Member Info for blackgold00

bucklerfern, i couldn't agree more

Mike007 "One more question Is this conference in October any more significant in the whole scheme of things than the one they held last year?

yes, I think so, over the years Tanzania has been moving to position themselves, to take advantage of the substantial gas resource that has been discovered over resent years, pipeline, processing plants, infrastructure etc, so as the whole industry grows as each year passes so the conference must become more significant. plus I would say the PSA review will be designed to take the industry and exploration forward.

“We believe that this Conference has come at the right time as we need more dedicated investors to join in with the government plans.”
Hon. Dr. Medard Kalemani
Minister of Energy
United Republic of Tanzania

well i'm with cperkin and think we'll be getting the PSA extension news etc, by end of Sept, because what i'm thinking, if the (PSA review) was not completed by then, it would cast a big cloud of uncertainty over the upcoming Oct 2nd and 3rd (Tanzania Oil & Gas Congress) and would have an effect of deterring investors rather than encourage oil/gas investment into Tanzania.

https://www.cwctog.com/
"Following the huge success of 2018, the 3rd Tanzania Oil & Gas Congress will be returning 2 – 3 October in Dar es Salaam, with the full support of the Ministry of Energy, TPDC and all key government bodies. This year, the Congress will focus on exciting investment opportunities, strategies to boost industrialisation and new oil and gas projects in the region."

i was going to say 2.8 Toby, better put me down for 2.7 then. thanks

"Swala has had initial positive discussions with the Tanzanian regulators and sees no significant impediments to securing the remaining consents in a reasonable timeframe in respect of the Transaction."

( in a reasonable timeframe) yeah right

well after the wording, confirming the last extension in March, and now this RNS just confirming that they will if they need to, leads me to think/hope that AEX/APT believe that the Ruvuma Farm-Out and the licence extension are very close to being agreed.

21 March 2019 Ruvuma Farm-Out Update
"Aminex announces that all parties to the previously announced Ruvuma farm-out agreement have agreed to an extension to the longstop date to 31 July 2019. The Company and ARA Petroleum Tanzania Limited ("APT") have made good progress on closing out the conditions precedent, including all joint venture partner approvals, and are actively engaged with the Government of Tanzania to close out the remaining conditions. "

(my brackets )
19 July 2019 Ruvuma Farm-Out Update
"the Company and ARA Petroleum Tanzania Limited ("APT") remain actively engaged with the Government of Tanzania to close out the remaining conditions. (The Company will make a further announcement if or when the longstop date has been formally extended.)"

"The principal conditions of the Farm-Out still to be met are the extension of the Mtwara Licence and approval by the Tanzanian Government of the transfer of the interest and operatorship".

Sultan Al-Ghaithi, Chief Executive of Ara Petroleum LLC, said:

"We are similarly disappointed in the time it is taking to obtain approvals but continue to be encouraged by the positive response by the Tanzanian authorities to our future involvement in the Ntorya project and (content to further extend the longstop date to the Ruvuma farm-out agreement, should it be required)"

"Following the huge success of 2018, the 3rd Tanzania Oil & Gas Congress will be returning 2 – 3 October in Dar es Salaam, with the full support of the Ministry of Energy, TPDC and all key government bodies. This year, the Congress will focus on exciting investment opportunities, strategies to boost industrialisation and new oil and gas projects in the region."

https://www.cwctog.com/

https://www.cwctog.com/brochure_download/

("and new oil and gas projects in the region.") do I dare wonder ?

looks like the FAQ have been taken off, or are they going to be updating the page?

"the 10p party is long forgotten then and now only a dream, once thought to be possible. Oh how things have changed!!!"

but the geology hasn't changed Seawolf, just needs one little PSA extension and things will look o so different

well seeing Swala Oil & Gas are prepared to make an offer for the whole of Orca then they must be confident of a favourable outcome regarding the outcome of Orca's PSA review. or do they know something we don't?

http://www.swalaoilandgas.com/documents/Proposal-For-Orca-Exploration-Group-Inc.pdf

"Why post a report from 2018 (assaye) and an article from 2011."

don't you think information coming directly from PAET might be biased ?

17 July 2011
Tanzania: Pan African Energy Refutes Tax Evasion Claims

https://allafrica.com/stories/201107181388.html

A WAVE of multinational corporations using tax havens to avoid paying taxes in Tanzania has now included PanAfrican Energy Tanzania Limited which an ActionAid Sweden report last week indicated that it had denied Treasury 65 million US dollars (about 97.5bn/-) in taxes between 2004 to date.

PAT also came under fire in the National Assembly last week when lawmakers questioned its gas extraction deal from Songo Songo islands which charges hiked prices on state owned Tanzania Electric Supply Company (TANESCO) despite numerous tax exemptions

Tanzania, "Am I wrong but were the so called 'Loopholes' specfically generated from the offshore companies ? If correct that rather puts the likes of AEX & WEN in the good boys corner, yes ?"

