Member Info for blackgold00

two whole weeks, wow, that tells me that their "shortly" when first announced, is a lot shorter now. And this is not the same old Aminex, well not the same as last year, then, there was no renewed PSA license nor indeed the farm-out completion as now . So all the hard waiting has been done and now we just wait a little longer, for the CH-1 drill and Seismic program to be announced.

fj, a Jan drill ? if announced? then these shares will go into out of control mode. lol

"So my take is they have $1.97 available (maybe still being paid over the next 4 months) but need to deduct any interest accrued from the advance from 30/09"

yes quite right grsshaw, $ 1.97 less interest accrued.

Completion of Ruvuma Farm-Out 23 October 2020 RNS
"As previously announced, over the past c.12 months, the Company has borrowed US$3 million (the "Advance") and US$2 million (the "Loan") from ARA Petroleum LLC ("ARA"), which has now been repaid to ARA by means of the US$5 million cash consideration payable to the Company on Completion of the Farm-Out. The interest that had accrued on the Advance and the Loan has also been repaid from the interim period costs that are due to the Company under the Farm-Out Agreement. Accordingly, the security over the Advance, the Loan and associated interest that was put in place by the Company in favour of ARA will now be released and discharged."

where did you get that from MAX, thanks

this could get interesting, looks like even the dead got a vote. lol

https://www.youtube.com/watch?v=5ZRgCrYYO-U

believe you, lol, you would have had me sell when the sp was down in the .40s just a month ago. no its just the way the market is now days, (impatient traders)that can't wait for news

for those that might be interested, a bit more light on what (the great and the good ?) have planed for us.

https://www.youtube.com/watch?v=Sxqfbt_fxd0

"at the least. Give time frames/plans"

yes Bluff, that's what we're all waiting for, but it will be in their/APT's time

"APT, as the new operator of the Ruvuma PSA, intends to call an Operating Committee Meeting (OCM) shortly, where it is expected that they will formally present their programme and schedule for the drilling of the Chikumbi-1 well and the 3D seismic acquisition programme."

yes cperkin i agree, they will be invoiced monthly as work-program progresses and as drilling commences (rig hirer) contract day rates, will no doubt need to be paid monthly as well or what ever the agreement will be. costs will be ongoing after drilling such as well testing etc, which might well carry on months after drilling completes. that's how i understand it

https://www.lexology.com/library/detail.aspx?g=60f13531-f11f-493b-ba29-a31006870213

i mean how can you expect APT to fund the whole project, and then just say, CH-1 was a dud and for them, then try and get $10 million out of SCIR, no way. SCIR will need to pay up-front and take their share of the risk.

"Not that they are going to need to stump all that up till post drilling and 3D anyway."

i don't agree with that cperkin, my understanding is they'll have to pay for project's going forward, they will receive their monthly (Cash-Calls)

well, if you want me to guess away, i reckon the pressure of a $40million (gross) work-program, that would apply to SCIR might lead or open the way to negotiate a deal between ARA and SCIR.s 25% interest in the project. As i see it, APT holds the upper hand.

"Under the terms of the JOA, approval from two parties holding at least a 65% participating interest in the licence will be required to move those elements into the firm budget. After completion of the Farm-Out, APT will hold 50% and Aminex will hold 25%"

i guess these negotiations Gov/SCIR is or have been going on since the announcement. ?

25 February 2020
"APT and Aminex have agreed, subject to the requirements of the Ruvuma PSA and Joint Operating Agreement ("JOA"), that upon completion of the Farm-Out and the transfer of operatorship to APT, to request approval from the Joint Venture and the Tanzanian authorities to move the contingent elements of the previously approved 2020 Work Programme and Budget into the firm budget for the year. The intention would be for the seismic acquisition to form part of the immediate work programme and no longer be contingent upon the award of a Ntorya Development Licence. Under the terms of the JOA, approval from two parties holding at least a 65% participating interest in the licence will be required to move those elements into the firm budget. After completion of the Farm-Out, APT will hold 50% and Aminex will hold 25%. Assuming that approvals under the JOA and PSA are granted, the firm budget will then include the drilling of the Chikumbi-1 well and the acquisition of an extensive 3D and 2D seismic survey. The total value of the contingent elements proposed to be reclassified to firm is currently budgeted at approximately US$40million (gross), for which Aminex would be fully carried. The proposed 3D seismic survey, expected to cover approximately 500 km²"

"Boris and the other loony brexiteers" ??

well RoJo, i think you'll find, underneath Boris's teflonian exterior, you'll find a deep rooted (Liberal) at heart, and one that might well suit and fit into the new (covid world agender), the US, the EU and those that fall under their influence, in the name of saving the economies, our livelihoods, and our planet, all under the guise of Liberalism, who's swelling tide has reached so many aspects of western culture, especially the young, through education, media and religion, ensuring them, that they become willing subjects, of the great new agender.
yes interesting times lie ahead. have you checked out what those lovely kind people at (The World Economic Forum) have install for us all ?

https://www.weforum.org/great-reset/

and for balance, (The Great Reset for Dummies)

https://tessa.substack.com/p/great-reset-dummies

believe what you want to believe

https://monsterhunternation.com/

i bet Biden will put the pressure on EU to help the UK get a good fair deal. wouldn't you say RoJo : )

yes, now all hail the great Biden

that would be fine by me Ufufuo, then we could all chill out and think about what covid Christmas is going to be like this year

yes agree Potatospud, we could all be taken by surprise with a “nice marriage”, and maybe now the farm-out is complete the marriage can proceed ??

"Well surely that would depend on the date of the spud?"

yes, i was answering Robbie, "If AEX were to announce spud in new year" and if that was the case and they announced that the spud would be in say, early Jan, then i would say, that it would take the market by surprise, and push SP beyond the resent highs of 1.5p to i think into a new trading range of 2p ish leading up to 3p at the spud. just me thinking.