Member Info for CrustyPete

Not quite John, a 750,000 mistyped sell that should have been a 75,000 sell.

The 500,000 looks to be a genuine trade but the MM's decided they did not want to pay the market price for them and as the market "size" is only 75,000 they didn't have to....Nice cheap stock for the MM's.

I believe that it is $5.97 that is being claimed and $6.94 that is owed by the TPDC to the JV partnership as a whole; however the NET cash and receivable position shows AEX having net receipts of $6.23. Hence which ever way the difference is, it is a minimal difference. (AEX has net cash of about $250k!! NO great surprise there eh? It simply ensures that until it is resolved AEX have no cash to implement anything at all - even pay the overheads?

No Drewky I am talking about a place in time when alternative options were being sought; I am not "assuming Kilwani remediation will be a failure" simply that at the time they were looking for funding it had proven to be just that. And, until the TPDC decide to sign off the work programme there is no chance that it will be anything else.

But, yes, like you Drewky I have stuff to be getting on with... laters :0)

And you are right Drewky between the announcement and the AGM I did indeed repeatedly say "should borrow or raise rather than farm-out". But that was at a time when I still had some belief that we might actually successfully remediate KN1.... what a pipe dream that turned out to be. And by the time we got to the AGM the BoD had made it clear that there was no realistic alternative option.

Either that or our Cornerstone Investor would not allow us to avail ourselves of those options. In either event the outcome is the same.

"then the Farm-Out is the only option. "

I 100% agree with this statement and hence the lousy price per %age, but what a position to get into eh? And who was overseeing that state of affairs....?

That is exactly my point Drewky, that they do not know half the time what the contingencies and dependencies are and on the License extension and EGM timing they certainly hadn't worked that out by the time we got to the AGM.... for that and other historic examples I do not feel confident of anything they come out with as being "factually correct" and hence my repeated position that I will "believe it when I see it".... that and the influence and reliance on the TPDC and Tanzanian Govt means you can take nothing for granted.

Oh and Drewky you say

"Credit worthiness I think we could borrow or raise but it would probably be at a premium without KW producing at this moment"

I think the BoD totally scotched that idea at the AGM; without KN1 producing we have NO chance of raising money through funding as we have NO guarantee of ever repaying it...... And that is exactly the leverage the TPDC have been exerting with the delays in KN1 work-over and License Extension approvals.

" don't tend to disbelieve for that would be giving out false information"

Drewky to believe that you must also believe that the BoD actually know what they are talking about - And do you remember when the BoD told us that our Cornerstone Investor gets to vote on the Farm-Out.....? Did you believe that for the same reasons? They were proved 100% wrong there......

And when did the penny drop with the BoD that they could only hold and EGM after the License Extension was approved? Certainly not in April when it as first announced.

Drewky, "I would think that a sensible action that shareholders would agree on." I would 100% agree if you believed that we will ever get to see the results of that Tender or the figures that we will be paying the eventual "winner" and can conseuently compare them..... The process is only has a value if it is transparent and the AEX BoD are not renowned for their transparency; the very thing which has been the small PI shareholders consistent long term complaint.

Oh and Drewky "it could be argued we still have the right to drill CH1 anyway".. yes, if you believe the BoD's one time assertion that they do not need the License Extension to drill C1. But even if that was true (I don't believe it and never have), you certainly need the money or the credit worthiness to pay for it and AEX have neither ;0)

One of the "justifications" of the Farm-Out to APT that was given at the EGM - in an aside - was that APT could access plant and equipment at a fraction of the cost that it would be available to AEX...

Yes all that may be true Drewky but I bet you didn't go through Camarco either....?

Well you know my view Drewky, they have known what drill they are going to use for months (over 6 months) and the Rig G Tender was nothing more than a holding measure and a smoke screen. But as was suggested by someone last week it won't be AEX that "sign on the dotted line" it will be APT and moreover what point of signing a rig contract until you are in a position to dill the well...... If I were the rig supplier I wouldn't commit to a drill programme until I knew when it would be starting!

However that presupposes that you need to sign a rig contract at all? Unnecessary if you are both the "operator" and the rig "supplier" or can, through your association, guarantee availability of the rig you need whenever you need it ;0)

But what the they didn't say mj was what "finding a suitable rig" was "subject to"..... License extensions, EGM, Farm-Out and TPDC sign off.

AEX BoD are always a little parsimonious with the "detail", I've found....

Oh and one other thing GL - If we haven't had the EGM circular by the end of November I certainly do expect an Operational Update from the BoD by then - they will have had time to get the announcement vetted by the TPDC.

If we don't get anything I think we will test recent lows on the sp..... Time to get the cheque book out GL? ;0)

I think you are spot on GL. End of November for EGM circular is my "watershed". If we haven't seen it by then I fear for the consequences; immediate and longer term.

Just one comment Dunder; KS may well be small but if it comes in at 30 scuffs a day (as KN1 was originally expected to do) it could bring in another $20 million a year (dependent on demand) hence the "size" of KS is not the important factor, it is the income. Moreover when I am talking about Nyuni I am not talking about offshore Nyuni but nearshore Nyuni - which may well be the route they choose to use to supply the Songo Songo GPP above KS - it is adjacent to KS and may, I stress may, have a much larger payload? In any event it may not be that many year away from monetisation

I tend to agree Robina but the delay is not yet significant and certainly not yet material - the outlook will change radically once it is considered that the delay has impacted, or is likely to impact, the C1 spud date......

And to make it clear to all - especially Dunder - I do think that the PE of 20 is on the "optimistic" side - but conceivable with clear sight of a Kilwani South and Nyuni development pipeline.

Oh and meant to add - we have no idea of the Kiliwani South and Nyuni timescales. How long before the TPDC even agree to let alone are willing to fund the GPP pipeline connection...? It will be a long while before AEX have the capital do so (without heavy dilution of course).