Member Info for CrustyPete

Lol, blimey Drewky you are getting desperate.... will we be getting "we fight them on the beaches" speech next?

Unfortunately simply repeating the same old diatribe won't make it any more compelling Drewky and nor will it bring forward that list of necessary developments..... I am sorry to say that, in my opinion, there is no reason to buy Aminex any time soon - as the today's trades seem to confirm.

Bring on the EGM ;0)

I genuinely hope so BG, the sooner that the EGM is out of the way the sooner things can start to move forward........

Your list of positives may well be correct Drewky though some are certainly not a given. The major point though is that few, if any, are guaranteed to happen in 2018 so why oh why are they going to affect the shareprice any time soon.....? We still don't even have a date for the EGM!

As I have been saying since the AGM, there is no reason to be buying AEX anytime soon. After that long awaited EGM maybe.

Mind you even of they did Solo would then have to find another $70 million to fund ongoing development...

Why spend £70 million on buying 25% of Ruvuma? The Zubairs managed 50% for $40 million....

Your list of positives may well be correct Drewky though some are certainly not a given. The major point though is that few, if any, are guaranteed to happen in 2018 so why oh why are they going to affect the shareprice any time soon.....? We still don't even have a date for the EGM!

As I have been saying since the AGM, there is no reason to be buying AEX anytime soon. After that long awaited EGM maybe.

And where are your 2nd and 3rd trigger points rxdav?

Hurrah !! OG - perfectly put. My sentiments entirely. Particularly the "forward plan". We need to learn from this recent experience and not repeat it.

Except to say that, in my opinion (and Drewky's) and in JB's own words we will always have to farm-out some element of Nyuni; it is beyond our bandwidth and expertise to develope independently.....

So Drewky you need to read more closely; I clearly stated that there was no reason to suggest "collusion" but that we are where we are so why is that? It is certainly NOT down to luck.... The BoD chose to drill KN1 where they did, it proved that they drilled in a "compartment". Bad luck? Or underfunded preparation (undercooked seismics) and erroneous analysis? And yes then a procession of delays in remediation for which we have been left to "fill in the blanks" for an explanation. They also chose not to raise further funds when they had the chance after NT2 and not to drill back to back; all of which in the light of the calamitous outcome at KN1 look to have been poor decisions. Easy to say with hindsight perhaps but I for one would expect an experienced BoD to be planning ahead and obviating potential hazards and "bumps in the road". Instead they just allowed all shareholders to believe that all in the garden was rosy and eventually end up with nowhere to go.

Now you are suggesting that, actually, it was all just a bit of bad luck....... Phew, the mind boggles.

Sorry Drewky, I am in a hurry but I couldn't let this pass without comment: you say "These people will tell you the board have done it on purpose but they have no proof, they will tell you they have been incompetent but they have no proof."...

Well those that say the "board have done it on purpose" certainly have no proof but, IF NOT, they certainly have justification enough to suggest "they have been incompetent"; the proof of the pudding is in the eating and boy are we eating it! The outcome of their management? $40 million (paid over a minimum of two years) for 50% of Ruvuma: that is proof enough. Are you suggesting that they optimised shareholder value? "They were unlucky with Kiliwani" I hear you shout but sorry that really holds no water - they drilled KN1 and they managed it, they cannot avoid responsibility for it's failure.... If KN1 failure is the reason that we were forced into taking a low ball offer for our principle asset then the ball falls 100% in their court.

P0werplay, yet again you say "Forget yesterday and start looking forward".

I remind you of my earlier response.

I would absolutely agree P0werplay, "once bitter twice shy" is exactly the maxim but that is only likely if we do NOT "forget the past". And moreover we get the BOD to acknowledge that fact.

"Forgetting yesterday" is exactly what the BoD would like you to do; so that they can pull the wool over shareholders eyes all over again in the full knowledge that they won't even bat an eyelid....

matherdj "Unfortunately what they make is now irrelevant." Not if we want to avoid history repeating itself with Nyuni and Kiliwani.... see my dialogue with P0werplay below.

Off out for the day today so will be offline all day. GLA

They "very cynically" let amine go to "the wire" and then manipulated transfer of operator status to themselves . Why take over amine until Nyuni and Kiliwani are at the same point in heir development? What would be the commercial sense in that? They would then have to fund 100% of the development capital and take 100% of the risk . Doing what they have done to this point with Nyuni we take 70% responsibility for both and then hand it over to them for "pocket money" ( BH's phrase not mine).

