Member Info for cperkin

Ok thanks, I thought I had missed something important!

"but that has since been superseded by statements and comments made by JB.."

Have I missed something Crusty? I copied that from the Letter from the Chairman dated 7th December in the circular?

lol Tarry, always harder walking up hill than down ;)

Oh I agree that may well be the case for the full field development, although it al hinges on who pays for the 33KM pipe - JV or TPDC

But paying cash is the key word in the below, if they are required or not.

Pursuant to the Transaction, APT will carry Aminex for its share of development costs in respect of the Ntorya area up to US$35 million. Should the development of the Ntorya area not require APT to deploy capital on Aminex’s behalf representing the full US$35 million, APT is required to make up the uninvested balance by paying cash to Ndovu from a proportion of APT’s share of any future gas sales from the Ntorya Field. In addition, Aminex will receive a Cash Consideration at Completion of US$5 million, with US$3 million payable on Completion and US$2 million payable 180 days thereafter.

Either way a small argument at this stage regardless of how you interpret it.

Get that GAS rising ;)

We almost agree Crusty, the terms of the Farmout make me see it as cash equivalent, since any money unspent of the $35 million carry is returned in cash through production revenues so for me I see the carry as a cash equivalent.

Hi Aston, I can't answer that with any certainty but If they are the potential buyer post C-1 drill and flow testing then I am sure they will get the asset for the best price they can, the Zubairs are not stupid.

It would have to be for more than the $20 million for 25% that aminex have taken, how much more would depend on the C-1 drill results and not forgetting that 25 year development licence being in place.

I trust not caddy, each asset sale so far has made a bigger return than the one before. HH for 50% profit and IOW for 225% - next?

Is there more positive news spec? blimey please share, the first step of well remediation and gas to surface is all I can take in one week to be honest. Maybe the next phase is testing?

Haha Crusty the Grinch strikes again ;0)

Well what else do you think they are testing, the colour of the condensate or maybe if the gas is Santa red and comes with a beard?

Fair enough steve I see it differently, they have converted to cash and 18 million UKOG shares and avoided all the costs and risk associated with a future drill on the IOW the most expensive stretch of water to cross in Europe. They have made a significant profit and the money will be used for KN-1 - Ruvuma and Helium-1 all of which can be earning money way before the IOW.

Lets see what their next move is?

Looks to me like they know exactly what they are doing steve.

UKOG has agreed to acquire Solo's 30 per cent. interest in IOW for a total consideration of £350,000. With an effective date of 11 December 2018, the total consideration will be satisfied through the issue of 17,989,326 new ordinary shares in UKOG ("Consideration Shares") and cash of £90,450. The Consideration Shares are calculated based on the 5-day volume weighted average price to 10 December 2018 of 1.4428 pence.

Why we have already had some good news this week, have people forgotten already? KN-1 stage -1 remediation is complete and the well is currently being flow tested.

The SOLO technical manager that has drilled a lot of the wells in Tanzania believes that if the perforation is completed as well that it is likely to be successful. The well was grossing $1.5 million a month at 50% capacity, if this can reached then it's a life line to the JV never mind if they get it to 30 million scuffs as previously tested and $3 million per month.

Soon be Christmas ;)

KN-1 production is another critical element here. The good news this week that the first stage of remediation is complete with gas to surface. Initial flow rates and re-charge should not be far behind and solo's tech man who has drilled lots of wells in Tanzania believes that the perforation of the lower zone stands a very good chance of success.

KN-1 was earning $1.5 million gross to the JV at only 50% capacity, a return to those rates will produce significant income to solo and at the full 30 million scuffs previously flow tested = $3 million gross per month to the JV

Anyone telling you that this is not important or critical is full of carp, a return to production and earnings would turn the landscape around here quickly as will the JV farmout conclusion and licence.

Yes Woody they did say they would do that in the new year. I reckon there will be plenty of hard questions depending on where the SP is, the status of Helium-1 IPO & drills, KN-1 remediation and if they have confirmed C-1 spud date which is dependent on the farmout.

Guess they might waif for some traction?

A yes vote is the only option. As for the assets here, I feel the same way about them as ever. disgusted at the Gov for not issuing a licence prior to the circular and probably not before the vote as they are asking shareholders to conditionally vote despite financing 10's of millions, close to $100 million to discover and appraise their gas for them at no risk to themselves.

Roll on the 4th Jan and some flow test results on KN-1, hopefuly before then.

Hi Woody, Helium -1 were at the investors evening

I talked to Josh Bluett, co founder of Helium-1 he is expecting to IPO early 2019 and also drill Q-1 2019. They expect to drill 4 to 6 low cost wells. The plan is to sell directly to end users and become a dominate source in global Helium supply through a low cost, high volume production process.
They are currently obtaining conditional offtake agreements and plan to use debt finance for most of the capital expenditure required for production.

Be interested to see if the response from solo matches, never had a reply from Helium-1 directly, other than at the meeting.

Fair point BD, certainly not much cheer in the SP!

Roll on the 4th Jan farmout vote and some news on the KN-1 flow rates please.

No need crusty I am assigning your constant "playing your own book" bull hidden behind an air of knowledge and respectability where it clearly belongs the filter bin.

You carry on ramping shares with no licence higher market caps no cash and a defaulted JV and posting risks on the ones with significant assets, cash and lower market caps.

Tells me all I need to know.

Good bye!