Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Btw i was referring to money to be used out the farm out pot of cash. Already under budget so likely could have spent a bit of securing a few % of the SCIR licence.
Ruvuma is a company maker and once they have cash flow they can then start looking to diversify the portfolio provided Aminex is not taken out before it has a chance to do this.
I would have used some of the money to buy some of SCIR 25% to mitigate against the potential loss of a few % if the TPDC backs in to the licence but then i think ARA would would have strongly apposed this as they want as much of Ruvuma for themselves.
KN-1 is dead and is quite frankly not worth wasting money on.
3D will hopefully show some decent prospects and maybe even ARA will be interested in farming in, they likely had a hand in securing the 3d for free anyway so they already have potential interest here.
5 months is quite a slip in expected dates though don't you think?
If the rig was being shipped to Tanzania, it should have already been on route by the time the Half yearly report was published. It was all a bit misleading I think.
I simply said some of those who are on the side-lines waiting to buy in will want confirmation that the drill actually will go ahead in March 2023. We cant sell any gas until there is a GSA in place either so we need confirmation that this has been successfully negotiated and signed along with who will build\fund the pipeline.
I suspect after the KN-1 debacle where we had a well ready to sell gas but no GSA (delay last time was around payment protection clauses if i remember correctly)
They are doing things the correct way this time round. Negotiate the GSA first along with the payment protections in place. I still question the payment protections on offer as we had to wait years for the last payment to be sent and even then was for half of what was actually due.
People on the side lines will only pull the trigger and buy in once confirmation is given that the drill is actually happening. They may have to pay more than todays price, but in the meantime they will be making their money work for them elsewhere. They have 5 months or so to take a position so no rush really.
From the latest RNS..
it was reported that APT had reinterpreted existing 2D seismic which resulted in an upward revision of risked mean GIIP to 3.024 TCF (8.236 TCF unrisked mean GIIP)
Hopefully with the 3d we will get a more accurate estimate. Not long now until we see the results.
Article from August
https://www.mwananchi.co.tz/mw/habari/kitaifa/tpdc-kuongeza-uzalishaji-wa-gesi-3927220
Translation;
Mtwara The Tanzania Petroleum Development Corporation (TPDC) expects to build a 35 meter long pipeline to transport gas from Ntoria Village, Nangurwe Ward to the gas processing plant located in Madimba in Mtwara Region.
Speaking the Executive Director of the Tanzania Petroleum Development Corporation (TPDC) Dr. James Mataragio during the visit of the TPDC Board of Directors to the Ntoria gas and oil research center he said that they expect to increase production up to 140 cubic feet per day from the previously produced 60 cubic feet.
He said that the center has done research and discovery where they are in the stages of developing the area where in the next 18 months gas will start to be produced in that area.
"Until now we have gas with 57.54 trillion cubic feet which is in the sea and we have more than 40 trillion cubic feet and 10 trillion are on land, we have only used one trillion cubic feet so far which land only.
"You know that once the gas is produced, it must be cleaned, that's why we have thought of the pipeline, we start harvesting it in a few days, currently we are taking seismic data which will give us the areas where we will do a big excavation, the intention is to increase the gas so that we can produce more," said Dr. Mataragio.
And the Chairman of the board of directors of TPDC Ambassador Ombeni Sefue said that they have visited those areas to be able to see the work done by the institution involved in gas and oil.
At the moment, the oil market in the world is good, even investors are showing interest in investing and the government is making discussions when we see research going on and drilling being done, it is a big benefit for us and the country as a whole," said Ambassador Sefue.
Another article on this with some additional information on the villages the pipeline will pass near;
https://www.mwananchi.co.tz/mw/habari/kitaifa/ujenzi-bomba-jipya-la-gesi-kuanza-mtwara-3974120
Translation
Mtwara The Tanzania Petroleum Development Corporation (TPDC) has started the construction process of a gas pipeline from Ntorya to Madimba with a length of 35 kilometers.
The process has started by holding an awareness meeting for the people of Madimba, Moma, Mbawala and Nanguruwe counties about the construction of the project which will start in Ntorya village.
Speaking today Wednesday October 5, 2022 at a public meeting with the citizens, the head of Mtwara District, Dustan Kyobya said that the initial stage of the research of the developer that will be used to pass the pipeline has already been done and identified 12 villages that will be passed by the pipeline.
He said that the next step to take place is the property valuation exercise on the 20 meter wide pipeline.
"The aim of this exercise is to identify the progress made on the land, including houses, crops and other assets, to determine their value and to prepare compensation procedures for the owners," he explained.
Kyobya has asked the citizens of the areas passed by the pipe developer to cooperate with TPDC, when they pass through their areas in the assessment.
TPDC gas business manager, Emmanuel Gilbert said the implementation of the project aims to increase the production of natural gas energy due to the increase in the use of gas in the production of electricity, in cars, industries and homes.
Full page translation;
The National Petroleum Development Organization (TPDC) has started to implement the steps to start the construction of a pipeline to transport natural gas, with a length of 35 kilometers from Ntorya, Nanguruwe County to Madimba factory, Mtwara region.
The measures have started to be implemented by TPDC by evaluating the property, including the land along the route that is expected to be used to build the pipeline.
The Head of Mtwara District, Dustan Kyobya has launched a project to carry out the assessment, while asking TPDC to fully involve the citizens, chairmen and executives of the areas that will be involved in the construction of the pipeline.
"I should ask TPDC to give a schedule to the village chairmen and all executives to ensure that they participate fully in all the steps involving the construction of the pipeline," he said.
Kyobya has said that the pipeline construction project will bring various benefits to the people, including employment during the construction and operation of the pipeline, opportunities for cleaning jobs, food services and security services.
The TPDC Natural Gas Business Manager, Emmanuel Gilbert, has said that the organization is evaluating the property on the road where the pipe is expected to be laid and to compare the value, so that the people who own the property can be paid.
"The work of building the pipeline is to provide land, and that land does not belong to TPDC, to implement the project, land that is owned by the people is needed," he said and added that the property will be assessed and appraised, where its value will be known, so that the parties can paid their dues.