Member Info for cperkin

Same old suspects spouting broad spectrum bovine, 5 years indeed.

I dialled in and all seems very positive, below is a good summary posted by Bucklerfern on the AEX board.

Robert Ambrose - Executive Chairman

Q&A

1. John Bell Linda Beal

- Personal decision
- Gave a lot to the company
- Wish them well in future endeavours
- Key to now name independent directors and chairman
- Encouraged by Eclipse to do so ASAP

2. Ruvuma Farmout Status

- Delay disappointment
- In touch with government [departments] almost daily
- Finalising documentation/paperwork
- Don't expect it to be too long
- Over months have not experienced any negativity
- Government fully supportive of the process
- Just have to make sure everything is absolutely in order
- All questions answered promptly
- Everything remains positive; not issues

3. Drilling/Seismic

- Expected later this year or Q1

4. Kilwani

- Had been restarted but showed water
- There is something deeper (without having to drill deeper)
- Looking at perforating deeper in existing well
- Didn't want to progress while farm-out still in progress

5. Funding

- ARA have been flexible and is expected to continue to be
- Very grateful

6. Nyuni

- Mature discussions on licence extension
- Looking at revised work program
- Discussions drawing to a close
- Hopefully can soon make an announcement to update the market

All resolutions no doubt passed. AR has gone up in my estimation, started on time, quick and functional and about as straight sounding as I have ever heard from an AEX BOD with a good response to Q&A.

Seems we are close in terms of the FO I know, never heard that before ;0)

But Crusty, there is all those lovely proceedings to listen to, resolution, passed & not forgetting, resolution passed, etc.

Exactly BG, it is purely a functional AGM and includes voting in the two Zubair directors. Who knows, maybe the Gov will be happy once they are voted in and sign the bl00dy FO?

Good luck with the house Sheep, I know I would not bet my house on any stock.

Why is this being held for days and days at the same price despite the full ask repeatedly paid for days and days?

Very strange, unless there is a huge sell in the background, which seems unlikely based on the amount of time it is being held here.

The week might feel quite long,

AGM Wednesday 29 July
Farmout Longstop 31 July 2020

GLA

Could be OD2, either way post FO (will it happen next week) this puts the Zubairs fully in control and I both hope and expect they will do a much better job as operator than the old AEX Bod did.

Seems very prudent given the circumstances and quite happy that we pi's are not financing people sitting around on their buts doing nothing (as has been the case for the last 2 years)

The Zubairs thus far have been fair and straight as far as I can tell and certainly could have taken AEX out for less than half the current price earlier if they so wished.

I like vike believe that thus far the Zubairs have been very supportive of AEX, should be an interesting week.

GLA

The board seem like they are just here for the ride currently playing out over Ruvuma steve, they have at least protected the asset near term with funding, a good move.
AEX board from next Wednesday post AGM will be made up of,
Robert Ambrose - Ex Zubirs (umm)
Harald van Dongen - Zubairs
Mr Jan Gunnar Opsal - Zubairs

Solo's 25% in the mix somewhere.

Seems like it already happened looking at the current board, pending the no attendee vote Wednesday 29 July.

Robert was formerly the Chief Operating Officer of the Energy & Logistics Division of The Zubair Corporation LLC ("Zubair"). He retired from Zubair (after 20 years) on 22 September 2019 and is no longer an employee or consultant of Zubair or a representative of Eclipse on the board of Aminex or otherwise associated with Zubair, Eclipse, ARA Petroleum LLC or any of their subsidiaries or affiliates.

Mr Opsal is currently the General Manager of ARA Norway Invest, an associate company of Eclipse and The Zubair Corporation, which focusses on investing in innovative petroleum technology. Mr Opsal is also founder and Chief Executive Officer of Searcher Geoservices in Norway. He has a MSc in Geophysics and has over 20 years' experience in the international oil and gas industry, during which time he has worked for Equinor, Det norske oljeselskap and Weatherford. Mr Opsal has been involved in several Field Development Plans during his career. He was a Board Member of Det norske oljeselskap (now Aker BP) at the time of its IPO on the Oslo Stock Exchange.

Mr van Dongen is currently Value Assurance Manager of ARA Petroleum LLC ("ARA"), an associate company of Eclipse and The Zubair Corporation. He is a Dutch national and has been active in the international oil and gas industry since 1995. His career started with Shell International holding various subsurface positions and continued with Total SA in a business development role covering the Far East. Before joining ARA in 2014 as Value Assurance manager he worked as an Asset Development Manager for OMV Petrom and Tulip Oil. At ARA Mr van Dongen is responsible for upstream M&A, economic, financial portfolio and performance management. He holds a MSc in Applied Physics and an MBA in Financial Risk Management.

Sure is, Do they need/want AEX as a publicly listed vehicle to buy/Farm/merge with another Tanz producer or simply take AEX completely?

Ex Zubair running the show and all the old bod gone.

Maybe more like the Zubairs lining up to take the whole lot over steve. The top man is ex Zubairs and everyone else has about gone.
Do they need/want AEX as a publicly listed vehicle to buy/Farm/merge with another Tanz producer or simply take AEX completely?

All very interesting and where do solo's 25% sit in this equation?

US assets were a pile of junk were they not? sold on and then never produced anything. At least Ruvuma is the real deal in terms of assets, flow rates and upside potential and the $40 mill FO provides for carry to production if not FFD if & when the Gov signs it off it is transformational for little AEX

It's been hitting the full ask for days now yet no tick up? Still got a buy order in the background for a mill a time?

Eclipse have not sold a bean and still hold just under 30% of the company, I guess you mean Madj Relik.

We will all know where we are by a week today at the latest, meanwhile....sleep.

"French President, Emmanuel Macron has called for EU sanctions to punish Turkey for ‘violations’ of Greek and Cypriot maritime space after the Turkish navy published an advisory on seismological activity in the potentially oil-rich area – increasingly a locus of tension between Turkey and the EU, Greece and Cyprus."

https://www.worldecr.com/news/macron-calls-for-turkey-sanctions-as-cyprus-issue-escalates/

Engines not even revving yet, still on tick over.

Morning Jam, we are all bored waiting for the RNS on the Farmout this week or next and then what will probably be the inevitable sale of Ruvuma pre or post drill.