Member Info for blackgold00

gaslady, YES I would

Crusty, Dunder, this F/O deal is a win win win for all involved but none less than Tanzania/Government. I find it quite irrational that Magafuli would not recognize and fully support Ntorya development and especially with no doubt his knowledge possibly contacts with the Zubair's.

i'm still convinced that the EGM had to take place before the licence extension could be issued/formulated.

If we had the licence extension issued say last Nov and before the EGM vote Aminex would still be holding 75% and be the operator, also the Tanz Gov at that time would not have had a legally bound assurance that AEX had the wherewithal to honor the works/drill commitments. but now post EGM vote and Aminex can now legally commit to the F/O and through which provide the Tanz Gov those assurances that the funds will be available for the licence work commitments.

so it would seem a form of legal requirement is/has been unfolding, so i'm wondering now, regards the (F/O Conditions precedent) whether the (approvals by the Tanzanian Government of the transfers of the Assigned Interest and of the operatorship under the JOA to the Farmee;) and (the Mtwara Licence being granted in a form satisfactory to both Ndovu and the Farmee;) are both happening together as the licence is now being formalised.

"The Company has been assured by relevant government authorities that the extension is forthcoming and will update the markets once formalised."

sorry try this

"But absolutely no reference to the timing or even of the 31st March backstop." well as the extension is one of the (conditions precedent ) I think having it before 31st March really goes without say.

Crusty "Then on the 14th January comes the statement that "The Company has been assured by relevant government authorities that the extension is forthcoming and will update the markets once formalised." But absolutely no reference to the timing or even of the 31st March backstop....

"But absolutely no reference to the timing or even of the 31st March backstop." I think having it before 31st March really goes without say.

well as the extension is one of the (conditions precedent )

Crusty "the circular was released on 7th December and nowhere in that RNS does it state that the BoD believes or even expects the License Extension will be delivered by the 31st March. reasonable assurance" is the best that they could offer"

yes at that time 7 Dec a reasonable assurance of a "favourable outcome before completion of the Transaction" was what they were given by the Ministry of Energy . so even at that time the board had a reasonable expectation that the licence would arrive before completion.

from the circular "Ndovu has applied for an extension to the Mtwara Licence and the Board has been given a reasonable assurance from the Ministry of Energy for Tanzania of a favourable outcome before completion of the Transaction."

I wonder if we'll get the (approvals by the Tanzanian Government of the transfers of the Assigned Interest and of the operatorship under the JOA to the Farme) at the same time as the licence extension? to me the assurance for the Tanz Gov that the wherewithal to carry out the drilling/works commitments of the licence extension, can only be assured with the F/O. so maybe the two F/O conditions will be linked.

Conditions precedent
The Farm-Out Agreement is conditional upon a number of matters being either satisfied or (where applicable) waived, including:

• approvals by the Tanzanian Government and by Solo Oil of the transfers of the Assigned Interest and of the operatorship under the JOA to the Farmee;

• any other third party consents and approvals required under the documents being obtained in respect of the transfer of the Assigned Interest;

• the Mtwara Licence being granted in a form satisfactory to both Ndovu and the Farmee;

• the shareholders of the Company passing a resolution in general meeting to approve the sale by Ndovu of the Assigned Interest to the Farmee;

• there being no material failures (within the Ruvuma Area) to comply with applicable environmental laws/regulations or good oilfield practices relating to environmental matters identified in any environmental assessment/baseline study undertaken by a firm of suitably qualified and experienced environmental consultants for the Farmee; and
• any operational agreements being transferred to the Farmee or terminated at no cost to the Farme

Crusty "However as several have said, it is neither here nor there. The important thing is that we get the approval and move on. I just do not agree with those that say it is just around the corner - they have been saying that for months"

lol Crusty, in Aminex time, it is just around the corner, we have only 2 months left to complete Conditions precedent by 5.00pm on 31 March 2019. so I guess the FAQ update seems well timed and as the licence is one of the F/O Conditions it is expected to arrive before March 31.

