Member Info for CrustyPete

learn 19, I will be deferring any opinion on that until after the AGM - but in any event (and for some considerable time now) I have not be buying more and will not be doing so until the funding issue has been addressed.

You choose "common sense" crl? The same "common sense" that caused you to exhort people to buy in to 4D pharma all the way down from over £1.00? The same "common sense" that caused you to deride, belittle and castigate any poster who offered a mildly cautious or contrary opinion? Then crl I am afraid that your version of "common sense" is unlikley to find much currency here.

But Rustin, that is exactly the point, these (formerly) ultra positive posters cannot believe that they were ever wrong and derided anyone that had a contrary or critical opinion; they rae still in total denail and the only possible explanation therefore is that it must be a conspiracy on the part of the Board.

Fantasy and delusion reign.

Oh and sorry MHB, no I will not be going to the AGM. I do not expect anything significant to come from it.

I accept your viewpoint MHB but then again still believe that any "bridging" finance would only provide temporary air cover and will do very little for market confidence and hence the sp. As has been stated several times 4D needs $45 m for operating capital to cover the 18 months from October onwards - anything short of that will not restore that confidence. You only have to look at what has happened to the sp since the "plaster" of the Oxford Finance arrangement has been identified as being so inadequate; a slow but sure race to the bottom. And, as for raising capital in the markets? We are now in a worse place for that than we ever have been previously.

No MHB of coure it isn't but for a cash strapped company we can ill-afford a punitive "credit" arrangement; an Oxford Finance style arrangement will simply kick the can down the road and with no guarantee that the market situation or development pipeline is any better at that point. In that scenario the sp will still be under continued significant pressure and will not resolve until a long term "solution" is delivered.

Well the one saving grace is that we are unlikely to require further capital until late Q3 or early Q4; whether market sentiment genrally or 4D specifically is any better at thta time is, of course, a moot point. Not much positivity to point to and the cash position for 4D by that point will look desperate unless thay can pull a rabbit out of the hat in the meantime. Oxford maybe?

"beyond reasonable action from the back of thepresentation yesterday"? - Unfortunately I really do not think so. The BoD have previously stated they need to raise $40mto keep the development pipeline running and it is clear that we cannot raise anything like that from Oxford even if "dicsussions are continuing". Therefore we are currently looking at something approaching a 150% dilution if they need to go to market to raise that money.

They desperately need a share price boost before raising capital but that seems an unlikely prospect at the moment; I can only hope that they provide us with some straws to clutch at during the AGM.

Hello robins, I must agree with you; I had intended treking up to Leeds for the AGM all the way from Kent but after today's presentation I cannot see what I am likely to achieve - more of the same methinks. Dealys and more delays, the markets are against us, pay me more money, hand over any and all obligations to shareholders and yet nothing by way of posititve action..... now that would be one hell of a wasted day. I would end up regretting the expense of time, effort and money. No, I will not be visiting Yorkshire again this year

So was COVID the BoD's explanation of the delays? Or was that just your personal conclusion? And if not COVID what was their explanation? Or was there none?

I note from an earlier poster that the clinical trials are progressing more slowly than originally anticipated. Did anyone ask the reason for this? Sangijuelas, very logically, suggested that this would happen if DDDD was running out of cash - what was their explanation?

I think some posters on here ought to quetion their previous dismissal of Sang's suspicions and warnings. From where I sit they all looked fairly "on the money". Oh how some of us would now love to have exited at 37p..... ;0)

+6% turns into -13% in less than half an hour.

Great job Duncan - you more than justify your wage rise! NOT

I have followed that supposed truism on a number of occassions only to regret it vehemently; chasing the bottom rarely works in my experience. Moreover some of our number has been spouting that adage for months, indeed, all the way down from 70p!

As I have mentioned before I will be sitting on my hands until the "funding" question has been answered comperhensively; nothing has happened to change my view.

Absolutely correct SQ and this was exactly my line of questioning at the AGM. The good news is that I was given sufficient comfort that the current "Non Operating" strategy is very likely to be reversed. It is certainly APT and Eclipse's perference for it to be so. The question is can they get away with a lack of development work on Kiliwani until they are in a position to fund the project themselves? That means either waiting until Ntorya production at the end of 2024 or rasing capital elsewhere in the intervening preiod - I hope that with Ch1 drill, GSA, pipeline build and two more drills between now and production AEX's market cap will allow them to raise capital and rebuild their "operating" capability - the suggetion is that they would look to outsource most of the heavy lifting to a third party rather than rebuild a lerge and expensive internal team.

Hope that answers your question as I have to run for a Zoom meeting now.

jackpack, I think you miss the point, at least my point, whihc is that Eclipse bought into AEX when AEX were a producing operator in the Tanzanain Gas market. They, currently, are neither and have stated strategy of not being an "operator" going forward. That means AEX can no longer purchase or control exploration and development licences going forward - other than as an investor in someone elses project. So what will Eclipse now actually be doing? Simply investing in yet another investment company. Why oh why would that be something they wanted to do when they could simply invest in the operator?

Your observation that AEX is on the main market is relevant though but only with AEX as an operator. As an operator AEX could continually go to market and raise capital for new licences, exploration and development work etc and, once the money has been spent, the target de-risked (all at the shareholders expense) flip the asset for a song to another Zubair entity for the upside. A shrewd, if cycnical, strategy but one that cannot work properly without AEX being an operator and being in a position to buy and develope new licences.

WEN are still an operator.

FWIW grsshaw I doubt that SCIR will be called upon to fork out on any Kiliwani expenses any time soon. Until the ORCA 3D seismic data has been analysed AEX won't even have a "plan" for development and until Ntorya production no money to complete it.....

Well I had intended taking a small longer term stake here after the vote on the 29th but after listening to Tom Reynolds on that Proactive interview I think I will be going elsewhere....hardly inspiring is he?!

That is exactly what then AEX Board and shareholders thought but AEX ended up paying over $2m of CGT on a gain they never made... there are no rules in Tanzania if they have you over a barrel they will exploit it.

FWIW and like many on here I do now believe at the current sp all the downside influences (but one) are factored in and therefore I think there will be apoint to be buying into these at some point; the one outstanding negative is the possibility that the deal will not be approved by shareholders - though, frankly, I think that possibility is remore in the extreme. Despite that, I will be keeping my powder dry for the vote on the 29th.

Tanzania, maybe yes, but my greater concern is that the principle difference between WEN and AEX is that AEX has offically STATED they do not intend being an O&G operator going forward whereas WEN have no such intention; maybe APT / Eclipse will change their alliegance to WEN as their chosen East African Oil & Gas vehicle. If that is so then that makes AEX more vulnerable methinks.

I was given some assurance and, hence, comfort at the AGM that this will not happen but the proof of the pudding is, as they say, in the eating.

Pure conjecture though to be honest.