Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Scirocco is pleased to announce that the divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy. With this approval now received, all conditions precedent to the transaction are satisfied and Scirocco and its counterparty, ARA Petroleum Tanzania, can now proceed to complete the transaction in the coming weeks.
https://www.londonstockexchange.com/news-article/SCIR/ruvuma-transaction-update/16147456
Scirocco is pleased to announce that the divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy. With this approval now received, all conditions precedent to the transaction are satisfied and Scirocco and its counterparty, ARA Petroleum Tanzania, can now proceed to complete the transaction in the coming weeks.
Morning steve, quite agree. I think there is a trading opportunity for people based on the Ruvuma deal completion, alas I think the business post Ruvuma will take many years to produce any kind of revenue that Ruvuma could & would have provided.
The jewel in the crown will be gone and the crown only costume jewellery.
The company successfully recovered 1 million Helium One shares which had been "trapped" after Pello Capital entered administration in October 2022. These shares were sold during August 2023 delivering net proceeds of c. £75k.
On 29 August 2023, the Company announced that whilst significant progress had been made delivering the necessary approvals from the relevant Tanzanian government authorities it had agreed with its counterparty APT to extend the longstop for the Ruvuma transaction to 30 September 2023 to allow sufficient time to achieve the final approval from the Minster of Energy.
REPORTING PERIOD HIGHLIGHTS
· Substantial progress on all aspects of Ruvuma operations, including 3D seismic processing and interpretation, Gas Sales Agreement ("GSA"), Development Licence, a revised Competent Person's Report ("CPR") and arrival of long lead items.
· Loss for the period of US$0.96 million (30 June 2022: loss of US$1.28 million, as restated), a decrease of 25% on the same period last year.
POST PERIOD END
· PanAfrican Energy Tanzania's 3D seismic acquisition programme over their Songo Songo field, which includes an incursion into the Kiliwani North Development Licence ("KNDL"), commenced in August 2023 and is expected to be completed by November 2023. Interpretation of the 3D seismic data over a portion of the KNDL is forecast to be available by late Spring 2024.
Freudian slip?
Surprised the extension is so short, seems to indicate some confidence of completion next month.
GL
Hey Steve all good thanks and hope you are the same. Haha yes the news flow is non stop here xD.....They also need to update if they have managed to recover the 1 million HE1 shares that they managed to lose?
GL holders.
Longstop extension again? They only have till Monday to make an announcement.
"Significant progress has been made and in order to allow additional time to complete the transaction, Scirocco and ARA Petroleum Tanzania ("APT") have executed amendments to extend the longstop date of the proposed transaction from 31 August 2023 to 30 September 2023."
Longstop extension?
"Significant progress has been made and in order to allow additional time to complete the transaction, Scirocco and ARA Petroleum Tanzania ("APT") have executed amendments to extend the longstop date of the proposed transaction from 31 August 2023 to 30 September 2023."
RNS Number : 7053F
Aminex PLC
12 July 2023
Ruvuma Operations Update
Aminex PLC, the oil and gas exploration and production company focused on Tanzania, is pleased to announce that operations on the Ruvuma PSC have continued to progress under the direction of the operator, ARA Petroleum Tanzania Limited ("APT"):
· Following analysis of the results of the initial 3D seismic processing and interpretation, the JV partners have chosen a new optimal target location of the Chikumbi-1 well ("CH-1"). The Tanzanian authorities have given provisional approval of the new CH-1 well pad location and final written approval is expected imminently.
· The full processing of the 3D seismic data is now complete. Given the vast volume of data acquired, interpretation is now due to be completed in Q4 2023, which may result in a full revision of gas reserve and resource potential for the field.
· A well-workover of the Ntorya-1 well ("NT-1"), to enable rapid tie-in to the gas production facilities and bring the well into early production requires the use of a drilling rig and remains scheduled to run after the drilling of CH-1.
· The Gas Sales Agreement ("GSA") in respect of the Ntorya Gas Field has now been agreed among the JV partners and the Tanzania Petroleum Development Corporation ("TPDC"). Signing of the GSA will take place upon approval by the Attorney General's Office.
· The Field Development Plan ("FDP") for the development of the Ntorya Area has now been approved by all parties.
· The Development Licence for the Ntorya Area has been approved by all relevant Tanzanian authorities and has been submitted to the Cabinet of Ministers for final authorisation.
· The Tanzanian authorities have continued with the necessary workstreams to progress the construction of the export pipeline from Ntorya to the Madimba Gas Plant to accommodate gas, according to recent public reports, by December 2023.
· APT recently received the first shipment of long lead items, including tubulars, required for the spudding of the CH-1 well.
· The two-week well-testing programme on the Ntorya-2 well ("NT-2"), designed to provide additional information required for the design of in-field processing facilities, and originally scheduled for late March 2023, is now expected to run in the coming months.
As previously announced, the conclusion to the above workstreams decouples the spudding of CH-1 from first gas production and receipt of gas revenues. The re-defining and de-risking of the project materially advances first gas production, which is now expected at the end of 2023. A further announcement on drilling rig arrangements and timings will be made in due course.
Aminex, with a 25% non-operated interest, is carried throughout the ongoing work programme to a maximum gross capital expenditure of $140 million ($35 million net to Aminex). The carry is expected to see the Company through to the commencement of commercial gas production from the Ntorya gas-fiel
The rainy season is no longer guaranteed in Tanzania, their Hydro electric dam has failed to produce the required electricity the last few years and they have instead had to rely on increasing Gas to power to meet the demand. Somewhat Ironic considering the main cause is assumed to be global warming caused by CO2 emissions.
Lots of personal attacks noise here, hard to believe that this mob are about to drill 2 drills.
The AIM market, these BB's and the players continue to play the Aim game the same way it has been done for years and will continue to do so all the time the market and these BB's exist.
The people that make the consistent money are those that arrange finance, run the company along with those that "cough" likely manipulate the market.
Meanwhile there is money to be made by the retail players well in excess of current interest rates if you stay focused. Certainly with financed back to back drills for HE1 the price will in all probability be well in excess of the placing price along the drilling journey.
GL