Member Info for cperkin

That's the big question Crusty. From a cash position solo or rather the new company SCIR have the cash and income to cover the costs for the 2020 plan.

All a very poor show which ever way you look at it.

The Zubairs/ARA wold have been much better either

1.0 Taking up all the placing shares
2.0 Buying shares in the open market when they were 1.3p and building an RTO stake.

So makes little sense to me and probably a co%k up in com's.

Could be Divann, but makes little sense when SCIR will have over £10 cash million available post launch as SCIR and an income from 1750 boepd coming in every month and so can cover their portion of the quoted 2020 development (Well done the BOD)

It is either a turf war for the assets or just a co%k up with who is the boss, AEX or ARA.

Poor show in either case.

or rather not telling!

The start of a full on Turf war for the assets or just the Zubairs going it alone with the Tanz gov and telling the two other 25% holders after the event?

Quite agree steve but legally and technically AEX are still the operator and till own 75% till the licence drops and the farmout is complete and thus they are liable.

Whoops -Very naughty and technically in breach of the JV terms by the sounds of it.

"The Board of Solo was not made aware of, or consulted on, the inclusion of the "fast-track" items in the firm 2020 Work Programmes and Budgets presented to the Tanzanian authorities and the associated expenditure requirements referred to below. Such notification and consultation is a requirement pursuant to the terms of the joint operating agreements in place between AMINEX PLC and Solo. The Company remains committed to having a positive working relationship with AMINEX PLC and will seek to further understand in short order the background to its actions."

Quite agree, you seem to have every one talking about loses and in a tail spin when surely the conversation should be about drilling, expected flow rates etc.

Good luck, quite exciting imo.

And I hope anyone that is down will soon also be up.

GL

I agree AA, the new board, the new management team and the new company so be have delivered on everything they have said they would thus far and I am confident they will also deliver on their 20,000 boepd production target.
The Ruvuma licence is completely out of their hands and the delay is no different in my eyes to the UK farting around with Brexit, HS2, Fracking or any other large development project.

As posted before, I am encouraged with AEX & ARA spending money on drill preparations and this bodes well for the licence extension imo.

I don't see very much difference from the Tanzanian Gov, spending all this time working out what their development of resources to power and the infrastructure required for development and the UK farting around with Brexit, HS2, Fracking or other large issues and developments.

Very frustrating but the way of the world.

I am encouraged that AEX/ARA are spending money on the drill prep and it bodes well for the licence imo.

GL

Quite agree Bucks, foreign investment is seriously down and GDP targets under pressure as a result.

I don't disagree, there are many holes in the story, rig sharing agreed months ago, waiting for a rig contract in recent RNS etc. Is this just a question of ARA taking over?

Confidence from Aminex and ARA seems high that the licence will come, high enough to spend money now. I think the medicine may well be hiding that they have no clue when.

Not sure you have worked with many Governments regarding licence Bucks? In my experience, different sector granted you never know till it comes signed by the appropriate minister.

Pretty much agree Crusty, although the fact they are spending $ in preparation is a positive and confident sign that the licence is coming. Do the BOD have any idea of when exactly that will be? Based on past performance and RNS, I would say they don't have a clue.

Incidentally I had a DM reply from Chairman of Tanzania Oil & Gas-ATOGS today who confirmed that the November bill (investment policy act) is not linked to the PSA or licence.

They were dropping this -10% on 13 trades for a similar total £ the other week

As a SOLO or SCIR holder I hope the licence drops after SCIR has listed in December, as an Aminex holder, I hope it drops this month ;)

TT, I remember that very well and that was some AGM and some delivery from Crusty!

Warning...keep him dry!!!

Aminex
A corporate and operations update from Aminex this morning where they announce that John Arthur replaces Max Williams as CFO but doesn’t join the board. Max has a long history with Aminex and helped create the impressive base that the company is now building on.
The 2020 work programmes and budgets for all licences in Tanzania have been submitted to the Government for approval which includes a gross contingent ca$40m programme for drilling Chikumbi-1 and the acquisition of extensive 3D and 2D surveys over the the Mtwara licence the cost for which Aminex is fully carried.
APT has agreed to fast-track select Chikumbi-1 pre-drilling activities and has appointed a management team to oversee Tanzanian operations backed by an office due to open shortly in Dar es Salaam. Further good news is that AEX will shortly commence receiving advance payments of up to $3m against the cash consideration due on completion of the Ruvuma farm-out and has also applied for a three year extension of the Nyuni Area PSA with a revised work programme.
The good news for Aminex is certainly stepping up apace, it is clear that both APT and AEX ‘have seen recent positive movements in Tanzania with respect to the general business environment, growing demand for natural gas consumption and the approaching completion of the government’s review of production sharing agreements.’ The important part in my view is that the growing demand for natural gas consumption, which has prompted the fast-tracking already mentioned should mean that drilling operations at Chikumbi-1 will at long last proceed.
What is abundantly clear now is that there are not only signs of genuine progress on the ground in Tanzania but that all parties are pursuing this with renewed confidence. A substantial programme of work is imminent and backed by the establishment of an office in Dar es Salaam by APT.
With the first payment from them due shortly shareholders can now have real confidence that at last their patience looks likely to be rewarded.

https://www.malcysblog.com/2019/11/oil-price-aminex-and-finally/