Member Info for Blubay

Yes, but that's 30 years ago!, There was a massive change in Tanzania with the shift in government.

Why do think Spreadex would be in with management? That seems a bit bizarre

It's all to do with the launch of the new national mining strategy

https://www.linkedin.com/posts/wizara-ya-madini-tanzania_vision2030-madiniyetu-miningindustry-activity-7188399066622439425--LQX

He'd be wrong about that. Tanzania is pretty average really, pro business investment and stable while also somewhat protectionist. Trump wouldn't know the first thing about it

No deramping at all. It’s clear from the Tweet that they have started ‘the operation’ and clear from the photo that they have not yet spudded the drill (an impossibility on day 1). The poster suggested “ 1 day to open the well and remove the old pump, 2 days to do the side track and a further 2 days to put in production castings and reinsert the pump”. That is misleading. The operation should take approximately two weeks (from start of operations).

They didn’t spud yesterday, as you can see from the photo, they started the rig up operation

“ Ive fillowed them on Linkedin today incase they post on their”

It would be illegal to post market sensitive news ‘there’ without first publishing an RNS.

Why are you expecting news this week? What news are you expecting?

The fundraise hoped to deliver those numbers as operating cash flows, that's not free cash flow (after capital expenditure) but it would be very positive outcome of course

I would remain cautious about margins until we have the company financials. There is a difference between this well/field wiping it's own face and the company as a whole turning a profit. I'm not sure the two numbers are the same, although they may be close.

SP is back into recent trading range for now anyway, share buy back still progressing, dividends still expected

There may also be a decent bounce when they have to drop the legislation, like they did last year. The question is whether it's posturing legislation or whether it has actual effect, if implemented. The more worrying issue would be the gradual drift towards direct Russian involvement in Georgia.

It's traded in the range 0.045 to 0.06 since 29 February

Which analysts? When?

There is no slippage at all HMS, the 16 April RNS predicted

"...release of the rig is now expected at the end of April 2024" and "Side track operations are expected to commence around seven days after mobilisation. The side track operation itself is expected to take approximately 14 days".

That is exactly what the 29 April RNS confirms, rig released, mobilisation of a week, drilling from around 8 May, then two weeks. No delay at all from previous position.

"If they do raise by the issuing of more shares then of course this will dip back under 1p"

I don't think you can assume that. If they place shares above 1p there is no necessary reason that the SP dips below 1p.

"Definitely feels like the market knows based on the heavy selling today."

What selling? The SP has moved less than 2% in a week (up not down), more than 10% up over the past month, and it's the same price it was three weeks ago. It looks rather stable at the moment with very average daily volume and very low volatility.

It's not 'extremely worrying' at all unless you've chosen to trap yourself in some kind of risk investment or leverage you can't get out of. The company has been clear about the immediate next steps, based on the last raise, giving them time to prepare next steps and develop a plan to model and commercialise the resource. Everyone knows they will need more capital for the EWT at Itumbula or/and deepening the well at Tai. As long as you factor in a possible raise to cover that what is there to worry about? It's an AIM prospecting share, none of these companies have any income, they exist solely to tap into risk capital investment, which bears a high market cost. If you don't want that risk invest in FTSE100 shares.

Are they using RED drilling services (Austria) again?

She has bag loads of share options at 6p, so she has a vested interest in seeing the future SP exceed that.