Member Info for cperkin

Quite right matherdj, although the current Cretaceous appraisal COS is no doubt high . It will be interesting to see what is revealed by the 3D in the Jurassic if anything.

As per below Gav

Summary from BD and myself.

The meeting was over an hour long and heated at times.

Strategy – The BOD confirmed that they aim to deliver their new strategy as published and it is not dependent on the sale of Ruvuma. No expected timelines given beyond what has already been announced but weeks were mentioned not months.

Ruvuma – Several interested parties but obviously no offer that would be acceptable to shareholders or the BOD has been made (otherwise we would have seen an RNS)

The BOD are prepared to fund Ruvuma as required and if no offers made then CH1 will be drilled with SCIRS full 25% participation. There are concerns that should the drill not live up to expectations that could leave the company in position where it really would not want to be.

HE1 21 million shares and options. The BOD intend orderly disposal when and if the time is right and expect at this stage to be holding some (undetermined amount) of shares during drilling.

KN-1 licence area – Due to the outstanding tax dispute, no development or remediation expected till this is resolved. Note that the new President has highlighted Tax and disputes as an issue for foreign investment and has committed to resolving issues.

Quite some time was spent on venting shareholders frustration with the BOD (BD did not mice words) and their failure to deliver shareholder value over the last 2 years, this was acknowledged. Communications and promotion were discussed at length and the example of HE1 used. The BOD have agreed that they will put together an interactive webcast for shareholders, this will be dependent on the timing of material announcements (no timing given)

GLA

We will continue to fast-track the #HE1 development programme of our Rukwa project. Drilling equipment will be kept in the field to carry out appraisal work immediately following intended exploration success...

https://twitter.com/Heliumone1/status/1386623194212225025

You have been saying things like that all the way from 7p, price today 15p

Next month brings drilling, SCIRS c21 million shares currently valued @ just under £3million so well over what SCIR paid for them. Great liquidity over there so no issues with an orderly disposal as and when.

A change of direction for Tanzania

Construction on the new LNG facility is expected to begin next year, with a completion date of 2028 being targeted by Hassan’s government. The facility, which is sitting atop 35 trillion cubic feet of gas, is gearing up to become Hassan’s prestige project and a major monetary windfall for Tanzania. At the same time, she also signaled her intentions to boost the country’s business profile in other industries, most importantly by initiating work on a similarly delayed $1.9 billion fertilizer plant and accelerating talks on several helium and nickel projects involving overseas investors and settling a long-standing dispute with mining tycoons Barrick Gold.

thx to vike1 on aex bb

https://www.africanexponent.com/post/8410-what-magufulis-legacy-means-for-hassans-future

I think the point is that you are in control of your portfolio, & no one else.

I am no Geologist and leave that to the professionals, I do know that the Geologist that went on to complete the analysis post 2D reprocessing has a very good track record for drill success post 2D interpretation. Obviously he did this long before the 2D infill. It would be very interesting to hear his thoughts on the infill, alas I believe he is now out of the loop.

Seeps to surface of high concentration does confirm the Helium present along with the 2D reprocessing and the Airborne gravity already completed and hence the 138 BCF P50 CPR.

It's all abut the drill bit, trap and seal and possible commercial quantities. A high risk, high potential reward multi target drill programme from May onwards.

Best of luck

We are waiting updated numbers from the Zubairs Frank, if anything I would expect a more competitive price on the drill based on their negotiating power.

Total cost Ara spend AEX spend Solo spend
C-1 $25,000,000 $15,000,000 $5,000,000 $5,000,000
3D $10,000,000 $6,000,000 $2,000,000 $2,000,000
EPS $5,000,000 $3,000,000 $1,000,000 $1,000,000

Assumes TPDC complete the pipework as previously.

Good luck Rick. My biggest holding is HE1 and AEX is not far behind and both very healthy.

Looks like it could very well hit 20p long before his target date?

Last published drill cost was £3.6 million for SCIR's share so 82% funded based on your thoughts.

Multiple mentions of investors and improving the investor environment.
President
@SuluhuSamia
has told the Parliament that her government is determined to improve investment environment to attract more investors. https://twitter.com/dailynewstz/status/1385230158106349568

The Mnazi Bay partners will hold talks with the government on plans. One potential point of negotiation will be around extending licence terms. The licence currently expires in 2031.

The second part of Wentworth’s plans are a potential deal. “There are limited options” in the onshore Tanzania space, “with a small peer group and only one other producing asset”, Roe noted.

Wentworth did spend money in 2020 on legal costs as it explored a “couple of specific growth opportunities”, chairman Robert McBean said in the statement.

https://www.energyvoice.com/oilandgas/africa/ep-africa/316636/wentworth-roe-tanzania-spending/

The Mnazi Bay partners will hold talks with the government on plans. One potential point of negotiation will be around extending licence terms. The licence currently expires in 2031.

The second part of Wentworth’s plans are a potential deal. “There are limited options” in the onshore Tanzania space, “with a small peer group and only one other producing asset”, Roe noted.

Wentworth did spend money in 2020 on legal costs as it explored a “couple of specific growth opportunities”, chairman Robert McBean said in the statement.

https://www.energyvoice.com/oilandgas/africa/ep-africa/316636/wentworth-roe-tanzania-spending/

Good luck steve!

100% agree with your numbers Frank, lets hope they hit the £1 + in the brokers note, that would make SCIRS 21 million shares worth a cool £22 million ;0)

Hope we see a licence before the 63/65 pages of history.

Churn will be long gone by spud by the looks of it.

That's a good point Sambo and something else the BOD mentioned. The 3D over Ruvuma could reveal of course that their fan based interpretation of an extensive connected reservoir is wrong and result in downgraded expectations, on the flip side it might show the same or a more extensive reservoir.

We should see the results of 3D in H2