Member Info for blackgold00

" if such Government approval is not obtained by 15 October 2020, APT will have the right to terminate the Farm-Out Agreement."

but that doesn't mean that they will.

yes maybe vike, no expert in the small details, but the essence is, Aminex holds the license, if Zubair want to protect their 30% share, as things stand, Aminex by what ever means has to drill or start drilling CH-1 in the coming months.

yes, and maintain their right to developing Ntorya's 2 tcf of gas, by honouring the work commitments of the Ruvuma license, drill CH-1 and 3D seismic.

" IMO the Tanz Gov are asking for more than ARA are willing to concede."

yes, i don't know about the small-print, but as far as i can see, the committed works under terms of the Ruvuma license extension are aligned with APTs (minimum work program)
https://www.lse.co.uk/rns/AEX/ruvuma-licence-extension-granted-dfdvdbo7dvtru40.html

· Acquire 200 square kilometres (surface coverage) of 3D seismic (min. expenditure of US$7 million)

· Drill the Chikumbi-1 exploration well (min. expenditure of US$15 million)

https://www.arapetroleum.com/about-apt/

"ARA Petroleum Tanzania (APT) was established in 2018 to accelerate the development of the Ntorya area. After the farm-in APT will hold a 50% working interest, become the Operator and conduct a minimum work program. The work program will consist of drilling and testing the Chikumbi-1 well as soon as reasonably practicable in addition to acquiring a considerable quantity of 3D seismic data."

"there has been a serious breakdown of relationship between the GOV and Aminex/ARA."

has anyone got any rational reason why the Tanzanian Gov would not want the Farm-out to go ahead ?

this time last year the share price was at 1.5p, but then alas over the few months it started to fall.

https://www.lse.co.uk/ShareChart.asp?sharechart=AEX&share=Aminex

https://www.thetakeoverpanel.org.uk/the-code/download-code

General Principles and rules

The following is a brief summary of some of the most important Rules:

"When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained)."
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("Should a bidder breach the 30% threshold, it will generally be required to make a mandatory takeover offer for all the shares it does not own. Such offers must be for all cash or have an all cash alternative at a price at least equal to the highest price paid for shares in the previous 12 months") ??

"Generally speaking, an acquisition of a public company will be governed by the Takeover Code if the result would be for the purchaser and its "concert parties" to control 30% or more of the voting rights of the target. Concert parties include persons affiliated with the bidder and anyone cooperating with it under any arrangement or understanding to acquire or consolidate control of the target."

Strictly speaking, where the bidder is a state-owned entity, all other state-owned entities could be concert parties, which could have significant implications under the Code. The Takeover Panel's consent must be obtained to instead limit the definition of concert party to the relevant group.

Should a bidder breach the 30% threshold, it will generally be required to make a mandatory takeover offer for all the shares it does not own. Such offers must be for all cash or have an all cash alternative at a price at least equal to the highest price paid for shares in the previous 12 months. Such offers may only be subject to a limited a number of conditions which are set out in the Takeover Code and which usually make a mandatory offer unattractive to a bidder."

Any acquisition no matter how small by any person connected with the bidder (e.g. a member of a concert party or any of its
directors or subsidiaries) that takes the bidder over 30% will trigger a mandatory bid. Accordingly, from the very earliest time, the bidder must seek to manage the actions of such persons."

"In addition to the provisions of the Takeover Code, it is also the case that interests acquired of 3% or more, and any
subsequent acquisition or disposal of a percentage point or more, must be publicly disclosed."

Max, what do you read between the lines ? thanks

" but hey ho 7 days to go GLA !!!"

fjones, i'm a bit confused, are you in AEX at the moment, or are you out ?

so what were those 2 late trades 2.800m and 2.300m ?

i don't know about filling envelopes but i think some boots are being filled : )

thank you Alcapone : )

so who wasn't that directed at Alcapone ?

yes not forgotten, but that 20 mil was what got us to the development stage, and now we.re talking 140mil. considerably bigger bucks.

as it is ARA/Zubair's haven't spent much at all yet, so why should they be overly concerned ?

just say (IF) the F/O had been agreed sometime back, and a successful CH-1 well drilled and an EPS put in-place and gas was ready to be sold now, where is the immediate market for that gas and/or how long before there is a market for Ntorya gas ? I thought the gas pipeline from Dar es Salaam through to Mombasa was interesting.

"You have Organized groups who move around the small caps, and make a share rise"

i wish

https://www.standardmedia.co.ke/ktnnews/video/2000197277/tanzania-to-build-gas-pipeline-from-dar-es-salaam-through-to-mombasa-bottomline-africa

where's the gas going to come from then ?