Member Info for CrustyPete

And why, if as you say, "We have also been told that the problem we have is down to an error which they can prove" does it still remain unresolved after three months..... It would be an error as far as AEX are concerned if they thought they had been operating under the word of law but that the Tanzanina Govt thought that they had not been operating under the spirit of it. It seems that the PSA actually allowed these companies to avoid paying tax or other "royalties" under the term of their contracts but that the Govt are now saying that these avoidance "loopholes" are being closed and, most importantly, retrospectively.

Well I would have agreed with that Drewky but for the reference to "Kili One North" and the fact that this "investigation" was only instigated in January 2018 and therefore might well have been looking at all PSA's signed prior to that date. Why wouldn't it?

Far more relevant than that see the link at the bottom of the page......

http://www.thecitizen.co.tz/News/Business/-PanAfrican-Enegy-Tanzania-responds-to-probe-/1840414-4596348-xseoyz/index.html

Is this where our outstanding $5.97 million comes from...? They make a reference there to "Kili One North"......

I can only hope not BUT, if so, it doesn't look good. :0(

So CP, as I responded to vike only yesterday on the Solo BB; "the AEX BoD stated only that the tender process would be completed by the end of June; they did not say when they would announce the "winner" nor the spud date.... It is conceivable that they did not actually find an appropriate rig at a price and date that fits the bill. Moreover, are they really going to "sign on the dotted line" or make announcements to that effect until they know they have the ticket price covered?"

Is is just as likely that an announcement of a spud date is still, for practical reasons only, linked to the License Extensions, Development License and Farm-out otherwise to allow he BoD to make a commitment to the C1 drill they will have to raise money to be assured of being able to pay for it..... And all because they have done feck all to solve the KN1 income problem.

I have stated for over a year that KN1 is Aminex's "Achilles Heel" and so it has proven; the BoD have stated on more than one occasion that KN1 remediation is the Number One priority and yet here we are nearly 14 months since the last AGM and they have achieved absolutely nothing.

Indeed we are now 6 months into 2018 and yet, so far this year and since the CPR at the turn of the year the BoD have delivered absolutely ZERO. Since then (April) the BoD have discovered that the TPDC hold them responsible for owing $5.97 million. That is now 3 months ago and it hasn't yet been resolved. There could well be more than a little truth in trrime's assertions and some including me have alluded to that possibility in the past; I have even suggested that the "debt" may have been created in order to test the BoD's resolve for a successful outcome for the 25 yr Development License and maybe for KN?1 too? Who knows.

Whatever the situation I think we deserve full disclosure at the AGM and I for one am sick to death of the BoD hiding behind the TPDC's coat tails.

CP the answer is that they are not allowed to count the day they send the notification nor the day of the AGM and they have to allow for those Shareholders that may not have email or other forms of electronic communication (postal delivery); lip-service, I grant you, as everyone these days has a nominee but them's the rules.

Leafless, whether we get an RNS ahead of the AGM is a moot point but one thing that cannot now happen is for the BoD to propose changes to the list of AGM resolutions; so, no Farm-Out to be approved at the AGM and an EGM now a necessity for this to go through.

Not so trrime; opinions are one thing statements are another and to state that you have seen a document that says A,B or C and then not be able to back that up is different. Unless you are willing or able to back it up with evidence it ranks no higher than an opinion. Similar to quoting an unofficial NR email saying "A B or C" and not be able to show the email.....

As you know, I have circulated hearsay information "offline" but have never published it on any of the BB's - I may use it to inform my opinions but have never suggested that those opinions are anything other than just that..

So trrime unfortunately and yet again you are using hearsay information that you cannot validate to make assertions that you cannot justify. And yet again I am not suggesting that you are trying to mislead anyone but your sources have proven to be totally wrong in the past and consequently I don't give them much credence.

FWIW I have also heard similar suggestions from a different source but, as I cannot validate the source I choose NOT to broadcast them here. It would be wise for you to do the same.

Oh and sorry, I meant to ask; what document is that exactly and where did you find it?

So trrime how long should tht particular issue take to resolve? I would have thought that would have been done already and if not very soon - as JB has said the amount of Gas supplied actually is beyond argument.

vike all that the AEX BoD stated was that the tender [process would be completed by the end of June; they did not say when they would announce the "winner" nor the spud date.... It is conceivable that they did not actually find an appropriate rig at a price and date that fits the bill. Moreover, are they really going to "sign on the dotted line" or make announcements to that effect until they know they have the ticket price covered? So what is Plan B for funding if the farm-out doesn't materialise?

