Member Info for CrustyPete

Actually it is page 10 of the "numbered" pages of the EOY report.....

http://admin.aminex-plc.com/uploadfiles/Aminex%20PLC%20Annual%20Report%202017.pdf

Yes indeed TB that "selective" figure of 5 TCF that keeps being quoted as a "fact"... I suggest you ALL read page 12 of the End of Year report.

The 5TCF figure is a "rounded up" figure used to describe the resources for the total GIIP for the whole of the Ruvuma Basin. When in fact the figure is actually far closer to 4.8 TCF and that figure includes both the Mtwara and Lindi Exploration areas (i.e. it excludes Ntorya Development Area). Therefore close to 3TCF of this 4.8 TCF is currently covered in former "Exploration" areas (and therefore of minimal value) and 1.7TCF of this is within the "old" Lindi License which will NOT be extended...... There is a "likelihood" that a whole new PSA will be agreed with the TPDC.... etc, etc.

Note the word "likelihood".... Since when, btw, JB has been recorded on interview suggesting that AEX may not even take this option forward.

But hey never let these inconvenient "facts" get in the way of a good "ramp" eh? ;0)

Now that's what they call a spread...!!

Maybe JF has found it as difficult as JB to find funding options to meet Solo's Ntorya obligations - lending, farm-out, dilution etc? Maybe his only option is to sell off HH assets but no-one wants to buy them and UKOG are short of cash so taking shares is the only solution?

They will need a large spike to sell this lump into ;0)

BD , CP what do you think?

So all Solo have achieved is to "convert" an illiquid asset with no mark to market valuation, a with a future income stream but with funding obligations into a (fairly) liquid asset that can immediately valued (at 4.5 million) but has neither forward income prospects nor funding obligations....

Do Solo perceive the short term funding obligations as being likely to exceed the income prospects? Is this a punt on UKOG sp or preparation for a "liquidity" event? I hope Solo BoD have some insight into the outcome of the HH flow tests. But then if those flow tests were to be very good surely the resultant income would have been worth holding on to?

The liquidity is the only obvious benefit methinks? And maybe the valuation transparency.....? Though it doesn't seem to have been translated into the sp?

Which is it?

I don't think anything in this interview overrides or offers anything significantly more than this mornings RNS and previous communiques already told us regarding the remediation.

The most significant remark for me was his confirmation of something that I raised some weeks ago; that they are looking to "merge" Kiliwani and Nyuni Licenses. Though that in itself poses a few questions regarding existing partners and "ownership"....?

Oh and MAX, the total cost of remediation is expected to be $250k not $500k - phew.... that would have been a concern.

Very happy to see the continuation of "volte face" on shareholder communication though. Please keep it up JB. Though a bit more polish would be appreciated ;)

Don't laugh Drewky, maybe the TPDC want Kibo to farm-out to GE and have them over a barrel too....? ;0)

Farm-out to Kibo and maybe that "cleaner fuel" policy will get reversed Lol :0)

It is still not complete because they have not taken sufficient stock in at below 2.25p to offer it to you, fill your order and optimise their profit. There are people out there paying more than you are prepared to offer so they will sell it to them instead.... It would be a different story of they had a load on their book and no-one was paying up for it.

Well random axe I think we must thank our lucky stars that our relationship with the TPDC is so strong! Just imagine how long we would be waiting for the Development License, Lisense Extension and Kiliwani sign off if it was anything less... what would our SP be then eh?

;0)

Oh sorry:

http://www.proactiveinvestors.co.uk/companies/news/203756/solo-oil-pleased-with-start-to-kiliwani-north-work-programme

See below.

This link is thanks to Cperkin and from the Solo BB.

This article too is similarly (deliberately?) ambiguous and could be interpreted to suggest that full remediation (it fails singularly to even mention perforation) and hence full production will be complete in Q4..... and even that the reason for commencing remediation is "to tackle rising pressure in the well..."

Therefore you have to question the statement below - but, if it can be believed seems to confirm what we suspected..

"Additionally, Aminex told investors that it has identified prospective areas within the Kiliwani North and Nyuni Area concessions which will be the subject of new seismic data acquisition" Note the word "NEW".

Agreed, so a slip of the pen then.....

Good spot Drewky and interesting wording....

" Aminex PLC on Wednesday said it has identified areas on two concessions in Tanzania where it can buy 3D seismic data..."

BUY seismic data? BUY? Does that mean that it exists already? If so maybe it won't cost $15 million. Or was that just a slip of the pen... "BUY" versus "ACQUIRE".

Sambo, I would accept and agree with all of your comments below. My only word of caution would be that even with a good wedge of cash from KN1 and Ntorya EPS before we can do anything in Nyuni or Kiliwani South it will require the complicity of the TPDC.

I eagerly await the TPDC sign off of KN1 remediation programme as evidence of that "complicity".

Dear oh dear Drewky, you have just gone to prove my very point. The blind leading the blind..... you simply don't get it do you? You really cannot see that my post could be anything except negative simply because it is not 100% positive.

