Member Info for CrustyPete

Indeed Wimbledon and the Tanzanian authorities does like to stage manage their own PR - such an event would be a good opportunity to put out the bunting!

Yes Toffers they see their shorts looking vulnerable 😋.

However I am not expecting the sp to do too much on this news - the big prize is the ML approval.

"Working capitol to keep the lights on, but not to fund the completion of the well"

There is no plan to do this work in the short term and the BOD, with Galactica have 6 wells to drill,

in Colorado in the meantime. NO work in Rukwa until Q2 2025 - after completion of the Farm-in (done), initiating 6 development drill well programme, ML approval, negotiations regarding a JV and, or Debt Funding, and with the prospect of being a Producer not just and Explorer before end of Q2 next year.... all the BoD need to raise at a much higher level. Evcen if they need to at all.

Blubay, when ever has "reality" got in the way of some hyperbolic scaremongering?! Didn't you know that the BoD are all lying cheats and Sharebel is doing his best to save all shareholders from themselves.....?! He knows better than all of us.

Lol, here we go again with the same hackneyed, cliched soundbites from the idiotic naysayers - is that all you've got?!

Crying wolf doesn't work - where are all the idiots that told us that we would get a Cap Raise with the ML? WRONG yet again....

Repetitive, blinkered and totally discredited.

You will have to do a lot better than that - no-one cares about your discredited scaremongering. Even if there is a raise it won't be for months yet and the sp will be a lot higher by that point

This is for Mtwara: (click on the Mtwara area option.

https:??? //climateknowledgeportal.worldbank.org/country/tanzania/climate-data-historical (remove ??? and spaces)

It broadly confirms my earlier reference

Well that's fine RJ but that is for DES whereas my source is for Ruvuma..... they are not even comparable.

Oh and for what it is worth I have averaged down at 0.94, 0.90 and 0.86...... the bins didn't come in time!

Actually that is not quite correct, my average WAS a lot lower - have now raised it quite a bit!

But GLG we are expecting a Galactica RNS to drop any time soon - there be plenty of PR to come with that and , I hope, some more detail around the proposed Operational Work Programme that then follows.

SprintRS, and I will forgive you for stating that Panmure Liberum are an "independent investment bank". They are also SYN's Joint Broker and therefore not remotely "independent" - it is their role (amongst others) to bang the drum for SYN.....

Yes Blubay and, as I stated earlier Dec - Mar would be the worst possible time to be conducting Operations - though would admit that the core work (civils etc) is done at Itumbula and it shouldn't prevent an ESP test, but elsewhere, new drilling? Not likely.

https://??? weatherandclimate.com/tanzania/rukwa (remove ??'s and spaces)

So eurofil, explain the logic that would justify that statement - why, oh why would the BoD go to market before a pivotal piece of news, particularly when they don't actually need the capital? Certainly not until some considerable after that pivotal piece of news....?

Sharebel the BoD have categorically stated that they have sufficient Capital to co ver general overheads until the middle of 2025 - so they will not need additional capital unless they choose to embark on new operational activity that is nowhere in their current plans. So unless they have additional, as yet, unannounced Operational activity that they have not yet articulated, where, for what and when do they need additional Capital? The next 4/5 months they have a full agenda and the rainy season in Rukwa runs from Dec - March, so they will be highly unlikely to initiate any new Operational activity in Rukwa during that period.

Well H4H I firmly believe that any and the vast majority if not all income from Galactica Development Well programme will be reinvested for the subsequent exploration drill programme - certainly for 2025 /6. Yes the JV may well provide additional Capital but in no way do I expect that to fully fund a further drill programme in Rukwa - part fund? Yes, fully fund? I seriously doubt.

That said H4H you may b e right and I hope you are - but personally I would not want to make that assumption and hence will keep capital aside to facilitate my participation in any future medium term dilution.

I do actually agree with you joe on your fundamental assertion; the BoD will have to raise to continue the Rukwa drill programme. My belief is that any JV and Loan Finance will be largely for the off-take and Production Facilities, they will not be able to raise sufficient for the drill programme too. Where I differ is with the timing - I see little point of drilling further wells or completing existing well until the Production Facilities and Off Take agreements are in place and by then the SP will be considerable higher than it is now.

So, That'll be end of Q1 2025 at the earliest by which time the Rukwa ML will have been approved, Feasibility Study revealed, Galactica Well programme well advanced, income from Galactica anricipated in Q2, a JV in the bag, Loan Funding in Place..... Then the BoD will raise. They can do without further funding until then and defer any drilling until then without issue.

Actually DOD it is 0.91 -0.95 so NOT down again.....

But then when did "truth" get in the way of a load of fantasy accusations eh?

Or the FOMO brigade to enter before the close Toffers. I mentioned a few days ago that I favoured a Monday release and still do, though fundamentally do not think the completion will "move the dial" - the market is fully expecting it to complete. It is the Operational Work Programme and timings of the forthcoming drills that will get this moving, in my view.

I would have to agree with that Toffers - though a strange compromise arrangement it seems. We agree to a deal contingent upon certain imponderables but if the imponderables don't occur, then sod it, we will proceed anyway!?

Firstly EE being in control of events is one thing EE, what expectations you choose to communicate to your shareholders is another - the mistake of the previous company mentioned was BoD that you refer to was, that whilst they may never have been in total control of external events, they refused to admit or convey that to shareholders and were perceived as being guilty of overpromising and underdelivering - I had rather hoped that the Scancell BoD were a little more mature in their approach to investor comm's.

So whilst I would not expect "control", EE, but I would certainly expect them to be"well-informed". As I alluded to earlier at this distance I would have expected them to be somewhat more definitive about their expectations; the end of Q4 is only 8 weeks or so away... I would have hoped and expected them to be at least aware of how things are progressing towards that Q4 target. If, even at this distance, it is as you say "beyond their control" then what is to give us any confidence that Q4 is even remotely realistic? If it is likely to be late, I rather hope the BoD will engage in some "expectation management" rather than just let us and the market just swing in the wind.

Anyway enough. Only time will tell.

Jshute it is the expectation of the announcement of completion of the BlueStar Galactica Farm-Out which was due for completion no later than 31st Oct subject to satisfying certain outstanding conditions and, if not completion, then deferment awaiting completion of the outstanding conditions.