Member Info for cperkin

Fair point on the GIIP and the Lindi licence though Crusty, I used the old figures and not the updated ones from the Circular - P50 = 2 Trillion cubic feet GIIP

lol Crusty, calm down the total book asset value is £27 million - feel free to apply what ever discount you believe is appropriate. With the extension licence in place what would you suggest that is?

Thankfully/luckily not Caddy - I threw all my toys out of the ram on the 3.5p raise for more HH

Still nice to see a £35,000 buy over at our JV and a 7% jump in shareprice, lets hope it's reflected here and licence related.

Ruvuma 25% holding – 5 Trillion TCF GIIP – including 2 Trillion cubic feet in Ntorya and 763 Billion cubic feet 2C – current asset value based on the Omani Zubair offer to Aminex for farm in with a vote on the 4th Jan 2019 = $20 million for 25% or approx. £15.8 million pounds or 1.75 times current market cap.

The argument has been put forward that without the extension licence over Mtawa that the asset holds little value as reflected by today’s Market cap. If so, then on issue of that extension licence then the £15.8 million would be reflected.

Kiliwani 8.4% holding- Currently book value = £1.42 million, not producing but currently undergoing remediation and testing and plan to perforate lower target. Gross revenues @ previous production rate for solo =£1.1 million per year (@well head)

Helium-1- 13% holding Current book value = £2.8 Million – IPO due Q-1 + drilling

Cash and receivables approx. £7 million

Total valuation assets and cash = £27 million – current market CAP = £9 million total valuation of assets + cash (post extension licence) = 3X current market cap or approx. 4.2p

Solo needs that extension licence which is a condition of the AEX farmout.

£2m Cap if you take off cash/UKOG shares

for that you get:

25% Ruvuma: 30mmboe 2C that flowed 3000boepd in both NT1 and NT2 drills. Spud C-1 (NT3) appraisal/production well in H1 2019. Licence and Farm out news due which should then mean this asset starts to get priced in the SP again by the market. Bolt on $20m or £16m on to the current Mcap pretty much instantly when the licence lands (which could be any time).

£2.8m (13%) stake in Helium-one drilling H1 2019 + IPO

8.4% KN-1 remediation in progress, historically flowed 2500beopd pre 2018. News on this likely Early Jan IMO. If a success then would cover all SOLO overheads + G&A. Further explo upside here also being discussed.

"Really easy money for market makers reloading the asks out there. Stale bulls and blown up bulls cannot soak up the pressure- shareprice drops- next level of panic happens- shareprice drops- IF you can pick the right stock and good news lands. There should be some gr8 risers."

Quite agree...

£2m Cap if you take off cash/UKOG shares

for that you get:

25% Ruvuma: 30mmboe 2C that flowed 3000boepd in both NT1 and NT2 drills. Spud C-1 (NT3) appraisal/production well in H1 2019. Licence and Farm out news due which should then mean this asset starts to get priced in the SP again by the market. Bolt on $20m or £16m on to the current Mcap pretty much instantly when the licence lands (which could be any time).

£2.8m (13%) stake in Helium-one drilling H1 2019 + IPO

8.4% KN-1 remediation in progress, historically flowed 2500beopd pre 2018. News on this likely Early Jan IMO. If a success then would cover all SOLO overheads + G&A. Further explo upside here also being discussed.

"Really easy money for market makers reloading the asks out there. Stale bulls and blown up bulls cannot soak up the pressure- shareprice drops- next level of panic happens- shareprice drops- IF you can pick the right stock and good news lands. There should be some gr8 risers."

Quite agree...

£2m Cap if you take off cash/UKOG shares

for that you get:

25% Ruvuma: 30mmboe 2C that flowed 3000boepd in both NT1 and NT2 drills. Spud C-1 (NT3) appraisal/production well in H1 2019. Licence and Farm out news due which should then mean this asset starts to get priced in the SP again by the market. Bolt on $20m or £16m on to the current Mcap pretty much instantly when the licence lands (which could be any time).

£2.8m (13%) stake in Helium-one drilling H1 2019 + IPO

8.4% KN-1 remediation in progress, historically flowed 2500beopd pre 2018. News on this likely Early Jan IMO. If a success then would cover all SOLO overheads + G&A. Further explo upside here also being discussed.

"Really easy money for market makers reloading the asks out there. Stale bulls and blown up bulls cannot soak up the pressure- shareprice drops- next level of panic happens- shareprice drops- IF you can pick the right stock and good news lands. There should be some gr8 risers."

Quite agree...

