Member Info for CrustyPete

Good news on the funds though, if true...

But the key issue is the "approvals" Drewky surely and common sense rarely has played a part in these issues. So, in short we do not have approvals?

What is more there was never any intention in my part to suggest that AEX are at the back of any queue. Indeed I suggested tgat the License extensions may well be approved en masse or in " batches". My point was that everyone is suffering delays that are totally unconnected with our Farm Out issues. And our voting them through will have no impact on those decisions

As someone has suggested - one justification for NED and, particularly the new Broker would be a fund raise..... but, if so tgat would suggest the BOD are not confident of getting invoices paid or our initial $3m anytime soon.

Unless we are in such a strong position that we are looking at acquisitions?!

Drewky, do you know that or is that just guess work because that is certainly NOT the lead that was given at the EGM....? JB stated that they did not have approvals for forward remedaition work including perforation...

I will vouch for that Drewky. JB has stated it in interviews several times and certainly at the AGM in 2017. The reason that it is so memorable is because it sounds so implausible! I have expressed my scepticism of the claim when JB has made it in the past....

And JB has also stated on several occasion that the only thing holding up the NT3 and subsequently C1 drill is the Rig tender. Which of course is now supposedly complete but, the difference being, we now don't have the proverbial pot to piss in. And unfortunately we won't have until the TPDC decide to start paying our outstanding invoices. Until then or the farm-out is complete it seems that we do not have enough to complete anything "operational".

Anyway until it actually happens (the Dev License is issued before the License Extension) it is hardly worth wasting energy on...

Good night all ;0)

I think that based on the claim that AEX do not need an extension to drill C1 they could drill - if they had the money.... and the Zubairs would have the money?

He certainly did say that C1 was not dependent on the Development licensee that is true BG but at the 2017 AGM he also said that they could still drill C1 if the License "ran out" in December 2017.

It was in answer to a question that went something like " if we don't drill NT3 before the end of December how will we be able to drill it in 2018 when the License has run out" JB response was (paraphrase) "well we fully expect to get the License extended but that we could still go ahead and drill NT3 without the extension...."

Furthermore he has stated several times since the License "expired" that the only thing stopping drilling Nt3 was finding a suitable rig, a position that he has maintained in interviews at that time and since.

Jan 8th 2018

" A tender process is in progress for a rig to drill Ntorya-3 as well as for other exploration and development drilling in the Ntorya gas field and potentially other assets which the Company operates in Tanzania. The anticipated spud date for Ntorya-3 will be announced once a rig has been secured."

I am sure that the sp will rise once that news comes out Max, I would not disagree BUT if we are still waiting for that License extension in the middle of March what price do you think the sp will be then....? If the sp is 0.5p at that point it will have to rise some 300% just to get back to where it is today......

I am not saying it will be that price, I really don't know what price it will be. I just think any "prediction" of the sp after the License extension will depend on the timing. We may well have had to raise money before then to pay for KN1 remediation or even Jay's wages....!!

Only joking :0)

I wouldn't argue that Drewky but, just for information JB did stress that the Exploration License for Mtwara and the 25 development license are two separate processes and are totally not contingent on each other. Indeed JB stated that with the 25 Year Development license application he is dealing with the same person that he dealt with on the Kiliwani GSA.

The net result is that theoretically and in practise we could get the 25 year Development License before the Mtwara License Extension and he believes that as he has a "personal connection" with his contact this is a distinct possibility.

From a practical point of view I guess this doesn't mean very much as I we could not drill C1 without the License extension because without a Farm-Out we do not have the funds; though, interestingly JB has stated in the past that we do not need a License Extension to drill C1 (NT3)....

Some interesting theoretical scenarios and conversations would surely ensue if we had the 25 Dev License approval but not the License Extension ;0)

Incidentally, any comments back from JB or Camarco on the situation regarding the KN1 remediation "approvals" Drewky? I am really looking forward to that. Just to make it clear his explanation of the KN situation was not just to me but to the whole floor during the Presentation and Q&A.

Phillo,

"You would have thought questions about why there is a delay would have been raised at the AEX EGM but have not seen anything in terms of a response."

They were and I have answered all of those that I have been asked (to the best of my ability) on the AEX BB over recent days. Do bear in mind that the attendees of the AEX EGM will have been AEX shareholders and not, necessarily, Solo shareholders.

