Member Info for CrustyPete

ARA don't need to "blame" anyone, they have no audience to pander or answer to!! They are a private company after all.

Robert Ambrose on the other hand does!! And yet he has failed to turn up so far. I wonder why?

A bit disappointed no doubt? But still in a job so why doeas he care. He will be royally tewarded I am sure.

There will be NO placing OG but not because of the Zubairs 30% holding - there have been several dilutions since their original purchase and they have supported every one.; they would simply take their pro rata %age of any offering. The bigger reason is that we no longer have a MC to support a meaningful rights issue or placing and it would have to be done a a significant discount to the sp methinks.

The question is would the Zubairs allow us to join up with a suitable partner? With their 30% stake and a board totally under their control they can pretty much veto anything that they perceive is not in their interests. And that has been the case since 2016 when BH and the Board sold out to them - we have seen a gradual transfer of shareholder value from PI's and to the Zubairs ever since.

So when is our Zubair stooge going to brave an interview then? I am a eagerly awaiting him to express his "disappointment" at failing by a year to get the drill in the ground and explain how and what the board are going to be doing to get us through the next 12 -18 months.

Sharealot, you say "Maybe buying at the low and selling into the rise!"

Good luck with that ;0)

Seawolf what on earth did you expect? RA is a Zubair STOOGE!

I see a number of people saying that the sp fall has been overdone; really? Why oh why will anybody be buying this at any point over the next 12 months? What is going to stop the fall? Only buyers and I can't see any reason for any body to be buying today or at anytime for months! Once we have sorted out the License extension and have sourced the cash that we need to continue operating then maybe some will - in the meantime why take the chance when the big payday is over 12 months away....

Yes because there appears to be a moratorium on trading - only 3 trades?! That is nonsense - I have 3 orders out spread over my three accounts that I cannot complete. Something very fishy going on here.

I wish I had taken that 0.70p now.... :-(

Lol grsshaw are you serious "Ruvuma is now parked ..... - and assume the dates are set so they are under promising so they can over deliver - but this is Tanzania, so anything is possible!"

Under promise and over deliver! Who are you kidding?! that is what many on this board were saying when RA stated that he would be disappointed if they did not spud in Q1 2021!!

And yes I suggest that you do dismiss those statements - I think verything is totally up in the air now. AEX Board will need a "Plan B".

Who is going to "buy in" to AEX with the License extension issue now looming large....

We need our invoices paid as a priority otherwise we are seriously at risk in my view.

If it's not spent?! What by 2025,6,7?

How many? All of them.

I might agree with you dunder but for the fact that we will now need another license extension in April (no guarantee that we will get it) and AEX will need a dilution to get through to March 2020... sp slide is inevitable. Not sure that I have the patience for another 15 month long haul. But there are no takers for any meaningful quantity of shares.

$2.5m plus some credit CP....! ;0)

I have had an order out to sell mine since 8:00 and , as yet, no takers.

Foolsandcows - fwiw I have never believed that they would re-work NT1 & 2 - some while ago it was suggested that the roce on the re-working was insufficient to justify the time and expense.

I have just tested the market and there is no market at all for any large quantity of shares; I was quoted only 0.7p for 1 million - I expect to see the sp significantly lower before too long.

Sambo you say "To quote RA, “I’d be disappointed if we don’t spud CH1 by Q1.2021”

Disappointed?! Not as bloody disappointed as those who were relying on his words for "false hope"....

So BG no drilling or Seismic contracts in place and seems they haven't even identified the relevant rig? It seems also that your prediction for a Q1 drill is correct - just the wrong year. How many shareholders will still be holding by then? Indeed will there still be an AEX in 12 mnths time - certainly not without a capital raise or a JV - so more dilution in one shape or form

$23m expenditure for 2020/21 and with no drill until 2022......? Something not right there surely? Yes an increase to the Seismic requirements but not one that requires $23m of funding? What else will that be funding?

Cannot see SCIR hanging around for 12 -16 months surely?
If the Q1 2022 date is correct that sp looks under serious pressure - I have suggested for a long while that we have to wait a long while for the spud date that the sp would sink - now we will see if I was right. Where and how are AEX going to find the cash to get through to 2022 and beyond? We have cash sufficient to get us to mid 2021 but no comment from the BOD on capital raise or JV.

I hope our CEO will be on holding an interview at some point today to provide clarification.

Just about anything and everything is a "possibility". Who knows I might win the lottery next week and "one day Rodney....."

Though here's hoping. If they are to move they would be best advised to do so before the official NASDAQ launch - they will pay a lot more for it afterwards.

I will let it go BG if we get the drill in the ground before, again, having to wait two years for yet another license extension... ;0)

BG, it was pretty clearly "in view" in 2017 when we had cash on the balance sheet, income generating from KN1 and the prospect of the then NT3 in a back to back drill programme. Until the Board and Exec Managemnt team fecked up NT2 drill, totally mismanaged Kiliwani, failed to raise cash whilst on a "high" and with adequate MC, overspent on salaries for a "bloated" management and technical team (hired for projects never started let alone completed) that rewarded them all for achievements promised but, ultimately, never delivered.

Dunderhead says " We would never have been in the self created mess that the zubs "rescued" us from...". To make it worse BH and the Board seemed to think that shareholders should be applauding them for negotiating a fire sale farm-out to bail us out of the mess!!

Oh and BG, just for your information have a look at the RNS from Wed, 11th Jan 2017 16:15

I think this proves the point?