Member Info for bullfrog

A whiff of a red day and they will be back telling us what a terrible investment this is.

That sell may have been worked over a number of days and has finally been cleared.

Lets see what happens tomorrow.

Thank you. I will put forward this suggestion to them.

Would be good if they were able to hold this virtually so those who are unable to take a day out their busy calendar can still attend.

And completely ignored everything else that has happened since he last covered it.

GSA Terms - most likely kept confidential until production.

CPR is dependant on the development licence being granted

Page 3 https://arapetroleum.com/wp-content/uploads/2024/03/APT-Revised-Resource-Potential-Mtwara-Licence3.pdf

Contingent Resources will be matured to Reserves upon formal development approval. Further successful

appraisal and development wells are expected to significantly increase production, commensurate with the

enlarged gas volumes.

development licence - Without the licence there is no pipeline. They would not build if they were not sure there was sufficient gas. All the final due diligence will have been completed to green light the project.

The dev licence has only been officially stamped for just over a week, do you really expect a rig to already be on site? ARA would not spend money sending the rig to sit idle until the dev licence was granted.

3D - we are talking a huge area to be analysed. I will expect with the CPR some information on the 3d. As the 3D work will be used to provide the required data for this. The drill should then start to prove up what is contained in the CPR.

As for cash position this has been covered enough times recently. Carry to production and loan is available to provide working capital until end of 2026.

As per RNS 29th April 2024

https://www.lse.co.uk/rns/AEX/funding-facility-agreed-with-eclipse-investments-c8gg9ctmx9nmpu5.html

No placing required.

Funded to gas production from carry.

If working capital is required, money can be drawn down from a loan facility as per the RNS on 29th April.

Aminex, the oil and gas exploration and development company focused on Tanzania, is pleased to announce that it has agreed a funding facility with its largest shareholder, Eclipse Investments LLC (Eclipse). The main terms of the facility are:

· The facility is for $3 million, available for up to 24 months

· The first $1.5 million tranche is guaranteed, with the remaining tranche available at Eclipse's discretion

· Any advances drawn down will be set-off against the Company's $35 million carry in respect of the Ntorya development from ARA Petroleum Tanzania (Carry), at Eclipse's discretion

· Interest will accrue on any advances at the rate of the Standard Overnight Financing Rate + 8%

· If not already set-off against the Carry, Eclipse can demand repayment, but not before 31 December 2026

· There is no security granted against the facility and no arrangement fees payable by the Aminex group.

Https://www.pura.go.tz/uploads/documents/en-1717057080-Main%20Activities%20to%20be%20Implemented%20in%202024%20-%20by%20both%20NOC%20and%20IOCs.pdf

A lot has changed in those 18 years...

Translated from https://www.parliament.go.tz/uploads/budgetspeeches/1713966417-Hotuba_ya_Bajeti_ya_Wizara_ya_Nishati_kwa_Mwaka_wa_Fedha_2024_2025.pdf

112. Honorable Speaker, this project involves development of natural gas discovered in Ntorya area in Ruvuma block. Until March, 2024, the works carried out include completing the interpretation of the 3D system seismic information collected in an area of 334.9 square kilometers and continuing with the preparation of repairs and

well tests for the Ntorya 1 and Ntorya 2 wells .

In addition, the Contractor is continuing with the purchase of the Chikumbi-1 well boring plant.

Likewise, the Cabinet has approved the issuance of a license for the development of this Block where the procedures for the issuance of the license to TPDC on behalf of the investor (ARA Petroleum Company) are

being completed.

113. Honorable Speaker, preparations for the construction of a pipeline to deliver gas to Ntorya

The Madimba gas processing plant is underway where the Environmental and Social Impact Assessment (ESIA) has been completed and the Engineering and Construction Lead Consultant is completing the

engineering feasibility study to enable the pipeline construction tender to be announced

Https://knightsmpr.com/knights-mpr-wins-investor-relations-work-with-aminex-plc/

https://knightsmpr.com/knights-mpr-experts-chosen-to-work-with-ara-petroleum/

KN-1 is not worth much and had little in the way of reserves. There was hope that the acquisition of new 3D over the area would potentially show how to get most from the licence but the dispute between ORCA and AGS most likely mean this wont happen as this would have been a freebie to AEX / SCIR. But both would need funds for new drills or remedial work.

Will this event be shown on Pay Per view TV?

HE1 has also lost 92% of its value and issued a mountain of shares in the past year...

Well its a good start and better to have than have not.. as HE1 has demonstrated recently

On the topics of the pipeline, the tender has been updated to 'awarded' from Evaluation so things are progressing on this front.

https://www.taneps.go.tz/epps/eawarding/showDetailsOpenedTender.do?resourceId=23578334

Also Rojo states that having a diversified portfolio is essential, yet seems to only spend time on the AEX BB?

This will show you the area where the 3D took place. The track lines are very clear

https://apps.sentinel-hub.com/eo-browser/?zoom=14&lat=-10.47456&lng=40.00852&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2F42924c6c-257a-4d04-9b8e-36387513a99c&datasetId=S2L1C&fromTime=2023-06-26T00%3A00%3A00.000Z&toTime=2023-06-26T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&demSource3D=%22MAPZEN%22

Fair enough, thank you.

What is your suspicion Crusty?