Member Info for CrustyPete

Oh and FROGLEGS I forgot to mention the complications due to extraordinary high Gas pressures and the prospect of finding Oil in the Jurassic layers of course :0)

Back to work for now.

Hi FROGLEGS, I am far from being any sort of expert when it comes to the technicalities around Drilling but it was once mentioned by Aaron Le Blanc that, because of the depth of the CH1 drill and the geology that they were having to drill through, the specification of the necessary drill was unusually high for the region and that was (at the time) largely the reason that it had taken them so long to locate a usable drill. They did eventually identify just such a drill but whether it is still available and whether they still have access to it must surely be questionable after such a lengthy period of inactivity.

That is 3 months assuming there is a drill available today. IF it is in country then maybe 2 months....

One caveat bg. We may well get a drill date very quickly - that does not necessarily mean that the drill date will be very soon....? Mobilisation of the drill will require some lead time. Typically, what, 3 months?

I would agree Highroller with the "its time to accumulate" but maybe not immediately.... Moreover I do not think we will get much by way of direction and clarity from the Reports and Accounts - they are almost always backward looking. A lot more tends to come form the AGM Presentation. Though it would be reasonable to ask when we can expect that - it always used to be in May but more recently has been pushed out to June and July. I suspect that it might be the latter because the BoD may well then have more news to divulge. At present and until the Farm-Out has been completed there is probably not much that they can offer other than speculation and guesswork.

I will not be around for much of the rest of the day so when I return I hope to see another positive day :0)

Agreed Sambo but the point is how many will wait and how many will look for a possible re-entry?

I think the Farm-Out completion and then a drill date could come very quickly but there are many holders here that will have been many times bitten and will have lost both patience and confidence I fear.

Very few buyers about this morning. It seems the excitement is already over :-(

At least for the time being. Will the sp defy all previous experience and remain at these levels or will holders be unable to resist the temptation of taking the recent rise and looking for a lower re-entry....?

Highroller that is because once a company holds a notifiable %age of shares (more than 3%) they then have to notify the market everytime that %age changes by 1%.... there is no more to it than that. As I said the other day it could simply be caused by distressed Majedie Fund Investors moving money away from Majedie and either to cash or maybe to another Fund Manager.

I wouldn't read too much into it.

They have 25% - end of.

I agree to the extent that, years ago the AEX BoD stated that they believed that the Zubairs were looking at AEX as being their East African Energy vehicle so to that extent it seems consistent and for the purposes of raising future sums the higher the price the cheaper the dilution - but if you were able to participate pro rata in the dilution then would you care? Maybe not.

The best reason for a high sp and market capitalisation is for acquisition - so maybe some way down the line there will be justfication enough to ramp that price.

Let's hope so.

GLA

Maybe I am being overly cynical VK but I am inclined to think that AEX might not be his only source of income.... ;0)

It might be sufficient to at long last complete the remediation of KN1. Though as I have mentioned ad nauseum, we still require TPDC approvals to complete that work programme.

Though it was once suggested to me b y a BoD member that had we actually been producing gas from KN1 we would have had some leverage to get the payments forced through. Whereas, on the other hand, until AEX were confident or receiving payment of past and future invoices why would they sink more money into the remediation? Particularly at a time when they wee rapidly running out of funds......

Something of a chicken and egg scenario?

I suspect that it will all comes at once.

Any thoughts on the following? Now that we have an APT stooge as CEO of AEX do you think we will ever diversify out of Tanzania? Or certainly outside of East Africa? Share price is hardly relevant if you never have any intention of selling - so why will the new BoD of AEX give two hoots about the market?

Whether or not the Zubairs are keen to move quickly or not do not forget that the they now run this ship and have their man as CEO; historically they and the Tanzanian Govt have been very tight lipped. I would not expect a torrent of Investor Relations to begin just because of that. We will see RNSs only when the AEX BoD have a statutory requirement to issue one I believe. APT is a private company and this show is now being run by and for the Omanis. It is a Public Company in name only, in my view, and will fulfill its responsibilities in that capacity sparingly.

Let's face it we hardly got any info when we had 75% of Ruvuma so why are we going to get anymore when we have only 25%?

Loads of trades gone/ going through at 0.70p - I suggest that they will all be one way. If as Kevin states these are BUYS it might signify that there is a large SELL overhanging the market - or that there is a large delayed SELL trade awaiting reporting....

Sellers are winning. At least for the moment.... boo-hoo :0(

"Taken over"...?! It already has been taken over. The only thing missing is the de-listing but that is not in the Zubair's interest in my view. They have all they need (effective control of Ntorya and 30% of Nyuni) PLUS a shareholder base that they can milk for future funding.....

It has been suggested in the past by some that approval of the development license would be contingent on the results of the CH1 drill. If that is correct it may well be a while arriving.

I think the "competence" issue is a valid one BUT I think that may have had something to do with the strateg behind the "Farm-Out" in the first place.

Though I can only tell you that the AEX Board told me that neither of the above claims was the correct.

The "application" for a Development License has been "in" for Eons, Matt....

Though there have been a couple of trades at close to 0.80p so maybe the news is being noticed?

Here's hoping anyway.

No-one is looking at Fossil fuel players methinks.... indeed nobody looking at much at all :-(