Member Info for blackgold00

If that was announced, i reckon we'd see 2p on the day of announcement and then moving to 3p on spud ??

"Early Q1 for that spud date surely the very best that we could expect?"

well, that would be (very soon) in my eyes and i expect the market too.

Protocol, Practice and Problems

https://integrity-audit.com/cash-calls/

"To begin, why do we have cash calls in industry? In essence, the Operator isn’t supposed to make money over the Non-Operators just by virtue of their role as Operator, but they aren’t supposed to lose money either. The financing costs of capital projects are a very real expenditure and carry a significant burden to an Operator when the amounts involved get high enough. If an Operator has paid cash to the vendors involved in a capital project but they don’t receive the Joint-Operators’ (Non-Operators’) share of the expenditures until a couple of months later, then the Operator has incurred a financing cost associated with carrying the Joint-Operators’ interests."

i do think there is a chance SCIR could start receiving Cash Calls within months.

https://integrity-audit.com/cash-calls/

"For the purpose of this blog, let’s review just the terms of the Canadian energy industry’s most prevalent procedures, the 1990 CAPL Operating Procedure and the 1996 PASC Accounting Procedure that is typically attached to it. The clauses that are going to interest us are Clauses 503(b) and (c) (Advance of Costs) of CAPL 1990, and Clause 104 (Capital Advances) of PASC 1996."

"In a nutshell, here’s what our industry protocol is supposed to be for cash call invoicing, payment, and reimbursement:"

1) The Operator is to provide a written estimate of capital expenditures that are expected to be paid for a project for one month, which is the basis of the cash call invoice to the Non-Operator (i.e. Joint Operator). The Operator must send this estimate to the Non-Operator no earlier than 30 days before the start of the month the cash call applies to."

Let’s use capital expenditures for the month of May for an example. The Operator should submit May’s cash call estimate (and invoice) to the Non-Operators no earlier than April 1st (30 days before May 1st). Please note that the estimate is only to include the capital expenditures that are to be paid in the month of May and not just incurred or booked in May. An Operator may book an item in May but have payment terms of 60 days, in which case the expenditure should appear on the July cash call invoice."

2) The Non-Operator must pay the Operator’s cash call invoice either 20 days after receipt of the invoice, or on the 15th of the month that the estimate relates, whichever is later."

"OCM is booked apparently"

thanks cperkin, can't be to long away.

i get the feeling that SCIR is not in step with what we think will be APTs (work program) ?

"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."

about 8:20 in
https://www.youtube.com/watch?v=owTcsIJYgFU&feature=youtu.be

sorry that was from the 6 November 2019 Corporate and Operations Update

https://uk.advfn.com/stock-market/london/aminex-AEX/share-news/Aminex-PLC-Corporate-and-Operations-Update/81077758

i can't see that there is any question with regard APT relocating the CH-1 drill site, as far as i can see, APT has been adding along with AEX their own input into all aspects of the upcoming CH-1 drill.

"The 2020 Work Programmes and Budgets for all licences in Tanzania have been submitted to the government for approval which includes a gross contingent ca $40 million programme for the drilling of Chikumbi-1 and the acquisition of extensive 3D and 2D seismic surveys over the Mtwara licence, the costs for which Aminex is fully carried;"

-- "ARA Petroleum Tanzania Limited ("APT") has agreed to fast-track select Chikumbi-1 pre-drilling activities and has appointed a management team to oversee Tanzanian operations. APT also intends, in the very near term, to open an operations office in Dar es Salaam; "

"As previously announced, both APT and the Company have seen recent positive movements in Tanzania with respect to the general business environment, growing demand for natural gas consumption and the approaching completion of the government's review of production sharing agreements. As a result of these encouraging developments, it has been agreed to fast-track select Chikumbi-1 "pre-drill" activities including construction of an access road to the Chikumbi-1 wellsite, construction of the drilling surface location, ordering of select long lead items and to progress permitting activities. This will enable the joint venture group to commence drilling operations on Chikumbi-1 as soon as possible following the granting of the extension of the Mtwara licence. Furthermore, APT has taken proactive steps to hire key in-country management personnel including the former Technical Director of PDO in Oman, who has been appointed General Manager."

well, he's entitled to his opinions i suppose.

Potato, yes agree, waiting on the news
"APT, as the new operator of the Ruvuma PSA, intends to call an Operating Committee Meeting (OCM) shortly,"

Crusty, you seem to be missing entirely, the Elephant the room, i mean the geology, and not just Ntorya Cretaceous, which we know to have good up-side from here, but the potential the Likonde Jurassic will offer, which will provide upwards momentum beyond Ntorya, and i would argue the WEN/M&P license is lacking in that regard.

check out pages 63 onwards

https://tools.morningstar.co.uk/tsweu6nqxu/globaldocuments/document/documentHandler.ashx?DocumentId=229216175

just got back from a walk, and its looking better here : )

"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%"

https://uk.advfn.com/stock-market/london/aminex-AEX/share-news/Aminex-PLC-Corporate-and-Operations-Update/81832319

"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 km(2), would be the first onshore 3D seismic programme undertaken in Tanzania."

that might not be a bad call dunder, specially as our (price guru Range) from the other side is now predicting .8

the song of the day RoJo, someone sold a million @ .92 someone in the know or someone that hasn't done his homework or maybe someone not using his own money and cant afford to wait or take the pressure ?? all i know is as soon as i sold a stomping RNS would drop. lol

"Some people are obsessed with the day to day share price"

well, the short term traders are.

dunder "Page ffs what r u talking about?
R u inferring that the balance of the carried work programme will be paid in cash to AEX if cheaper than the $140mm figures oft quoted?!
"Ffs go stand in the corner with UWE and Tanzania"
"Lol."

no apologies to PageofCups then

"R u inferring that the balance of the carried work programme will be paid in cash to AEX if cheaper than the $140mm figures oft quoted?!"

my understanding is, if we reach the "production level of approximately 140 MMcf/d" with say just 2 wells, CH-1 and one other, and there is still money left over of the US$35 million full carry, then Aminex's will be paid the money not used, by APT share of production.

"As previously announced, the Farm-Out includes a full carry for a minimum work programme including the drilling and testing of the Chikumbi-1 well, the acquisition of 3D seismic over a minimum of 200 km2 within the Ntorya area, and further production wells and infrastructure as required to propel the project to its estimated P50 production level of approximately 140 MMcf/d"

Mick "I would happily take 5p plus per share today if we get sold today."

what ?

just got rained off, been panting gable end, i guess the timing of APT (work program) meeting will be known by SCIR soon enough. so traders will be edgy to get back in.