£2m Cap if you take off cash/UKOG shares

for that you get:

25% Ruvuma: 30mmboe 2C that flowed 3000boepd in both NT1 and NT2 drills. Spud C-1 (NT3) appraisal/production well in H1 2019. Licence and Farm out news due which should then mean this asset starts to get priced in the SP again by the market. Bolt on $20m or £16m on to the current Mcap pretty much instantly when the licence lands (which could be any time).

£2.8m (13%) stake in Helium-one drilling H1 2019 + IPO

8.4% KN-1 remediation in progress, historically flowed 2500beopd pre 2018. News on this likely Early Jan IMO. If a success then would cover all SOLO overheads + G&A. Further explo upside here also being discussed.

"Really easy money for market makers reloading the asks out there. Stale bulls and blown up bulls cannot soak up the pressure- shareprice drops- next level of panic happens- shareprice drops- IF you can pick the right stock and good news lands. There should be some gr8 risers."

Quite agree...

lol screen shot and put on Twitter for everyone to see the response to a factual post and what to look out for on the LSE BB's

#Brilliant!

No, they are at the will of the Government.

All we know is

1.0 Extension licence is a conditional part of the farmout for the Omani Zubairs to complete the farm in. Shareholders vote is 4th Jan

2.0 The 25 year development licence has been approved by the relevant departments and is waiting for a minister to sign. It was applied for in September 2017 with a development plan for an initial 6 more wells and production early 2020.

There are Two licences applied for and outstanding, both of them regarding the same asset.

1.0 Extension licence - this is required for the JV partner farmout to complete with the Zubairs and also required for the next drill C-1 appraising the 763 Billion cubic feet of gas + Discovery target of 1.3 Trillion cubic feet gross.

2.0 25 year development licence - allows for the development plan to be implemented, drilled and production for the next 25 years.

Risk is they are not issued - recovery costs and legal case against Gov - probability low
Upside & issued - assets reflected in the SP and they are massive assets - highly probable.

all my opinion.

C

Not kidding Genius - On the grant of an extension licence it should move rapidly North to 3p + imo. Kn-1 production and Helium -1 IPO, conclusion of the JV farmout and C-1 spud date then significantly more.

Who knows Crusty, certainly seemed like a strange thing to say unless it is related to licence(s) and the vote, but your guess is as good as mine.

Yesterday Aminex announced a number of operational updates, primarily that at Chikumbi-1 drilling and 3D seismic programmes have been progressed and that a rig has been selected. Work is also going on at Kilwinning North-1 and with Schlumberger are repairing the faulty sub surface valve. Investors are rightly impatient here but recent conversations with Jay indicate that much is happening that should progress the farm- out.

https://www.malcysblog.com/2018/12/petrofac-president-iog-infrastrata-igas-cairn-far-aminex/

Aminex
Yesterday Aminex announced a number of operational updates, primarily that at Chikumbi-1 drilling and 3D seismic programmes have been progressed and that a rig has been selected. Work is also going on at Kilwinning North-1 and with Schlumberger are repairing the faulty sub surface valve. Investors are rightly impatient here but recent conversations with Jay indicate that much is happening that should progress the farm- out.

https://www.malcysblog.com/2018/12/petrofac-president-iog-infrastrata-igas-cairn-far-aminex/

Oh sorry meant to add, it is still possible that the extension licence is issued before the 4th Jan date and within the next 10 market trading days, although I think it unlikely but I would be more than happy to be wrong again :)

Depends which one you are talking about Sheep? The extension licence is a condition of the farmout. The shareholders vote is the 4th Jan and if approved as expected then the licence would have to be issued between the 5th Jan and the Zubairs signing and closing the deal, currently hard stop is in March.

The 25 year development licence is less clear although again I would be surprised if the Zubairs sign the farmout without it in place?

Good luck Frank. Not sure where you get the funding issue from though?

"While the work programme commitments remain contingent on governmental approvals at Ruvuma, with our recent monetisation efforts we are in a strong cash position with a liquid balance sheet and are confident of being fully funded for next year's planned well programme and G&A."

Very happy with yesterdays RNS

A clear statement from the BOD regarding funding position for Ruvuma & KN-1 2019 work programme with a strong cash position and liquid balance sheet.

Rig selected to drill C-1 and signed rig sharing contract to miniimise costs

KN-1 Remediation well underway with test gas flowed to the plant.

Looking forward to seeing the completion of the farmout vote on the 4th Jan and an update from Helium-1 on the IPO listing.

Best of luck all.

Related JV news

https://bit.ly/2EoM9PH