR confirms the asset, the competence of the guys running the show is a whole other story.
Evening Chris.
I’m not saying our board are not competent.
We just seem to be in the right asset but the wrong country.
News maybe tomorrow or even this month would be great.
Only eight months until the Ruvuma licence will need renewing. We all know how long it took last time. Why only give a years extention and not sign off the farm out straight away.
Just worries me that they will never sign the thing hoping we will all walk away so that they can keep it all for themselves.
The board can blame the lack of progress in Tanzanier up to a point, it’s what they are or are not doing that is very worrying.
I shall have a cold bottle of strawberry and lime cider later.
Have a good evening.
Evening steve, I was referring to the ex Helium Board, Maybe Geologists should stick to the Geology & let others with experience run the company. In saying that I agree with your post earlier ref the solo BOD, seems they have backed themselves into a corner pending the FO.
Everything seems dependent on the Zubair/AEX farmout which is dependent on the Tanzanian Gov. I see in that both WEN and ORCA, have or are completing workovers, adding compression, refrigeration and the inlet pressures have been reduced, all signs of scrapping the well barrel to meet the forecast short term demand and all costing many millions. If the Gov had pulled it's finger out, Ruvuma could easily of been up and running by now.
Enjoy the delicious sounding strawberry and lime cider
Morning all, we know this board needs to bring something to the AGM hopefully Sept early October or there statement to bring 3-5000 bpd will look Plain stupid a year and half later when all you got is a big fat ZERO to that figure, a week is a long time in the O & G industry so let see what the rest of this month delivers, too hot by the way GLA !!!