Member Info for Appiamma

Not sure why no RNS for UK but ASX has the announcement in PDF format at the bottom of this page

https://www.asx.com.au/asx/share-price-research/company/TOU

Oh for uck's sake - I missed an F

Well they did OK - better than I thought considering it wasn't that appealing an offer. Fell a little short (£1.51m) but they'll place the remainder easily enough. Needed the underwriters and fair play to BoD taking 18 odd million shares. Particularly happy to see TG's support (12.5m shares subject to SH approval) Let's hope they actually get some good funding news out soon now so these options will be worth taking up at some point before they expire. GLA

Haha LTK - Now where have I heard that before? Atb best mate

'This board is terrible at keeping other investors informed of proceedings.'

No...it's just terrible full stop.

Strangely here and Investigate not showing the RNS. Positive progress imo.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/TLOU/14430057.html

Seems anomalous to me. No announcement to cause such a drop and bid at .055 and offer at .072, that's some spread!

Please keep on topic Whizzer- this is about you. You have always posted the same line, always negative, and as your history demonstrates less than truthfully . I'm not frustrated, I just think you are a duplicitous individual with an ulterior motive. Anyway off to the pub. Good weekend all, even you Whizzer

Poor attempt at deflection Whizzer. I didn't mention the company at all. Just commented about you and your posting history, with an inference that maybe your motives are likely to be disingenuous. Again I urge people to look at it. I'm fairly confident they'll draw the same conclusion.

If anyone believes this Whizzer character is genuine and not just a wind-up merchant, then I suggest you look back at his posting history. He's been selling up since he started posting - here's a classic from June 2018:

'I certainly am not buying more, we all need clarity on the way this company progresses forward! Today is the first time I've set a stop loss as I don't want to lose any more money, I almost sold out today but am going to wait and see what to has to say for himself and if I dont like what I hear I will sell up. His next interview needs to be bloody good'

They could have exited at any price from 9-10p down to this - surely the stop-loss triggered - but here they are with the same lines and the same BS.

I've take advantage of the dip and added today also. As others have pointed out I'm not quite sure what people were expecting from this required RNS; if the situation had changed we would have been told and so I was expecting exactly what we got. Even the detractors have been saying all we'd get is the same old rehashed update. Comments of them needing to be more honest are also quite farcical imo as it's the blunt honesty in the statement that has spooked many I'm guessing. The frankness was only offset by one comment, and it's the reason I remain positive and confident:

'However, based on information to date, the Company has no reason to believe that the targeted commercial gas flow rates will not be achieved noting that the Company is generally pleased with well performance to date. '

If you sold today because you don't believe in the company, management or project then that's fair enough - everyone needs to take a view and do what they think best, however logically you should have probably made that decision some time ago not today on the based on the of that RNS. GLA

'During the Period, the Company received cash refunds totalling US$2.7 m in respect of its VAT receivable and US$4.8 m of the remaining balance was offset against corporate taxes falling due in respect of 2019. Accumulated VAT receivables decreased from US$27.4 m to US$21.8 m during the Period'

Lesidi 1 was a pilot horizontal and 2 a vertical test well. They formed part of the initial proof of concept and testing operations. They had some issue with excess/anomalous water production, but that was resolved if I remember correctly. Along with the Mopani 2 well and the Salemo Pods they were about investigating the behavior of the coal seam, proving the gas would flow, increasing reserves, and gaining better understanding of well design etc. Ultimately for flow testing they used the the Salemo wells. Short tests gave max flow of 400k cfd/average 200k cfd and after a longer testing period the power for the project operations was generated from Salemo 1P. Importantly it gave them confidence that commercial flow rates were achievable. After further seismic and core drills they consequently chose the Lesidi 3 & 4 location for the production wells and proposed gas to power site. The orientation and the selection of dual laterals for these pods was the result of all the prior work done.

It is a methodical approach and a slow technical process but necessary if you want the right outcome, and so far it seems to be going to plan - if a little slowly for some. Remember TG has done this twice before Arrow/Sunshine; he really knows CBM, and shareholders did very well there. I have no reason to believe he can't do the same again. Different environment sure, and maybe there was a degree of underestimating the frustrations and delays that would arise, but the operational updates are frequent and detailed (use ASX for much better ones) and I've never felt that the BoD were underperforming. There are so many blaggers and bs merchants in this small-cap sector that get away with all sorts of nonsense and certainly do deserve criticism from investors, but I do not think it is justified here.

As a post from TLK last week stated, once we get those stabilised flow rates, and they have to be stabilsed, I'm sure everything else will come together. GLA

Maybe it's simply that there's nothing to report

No Zeb we were officially told this:

'The Company can confirm that continued flow testing of the well recorded a production rate of approximately 285 barrels of oil per day, adding significant uplift to Zenith's total in country production figure.

Yearly revenue of approximately US$5,500,000 is expected to be generated from C-37, and a stabilised flow rate of 285 represents a 114% increase in the Company's daily oil production. '

Yet the interims were vague and did not confirm this - just that we increased flow and confirmed concept. Incidentally last time I looked they had not uploaded that report to the website and barrels per day still indicated 270. Maybe the just haven't bothered with it.

If I was going to loan the company say £5m for one year at whatever coupon now - I'd want to be confident I would get my principle back . The company's ability to do that will either be through increased production/revenue or they will either have to refinance (he's good at that) or raise funds; what do you suspect the ability to do that will be if still no success? Therefore, yes I'd want to be pretty damn sure that the existing production data handed me is accurate and I'm certain they would be told the current situation - something we have not been and won't know for sure until next year probably.

Kels - I'd guess any purchaser of the MTNs will be told the truth of the situation anyway - you'd probably want it it writing too. Personally I think it's likely we won't know for certain before the Q3 update around Feb time. By then we have to hope C-30 has been a resounding success.

Logically you would assume not. As when from Jan 2017 your maxim has been to increase production to 1k barrels a day and instead every attempt to do so fails, surely when a significant success does come along, doubling output, you'd do everything possible to advertise the fact. Particularly when the SP is on its arse and you want to offload a load of notes to raise funds. AC crows loud enough about his various financial activities and company ratings, why not this?

Whizzer and JTD, neither of you seem to be very impressed with the BoD here, you've certainly made the effort over the past couple of days to ensure we are all aware of their shortcomings. If that is the case, and you feel they are not doing their job, why would you want them to take a pay cut? So they can continue to undermine your investment,but for less money? Not sure that's very logical, as the outcome for you will be the same. Surely you'd want someone else at the helm no? Someone to do the job right. And as you seem to be such keen judges of director performance in this sector, maybe you even have some suggestions for suitable replacements that will get the job done to your satisfaction, or perhaps you even have some helpful insights yourselves for the BoD that will get things moving more rapidly. I'll wait.

There seems to be a lack of acknowledgement of the testing political/economical environment the company is operating in and a deal of ignorance concerning the CBM process. To say the company is not performing is harsh and the slow progress is caused mostly by things beyond their control.

It is undoubtedly frustrating and most likely the update will be viewed negatively, but they have been very positive on potential flow rates, without any hype and provided detailed explanations. You sense their frustration in the slow progress of the PPA and funding but they are pragmatic and appear to have contingency plans in place. Not sure what more they can do. GLA

A National 110 is a similar size rig to ours and I was told once that it only took a good crew 7 days to rig down move a short distance and rig up, provided the pad was ready of course. Let's hope something happens before Christmas.