Well CP whatever it may have been that both the AEX and Solo BoDs were waiting for seems to have been yet another false hope..... But then if you are relying on the TPDC and Tanzanian Govt to grease the wheels of a Farm-Out or KN1 remediation or anything else for that matter you are always on a hiding to nothing - which is exactly why I have been suggesting for weeks that a Farm-Out to coincide with the AGM was always a "long shot" at the very best. And as the C1 drill almost certainly is reliant on a fund raise that too will need developments on licenses before being put to bed.

That said I am disappointed that we haven't seen anything on KN1 or License Extensions in that time.

And why would a "fund raise" at AEX be a surprise Dunders? If that Farm-Out does not happen in short order I would think a fund raise through an alternative source is a necessity not a surprise? There are some here that would actually prefer a dilution over a Farm-Out.....

Solo ARA should be out this week, that might provide an opportunity for NR to spout forth.....?

I have long stated that, imo, AEX has never been a takeover target since ARA bought into 30% of the company and this would be even more unlikely if Eclipse were to Farm-In to Ruvuma as the Zubairs will effectively have a controlling interest in Ruvuma going forward (particularly of they buy some of Solo 25%) - no potential buyer will ever be able to have total influence over the asset.

As regards the "takeover" this is even less likely with a low share price as ARA are never going to accept a low ball price for their 30%; any offer will simply be rejected by the BoD. The only successful purchaser of either AEX or their Tanzanian asset will be the Zubairs......

That said it would come as absolutely no surprise for AEX to sell / Farm Out a significant proportion of Nyuni after further seismic and drilling development.

All in my opinion of course.

GLA

"crafty"? no gav, he is deliberately trying to confuse the issue..... that is not a chance use of those words - he deliberately wanted to give that impression.

Nothing has changed since the last dilution in February fjones - I sold a load then, I haven't sold any more but nor have I bought back in. And anyway fjones my statements are not just my opinions they are bare facts; except for the statement that "does not augur well for the IPO valuation later in the year"... which I am pretty sure it doesn't. AS vike says nothing is going to increase the value of the assets until they are drilled; will that happen before the IPO? Or will we have to give a huge %age of the company away to get it drilled first? I am not too worried - as I have said before both on this BB and to you directly - this is ALL about Ntorya; H1 is a side show.

Sorry meant to add "A draft Memorandum of Understanding has been prepared for the initial drilling which would be conducted on an earn-in to equity basis"

vike you are having a laugh surely?!? "If the drill is funded surely they wouldn't go public until after results have been proven?"..... If the drill is funded? No a hope - see below "Helium One is now moving rapidly towards drilling of the exciting Rukwa Basin natural helium play and is fully funded to prepare for that work,...." Helium One is fully funded "to prepare for that work"...... $2 million will just about cover the preparation - they will need the IPO to drill it. Though it appears that they will offer the drill partner equity to drill, so maybe they will get it for "free"?! Or maybe for a huge 50% stake?

Did anyone see Solo's RNS today regarding their Helium 1 holding? The only relevant read across from this RNS is below; In April, the government of Tanzania established a new Mining Commission to regulate and implement the provisions of the Mining Act. The Commission is required to approve the grant of new licences and approve contracts. The establishment of the Commission and publishing of the new Mining Regulations is timely for He1 with drilling expected to commence this year, and an application for a Mining Licence following drilling success. The industrial gas royalty remains at 3%, however, a 16% carry for the government and a 1% inspection fee are both now set in law. These new fees are accepted by the company and have been incorporated in He1's financial modelling, which still indicates positive post-tax revenue, which will be supported by the current and future predicted helium price, low cost of processing and relatively low capex requirements. The obvious question to ask is whether this relatively new legislation applies equally to any new GSA'a that AEX may sign over Ruvuma et al? It seems highly likely..... Can it be applied retrospectively? It may mean that Kiliwani is now more "profitable" than Ntorya? Moreover, if this is the case what impact will this have over Ntorya valuation and farm-in? Drewky may be worth tagging this on to the existing list of questions? Send a question to Camarco? Unless someone can answer this definitively now. I would like to go into this further but unfortunately will be tied up or the remainder of the day and most of tomorrow; can I ask you all to run with this in my absence please?