Member Info for cperkin

Quite agree Tarry, but surely much better to concentrate on getting Ruvuma & KN-1 into production and then they will have all the cash they need to diversify their portfolio.

Yes maybe next year Drewky, in the meantime the extension licence should be issued in the next few days or weeks which kicks of the Farmout process and the $40 million cash & carry deal, including the transfer of staff and the backdating of costs to march 18 to the Zubairs and of course starts the C-1 drill process and spud date.

Seems a few are panicking at the 11th hour when the probability of the licence being issued is almost 100%

What exactly is it that they need cash for anyway? $250,00 for KN-1 and?

The below would also assume that they have blown through the cash position of $6.23 million since December, despite not apparently doing anything :)

Even if they needed a few million short term to tide over then a loan would be no problem to secure. They secured the since paid ARGO loan when they had a lot less in the way of assets and prospects and certainly before the Zubairs committed to spending $107 million to bring the assets to production.

As for the probability of not being issued the licence - almost 0% probability

And IOW is on top of the 25% of 126 million Barrels of oil 2C that solo already own.

I think it hit £50 million on the NT-2 drill last year.

And the drill bit turns all weekend :)

If NR was running the show I would agree Kejoglo, however with a new BOD in place EB's statement is more than valid. The past is not relevant only the way forward.

Caused them? maybe the real benefactor?

It's the same as it's always been, the Gov call the shots, nothing has changed on that level....remember the KN-1 GSA?

I believe they will use the money to fund the Ruvuma development.

Yes only 2C till we see that 33KM pipeline, once they have decided who will pay for it of course, the JV or the TPDC?

No idea about the Gov, they say they have a good relationship with the TPDC who they say are supportive. Individual Government ministers is a whole different ball game and thats who has to sign it off dunder.

The sooner the zubairs take full control the better on that front imo.

Yes dunder 25% of 126 million Barrels of oil equivalent 2C it's all gas so far, we wait to see if C-1 produces any oil. And no the 763 BCF only has a sales value of $2.5 billion @ current GSA rates.

If the C-1 drill comes in then $20 to $30 million for 12.5% would not be unrealistic leaving 12.5% to run to production with initial earnings of $5 to $ 6million per year rising to $20 million 2021/2

I think the issue is perhaps not with the TPDC, according to JB the licence extension application is supported by the TPDC, it is the Government minister sign off that it is waiting for.

Providing it is completed by 2nd week November the original timeline can still be completed.

Of course that should be 25% of 126 million barrels of oil equivalent assuming the 40 million cash & carry is completed.

Slide 5 if the Fizz being consumed has not completely saturated my 1 remaining brain cell dunder.

From the 5th Feb presentation dunder.

lol enjoying the plonk ;)

quite correct so once the licence extension is granted the 126 million barrels of oil equivalent 2C should hit the market cap.

Forward G&A is mostly transfered to the Zubairs and backdated to march 2017, taxes you just have to pay.

Quite agree higlandmatt the 40 million cash and carry covers the current market cap, which means the 121 million barrels of oil 2C @ Ruvuma currently has almost £0 value reflected in the SP