Member Info for blackgold00

yes, come on APT, we are all waiting for the kick off

if thats the way they choose to play it ?

well that should cover their share of 3D and the CH-1 prep ?

the thing is, it did form part of the works program in last years RNS (Ruvuma Licence Extension Granted)

https://www.lse.co.uk/rns/AEX/ruvuma-licence-extension-granted-dfdvdbo7dvtru40.html

"Complete the negotiation of the Gas Terms for the Ruvuma PSA with the Tanzania Petroleum Development Corporation"

yes agree pageofcups, and maybe now, that is, before the 3D seismic or further de-risking of the Ntorya discovery, is the best time for ARA to negotiate those terms with TPDC, as APT can claim that the joint venture, carry all the risk.

the only possible reason i can see for any delay, is that APT/ARA want the commercial terms for the development licence (agreed and in-place) before the acquisition of the $20 million 3D seismic survey. So maybe all waiting on those terms ?

https://www.lse.co.uk/rns/AEX/ruvuma-operations-update-8211-roadmap-to-8220first-gas8221-14xuxae157acsvu.html
my brackets
23 November 2020
Ruvuma Operations Update - Roadmap to "First Gas"
"The work programme and budget for 2020/2021 anticipates a gross JV expenditure of approximately $23 million, for which Aminex is fully carried for its 25% interest, and is expected to see the acquisition of the 3D seismic, pre-spud activities for the Chikumbi-1 well, (negotiations of the commercial terms for the development licence), and the application for a further 1-year licence extension."

though the resent rise in HE1 has been an God send for SCIR, which i'm sure are taking full advantage of.

If Scir don't pay they concede their 25% interest - I don't think APT will be too worried BG do you?

no, i dont think APT would be to worried though i'm not so sure about SCIR share holders, and the fact remains they will be receiving Cash Calls, and in my mind soon if not already, from the $18 million 3D seismic costs over the coming months. i think one way or another news will be arriving over the coming weeks.

Crusty "I am sure you are correct PoC but I would also expect that to be done in after the event and probably at the end of an agreed accounting period. Many have commented here on innumerable occasions that exploration bills are usually charged in arrears and not in advance."

Crusty, Cash Calls are made monthly and in advance, it absurd to think that ARA would take all the financial risk, of say drilling CH-1 ($20 million) and SCIR doesn't get billed until completed, what would happen if it was a dud, and SCIR decided not to pay? no its done in advance according to the JOA.

https://www.lawinsider.com/clause/cash-calls

"Cash Calls. On the basis of each adopted Program and Budget, the Manager shall submit prior to the last day of each month a billing for estimated cash requirements for the next month. Within 10 days after receipt of each billing, or a billing made pursuant to Section 9.7 or 16.4, each JV Participant shall advance its proportionate share of such cash requirements. The Manager shall record all funds received in the Business Account. The Manager shall at all times maintain a cash balance approximately equal to the rate of disbursement for up to 60 days."

"Cash Calls. On the basis of the adopted Program and Budget, the Operator shall submit to each Participant prior to commencing the Program, a billing for estimated cash requirements for the Program. Within 10 days after receipt of each billing, each Participant shall advance to the Operator its proportionate share of the estimated amount. Time is of the essence of payment of such billings. The Operator shall at all times maintain a cash balance sufficient to meet disbursement obligations for up to 21 days. All funds in excess of immediate cash requirements shall be invested in interest-bearing accounts with the Royal Bank of Canada, for the benefit of the Joint Account."

top of the class Aim, indeed, as I see it, APT would not be investing large sums on 3D and CH-1 now, unless the route to market was assured, and going by the statement in last (Ruvuma Operations Update) RNS, " Assuming a successful outcome with the forthcoming Chikumbi-1 well, first gas from the project is anticipated to occur in September 2024." leads me to think that some kind of assurances have been made. here's hoping anyway : )

Aimster, are you up to date with the story ?

"So what do you guys think is a realistic outcome to hope for from the 3D seismic programme? A doubling of estimated resources? More? Less?"

Ufufuo, regarding just the Cretaceous Ntorya target, if the 3D seismic proves up, to confirm the present 2D interpretation, then a successful CH-1 drill could be what is called in the industry a “barn-burner”.
Considering NT-2 discovery had a gross pay of over 50 meters, check out the gross thickness of target rock (gross reservoir complex isopach) on slide 9 http://admin.aminex-plc.com/uploadfiles/Corporate%20Presentation.pdf and look at the area of NT-3 (now named) CH-1 and indeed CH-2. exciting times ahead i think : )

good points PageofCups

"which is why I'm sure O-Jim is suggesting it"

hi vike1, do we know he's actually said that, is any one a subscriber here ?

FJ, "vike1 basically he feel a placing is certain"

well, I wouldn't be so sure, as that would defiantly go against the aim of their 29 Jan 2021 Strategic Update, to "avoid the need for further dilution". I think we'll know a lot more come the end of this week. fingers crossed

(Strategic and Corporate Update)
https://www.lse.co.uk/rns/AEX/strategic-and-corporate-update-x8w3irq36u1tzzx.html
"To take advantage of opportunities provided by the Ruvuma Farm-Out, avoid the need for further dilution, and improve shareholder value, the Company has been working on several important strategic initiatives. As part of these initiatives, the Company is restructuring the Board and further cutting costs. "

Crusty you keep banging on with your negativity, but seriously, what do you think the chances are (% wise) for the extension being delayed to the extent that APT's planed work-program for 2021/2022 (considering weather windows) has to be put off for another year, is it big enough to justify your negativity?

and it now looks like Aaron LeBlanc (Chief Operating Officer) has gone

http://aminex-plc.com/SeniorManagementProfile.aspx

and, "Our goal for the next year will be to focus on pursuing the right growth opportunities both within our existing asset and beyond that to support our existing stable operations."

they are looking to buy into either Aminex or SCIR ???

"Offshore gas will be for export. Onshore gas will be for domestic use."

where did that statement come from PoC ? I have seen it mentioned by some of the big companies involved in the project, as you would expect, though that was some time back now. but that decision lies with the Tanzanian Gov, and i have not seen any reference to that affect from them.

yes, i kind of agree Crusty, every thing is up in the air at the moment, with developing the deep sea gas fields via the LNG prosses, obviously it would cost a fortune to get the gas to shore by a pipe-line, but at the same time they (Shell) needs a production license to produce it. Tanaznia will want the best deal they can get, so i suppose it depends on how much on-shore/near-sore gas is or can be made available for their own domestic market plus that which they plan to export to neighboring countries going forward say the next 20 years. i've often thought when they first put in the large (3ft) Natural Gas Pipeline from Mtwara–Dar es Salaam, with a capacity of 1,000 million standard cubic feet per day, they had envisioned using gas from the vast reserves of the large off-shore fields. either way, if it does come ashore, it is many years down the road.