Member Info for CrustyPete

A "shake-off"? - what day hasn't there been a shake-off....

Really Tanzania ? I wish I shared your optimism. Had your logic been sound surely that same fact would have dictated that we did not have a CGT bill to pay? That we should have been paid our KN1 invoices years ago? And that we should not have had to wait an eternity to get our licences extended? But no, none of these things have happened.

Hence a 30 year history and $100 plus m counts for feck all it would appear..... leverage, extortion and back handers are all that count it seems.

Neither enough to "move the dial" on the sp nor enough to indicate some news leakage I fear...?

Well as it is the date of the AGM today an RNS is an inevitability; so it would hardly come as any surprise!

So MAX, as you say "Different leaders same result! Absolutely shocking.. management..." So what conclusion does that lead you to? For me that is that actually neither sets of leadership have / had any control over events and were, and still are, totally at the mercy of a shambolic, chaotic, self-interested and, probably, corrupt administration.

I will never invest in Africa again.

Agreed on that CP. Here's hoping for some material progress some time soon....

Yes agreed CP on the post drilling billing but still a question of the precise timing and co-ordination of payments and billing to be finessed...

But only $2m of that $5m will be received in the first 12 months CP... so if the Drill is in December 2020 how will that fund Solo's 25% of drill costs? How much cash is there in the tank? Currently only enough to fund through to Q1 2021 we are led to believe.

Well BG insofar as Solo would not need the funds if not then yes I would agree with you but that still has no bearing on the timing in my view; tat is still totally contingent on the Farm-Out completion and I do not believe that the Farm-Out completion has in any way been affected by Solo's external negotiations.

I do not think there were many people that doubted that, with Farm-Out completion, would come Seismics and other pre-drill "requirements". I do not see how today's Solo RNS sheds any more liht on anything - except that Solo will now have the opportunity to hang around to participate in them.

I am not entirely sure that is the inference that can be taken from that announcement CP. This arrangement allows for an investment of only $2m over the next 12 months. Would that be enough to fund 25% of the drill on top of existing Solo cash? Maybe CP but surely only if the cost of the drill is not required until after drilling...? Reading the extract below I think this infers that this investment allows the company to fund it's requirements up to the point at which it finds a buyer.

"The proceeds from investment rounds will be used by the Company to fund the planned appraisal programme on its Ntorya gas field in Tanzania and for general working capital purposes, while the Company continues to progress the sales process of its interest in Tanzania."

You may be right CP after all it is semantics but one thing that is without question is that the investment at least buys Solo time to find a buyer for their assets rather than have to sell out for a song in a fire sale.....

It may also indicate where their next "project" might reside perhaps?

Well you could blow me down with a feather - some news at last. At least that buys us time and takes some pressure of a forced fire sale. Good news..... :0)

" Cash is not a worry and I am not even factoring KN1 and Nyuni into that. " Not a worry?! Edgar what planet are you on? The Board have already stated that they will need a partner to provide the company with cash cover to keep the lights on let alone to fund the remediation of KN1 or drill KNS - that means another dilution of some description....

Morning all,

I have said several times on this board that I think the Farm-Out is a "done deal" and we are simply awaiting the "rubber stamp". I have also said, and say again that unfortunately as has been evidenced many times in the past, rubber stamps are few and far between and take a bloody long time in Tanzania and therefore that we should not be making any assumptions about the timing.

Taking both of these into account my conclusion is that, yes, we will end up with an interest bearing loan but that, in the longer term it will be totally incidental. Pity that we need it (unnecessary and unfortunate expenditure, CGT etc) but not a material issue. As BG has alluded to and as the Board have stated - the more material issue is that, in any event, interest bearing loan or Farm-Out aside, we need a partner to help keep the lights on.....

AND, if anything, it is this deal and the timing of its completion which will determine the date that the AGM will be set.

What on earth are you on about now Frank? Perhaps you could point out where I am disagreeing with you....?

I am not commenting on the likelihood or timing of the Farm-Out happening or the timing of it - simply that in reality whether we now have an interest bearing loan or not is somewhat irrelevant in the bigger picture. It is Farm-Out or bust Frank that's all.

Do I need to spell that put for you any further or have you got it now?

Ho hum it is all rather incidental in my view. Ultimately the Farm-Out happens or it doesn't and if it doesn't then AEX are sunk anyway. If it does then so what, we owe them $1, $2 or $3 million and they owe us $35million in credit. It will all end up being washed through the books. I wouldn't imagine APT are too bothered if we are paying interest the period. We will simply end up only receiving $32?m of credit with an "interest owed" adjustment.....

The bigger tragedy is that we ended up wasting the bloody advance on unforeseen expenses that we should never have been paying; CGT and alike.... what a bloody ripoff - extortion or what?

So if Acacia is no longer the cause of the "overhanging seller" issue, who is it now? Disappointing but at least it is allowing time for more top ups..... Will I get then chance for one more before "lift-off"?

Here's hoping.

"do you really think all your negative talk will encourage new buyers COME ON !!!" No Frank I don't but then as I have said endlessly before Frank, unlike you, like the majority of the people that post here I do not post just to line my own pockets. Not everyone thinks in the same way that you do Frank. Not everyone thinks that the sole purpose of this BB is too promote their own position. Not everyone posts here purely for their own self interest It is just a great pity that you are too simple to understand that....

Maybe one day the penny will drop. But, then again.

Oh dear oh dear here we go again same old BS from Frank. As soon a someone says something that he doesn't agree with then the same old accusations start...

So actually NO OG I am not a trader; I am a long term shareholder in both AEX and Solo .

The rest of what Frank has to say I owuld not argue with

OG were you an AEX and Solo shareholder at the time that Bounty Oil and Gas were part of the Kiliwani JV? If so, you will be aware of what happened to them.

I am not saying it is likely, I am saying that it is a risk. I am sure that Solo management are aware of it and will be doing their best to avoid it BUT some things may not be in their control - as their statements today have highlighted. The more time passes the bigger the risk and there will come a time when I am no longer prepared to accept that risk.

I have always been sceptical of Solo's ability to pay their way in this partnership as CP will attest - the figures provide justification for that scepticism. I have also been an AEX shareholder when their parlous cash position forced them into a fire sale of their Ntorya assets and this looks like a similar scenario. In order to avoid losing their prime asset to APT and AEX Solo will be forced to sell out - what position will they be in to get fair value.

I hope I am wrong OG but we all make our own decisions and I am simply explaining mine.

No CP it is not the same risk - AEX are, albeit nominally, the Operator of the license until the Farm-Out is approved. Semantics maybe but I do believe that Solo are at greater risk.

Anyway of we do not get some more substantive news in the next week or two I will be departing Solo due to that material risk of their losing the 25%.....