Member Info for CrustyPete

I would disagree wit you to a point Seawolf your assertion that "his just tells everyone what they want to hear"; that certainly was not true of what he had to say at the EGM. And I just think that the forum and format of an FAQ always runs the risk of over simplification and reducing quite complicated issues to nothing more than "soundbites"....

And random as regards your comment about " approval to fix the issue but not to actually produce any gas? " I cannot comment with any great confidence other than to say that the BoD have had tremendous difficulty having a meaningful dialogue with the management of the SS GPP. Furthermore they still have the outstanding issue of the TPDC claim. Even IF they could get the KN1 gas back on stream to the SS GPP would they actually be confident of getting paid for the gas? If not, would they want to spend what little cash they have left on KN1 remediation?

But, to be honest I am just reading between the lines of several EGM statements and subsequent conversations and could easily have it wrong. Where I am totally certain is that there is no guarantee of an early resolution of either the KN1 or License issues. Though I think the second of them could be close...

I certainly hope so :0)

Must dash one and all, good bye for now and good luck to you all.

Well I will accept that we do not need approvals for well maintenance, fluid extraction or perforation and as we have the money there should be nothing holding it up. Except, I repeat, at the EGM JB stated that we were still awaiting approvals. Approvals of what I cannot say but there were some outstanding approvals needed for something.

Now that was a month ago and things change but I can assure you I am not making it up and I am not hard of hearing. As of the 4th January at the EGM we were still awaiting approvals for something. And whilst that may not directly affect our "ability" to proceed with fluid extraction or anything else it may well impact the justification or commerciality of doing so....

We have argued this several times so I have no intention of doing so again. Yes we are told that we are "progressing" with these things - but that leaves an awful lot of interpretation of what might be meant by "progressing".....

But matherdj, surely now that we have voted in favour of the Farm-Out there is absolutely NOTHING holding up that License Extension..?! That Energy Minister will surely be tripping over himself in his haste to get that License Extension approved....? Lol ;0)

Maybe that's the problem matherdj, more haste and less speed...?

Well random we have had 7 plus months of those - but, despite that, I won't be rushing in quite yet.

Patience is a virtue, particularly in Aminex's case ;0)

I am with you on that Drewky and whatever others may have thought of KP throughout that 9 year period, I for one am sorry that he is going; he was always very open and honest whenever we met at AGM's and EGM's and moreover I now have a longer association with Aminex than any of the current Directors and Executive Management. Since BH's departure KP was the longest serving Director or NED left and the last connection to the "Pre Canyon" days..... A quiet revolution? Is there any one now left who has actually invested any serious money in the Company? (Zubairs aside)

Will that be "Magic" Monday the 1st April GL....? ;0)

No Mysteryinvestor in Tanzania they have torrential rain instead!

Fluid extraction might be a bit of an issue in those circumstances? ;0)

It has just dawned on me that I have been involved in Aminex for more than 20% of my entire life!

Will I be able to exist without it? Will I need weaning off it? Aminex Cold Turkey? Or will I be on it for life?

"Real" Seawolf? You have to be joking, surely we will all wake up one day and recognise that it was all a bad dream!? ;0)

code 0 happens every day on planet Aminex...

Only joking! :0)

For what it is worth Zabbadust I totally agree with your 10.54 post. I will certainly be buying on the dips...

So there we have it yet again "Aminex is currently funded and does not need further approval for the ongoing remedial work over Kiliwani....." So yes, BG AEX doesn't need approvals to do so but it doesn't say that it is actually doing anything - ongoing? Ongoing what "well maintenance"?

Ongoing....? well at the time of the release they were doing nothing; so they are now nothing is ongoing?

Let's drop it - you have your own interpretation and I have mine. The difference being that I WAS at the EGM and you were NOT!

So I am happy with my own expectations; as no doubt you are too.... I am looking forward to the next KN1 update but I won't be holding my breath for it :0)

Dear oh dear - so you don't want me to go down that route again but then make a false claim. What I said was that they are still "awaiting approvals" - I will admit that I assumed that they were for fluid draining and perforation - that does not remove the assertion that they are still awaiting approvals. What for is another issue. Maybe you should read dunder's earlier post.

