Member Info for CrustyPete

Edgar I would probably agree with your statement "And it occurs to me that the Aminex resource history is of under promising and over delivering (believe it or not)."

It is just a pity that operationally and in terms of delivering shareholder value the absolute opposite is true.

The presentation looks to me more like it has been prepared for a forthcoming "Investment Evening" or similar. Isn't JB meant to be presenting somewhere soon? The alternative option is that there is a "fund raise" in the offing....

A few takeaways for me;

It is good eventually to see a figure for what the "management" believe the Jurassic target areas could yield and 900 BCF , if it proven up with C1 would be fantastic - pity we will only have 25% of it ;0)

The presentation finally confirms that of the £35 million of free carry AEX will never get any cash back beyond the initial $5 million, so where is the money coming to pay for all of the Kiliwani and Nyuni 3D seismics etc? Unless the BoD are suggesting we wait until 2020 and Ntorya EPS is paying a "dividend" that looks like a fund raise is on the cards (hence the reason for the presentation maybe?)

So our total assets now number only 7TCF rather than over 10 TCF before the "loss" of the Lindi license. This is the first recognition of this fact.

So as I was discussing with CP last week; we will only get an EGM circular once the License Extension has been granted which comes as absolutely no surprise but of course means that if the Farm-Out is to complete by November 30th that License Extension needs to be with us by the week beginning 12th November for the EGM to take place to vote it through.

"Extension to the Mtwara License area supported by the TPDC and PURA pending approval by the Ministry" to me is a fairly hollow statement as we have been told in the past that both the Kiliwani Remediation work programme and the 25 Year Development License but we have been waiting over 18 months for the first of them and 12 months for the second.... They will only approve anything when it suits them and not AEX or their shareholders.

So, whilst it is good to see the BoD and Camarco getting off their arses to promote the company for me there is absolutely no reason (yet) to change my HOLD position.... Actions speak a lot louder than words.

Yet again so much for "we can only release an RNS when we have "material news".... However anything is better than nothing - well maybe not always in AEXs case lol :-) Will get to read it on the train.

Drewky why a surprise? Posting "Strong Sell" all the time I have been "Holding" would have been disingenuous.....

It seems that the HOLD "recommendation" that I have maintained since the AGM was more than a little on the optimistic side. We are down about 40% since then. Thank goodness I wasn't topping up at the "bargain basement" prices of 2.20p. 2.00p 1.80p as suggested by some...

CP much as I would like to see that EGM date announced next week I cannot see it happening until and unless the License Extension gets issued.

3 points cleared up? Did they need learning up? Confirmed certainly.... I hope that license extension doesn't take until the 30th November because if so I cannot see any way that we will get the C1 Spud anytime in 2018..... We need that ASAP - in fact probably too late already to mobile a rig and set up before December. Same old AEX , same old Tanzania.

So my concerns about this very topic and which were dismissed as rabid speculation, opinion and de-ramping seem to have been born out as a "fact" by the Half Year Figures then..... Well what a surprise I haven't yet had chance to read the RNS but hope to do so later in the day when next in front of a computer.but interesting extract highlighted by CP earlier. A recognition of the fact that AEX could Mt pay for it even if they wanted to? That said how much will have been spent on Ruvuma since March? Not as much as on salaries I would warrant... Where is that EGM date....?!

"Since when has the sp born any relationship to facts"....

Quite right Drewky the current facts are that we have no Licenses for Ruvuma, no production from KN1 and (subject to confirmation from the Half year results) not a lot of cash in the bank to pay for overheads or future development....

Not much to ramp there methinks? Based on the above the sp should be a lot lower than it is now. The sp factors in an awful lot of "potential". Yet as you mentioned in an earlier post all of that "potential" upside you refer to is totally dependent on events outside of JB's control. And yet we pay over $2 million a year to a BoD that are in control of what? Nothing. What have they delivered since AGM 2017? An Application for a Development License in September 2017.... That is a bloody expensive application not even considering the cost of the CPR and the Commercial study.

Not even in control of an EGM date it seems? Thank goodness that LSE rules oblige them to issue figures tomorrow :0)

Now if they are late with those then I do fear for the sp :0(

Yes Apache I have but it isn't a patch (doh) on Gevrey. Puligny is always at its best in it white, Chardonay, form.

Apache, whilst "filet de boeuf washed down with Puligny-Montrachet" might be considered "de rigueur" on the Great Plains please remind me not to dine with you when you are serving Buffalo in your teepee...... Gevrey Chambertin maybe or, even better, Cote Rotie, but if you must insist on Puligny Montrachet maybe some fresh water Crayfish, or even Trout to go with it please. :0)

I expect to see the Half Year accounts most likely on Thursday and hopefully with a date for the EGM. In one if your earlier posts Drewky you suggested that there is a small risk that even after a Farm-Out the future is not "secure", that the Tanzanian Govt may yet decide not to award the necessary Licences for Ruvuma and North Development. You may well be right. Equally likely though that one reason (accounts aside) that we are still awaiting for that EGM date is that APT will not "commit" to the deal until those various outstanding issues have been put to bed..... In either event we have to have the Half Year results out next week. It will have been three months since the end of the half year. I just hope that we will get the EGM date at the same time otherwise the conspiracy theorists will be out in their droves. JB has already missed his AGM EGM expectation and any additional delay will only further harm the sp :0( Have a good weekend one and all

Yes Drewky I know - that is why I deliberately selected the word "anticipated".....

Yes TB I can confirm that JB did say that they anticipated holding the EGM in September at the AGM. ...

Don't be silly Dunder that is not a fact but purely your one-eyed opinion.....

Agreed CP but the offshore gas was only ever destined for connection to the putative LNG terminal. None if the offshore license holders have ever suggested conducting offshore exploration and development for anything else.... Near shore is a different story. But enough work calls.... EGM date and half year results RNS tomorrow? well you never know "pigs might fly"....

So how was a project due for completion in five years ever going to affect the demand curve in 2019 Drewky ? ! That is the "fake" element . So yes Drewky I will continue to smile. But thank you for giving me permission.. ..;0)

Not quite Drewky, simply not creating "fake news" where none exists.... ;0)

Well that maybe true Drewky but, firstly, LNG was always supposed to be for export rather than domestic consumption, secondly it was NEVER going to be a solution for domestic demand anytime before 2022. So that being the case I think LNG is a total red herring for Ntorya EPS development or even FFD.

Indeed it could be argued that with the initiation of the LNG project Aminex are far more likely to get a "farm-in" partner or similar to assist with the development of their offshore assets (if the Zubairs were to allow it); without LNG that is highly unlikely any time soon. I am NOT suggesting that is a problem as AEX have more than enough to be getting on with developing Kiliwani South and Nuyni nearshore.

Maybe a bit late for anyone to be here; so I will say goodnight.....

I am away for most of the week so will not be popping in very often.

Have a great week all, I hope we get a date for that September EGM. ;0)