Member Info for cperkin

The priority needs to be C-1 drill and production from NT-1 NT-2 and C-1 and the 25 year development licence before they worry about the 3D seismic which determines drills 4,5,6,7 & 8. They would have to be mad to spend money on 3D without a licence after all.

https://twitter.com/AminexPLC/status/1017352237922902016

Chucking them out now.

$20 million is based on what has just been paid to Aminex. The future valuation including C-1 drill and the 25 year development licence is unknown till flow tested.

The point being that by holding out for the above events, solo have the oportunity (not risk free - depends on the C-1 well results) to achieve a higher price per % than Aminex who sold early and low (imo)

I agree if they were to sell now Crusty, but post C-1 drill and 25 year development licence (providing C-1 is a success for at least the gas and discounting any liquids) then solo in theory would get a better deal than aminex?

Kempey. They said they already have the money for Horse Hill commitments this year,, wasn't that what the last 2million raise @ 3.5p was for? They spent £600,000 on the additional HH stake and left themselves about £1.4 million to cover. Solo only pay 9.75% of the cost.

Either way, I was referring to Ruvuma only :)

Quite right vike, 20 million is the base valuation for solo's 25% of Ruvuma.

To drill C-1 solo only need to find about 3.5 million the back end of the year, to then move to production they would need to farm down or sell the asset.....for a higher price than Aminex got providing C-1 is a success of course.

The only money solo will need the back end of the year (assuming the drill is spud in December like NT-1 & 2 were) is the dry hole cost for C-1 - estimated @ $3.5 million and this would be through an open offer at least 21 days before it was required according to the Bod.

Once drilled and a 25 year licence in place then solo would need to farm down or sell the asset.

The Zubairs do though.

https://www.youtube.com/watch?time_continue=3&v=OdsGsug38bI

Thats why John Fitz joined the board Hedge, NR made this clear yesterday in the meeting.

Seems to me chris that solo are playing this better than aminex!

Thats right kempey, the operator is no longer Aminex but ARA petroleum ( the Zubair corporation) and Aminex and solo both hold 25% each of the Ruvuma PSA.

The AEX RNS came in at the back end of the meeting dunder, so no review possible at the time. No nothing like you suggest @ solo, just 15% of the current votes holding the bod to account in an attempt to get the best deals for pi' regarding how they spend their money and when to moetise Ruvuma.

Not clarified at the Aminex AGM dunder but myself and a couple of other investors met the solo BOD prior to the meeting and they gave no indication that they had seen the deal when I asked them.

A great deal for the Zubairs indeed & it seems to me the market was mislead with"back to back drills & self funded production" Pains me to say it but dunder was the closest to the $ value which is shockingly low. It would seem that solo's strategy is now a better one, wait till the c-1 drill is complete and the 25 year licence in hand and then go to the market to sell all or part of the asset to fund future development.

The only positive is that Aminex is now fully funded through a free carry to production over Ruvuma and the speed and depth or resources to make that happen are in place through the Zubairs.

Well done those at the AGM yesterday that gave the BOD the grief they justly deserved to their face!

I agree Bluff I expect the development to be significantly faster, the Zubairs have all the equipment, resources and just as important the political and sovereign connections with the Tanzanian government.

The Zubairs and the Omani's are investing significantly in Tanzania, not just in the Ruvuma gas field and energy sector & need the gas to power other industrial projects.

The plan communicated by the BOD to date is to get C-1 drilled in the thicker part of the reservoir and the deeper oil target and have the 25 year development licence. Once that is in place then sell all or part of the Ruvuma PSA for a higher price than Aminex.

Seems to me NR has in fact a better strategy than Aminex, who in my opinion let it go too cheap and before the C-1 drill.

Surprise $50 million looks about right vike.

Guess the average sustained Portland flow rate over the full test period, no justifications required and no judgements from others, a guess for fun no less!

shirleyfraser - 563 bopd
willowpillow - 489 bopd
Mikha - 472 bobp
steve58 - 450 bopd
reaction - 422 bopd
spartan_ - 421 bopd
Deanosbooty -399 bopd
BD - 385 bopd
Christoffmcd -360 bopd
SKY-RIDER - 323 bopd
cperkin -323 bopd.
trrime - 300 bopd
Mr_Bezzer - 251 bopd
FROGLEGS - 224 bopd
4Rok - 175 bopd

2022, they will have run out of gas long before then willow.

Still happy with both in the PF, but Ruvuma is the real prize as it stands.