Member Info for CrustyPete

Well our illustrious leader's call to arms yesterday has certainly done the trick Lol :0) Zzzzzz

Except it is the Bod are awarding themselves large praises and huge share options on the back of that unsuccessful past".... And unless we do anything about it history will simply repeat itself....

Vile we have just had our 'major dilutio".... A 66% dilution for $40 million dollars spread over two years.....

vike, you state "Instead, any new investor listening will have no idea of *why* this is materially undervalued in his mind. "

Well no great surprise there really - even the CEO cannot find any good reasons "why"......

Lol so now I have heard it all - and from the man for whom the BoD can do no wrong. Drewky are you seriously suggesting that everything the BoD does should be above criticism? Or even that only your overly optimistic, one eyed "everything in the garden is rosy" attitude is the correct one....?

For every action there is an equal and opposite reaction and the more you bang that barefaced, partisan Aminex drum Drewky the more the naysayers will react.

Get real Drewky this is a BB not a sycophantic Aminex Fan Club. And those that have expressed their disappointment with the content of that interview have articulately explained why it was so sadly lacking. As yet I do not see your counter argument? Oh, I forgot you have given up on arguments haven;t you? Now you simply descend to dismissive commands to "grow up".......

Pot and kettle Drewky I am afraid.

"still looking at rig tenders" - I really don't think so mj as that contradicts some of the comments that JB made in conversation with some of our number at the Turner Pope Investor evening; let's just say that I would be amazed if the selected Rig wasn't already in Africa and happened to be owned by one of the Zubairs associated companies....

Yes, I noted that TB - best we ask for clarification from Camarco. It is clear to me that they should NOT be voting....

Poor old JB it must be difficult doing interviews and trying to "polish a t**d" to quote our Boris....

Fewer and fewer in the months to come methinks; after the farm-in he has less and less to talk about. Ruvuma now totally out of Aminex's hands and meaningful developments on Nyuni and Kiliwani years away.... I think that interview just abut sums it up - even JB struggled to come up with a positive spin on the farm-out and as for "transformational"? Well..... on his salary maybe.

Still very disappointing that there is absolutely no mention of KN1 remediation; the one thing that we are still meant to be in "control" of and what has he got to report? Bugger all...... :-(

Blimey, a more underwhelming interview it would be hard to imagine. Dear oh dear, is that really the best he could come up with? The punters will be falling over themselves to buy-in after that...... zzzzzzz

Sorry "begin long before September" should read "December".

Out for the day one and all - have fun ;0)

The farm-out agreement is expected to be complete in November, plus once shareholders have agreed the Farm-Out at the EGM in September there is no reason that work cannot proceed. I would firmly expect seismics to begin long before September and they will not wait for all 200 sq km to be shot before analysing the data; that will be done progressively.

The rig is owned by the Zubairs and can be made available at any time, indeed there is nothing to stop it remaining in country for the whole FFD (though it is likely to be in and out).

Anyway, only time will tell.

And as I answered earlier BG maximum gas delivery for EPS (C1 NT1&2) which may well be far more than actually results! An 8" pipeline is an 8" pipeline; are you suggesting they would reduce the diameter it if we had less than maximum? Of course not. And what if it is not full after C1?

Have you now accepted that there will actually be two pipelines and that the first is simply for EPS? Or are you still maintaining the opposite?

The second pipeline is for the FFD and will be built when the first 8" pipeline is approaching capacity and supply needs to be increased to meet future demand.

And don't bother to answer I won;t be here to respond.

Goodnight.

And was he asked? No.....

Bye bye.

BG if there was to be spare capacity in the 8" pipeline after analysis of C1 drill and NT1&2 workover and if there was to be sufficient immediate or short term demand, why would they not drill NT4 after appropriate seismics?

Perfectly logical in my view :0)

I am not ignoring that at all BG, I wouldn't disagree with you, there might not be sufficient demand - there also might be.... And yes they may get far more than $40 MMscf/d; that would be fantastic news. Then again they might not....

As I said earlier BG and you seem to be disregarding, JB did suggest at the Turner Pope event that early drilling of wells may occur between C1 drill and EPS. Quid pro quo - more cost but maybe more income. I am simply trying to illustrate the potential benefit of such an approach.

And that is definitely goodnight :0)

So whilst we may not need seismics to drill C1 there is no reason why they won't be started before we drill C1 and they certainly will be started (and maybe even completed) before the EPS comes onstream; that would mean that they needed paying for in any event.

If we only achieve 40 MMscf/d it would take us almost 2 years to get the $20 million in unused carry from APT; So for two years our total return, including the return of the unused carry would be $44 million at best. Scenario 2 would give us $70 million over the same period....

I am simply trying to illustrate that actually the quicker we bring forward the drilling of the "post C1" wells the sooner we will start to bring in meaningful incomes; if that means spending $35 m of carry early so be it; the increased outlay could be returned very quickly to the point that the potential $20 million of "unused" carry becomes an irrelevance and the increased incomes has an earlier and greater positive benefit on the sp.

But Drewky it is all hypothetical ;0)

Goodnight and good luck one and all

So Drewky a hypothetical question, which is better;

1) To us $15 million of our "carry" to get 40 MMscf/d in January 2020 and with $20 million unused carry (that we will never see as cash) and earn $10 million p/a
2) Use all $35 million of the carry to get to 140 MMscf/d in January 2020 and earn $35 million p/a

And second question; which option would do most for the sp?

Dear oh dear - it is not an income Drewky it is a capital payment. It may be an income for APT but it is NOT for AEX...It is a capital sum, part payment for the transfer of 50% ownership in the same way that the £5 million (in two tranches) is.

To AEX where APT earn the money is an irrelevance except in the frequency and timespan of those payments. If they were to have 100 MMscf/d day we would simply get it paid quicker. They earn income quicker which allows them to pay us our capital sum sooner...... As it happen I do not believe we will ever see any capital sums - it will get swallowed in FFD costs anyway

But okay, no more, you have made your mind up and life's too short.....

Drewky - "Pete on the profit front, although I see where you are coming from, I fundamentally disagree because quite simply anything profitable that we get out of the ground is in fact profitable."

We will not be getting the unspent "carry" out of the ground - we will be getting it from APT; where they get it from (out of the ground) is an irrelevance....

Drewky where I disagree with you is your assertion that our $80 million would be "earnings" from Gas profits - they are not. The additional unused "carry" would be payment for the 50% of our concession that we have just transferred to the Zubairs...... Not earnings.

Moreover you say "If that full amount was spent as you suggest $140 to reach the 40MMcf/d the Zubs wouldn't have to produce any gas profit at all. In this case our profit would be $5m which came from the initial two tranches."

This totally misses mine and OG's point. If this was the case and the addition (above $40 m) was spent on drilling more wells the "minimum" of 40 MMscf/d day becomes a total irrelevance we could be producing 200 MMscf/d.....

But no matter. Time will tell.