MAX, the License Extension is " 'FINAL' obstacle is removed prior to production... " Really. Blimey and there was ,
me thinking that before we got to production we had to complete the following... Farm Out approval, C1 spud, successful completion of C1 drill, work-over of NT1 and NT2, pipeline construction AND most importantly

25 Year Development License Approval / Ntorya GSA.

It is reassuring to know that we don't need any of this and that a License Extensio will do it all

"As for the Omani and Tanzanian links, they seem to run quite deep at several levels, who knows maybe Orca and the rest are being held back pending Omani onshore production. (not applying that to offshore LNG, at least not yet!)"

Who knows indeed CP? I suppose that is as likely as about 101 other possibilities... shall we start a list now?

"For all we know the licence could be done and dusted"

Well if that is the case the AEX BoD don't appear to know anything about it...! :0)

CP, why the Chinese? Because they have been heavily involved in pipeline and infrastructure financing and development, have more money invested in Tanzania than anyone else, have huge influence and maybe not a coincidence that JB has been spending a lot of time in China recently....

Pure conjecture but anything and everything helps.

It goes without saying that "the sooner the better" but I won't be holding my breath John....

You have got that exactly right jamtart but then what bloody comfort would that be for AEX and Solo shareholders...?

Moreover, like you and many, I don't think it is a question of "if" but only "when"... the point being that Solo, Aminex and many others (StatOil, Shell, M&P, Orca, Dodsall etc) have been saying that for months, and months, and months.... And there is no obvious reason why the Tanzanian Govt are going to change their approach this week or next just because they are now talking to a bunch of Omanis; even if they are well connected Omanis.

The only group with sufficient "muscle" in my view are the Chinese and fortunately AEX BoD are quite well connected in that regard ;0)

Sorry I meant to add, anyone in the audience and listening to the Q&A session could not have been left in ANY doubt about the current status of the situation....

A thought Drewky; most of the Camarco bods were at the EGM (I would be pretty sure that they created the presentation). Perhaps you could get a quick clarification from them? They will have been there to hear JB's Q&A session too....

Well that's one interpretation Drewky! Lol...

I suggest you do try and contact JB for clarification. I have to admit that at the time of posting I had not even noticed that the presentation stated that the "Perforation of the lower zone progressing"... and had I noticed that whilst at the EGM I would certainly have raised the issue myself.

As I said to BG earlier it must surely depend upon what you interpret "progressing" to mean. I can categorically state that the audience was definitely told that they / we were still awaiting the "approvals" referred to in the August RNS.

As regards "trusting" the BoD, as I have said many times it is more the Tanzanian authorities and their estimated timescales that I am distrusting of. And during the presentation and subsequent conversation those reservations were validated totally.

As I have inferred here several times here over the last couple of days, the Tanzanian Govt are suffocating the O&G industry in Tanzania and we are suffering, like everyone else, as a consequence.

As you yourself has often said there is so much that is beyond the BoD's control..... the last 6 months has just gone to emphasise that. And unfortunately nothing has changed.

Where we also agree is that the one thing the BoD do have control over is "the message" and for that they have no excuse.

Drewky my post earlier was not meant as a comment about your forecast in the slightest; indeed I fully agreed with your forecast. No, I was commenting only that Tanzania chose to mention that fact that you got it right. I don't see him commenting on your not forecasting the subsequent decline. Or maybe you did?

You may very well be a Strong Buy, that is your prerogative. I choose to remain a Hold after the EGM for reasons that I have made clear; when we get a license extension and have reports about successfully perforating KN1 (and a few other things that were raised at the EGM) I too will be Strong Buy. Until then I will stick to the stance I have held since the AGM. Hey, only a few months until the next one only a few weeks after the March 31st deadline. It should be very interesting one way or another! :0)

"Doom and gloom"? I am simply reporting what was said at the EGM in answer to specific questions from other posters Drewky. If that is "doom and gloom" I can't help that ;0)

Anyway gents work beckons. Bye bye for now.

Oh really BG? Let me remind you of the previous post:

"Well I suppose that depends upon what your interpretation of the word "progressing" means BG....?

And no doubt your interpretation will be better than mine, so I won't waste any time giving you my version."

So please explain how my phrase " there is no imminent sign of KN1 producing anytime soon. They have not got the permissions they need for complete the workover" constitutes my interpretation of the word "progressing" BG?

Let me help you BG; it doesn't.....