Member Info for CrustyPete

Hopefully for news of progress of Cambay CCS too..., gthat would bolster the sp.

The lower the sp goes DV the greater the likely dilution at the next raise; more shares needed to raise the same amount of money. So actually I dont think a lower sp actually does anything much to influence the risk / reward ratio. Not until the wells have been drilled and Medway CCS Farm-Out is sorted - only then can anyone realistically assess the forward P&L and ongoing dilution risk.

I follow your logic McNol but would seriously doubt if Colorado income is any part of the funding equation for Rukwa and certainly not at this juncture. Firstly the drilling of only two Colorado Wells hardly guarantees future incomes as it will require all of them be completed to do do. More importantly those incomes are already commited to reinvestment to further drilling in the short / medium term finally those incomes are relatively small beer in the scale of the Rukwa equation. Lenders will be totally focused in the CPR and Feasibility Study of the Rukwa project for "sign off". Anything prior to that will be Heads of Terms only. Funding for Rukwa will be based solely on Rukwa commercials which as the CFO suggested are more than good enough for Rukwa to stand on its own two feet.

Argh "would NOT be looking"... sorry.

McNol it goes without saying that nothing is set in stone but at the AGM and during conversation the CFO volunteered that they would be looking to leverage Colorado income or assets to finance Rukwa; he alluded to prefering to ring fence the two and use Galatica assets for further US funding and projects. He fela confident that Rukwa will more than stand on its own two feet.

Here's hoping.

"and who would risk that"....

New investors might make a few quid but little hope for long term holders; not without a lot of further averaging down and would risk that with the possibility of another raise in the offing?

There we go Gordon, the dam has broken, couldn't resist the pressure for ever...

Apologies peking, I should have recognised that as a quote.

Oh and Peking you say "including a pipeline to the Madimba Gas Processing Plant, that TPDC has committed to have ready for production to commence by mid 2025"

Actually the TPDC originally told us that it would be ready for production by the end of Q1 and ARA were meant to be helping the TPDC get that to completion but we haven't had any explanation for the delay - so maybe that relationship between ARA and the TPDC is not quite as strong as you seem to suggest?

Radio silence is never a good thing.

Peking "recent signing" - really? Well in Tanzania time I guess.....

Maybe if we get an RNS sometime soon they will explain why the Pipeline has been delayed and also the nature (coverage and timescales) of the EIA that ARA has recently tendered for? And why the EIA only now? It is not as if they have been busy, eh?

Yes, thanks Henning.

One interesting snippet:

"Ntorya, however, is on track to begin producing from the NT2 well by mid-2025, with additional wells (NT1 and CH1) expected to come online by the end of the year."

Well absolutely NO surprise there (I have been expecting that outcome since the AGM) but wouldn't it have been nice to have heard that from the mouths of our own board?! So when are they going to RNS this and provide us with an update? That April production is no longer on the agenda?

Alan it didn't need the "derampers" to tell us anything - it is the same with all AIM shares; periods of radio silence result in the sp drifting lower; it's unfortunate but a reality. I was expecting more and sooner on the Coolrado developments which should have kept the pot boiling sufficiently until the ML approval lands but, unfortunately even that is a few weeks behind where it was originally expected to be. But ho hum, this is a longer term play and has been for a quite a while now.

So too am I Tanz but that doesn't mean that I cannot recognise tripe when I see it....

"with his hopelessly one-sided" and largely irrelevant "unbalanced posts" at that....

Well I wish the same Hedgecutter but that was not what was inferred recently. It was suggested that whilst they await a new Farm-In partner (if they can even attract one?) the work would continue as scheduled. And SprintRS, the last set of figures would have included only a 50% contribution to the costs of the Medway work programme - right now and until and unless we hear otherwise, we are paying all of them..... 😡🤬

Maybe DV and, if we do not resolve the Medway CCS Farm-Out pdq that further fund raise may well come sooner than we anticipate. Maybe before the Cambay well programme is complete. If so, the sp will still be languishing at all time lows, raising capital will not be easy, and likely to require far more than the 20% discount that a 0.04p raise would infer. Look at the market discount that the Nov 5th raise required.... 🤬🥺

"Crusty, they do not need CH-1 to start production, the NT-2 well, will provide the initial production for the first year."

And your point is? Did I say or even suggest that it was? NO! I am more than well aware of that BG, I reported that back from the AGM

BUT NT2 will not be "re-worked" until the pipeline build has been started and that cannot now be done in time for an April production date; all in my view. So when are the BoD going to give us an update on timelines and expectations?

Secondly, what is the coverage of the EIA? Is that now a pre-cursor for the pipeline? Is it for CH1 and beyond? Off-take and condensate facilities? Who knows, BG?

It is not obvious what the tender is meant to cover but superficially if it means a whole ESIA, that would suggest that that'll be another 6 months in the execution then... But still in plenty of time for CH1 spud in Q4 2025. Though surely puts the mockers on production in April eh?

* latter!