Member Info for cperkin

Good luck piscio, the New BOD here have all the credentials required to turn the massive assets into cash and have significant holdings of just under 10%.

All the best!

So the buy price is almost the same as yesterdays, just the spread opened and the SP and ask dropped @ Fakeorama.com

They did say by the end of September for the valve, so give them a week for the lovely Tanzanian RNS approval process . Conclusion, start jumping up and down on Monday then!

Free gas is free gas and that what solo have just been given, a very small amount @ an increased share just under 1% but as a reminder solo paid a little over $564,000 per 1% and they just got 0.84% free.

Exactly BD, that liquidation and 234,042,221 new ordinary shares in UKOG was a good move.

Tarry Bounty are loss making, so they would need another placing to generate the cash if they wanted to continue with KN-1 Hence they rolled over imo.

"Tullow got off lightly" You are kidding right? they walked away and the remaining JV made a massive gas discovery resulting in the asset being worth many multiples of their entry price at the time.

The asset has been returned free, you can't dispute the fact.

Of course it means an additional 6% costs for remediation etc, Bounty are skint and distressed. If the remediation works (gross cost of $250,000) then = $1.5 million Gross earnings per month to the JV and in fact the 6% increase in asset value more than covers the cost of remediation.

Tarry, how much did Bounty pay for their %?
How much have Aminex now had to pay Bounty....£0

It's Free, just like when Tullow walked away from Ruvuma.

Plonker Bot still at it @ solo & AEX £34 sell here and £18 @ AEX this morning.

I thought it was remedial news as well steve, got excited for a whole second. Still they had to release it as it is material news.

Not sure on your source of information willow? Regardless it impacts solo little now, they have put in place their contingency and have around £8 million in cash and liquid assets.

Free gas is free gas...Now where is that KN1 update, I thought this was going to be it based on the RNS header.

Oh well free gas is free gas, funnily enough the increase in the asset holding value almost covers the cost of the remediation and perforation of the deeper target.

Bounty have been struggling for some time steve so they have walked away from the remediation and handed their share of the asset back.

Too early to say what impact the remediation will have, it is due this quarter with a perforation of a deeper layer + the 3D in 2019

The remediation is expected to cost $250,000 Gross or $21,000 to solo.

The Company announces that, as a result of payment defaults by Bounty Oil & Gas NL ("Bounty") under the joint operating agreements relating to the Kiliwani North Development Licence and the Nyuni Area PSA, that Bounty is now deemed to have transferred its interests in such assets to the Company's wholly-owned subsidiary, Ndovu Resources Limited, and the other non-defaulting parties.

Subject to the completion of certain formalities, Aminex's interests in the Kiliwani North Development Licence (which contains the Kiliwani North field and Kiliwani South prospect) and the offshore Nyuni Area PSA have therefore increased by 6.383% and 6.6667% respectively.

As a result of the Transfer, Solo is deemed to have proportionally increased its share in the Kiliwani North Development Licence by 0.8418% to 8.3918% subject to the completion of certain formalities

https://www.investegate.co.uk/solo-oil-plc--solo-/rns/kiliwani-north-update/201810040700059112C/

Once C-1 is drilled and the pipeline EPS built (This might still be paid for and built by the TPDC by the way in the same way they did for KN-1) then each additional well only has a price tag of $4.15 million and with initial first year earnings of $10 to $12 million @ 40 million Scuffs the rest of the development is self funding with profit to spare up to 140 million scuffs and $40 million earnings per year.

See Aminex slides 11 onwards break down the costs and note slide 13 with the TPDC paying for the pipeline V the JV partners.

http://admin.aminex-plc.com/uploadfiles/Corporate%20Presentation%20Oct%202018.pdf

$10 million per 12.5% that Aminex achieved of course.

I don't think they should sell any of Ruvuma till post C-1 drill.
It is now targeting the 763BCF 2C in the Cretaceous layer and a further 900 BCF GIIP in the Jurassic layer which my be oil, gas or a mixture of the two.
Significantly bigger than the previous NT-2 drill and will be worth considerably more than the distressed $10 million that Aminex achieved.
Just my opinion of course.