Member Info for CrustyPete

Randomaxe, I think it is totally predictable. Our assets, having been trimmed 66% for the consideration of a measly $40 million in cash and (mostly) carry, currently do not justify even this lowly sp even assuming that the License extension and Dev License are approved; it will be 6 months until C1 drill and 18 months until income starts accruing. Anyone that has not already bought in will have plenty of time to do so before the sp is appreciably higher..... If I had cash in my pocket I would certainly be keeping it there.

Not quite CP, semantics perhaps BUT do not forget that some $40 million was that figure was to acquire 50% of the License - only $70 million is for the development, $35 is Aminex's share....

Apologies Drewky - I agree with all of that !! ;0)

I would agree with all of that Drewky but for one thing - I doubt we will hear news of equipment being shipped etc because that would be seen to be somewhat "presumptuous" don't you think....? After the September vote on the other hand... ;0)

Oh and one last thing Nelson the License could be issued NOT when the Farm-Out deal has been signed but when the Shareholders approve it - and that is expected to be September not November :0)

I would tend to agree Nelson, but there are a number of things that could be kicked off in advance and on the presumption that it will be signed.... Rig, Drill pad and 3D seismics are just a few of those.

If AEX were to belatedly come in with another Farm-In partner these timescales would never be achievable consequently the TPDC would not even entertain a third party at this stage.

All purely my opinion of course.

Back to work now, have a good weekend one and all.

Nelson, they could if it was their own Rig....

You are making an assumption Nelson that these things are not all being prepared in parallel.... The TPDC needs this gas to be on-stream in January 2020 and everything is being lined up to achieve that (in my opinion) and this is the very reason that Aminex could not be the operator and the reason this had to be completed now - to enable the TPDC / Tanzanian Govt's required timescales to be met..... There is an election in 2020.

It has even been suggested that certain deliverables will be initiated before November; those that are not irreversible such as 3D seismics....

Oh an GL the C1 location has moved slightly and the drill pad will now have to be rebuilt.

irish the Chinese funded the main DES pipeline.

GL, the securing of the Rig will now be down to APT and no great surprise it will be on eof Zubairs own rigs that is already in the region.

Will the TPDC, APT or even AEX be confident enough of announcing anything until the Farm-Out is actually delivered? Or will we have to wait until November for anything material?

KN1 pipeline was indeed funded by TPDC but with APT putting in the spur to Madimba (and yes Farm-Out includes pipeline spur) and with the likes of Orca and M&P putting in their own infrastructure that solution may well be a thing of the past....?

irish - "If the farm out is declined what would the time scale be to drill ,transport and sell ?"

In mt view, Never. No licenses, no Development License, No C1, no KN1 remediation, No Nyuni and Kiliwani sign off, just a slow death.....

JB has been quoted as saying that the spur could be laid within 6 - 8 months of Co well analysis. So if they drill in December analysis should be complete in Q1 and hence spur complete in Q4. Which seems to work quite well with production in January 2020. It also coincides conveniently with the demand curve needing the gas at about the same time.

* 20% sorry.

Off now :0)

exactly CP; why pay for it and then pass it over it to Aminex...?

Yes matherdj assuming that APT only drill C1 before EPS and I am not sure that will be the case.

OG if NR farmed out only 5% for C1 and seismics he would still have to fork out for 25% contribution to pipeline costs.

But sorry have to dash.

So you are suggesting that we acquire 12.5% today but defer payment for both the acquisition and the obligations for the associated development costs to ARA until sometime in 2020?!

Blimey MAX, that is imaginative to say the least....

If Aminex were to acquire 12.5% from Solo how on earth would they fund the resulting $7.5 million obligation towards costs (@ $60 million)? And that assumes APT don't decide to drill further wells before EPS completion..... If the costs to EPS did turn out to be $140 million Aminex would have to find $17.5 million.

It is not conceivable that having just got the free carry to production Aminex would now put themselves back on the hook.

I think the word "protest" is missing the point. I personally do not think there is a hope in hell of getting the Farm-Out thrown out and don't even believe it is in our immediate interests either. What I do believe is that the EGM is an opportunity to get a lot of previously unanswered question answered and to focus the BoD's attention on Shareholders and Shareholders interests. I particularly want to know what the BoD's plans and expectations are for timelines and funding for Nyuni and Kiliwani.

Do bear in mind Tanzania that ARA cannot vote on this deal and 80% of shareholders will not exercise their vote, so if enough PI's demonstrate some unity they could be considered a "threat" and that gives us some power to get a few points across and questions answered....

GLA I am now off until next week. May pop my head in if I get the opportunity.

Do bear in mind that now JB can justifiably claim that we are now totally reliant on the Operator for newsflow and I cannot for the life of me believe that the Zubairs will be particularly forthcoming. :-(

And with the exception of KN1 I can't see that the BoD will have much if anything to report on, can you? And any "spend" outside of Ruvuma will surely require dilution?