I would absolutely agree P0werplay, "once bitter twice shy" is exactly the maxim but that is only likely if we do NOT "forget the past". And moreover we get the BOD to acknowledge that fact.

Yes indeed matherdj of course they have a vested interest in Nyuni, they want shareholders to invest all the funding for the necessary development of the assets , take all the risk and then just as they are about to monetise the assets transfer all the upside to them for a pittance..... It is a fantastic commercial strategy and more than justifies the $24 million purchase of their 29.9%.... They will end up with 1000 % return on their investment. It is just unfortunate that shareholders will be lucky to get one tenth of that return. Pity we can't buy shares in their company - though I bet JB will have plenty in the long term :-)

Drewky my point or points are simply as follows; yes I agree a Farm-Out was always the most likely outcome for Ruvuma and has always been highlighted that was the eventual "plan" for Nyuni. That said, the BoD have always given the impression that AEX would be developing Ruvuma independently and were only forced into doing so do so through their own incompetence. Remeber the "Why now" question? Well we now know "Why now" - we had no bloody choice. I firmly believe that the price we have received is far lower than any shareholder had reason to expect......

My point is therefore Drewky that unless shareholders get some sort of satisfaction on the many queries and questions raised for the AGM your statement regarding Nyuni and Kiliwani you will be absolutely 100% correct.

"because as sure as night follows day I expect the same thing to happen there" - that is that we will be let down again by the BoD failing to optimise shareholder value; that we will yet again end up getting far less for our remaining assets than we could reasonably expect to receive, that yet again the people that benefit most from shareholder assets are the current BoD and our related party investor.

Just because we have found ourselves (unsurprisingly) farming - out to the Zubairs and whilst this might mean there is some degree of security, some downside protection, sacrificed at the expense of upside potential, there is no reason to be complacent. As you yourself highlighted recently Drewky there are a lot of reasons to think that not all in the garden is rosy; lack of transparency, BoD salaries, performance related pay, senior management operational abilities, lack of development plan for remaining assets....... you name it.

I do not want to experience another disappointment with Nyuni and Kiliwani that we have just had with Ntorya - simply to assume that all will now progress smoothly is, in my opinion, reckless verging on negligent. Ntorya is now out of our hands, lets ensure that shareholder do not suffer similarly with what remains of our assets.

One thing is sure monetisation of those assets is a lot further away than Ntorya was this time last year and yet now we have only 33% of it left in our hands and no overall control.

"particularly in that case that Jay has already been open enough to say so"

So maybe this time he will also admit to us that there is no way that the BoD have any intention or capability of getting shareholders "fair value"?

"because as sure as night follows day I expect the same thing to happen there" - meaning? That you would be happy for $40 million for 50%.....

Drewky we all recognise that we will need support / farm-out to develope Nyuni - what you seem unable to acknowledge is the importance of ensuring that, on future occasions, we get fair value for any dilution and not a "take it or leave it" bail out.....

"That does not make them incompetent, the company simply does not and never has had the ability to fully develop this field on it's own and further."

So that was never their own stated opinion; that is why they ramped up the technical staff and salary bill in advance of Development License. So what has changed? Why have they had to change tack?

They would have helped themselves and shareholders to extract better value from the assets if they hadn't highlighted their inadequacies with KN1 and NT2...... "farming-out" from a position of strength and not weakness. IMO it is these operational disappointments that establsihed the TPDC's misgivings and contributed to the total lack of activity since the May 2017 AGM and the decision to "remove" AEX from operatorship of Ntorya.

"I simply said that to see who and how long it would be before some ignoramus with an axe to grind accused me of trying to manipulate the price to create a lower re-entry point."

Well, if the cap fits then wear it BG.... :0)

I expected better of Drewky though.

No Drewky I may have disagreed with your opinions and your arguments but I have never suggested that your opinion is motivated by self interest, nor attacked your integrity or you personally.... So from my perspective any further arguments about whether Aminex is a screaming Buy or not right now are all somewhat irrelevant.

In truth I am not saying that it isn't good value at these prices I am simply saying that there is no hurry to buy them right now. We have all suffered many times in the past from period of news "blackouts" and alike, periods of operational inactivity (the last 14 months being a prime example) we know what happens when there is no news for weeks on end and I personally do not see any reason why this time will be any different. So whatever the price and value may now be I am just airing my view that people are quite justifiably "sitting on their hands".... I do not see what will make the sp any more expensive next week or the week after than they are now.