14 Jan
"The Company has been assured by relevant government authorities that the extension is forthcoming and will update the markets once formalised. "

CIRCULAR Dec 7
"Ndovu has applied for an extension to the Mtwara Licence and the Board has been given a reasonable assurance from the Ministry of Energy for Tanzania of a favourable outcome before completion of the Transaction."

"BG but so far you are the one with egg on your face"

is that a fact Crusty, you know, you do make me smile

well Crusty, its funny that Aminex could provide us with a much more positive and certain update re; licence extension just 10 days after the EGM vote, than they did/could before, either in the circular or at the EGM. i don't know how you see things Crusty, but i pick up on these things, and they are telling me that things are moving ahead.

FAQ updated 14 Jan
What is the latest on a licence extension on Mtwara?
"The Company has been assured by relevant government authorities that the extension is forthcoming and will update the markets once formalised."

Crusty, "Therefore I myself do not believe that these are reasons to expect delivery of the License Extension anytime soon - quite the contrary. I have consistently argued the opposite and still do;"

well Crusty, you got it wrong regards needing further approvals ie; (perforation) for remedial work on Kiliwani, I also think your pessimistic outlook now regards delivery of the License Extension will also prove to be mistaken.

FAQ updated 14 Jan
What is the latest on a licence extension on Mtwara?
"The Company has been assured by relevant government authorities that the extension is forthcoming and will update the markets once formalised."



What is the latest on a licence extension on Mtwara?
The Company has been assured by relevant government authorities that the extension is forthcoming and will update the markets once formalised.

well with Orca/SS gas supplying TPDC new gas plat, its interesting, there is no mention by Orca of the price they receive from TPDC for the gas. like I've said before Orca's is a complicated PSA, and i'm sure they will not want to be payed less for their “Additional Gas” than what they get now via the old SSgas plant / Tanesco, yes its no wonder its a "short-term sales agreement"

Orca
"The Company’s principal operating asset is its interest in the Production Sharing Agreement (“PSA”) with the Tanzanian Petroleum Development Corporation (“TPDC”) and the Government of Tanzania (“GoT”) in the United Republic of Tanzania. This PSA covers the production and marketing of certain gas from the Songo Songo Block offshore Tanzania.
The PSA defines the gas produced from the Songo Songo field as “Protected Gas” and “Additional Gas”. The Protected Gas is owned by TPDC and is sold under a 20-year gas agreement (until July 31, 2024) to Songas Limited (“Songas”). Songas is the owner of the infrastructure that enables the Protected Gas to be treated and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island.
Songas utilizes the Protected Gas as fuel for its gas turbine electricity generators at Ubungo and for onward sale to customers. The Company receives no revenue for the Protected Gas delivered to Songas and operates the original wells and gas processing plant on a ‘no gain no loss’ basis. Under the PSA, the Company has the right to produce and market all gas in the Songo Songo Block in excess of the Protected Gas requirements (“Additional Gas”) until the PSA expires in October 2026."

that wasn't your Million buy Dunder, was it, you are a bit of a dark horse : )

Dunder, from the 14th Jan FAQ

"Aminex is currently funded and does not need further approval for the ongoing remedial work over Kiliwani (which includes well maintenance, fluid lifting and perforation) and it remains in the best interest of all parties to produce gas as quickly as possible."

I wonder how remedial work at KN-1 is coming on, and which news will come first, that or the F/O or both together

"perforation of lower zone progressing "

"The Company has been assured by relevant government authorities that the extension is forthcoming and will update the markets once formalised"

2.6p, yes about there. volume ? hmm, holding to many for a humble chap like me : )

I think dunder said some time back, he paid about 7p a share about 10 years ago, and he's been ****ed of with them ever since.

no, paymaster general, and we're about to open the chest

there it is again 500,000 at 1.78

1.78 sorry