Member Info for cperkin

I can't say I am not disgusted at the Tanzanian Government and their disrespect for the Shareholders that have funded 10's of millions - almost $100 million in exploration and development in Tanzania discovering, appraising and producing gas and have received just over $6 million back in earnings, yet they expect the same shareholders to vote on a PSA farmout without having the decency of granting at least an appraisal licence.

Very poor show GOV - great way to encourage investment in Tanzania - NOT!

No Frank all monies from gas sales are paid by the TPDC to Aminex who post costs and taxes pays the JV partners.

The disputed amount total is $5.97 Million The TPDC meanwhile have held back and owe the JV $7.22 Million, so either way dispute collected or not the TPDC still owe SOLO & AEX money that is more than the disputed amount.

Don't panic Jonsey, I am certain the vote will go through with no problem at all and for sure solo will be very happy to give their approval for the transfer, if they have not already lol

The circular is very clear on the conditions precedent, including

"the Mtwara Licence being granted in a form satisfactory to both Ndovu and the Farmee;"

Indeed Crusty the circular confirms perforation has not begun, yet remediation has but neither does it preclude perforation before year end.

Just left guessing as per usual and to be fair to solo they only said that it was the plan although they also indicated remediation was going well - whatever that means?

I remember it was me who spoke to him and I quote myself below.

"Re-mediation work has begun and the perforation of the deeper target is still planed to be completed by end December"

And in the circular

Page 11 "The Company is CURRENTLY implementing a well remediation programme with the intent of increasing production over the existing reservoir sands and also potentially perforate an untested deeper zone. Consideration has been given to the installation of a compressor and this remains an option whether or not the Company proceeds with the perforation of the lower zone."

And then on page 12

"the Company is not currently producing gas from the Kiliwani North-1 well and the Board cannot determine with a reasonable level of certainty as to when production will recommence"

So they have started but can't be clear (as per ususal and maybe wisely) on when it will be in production or if it will be sucessful?

+1 sambo

+1 reaction, you could very well argue that solo have played a better game (in very uncertain and bad circumstances - ref Aminex as operator) and may well end up with a much better deal when the time comes than Aminex, especially if SOLO hold on till post C-1 drill and that additional 1.3 TCF target.

Seems quite bizarre that a vote can be concluded and binding for a PSA over a Licence area that has expired, I assume this has been legally reviewed and does not leave open an appeal and challenge?

Is the extension licence going to be issued prior to the vote in 4 weeks time?
Is the Licence going to be issued post the shareholders vote and before the Zubair completion?
Will the Zubairs complete without the 25 year development licence? If so, why bother with the extension licence at all?

John, when they are all linked and dependent on the Farmout, it's no surprise that the drill is now Q-2 and as Crusty pointed out at this late stage and the weather window it could be no other way.

In saying that the Shareholders vote is only 4 weeks away and I think there is little doubt that on the 4th of Jan it will be approved. The question is how long post that event before the Zubairs complete?

Sorry that was way before bullseye - Burnie the Bolt from the Golden shot.

Left a bit, right a bi,t up a bit, down a bit ...FIRE

Q-2 drill it says Northern.

GL

Post C-1 drill is the time the additional 1.3TCF deeper target today confirms this imo.

They have been very quite on the whole thing and did not RNS at all the last two from Aminex. Seems they are keeping quite and playing their cards close to their chest. They should at least note the CPR included in the Circular as this is material and also the Q-2 spud date for the C-1 drill.

Well traded then NG...I assume he was in charge then?

What the COS on this drill and the prospective resources net please?

I thought you made a killing in 2014 Normalguy? maybe a free ride?

lol dunder that must be a first, me criticising the BOD and you defending them! :)

Reset the sense of humour chip Crusty :0)

It's a game of who blinks first and the Bod blinked first because they managed to back themselves into a corner with their timescales - played I would say.

Actually I think all share holders should refuse to vote and have a null vote - why vote on something that does not have an active licence, it makes no sense.

Flush the traders out and drop the licence next week JB :0)

On a more serious snot, enjoy the weekend and the read!