So Drewky yes they may be "progressing" but that leaves an awful lot unsaid. Progressing with what exactly? Further testing and analysis?

So I think I have every reason to question whether they have started on the fluid draining and/or perforation - they could just as easily be still testing and analysis - they haven't told us that they have completed this or what the outcome is.

I am not "causing bloody mischief" I am simply pointing out that maybe not all is quite what some would like us to believe.

But I am happy to leave it at that for now and see how the cookie crumbles. Do you think we will hear any more on the outcome of the Fluid Draining or Perforation before the end of year results? What would be a reasonable expectation if we were to assume that work on Fluid Draining had been started? Next week? A fortnight? End of February? What?

Drewky, just one observation you say that " is that they have to drain the fluids before the perf gun can be lowered " but we don't even know if that has begun yet? Yes we are told that we do not need approvals to do so but there has been no official statement that work has begun - unless you can point to a reference that I may have missed? Back in September the BoD referred to the work done on the Valve that should take 2/3 days but it ended up taking 3 months (for reasons that I have explained)..... Back in December according to the KN1 Operational update the BoD stated that:

"The well is undergoing further testing and analysis"

To my knowledge I haven't seen anything from the BoD to state that this phase had been completed and/or results produced - they certainly didn't have anything to report at the EGM. So as it took three months to get equipment to the site to fix the valve and since there has been no indication that "testing" has been completed I fore one am certainly making NO assumptions that work has begun: quite the opposite in fact. I would be expecting them to be singing it from the rooftops if it had. It would certainly be in everyone's best interests to say so...

But, as I am not expecting it I will not be disappointed when it proves that nothing has happened and pleasantly surprised if they make a statement to that effect.

Here's hoping :0)

Hurrah matherdj! Yours and Dunders earlier post regarding approvals seem to indicate that at least some people have seemingly understood what I have been saying for weeks now.

I do also agree with Drewky though - there is little point wondering why or when the wait will end. I am sure it will end, though the immediate post EGM optimism (euphoria even) seems a little misplaced now, a month after the event.... But then to you and I matherdj, that comes as absolutely no surprise does it?

Oh and just to point out your "deliberate error" Tanzania you suggest "For the Zubairs to make such a huge commitment without first getting some sort of commitment from the Government is unthinkable"....

Well actually they haven't committed to anything Tanzania - the Farm-Out is totally contingent on the License Extension...... no License Extension NO commitment.

Bye bye for now one and all ;0)

I understand the point you are making Tanzania and I have some sympathy with it BUT would you not agree that if the BoD had managed to do as they promised at the 2017 AGM and make the remediation of KN1 their top priority we could now be sitting back accumulating $1 million a month from those KN1 incomes? We would not be worrying about the delays in the License extension because every week that passed we would be in an ever stronger financial position and looking forward to the License Extension, 25 yr Development approval and C1 drill - we would by now be "fully funded" for C2 as well!

Yes the Farm-Out is now an absolute must and was always likely to be so BUT that need not necessarily have been the case and certainly not at such a low ball figure. Unfortunately the BoD have been forced into a corner through a series of unforeseen events a lot of which were not of their own making.....

The sooner we diversify outside of Tanzania the better but how are we going to do that with no cash, no income and all of that $35 million carry committed to Tanzania? Better to have had the cash, even if less cash, as cash equals choice....

You can take it as you like BG but I suggest that do not make the same mistake with the word "approaching" as you have already done with the word "forthcoming" and interpret it as meaning "imminent".... let me assure you, that is certainly not my suggestion and, I would suggest not the BoD's either.... ;0)

GLA

But matherdj didn't you also read that I had a hidden agenda? That I was telling porkies? That I simply wanted to engineer my own re-entry point? Anything, except an open an honest representation of what we were told by the powers that be at the EGM

And with the EGM vote out of the way everything was a slam dunk. ;0)

But seriously mather that was now nearly a month ago and things do move on.... though I have not changed my "HOLD" position. Not yet at least, though I do believe the time is approaching.

"We will get IIs moving in now !!!"

Will we Tiptop? What when £260k buys 1% of the company? I hope you are right but not convinced...