I don't think AEX and WEN have much to fear re outcome of the PSA review, as their PSAs are very much the run of the mill. I believe as far as the Tanz Gov were concerned their main contention was with the Orca/PAET, PSA which seemed to allow them many opportunity's to avoid paying tax. I might also add that this contention between the Tanz Gov and Orca has been going on for many years now.

‘Loopholes’ in contracts were identified which had denied the government Sh291 billion (US$128 million) of revenue. Pan African Energy Tanzania (PAET), a gas producer, was specifically singled out as having avoided paying Sh136bn in tax (US$60 million).
It was claimed that Songas, a producer of electricity, and PAET had been collaborating to shift their burden of operations to the Tanzania Petroleum Development Company (TPDC) and Tanzania Electricity Supply Company (TANESCO).

some background reasons for the Tanzania PSA review

https://www.assayerisk.com/20180608-tanzania-special-committee-report-oil-and-gas/

20180608-Tanzania Special Committee Report: Oil and Gas
Executive Summary:
Eleven oil and gas contracts were reviewed during the Special Parliamentary Committee investigation to establish how Tanzania benefits from extraction of oil and gas. The full report has not yet been released but key findings have now been read to Parliament highlighting key findings and recommendations.

Report Findings and Recommendations
On 02 June 2018, a summary of findings from the Special Parliamentary Committee investigation into how Tanzania benefits from the extraction of oil and gas was read out in front of Tanzania’s Parliament: the full report has not yet been released. During the investigation, 11 exploration and production contracts between government and privates were investigated, key findings were:
Five former ministers of energy and minerals have been implicated in the report for signing ‘dubious’ contracts (a listed of contracts signed by these former ministers can be found at Annex A). These former ministers are:
Mr Daniel Yona.
Mr Edgar Maokola Majogo.
Mr Ibrahim Msabaha.
Mr Nazir Karamagi.
Mr William Ngeleja.
All contracts were signed by Tanzania Petroleum Development Corporation Managing Director, Yona Killaghane.

‘Loopholes’ in contracts were identified which had denied the government Sh291 billion (US$128 million) of revenue. Pan African Energy Tanzania (PAET), a gas producer, was specifically singled out as having avoided paying Sh136bn in tax (US$60 million).
It was claimed that Songas, a producer of electricity, and PAET had been collaborating to shift their burden of operations to the Tanzania Petroleum Development Company (TPDC) and Tanzania Electricity Supply Company (TANESCO).

The ability of companies to maintain foreign bank accounts was deemed to have prevented full benefit for Tanzania, as was the continued ability of O&G companies to settle disputes abroad.

Ability to gain a recoverable loss through shifting the costs of exploration from one well to another was cited as a method being used to increase company profits and decrease government tax.

of course, we know that the Ntorya discovery is at present, the only gas field in the Mtwara licence.

thanks cperkin, that's the first time I've seen the Tanz Gov, refer using Mtwara natural gas

I don't think anyone realised the extent or length of time the Gov PSA review would take, comments from Swala CEO sheds some on expectation of the outcome of the review.

"Licence extensions are now automatic under the 2015 Petroleum Act (“the Act”) and do not require separate confirmation. The process of reviewing the existing PSAs, which are themselves grandfathered under the Act, is unclear. Until that process has been concluded, the Joint Venture does not have the basis to ascertain what impact – if any – it may have on the timing and approach to not only the exploration drilling but to any subsequent development that may follow a successful exploration campaign"

Dr. David Mestres Ridge (Swala CEO) said: “Whilst we do not expect any significant or material changes to the PSA as a result of this review, the overall impact is to delay investments until the process is resolved. Until such time, the PSA will remain in Force Majeure whilst the Joint Venture maintains a readiness to re-commence its drilling commitments once all issues are resolved.”

it's not just Aminex having issues with their PSA extension MAX

6 May 2019

SWALA DECLARES FORCE MAJEURE UNDER THE KILOSA KILOMBERO PSA

http://www.swalaoilandgas.com/documents/Swala-declares-Force-Majeure-under-the-Kilosa-Kilombero-PSA.pdf

Swala Oil & Gas (Tanzania) plc (“Swala” or “the Company”) advises that the Kilosa-Kilombero Joint Venture has declared Force Majeure under the Kilosa-Kilombero Production Sharing Agreement (“PSA”).

"In 2018 the Joint Venture resolved the issues of permitting that had prevented access to, and drilling operations in, the KilosaKilombero area. In late 2018 the Joint Venture commenced the tendering process to select drilling contractors and teams. In January 2019 it selected a drilling team and started planning the 2019 drilling campaign. On the 30th January 2019 it was advised by the Ministry of Energy (MOE) that all matters relating to the licence extension would be notified to the Operator once the government had concluded a review of existing PSAs"

at lest there's plenty to do in the garden while we wait