Member Info for CrustyPete

How can I forget?! The vitriol and vilification that I received was quite unprecedented.....

jdk I am not sure of the price but after having to pay that tax bill they will need to re-charge the coffers long before the income starts to arrive from Chikumbi. That is of course they can either get KN1 back on stream and/ or get the the long overdue invoices paid - and that is a bit of a chicken and egg conundrum methinks? Let's hope they manage to pull a rabbit out of the hat eh?

That said I do not foresee the need in the immediate short term.

Actually, I think we may well have reached our "high water mark" for the day.... but hope I am wrong of course.

Well good luck highroller I wish you every success with your investment. After all our fortunes are inextricably linked ;0)

So I asked you the other day highroller, how long have you been an AEX shareholder?

Well it did come on a Thursday and in April BG... ;0)

I note with interest the comment below on KN1 remediation:

"Unfortunately, we continue to await upon approvals from the Tanzanian authorities to commence the operations.... "

Well bugger me and I thought we had all the approvals necessary for KN1 remediation? LOL

Bring back the FAQ's!! :0)

I also note that the BoD now openly states that the TAX position on the Farm out needs settling before the Farm-Out can complete - another aspect first reported but refuted by some here after the Farm Out AGM two years ago.

Ho hum. That is history now and so too many of the, then, players and posters it seems.

That is what has been at the back of my mind for a little while dunder, yes.

Well BG there are still a few hours left in the day ;0)

Maybe it is indicative of their awaiting another development to release at the same time? Here's hoping anyway.

Officially then BoD have up to 3 months from the year end to produce Reports and Accounts. Moreover they have historically more often than not been released on a Thursday (most commonly) or a Monday (second).

You might be right BG. We lost Likonde with the Lindi License so maybe I am confusing the two..... though I swear that we lost the Exploration License - the Ntorya concession was "carved out" of the former license area.

I will ensure that I ask at this coming AGM! It may even be clear from any AGM presentation that they create.

It looks to me as if there is a large limit order in the market on the BUY side and the MM's are keeping the price down to fill the order.....

Let's see what the day brings :0)

BG I think you will find that all we now have left is what was the original Appraisal Area. Namisange was in the Exploration Area....

I am 99% sure that it got "cut". The previous Ruvuma License area was "trimmed" as part of the extension to focus AEX's strategy and resources on Ntorya.

Namisange was always my "favourite" site for finding Oil based on decades old conversations; the furthest West always being considered the more likely. I was disappointed when it was cut and berated JB about it at an AGM....

GL,

I think the License restructure was as per the RNS of Mon, 27th Jun 2016

Namisange was a well / area that was previously part of the Ruvuma License area but which (from memory) was conceded as part of a previous License restructure....

Hi Matherdj actually, never "officially" but in "dispatches" during conversation afterwards yes. Indeed, even the possibility of more.

Good morning Ufufuo. In relation to your figures on NT2 and without questioning the validity or otherwise of the figures ($4m) it was suggested that due to the additional complexity of NT2 over and above NT1 associated with cleaning up the "mud" damage, the terrific gas pressures and also a re-evaluation of the drill that indicated that it was not in exactly the optimum place, the costs would be more than indicated above BUT that notwithstanding that just as importantly, the return on the investment may not be that high. They know that they can get 17 mscfd from NT2 already and why spend another $4 (which I think is too low btw) if that might only increase the flow rate by, say, another 10 mscfd. If, by spending $17.5m, drilling in an optimal location and without the associated complications they could get 75 mscfd? The ROCE offers a far more attractive investment drilling a second well.

That said, AEX have always been cash strapped - now that APT are in the driving seat they may believe that $4m is small change and run with it anyway.

yep, agreed biglad. Good news methinks ;0)

BG, JB said to me on more than one occasion that the cost of "cleaning up" NT2 was difficult to justify; it would have cost not much more to drill a totally new well and then have an additional flow of gas over and above NT2.

Now in today's straightened times the economics may well have changed but that was always his assertion.

Yes BG quite right, it did scare the bloody pants of them. It could have been a disaster and taken out a huge area - if that had happened AEX would have been history. The amount of gas that they could have had from NT2 was incredible if only they hadn't "destroyed" the well with mud..... But it was that or watch it explode.

NT3 now CH1 was always going to have to use significantly upgraded kit, not least with new casings, which allowed for gas to be "siphoned off" during the drilling process to facilitate pressure being eased off. (layman's terms I am afraid)