Member Info for cperkin

Hope so Sambo, I do love a good spud with a High COS (at least the initial targets) but there again, I am half Irish 😜

Doesn't look like it and don't forget almost 50% of the stock is tied up already with cornerstone investors, the Bod and institutions.

Hi Mr J, I thought you were on Hol's. Solo's is the basic answer.

However

I think that Aminex should have drilled C-1 last year as planed and then completed the farmout. The deal they have just done is low because C-1 was not drilled and the 25 year licence has not been awarded.

The deal at Aminex however is great news for solo and impacts significantly for the below reasons.

1.0 The Operator is now the wealthy Zubairs with all the correct connections at all levels with the Tanzanian Gov.
2.0 It values solo's 25% at almost double the current market cap even without the licence or drill
3.0 It is much easier to finance or get finance with the zubairs commiting up to $105 million to get it inot production.

Hope you are enjoying the break and best of luck all!

My sub 12p top up of course shows as a sell

Totally understand steve the very long term holders here deserve a more immediate chance of a return, as someone who has held only since the KN-1 GSA I would be happy to see the full 25% in production but also recognise that will take a lot more than the $15 million.

I just don't see anyone taking any less than the full 25%of Ruvuma if thats the case though, happy to be wrong of course.

The past is the past Caddy, the point is that the assets solo hold are valued at multiples of the current market cap and the New Bod have all the credentials to deliver.

Some great assets and now a great BOD - just what solo and it's shareholders need imo.

I think the cove days as vike said are gone steve, but I feel a lot more confident that the current bod can secure a fair and decent deal for shareholders should that be the route that they go down. I would prefer it if they could keep all 25% of Ruvuma myself,$12 million a year from Jan2020 for a $15 million outlay and increasing to $35 to 40 million within 2 years, but think I am in the minority on that one.

And close a decent deal vike. I could not be happier with the credentials of the new board myself.

I caught up with Jay Bhattacherjee last week to chat about the farm-out deal Aminex has done with Zubair and to try and understand why the market has cooled on the process. I think it is fair to say that the institutional holders are happier than the retail and within that band there are people who don’t agree that it is quite as good as advertised.

It is also worth noting that when I first wrote up my views, before speaking to Jay I was a big fan of the deal and it has to be said that I still am. With the significant cash payment up front by Zubair and the carry on 3D seismic and drilling Aminex has had a liquidity moment with what is effectively a material unlocking of cash. The deal accelerates development and production from Ntorya and means that permitting etc could mean that the next well might be spudded by the end of this year.

With an initial target of production of 40 mmscf/d Aminex gets net cash flow of $10-12m pa but I suspect the arrival of the Zubairs means that a much higher production rate is likely in due course. Hence my original valuation of 10p which is predicated on substantial long term cash flow for Aminex. There have been some suggestions that Aminex raise the money and fund this huge prospect themselves which I put to Jay. He told me that they have explored all routes from equity to debt to off-take agreements but none of these were either available of produced the kind of deal they have come up with. Whilst I can see part of the bear case I think that this deal will eventually allow significant amounts of value to materialise for Aminex shareholders and accordingly I remain a long term believer in the company.

Link

Bodes well steve and I for one could not be happier to have such an experienced sector Board who have a proven track record in both operational deliver and major deal negotiations.

Just what solo needed.

Onward!

You can believe box of Frogs poster or someone that actually knows something about the industry, such as
Alastair Ferguson
Jon Fitzpatrick
or maybe you prefer Malcy?

Solo has announced this morning that it has raised £2.41m through a firm and conditional placing at 2.25p, a 5% discount. In addition the company may raise a further £1.2m as it has announced an Open Offer for shareholders at the same price on a 1:9 basis. The company say that they need the capital to ‘safeguard our equity positions and negotiate the best deals for shareholders’. They also accept that ‘whilst the raising of that capital is dilutive at the existing shareholder level, it is a necessary function to protect and enhance the inherent value within the portfolio’.
Given the fact that they have put in place an Open Offer for shareholders, combined with the fact that the new board, with decent skin in the game are clearly not hanging around I see no reason why holders should not take up their offer, as I understand it the placings were substantially oversubscribed. Furthermore it is clear that things are going on at Solo, with a new, dynamic leadership and a topped up balance sheet it seems to me that transactions are definitely in the wind. Solo is most definitely growing up, nothing is off the table and at long last this company may start to deliver, it’s payback time and I suspect the ride will be fun, one for the pocket book, as they say…

https://www.malcysblog.com/

A mixture of placing shares and shares in lieu of pay.

Nice to see the BOD having significant skin in the game and confidence in monetising the assets(s)

Directors Dealings
Further the announcements of 6 August 2018 relating to the issue and allotment of new ordinary shares pursuant to the firm and conditional placing , Â and to the issue and allotment of ordinary shares to be issued to Directors in lieu of fees

Blimey vike, is that true! Was it Jon Fitzpatric that brokered the £1.2 billion cove deal? No wonder he was happy to buy £590,000 of hares @3.5p if thats the case.

https://twitter.com/AminexPLC/status/1027090768589201408

Gas pipeline to be built to provide Uganda with gas from Tanzania.

Many of his bucket list shares give multiple returns Apache, they might not hold those returns always but the results overall give a far better return than sticking your money in a bank. No he is not 100% correct and even had to ditch PANR from the list this year.

So for me Malcy's bucket list overall gives better returns than a highstreet bank and he ceertainly meets all the companies & CEO's on his list and is far better informed than the average PI like you and me and as such I consider his comments along with other research and sources of information.

If you want to ignore him due to shareprice flucations on one stock, thats your choice I guess.

Sorry Apache, your question was

"Aminex has been in Malcy's bucket list for some time now. What has the SP done during this period? "

The answer is whilst in the bucket list it went up from 1.3p to 7.5p & then down to 1.9 so still up overall and remians in the bucket list because Malcy see's upside for shareholders beyond the current 1.9p

It's clearly the wrong kind of flagpole scandic, the orientation of the below ground portion make in fact be the reason for earthquakes in Surrey, alternatively it might be a group stamping their feet at a pre-arranged time due to some clever swampy organisation using oil derived components to communicate.

Some serious kit being delivered today.

https://twitter.com/Adrianwfire/status/1026860404801249281

Aminex certainly needed the deal to move forward with the project as they were cash starved but sold out 50% pre-C1 drill and pre- 25 year development licence. (bit strange after already doing the highest risk drills imo) Solo's tactic of waiting for either or both creates a significantly better upside price depending on C-1 drill results of course.

Apache, it went from about 1.3p to 7.5p whilst in Malcy's bucket list and Malcy appear to believe that there is more value to be extracted by shareholders with the current SP around 2p.

Happy to have his opinion and weigh it up with all the others thanks.

9.34 on the player

https://www.malcysblog.com/2018/08/vox-markets-podcast-malcy-on-solo-oil-wentworth-resources-aminex-independent-oil-gas-amerisur-hurricane-energy-genel-energy/