Member Info for CrustyPete

We might be selling 66% of OUR current assets dunder - but I the figures that Drewky quoted are the total assets of the whole License. Hence we are selling 50% of those assets to ARA are we not?

On a positive note - there seems to be some good buying today :0)

Well you obviously need no "cue" to peddle your oversimplified one liners

Therefore just to provide some balance Drewky 7 trading days until we agree to give 50% of those assets away for a $5 million and some credit; just a "minor" point no doubt?

Three cheers for the BoD... hip, hip!

"erosion of profit" specman? Do you mean for Aminex?

Well, if so, you first of all have to have a profit to erode..... ;0)

"much is happening that should progress the farm- out"...... What do you take that comment to mean CP? Surely we only have to wait until the 4th of January, to get given that License extension and then it will all be done bar the shouting?!

So, CP, what could Malcy possibly mean god bless his little cotton socks?

It is still in doubt? It may still be some time off? Totally reliant on govt approving the Development License? What?

7th JANUARY is the answer Drewky, so very little by way of wasted time.

I agree on Namisange being the likely source for Oil but the problem with Namisange TB is that it is miles from anywhere, miles from a pipeline and would take years (based on KN) to get a GSA. If that were to be drilled and not find Oil the gas would be stranded for years to come in my view. Is there demand enough for gas to connect Namisange to a pipeline - it is a long way from the proposed Ugnada pipeline (circa 220 miles from memory)

Nearshore Kiliwani and Nyuni offer speed to market (if the proposed "merger of Kiliwani and Nyuni licenses goes ahead). Merging the licenses avoids having to get a GSA on Nyuni and hence a very smart move: though I would be interested to see the split between AEX and the remaining Kiliwani Partners of the Nyuni license... I hope we don't end up giving it away - particularly as none of the existing partners (AEX included) have any cash to throw into the Development pot.

The point of mentioning the claim had nothing to do with the figure Drewky, I was NOT even trying to suggest that we owed it! The point of even mentioning the claim was NOT to suggest that AEX owed the money BUT that because the claim was stopping them being paid for goodness sake.... hence the reason that we had no money to complete the Compression.

Dear oh dear. Is it that you really cannot see the difference or simply choose not to? Do you think that if you simply make the accusation often enough I will simply accept it?

And Drewky as I said, irrespective of who made the statement and assurance that says "should be granted" - is NOT an assurance. If it was an assurance it would say "will be granted".... Yet again Drewky Is it that you really cannot see the difference or simply choose not to?

Best you do go to bed Drewky.

Let's hope for a better day tomorrow.

"rather a naughty turn around on word play I feel" What on earth are you talking about Drewky? IN fact the "the original conversation" concerned what had happened to the BoD's intention to use compression for KN1 remediation. But CP chose not to comment on the explanation but instead concentrate on the two supposed errors; the was one error - that error was the difference between $250k and $500k for the cost of compression. The figure of $5.93 is totally correct; being the amount that the TPDC are claiming from the Ruvuma Partners the fact that only $2.74 m of that is AEX's %age is neither here nor there. What difference does it make how much of that attributes to AEX and what to the remaining partners? None, in fact...

CP chose to pick me up on the figures, when the figures themselves made no difference whatsoever to the underlying point of my post. And still don't. The point was that because of the "claim" AEX have not been receiving any income since Q1 this year when the cliam was imposed. If the claim had been for twopence halfpenny it would have had the same result. And whether the cost of remediation was $250k or $500k was also a specious point as AEX could not have afforded the Compression whatever the figure...

Similarly you say "with assurance given the extension licence should be granted prior to the long stop position".... how can it be an "assurance" if they say that the License "should" be granted prior to the long stop position. Is that like the "assurances" that the BoD gave that they "expected", firstly. the EGM and then the circular before the end of November? Hence no assurance at all then?

But Helium 1 do not have an agreement in place to do so, do they? And Aminex do, don't they? Aminex or more poignantly, APT who will be the operator after the farm-out, have no shortage of cash and would be able to pay immediately and would, I am sure, want to take the May/June weather window if at all possible.

I would not rule out the possibility of Helium 1 having a future arrangement with Heritage but I think it inconceivable that it would usurp the existing and already in place deal between Heritage and Aminex.

