Member Info for CrustyPete

St Ledger day smudger - the 12th of September 2018. Maybe that will be the EGM date? :0)

BD, where did you get that extract?

It "fills the void" Drewky nothing more. But than that is what many had been clamouring for so it is good to see the BoD responding - it is just a pity that it is totally without any "material" content......

It also goes to show that what we were told in our December meeting was total poppycock; "material"? My arse.... Sorry but I find it more and more difficult to give anything the BoD says any credibility.

Maybe this change is connected to BH's retirement? Maybe JB now has the license he needs to be more "open"? Or maybe he is just playing to the crowd?

Whatever it is, it is better than nothing - just.

Maybe TB, because of a total lack of cash, the BoD have decided to suspend taking their salaries and therefore they cannot afford any more shares...?! ;0)

Lol, how long ago was it that we were told that the company could not issue an RNS unless it was "material"........?

Well even though it is far from "material" perhaps it goes to show that, at long last, the BoD are now concerned about the short term share price and the interests of LTH....?

Not before time.

If it works of course...... there is absolutely no guarantee ;0)

Oh and it could be as little as $2,000 if the foam injection works (15-20% cos)

Yes quite right dunder. I was simply refuting the fact that it would revert to Aminex but over simplified things; Yours is indeed the accurate explanation; indeed I am aware of several situations where that has been the exactly the case, so yes, my apologies you are quite right.

It will revert to the existing partners in accordance with their holdings.

In the event of Solo not being able to fund it's obligation (in full or in part) any part of the 25% would revert back to the ownership of the operator - which of course after the farm-out will no longer be Aminex.

You need to take a break Drewky - you now can't even recognise when someone is having a little joke....

Drewky that original farm-out decision would have long pre-dated JB's, PT's and of course the Zubair's arrival - probably the reason that shareholders got a good deal on that occasion ;0)

My only comment Jetty would be your expectation for KN1 post remediation; JB has stated that post remediation he is only expecting to get back to 7/8 MMscf/d which wouldn't yield $1 million a year....

Even at a totally superficial level if the value of Ruvuma in 2006 was only $6 million it would infer that in the intervening 12 years that value had only increased in value by a multiple of less than 13 despite the fact that at the time of the 2006 sale there was no meaningful estimate of GIIP for the concession. Since then there has been a lot more work and, even two successful drills. Interesting that even since the first NT1 drill the GIIP figure post CPR has risen by a multiple of over 12......

Hence if there were any conclusion to be drawn from your analogy it is surely that we ought to have received far more than $40 million for our second 50% deal and that the original $3 million seismic deal knocks the recent ARA transaction into a cocked hat.

What Tanzania about the nonsense that gets written on the BB? Hardly any of the BoD's business I would suggest? That is one thing that they are not responsible for.

Bye bye all.

Yes hardnose so the comparison it totally facile and to use it as evidence that the recent deal is a good one is just ridiculous.

I agree steve that $50 million in cash is an asset but so too is the asset that we would have sold in acquiring the cash - I am not arguing that. I am simply suggesting that receiving $50 million will not result in a commensurate rise in the sp - unless it is totally paid out as a special dividend.... However once a company has a regular and relaible dividend payment it attracts income investors that will be looking for a 5% (or similar) coupon.

Yes maybe cash is king but you are only sacrificing (more) cash tomorrow for cash today. I expect the BoD to negotiate a split (probably 60:40) sell some and keep some. I hope that most of the sale proceeds are paid out in dividends BUT, if they are, there will be nothing in the coffers to pay for future development.

Oh and remember we have been told endless times that after EPS Ntorya is "self funding".

Good gracious me, some things that get said on here just beggar belief. 12 years ago Ruvuma was worth next to nothing the BoD had done no development work on it at all and unless there was some development the license would have remained worth NOTHING... giving 50% of a worthless license away for some 2D seismics to move things forward is a million miles away from selling 50% of an asset with proven reserves of 1.87 TCF and two proven wells with proven flow rates of a minimum of 37 MMscf/d....

Comparing the two is totally nonsensical. Lol indeed it could be argued that selling 50% of a then worthless license for 3 miilion of 2D seismics is a bloody good deal by comparison.

I am definitely losing the will to live with this BB.

No trrime I am not suggesting it would have no effect on the sp but not significant; as I have argued many a time the only way that the $50 million would be fully reflected in the sp is if the BoD agreed to pay it out 100% as a "special dividend".... whilst it is on the balance sheet it can be spent on any hairbrained scheme the BoD decide to spend it on. Moreover, they haven't received $50 million for nothing! In order to receive the $50 million of cash they will have transferred at least $50 million of assets to the purchaser and potentially the loss of future income streams (maybe more - see AEX) - the net effect on NAV is generally neutral.

Have a look at the history of BLVN (and many others); 200 million in cash and a market value of 70 million no-one trusted the BoD to invest the money appropriately - that is why it got taken over by it's active shareholder.

Compare that to a situation where the BoD have a $20 million a year coming in. They have to re-invest some on continued Ntorya , HH and other development but even if they retained only $5 million to pay out as a dividend the sp would rise to a point where the dividend approximated to 5% of the MC - that is a MC of circa 100 million.

Now I am not suggesting that is what the BoD will choose to do and many shareholders will not want to wait until Q1 2020 and beyond for that sp rise. So I would not be surprised if they did sell off some of the 25% but to suggest that the sale will be instantly and totally reflected in a commensurate rise in SP is just pure fantasy...... Only a special dividend will achieve that.

So yes trrime I am "for real" - it is you that needs the reality check. "if we had $50m in the bank the market cap would be immediate go up to at least $50m" total nonsense, we would have just sold $50 million of assets to get that money and lost all attached future income streams on those assets!! But if that is your belief, please, dream on.... ;0)

Well I guess steve because it may well be $35 million rather than $12 million and that is every year and not just a one off.... Moreover there is absolutely no guarantee that they would get anywhere close to 50 million dollars let alone 50 million pounds.

Moreover a $50 million one off payment will not do much to the sp (it will be counteracted by the loss of the income potential) unless it is all paid out as a special dividend whereas annual income of even $20 million will have a huge impact....

And I am defending against the Aminex BoD apologists and sycophants, those through whose very inaction the BoD think they can get away with whatever they choose.....

Have a nice day all.

Lol "because you will go on and on like Ariston".....

Oh and I take it that you wont Drewky? But you are justified in doing and but nobody else is? Say no more.

Sanctimonious hypocrisy