I was simply challenging all of those one eyed posters, of whom there were many (and not you btw) that could ONLY see the positive in today's RNS. It was NOT all positive (in my view) for reasons that I have since tried to explain; but you are unable to accept any analysis of any BoD releases unless that analysis arrives at your own 100% positive conclusion. Well I am sorry Drewky but whilst that might upset your sensibilities it just won't wash..... Just because you don't agree with it does not necessarily make it wrong. Just because it isn't as positive as you yourself would choose it to be it does NOT make it negative - simply balanced Drewky. Negative perhaps relative to your unbridled optimism but not next to more rational commentators.

"I would love to discuss things with objectivity and reality" So it is about bloody time you started.....

So "NO" Drewky sycophants was not a term aimed at you but I notice that you could not refrain from personal slights "bloated self opinionated scare stories..." Scare stories?? What planet are you on? Point to anything that I have said today that could possibly be taken a a scare story? It is a FACT that we do not yet have TPDC approval for the remediation work perforation.... And you are the one that is so keen about the "facts" - but when they are used to express caution they are "scare stories".

But then you always have to have the last word Drewky don't you? Your opinion is the only one that is right. And yet I am the one that is self opinionated? Get off your high horse.

But hey, no matter. there is life after LSE.

AEX don't publish prospective resources? They do on the shareholder presentations, see below.

http://admin.aminex-plc.com/uploadfiles/Aminex%20AGM%20-%20May%202017.pdf

And yes this is over 12 months old now but I do not believe anything has happened during that time to affect these estimates.

Sambo I am afraid that I cannot really answer your questions with any great confidence primarily as, to my knowledge, AEX have never published any figures which distinguish between the prospective resources of the Offshore versus Nearshore areas. Indeed I am not entirely sure how they would differentiate between these two areas; when does "nearshore" become offshore....? To be honest I do not know.

As for Kiliwani South I believe that Kiliwani South is part of the Kiliwani License NOT Nyuni and therefore one that we have only a 57% interest in as opposed to 93%.....

Interesting though that the proposed area for 3D seismics covers both Kiliwani and Nyuni nearshore. I wonder in what proportions? What will be the cost to AEX? I anticipate that it will be these seismics that will give better understanding of what exactly we can expect from the "nearshore" Nyuni prospect.

As regards Nyuni as a whole ? I believe that the total best estimate for GIIP for the whole concession is circa 4.8 TCF - comparable in resource to the combined "old" Ruvuma License areas but a lot more than the re-organised licenses now that the exploration area is to be re-tendered.

MAX I refer you to my previous post (8:55) where I stated "So, whilst I am very happy to be updated on the situation with KN1, unlike some, I am NOT surprised that the SP hasn't immediately shot up on the back of it and anyone else who read the RNS without "rose tinted spectacles" would probably understand why...."

Unlike BoD sycophants Drewky I do not take every word the BoD as a "fact". I actually regognise and accept that they might be capable of "spin", may "gild the lily" and occasionally choose to oversimplify facts for shareholder consumption. And yes I am aware of what they said, believe it or not I can read just as well as you can. Unlike you, I choose not to blindly accept their words as the actualite (I have learned from past performance). Even if fixing a faulty valve constitutes the start of remediation the fact remains that the effective remediation work on the well itself is still some way off and actually still has NOT been signed off by the TPDC. The TPDC do not need to sign off on us fixing a faulty valve but work on the remediation of the Well does....

As that same RNS stated

"Pending approvals, the Company will then proceed to perforate a lower untested and potentially gas bearing section of the reservoir system which is anticipated to occur during the fourth quarter with the intent to bring the well back to full time production"

Pending approval and Q4 - whether the faulty valve is fixed or not Drewky.

I note that you have revised your list with **KILIWANI REMDIATION WORK UNDERWAY AS PROMISED**. Yes, that MAY be true if you accept that fixing a faulty valve constitutes remediation but when ever was that "promised" by the BoD as part of the forecast remediation programme? The remediation programme was meant to be Foam injections, Compression and, maybe, re-perforation. They haven't started any of these yet. And nor will they be until Q4 and hence no income until 2019.

You ask why I am not satisfied that work is progressing? You evidently have not read my first mail of the day when I stated that any operational activity (fixing a valve) is positive. My point however is that this RNS is not ALL positive.

Reggie "No more dilution for years is the biggie".... really?! Do we have your word on that?

What about the circa $15 million for Kiliwani and Nyuni 3D seismics? Or maybe we wait until 2020 before running that? I would rather we dilute and get on with it....

I beg to differ leafless; they have only started work on remediation of the well if you choose to change the understanding of what the remediation work was meant to be? ..... they are fixing a faulty valve Leafless a faulty valve previously unreported. The real remediation work will only commence in Q4 and only then if the TPDC sign it off.

Hopefully the faulty valve work will allow us to recommence gas supply to GPP and hopefully once the TPDC remove their sword of damocles we might start to earn some money again. But of course until the real remediation work is commenced and successfully completed this will be small beer.

I do fully agree on the communication issue though.