This assumes that we are talking about only the one rig - which would be logical. I note that Helium 1 want to drill H1 2019 and , if so I cannot see them using the same rig as both Heritage and Aminex. Yes, there is scope for the one rig to be shared by three companies and over several drills but no way would the Zubairs play second fiddle to little ole Helium 1.

"doubling costs is hardly irrelevant when cash is tight" it is when one figure is impossible and the other doubly impossible....

I do have heed your comments on the remediation programme but still have to ask if this delay has been all about the stuck valve all along, why oh why has it taken so long to fix it? At a higher level - over 18 months without any attempt at sorting the issues out? And that is purely down to the difficulty of getting the relevant parties to agree...? I find that difficult to believe.

Actually, maybe because there was never any hurry? The TPDC approval wasn't coming until after the Farm-Out had been completed and that was never going to be before November at the earliest....? If they had fixed it in July it would have got stuck again by now....

No Drewky, I was being facetious.... there is no chance for a March drill and never has been - May possibly but June more likely. But that is only my view.

Moreover the "Net" balance of claim versus invoices is, to my kind, an irrelevance; a $few hundred K is neither here no there in the total scheme of things - it wouldn't even cover a month's salary for the BoD. It is not about a Net figure it is ALL about getting the "claim" removed; we all know that it is total horse manure... as indeed Orca and Swala proved once they had kowtowed to the TPDC over their own Farm-Out.

So back to the original question of what happened to Compression - I stick by my original answer. The TPDC have never signed off on it and even if they had Aminex would not have had the funds to complete it because the TPDC has been withholding payments since the end of Q1 2018 and whether Compression would have cost $250k or $500k is an irrelevance to the argument.

Maybe you can pose a more likely explanation CP, rather than simply pick irrelevant holes in mine?

They are due a lot of cash when the specious claim is dropped but until then the unfortunate truth is that Aminex haven't got a pot to piss in.... Or would you claim otherwise CP?

Quite right Drewky, CP will be telling us all next that there is still time to get the C1 drill in before the March rainy season... ;0)

So quite right CP $250k not $500k but no matter we don't have enough for either. And you know very well that the $5.93 claim is correct for the total sum for the Ruvuma Partners - whether it is Aminex's portion of $2.73 or the whole sum of $5.93 is totally immaterial and not the point at all - it is simply that all the time it is in place we are NOT getting paid what we are owed.... that is the point CP, have you got it know?

So carry on picking hairs all you like CP- we are not getting paid and have no money to pay for Compression, perforation or anything else irrespective of the cost, whether it be 4500 k or $250k it makes no bloody difference

But thank you for giving me the opportunity to clarify the situation CP.

Tis the season, indeed, for hypocrites :)

Interesting idea Stonefold but just a question; even IF this is the same Rig that AEX and Heritage will be sharing - it is Aminex and neither Solo or Helium1 that has an agreement to share the drill so why oh why do you think that Aminex would defer a drilling date for C1 simply to allow H1 to use the drill first.....

Fat chance.

There are many outstanding questions on the KN1 remediation saga including whatever happened to the plan for compression. Unfortunately any questions along these lines were glibly glossed over at the AGM. No explanation of why it was that we never executed on the Compression strategy has never been given - even though at one time we heard that two suitable compressors were in the country....

That said, since Q1 when the TPDC clobbered us with the $5.93 million "claim" we haven't had any money to do anything... and the Compression was anticipated to have cost circa $500k far more than we have had in cash throughout that period.

We will have been going into debt just to pay our fantastic BoD's wages !!

It may also have something to do with the fact that any strategy we undertake on the remediation programme requires TPDC approval; something that we self evidently have never had throughout this long wait. Indeed no explicit statement from the BoD that we even have it now. Maybe after the 4th January once we shareholders have signed over 66% of the, yet to be extended, Mtwara License to APT eh?

Oh sorry - accentuate the positives. Well we will still have 25% and a few quid to pay the wages!

Only joking!! :0)

Tanzania, I for one, have not forgotten the potential and the acreage and, when we have managed to secure them and our collective future, I will be accentuating their positives....

Until then, I am a "HOLD".

Quite right BG, good spot; if ever confirmation was required I think that is it...

Drewky, okay, you can have the last word. And yes there has been no hysteria on the buying front - enough said.

No I am not Drewky, please re-read some of the earlier posts. There has even been one allusion to OIL ;-)