Member Info for CrustyPete

Much ado about nothing - back to back trade after all. And that is not the only one today. But, that aside, any blue day is a good day; let's hope that, here on in, they become the norm rather than the exception.....

That may well be true matherdj but you could also interpret "early in the second half of 2018" as anything before the end of September.....

because a lot of those so-called BUYS are not BUYS at all but one half of a series of "back to back" transactions that has taken place above the mid price (in most cases at least). This has distorted the figures significantly.....

Well the AGM is coming WhatChiel, FitlekChiel or whatever you are calling yourself today. So rather than criticise those who put themselves out to represent some of those on this board (I stress some) I strongly suggest that you turn up to the AGM and put your point across..... You can then tell JB what he needs to do and recommend him a suitable diet too. I am sure that will go down well. What happened anyway have the administrators banned your other "Avatar"...?

There are quite a few back to backs in the trade flows today - circa 50% of todays volumes by my reckoning....

That's good news. The only problem i that it would take half the day to get through the list of questions that I would want to ask...! I look forward to seeing details for supplying the questions.

But as I asked before and you have yet to comment on. If one wants a farm out before the licences are issued and the other wants the licences first, who will win out? As I said even if farm out terms are offered there is no guarantee they will be approved..... so someone has to concede? Yes they both want the same outcome but they each want the other to provide the necessary comfort to enable the other to commit. And you think it is a given that this will happen in the next 4/5 weeks? Well let's just say that I have been here too long to Take that for granted. And by the way I an perfectly happy to wait.... and I will not be complaining when it doesn't happen

So the Operators want one thing and the Tanzania Go vet something else then BG. ... moreover they have extended licences in the past without financial assurances so why would it be any different this time. And if is it so important for the license extension it is surely just as important for the development license - not least because there will be the requirement to fund a pipeline as part of the deal. And what happens if C1 is a blow out? Where is the one coming from to drill a replacement well ? Sorry BG but your rationale doesn't hold water. Ultimately we can all come up with scenarios that suit our own agendas BG. Your interpretation as as good as the next persons and probably just as wrong. Let's just see how the cookie crumbles. But as I told you earlier I won't be expecting that farm out before the 11th of June. Unless we see developments on the License extensions well in advance if that...and it wouldn't surprise me if that alone isn't enough. Only time will tell.

Did you actually read the EOY results Dunder?

Maybe the Tanzanian Govt would want to see C1 drilled successfully before committing to a 25 Development License and funding the pipeline build....? And if so there is NO WAY that will happen before the AGM so if the farm-out and the Development License are interdependent it follows that there will be no farm-in until after way, way after the AGM.... And the likelihood is that without a farm-in we couldn't afford to drill C1 anyway. So if the AEX BoD and Zubairs want the 25 Development License before commiting to a farm-out and then C1 drill and the Tanzanian Govt want to see C1 drilled first there is something of a Mexican stand-off..... and who do you think will blink first? Fortunately the Tanzanian Govt are NOT responsible for granting the License extensions nor sign off on the KN1 remediation work programme. Hence I think we could see both of these very quickly.

Yes BG that fact is nt lost on anyone here; it has been commented on many times. However as I said do you think the TPDC or the Tanzanian Govt will necessarily dance to Aminex's tune....? Besides which it could be for many other reasons. Sign off on KN1 remediation plan, completion of the NT3 rig tender, License Extension sign off etc, etc.... Without some positive and definitive news the AGM is going to be a gruelling experience for the BoD and if none of the above were to have been completed. The usual AGM timing at the end of May would have only given them a few weeks to come up with something positive to report. I think tey are simply buying themselves as much time as possible to be able to put a positive spin on a very long and unproductive year. And, even if they do have a Farm-Out on the table by then without some of the other deliverables above they may well have been accused of having been forced into it.... (they still might...)

And anyway BG if we were given the terms of any farm in at the AGM with 30 day approval at a subsequent EGM it would still happen "early in the second half of 2018".......

There is a natural progression that if all the boxes are ticked might work. License extensions signed off Dev license approval Very good farm-out offer Shareholder approval Farm -Out NT3 drill Only one of these things has to go pear shaped or get delayed and the the timelines that you are talikng about just do not work. Do you think that the Tanzanian Govt are going to grant the 25 Development License whilst being totally reliant upon shareholders to approve the Farm-Out? For this type of reasoning reasons I do not think the TPDC will make the License Extensions contingent on the Farm out.... without license extensions there cannot be a farm-out to approve. I hope the pair of you are correct and it is all a "done deal" by the AGM but I think you have been around too long to have too much confidence in that.

For gioodness sake , as I have already said I understand the rationale behind the thinking and am not refuting that. What I am pointing out is that nothing is certain all the time that we are relying on the TPDC (or the Tanzanian authorities) to hold up their end of the bargain..... If you believe that the Farm-Out is dependant on approval of the 25 year Development license are you confident that the approval will come through before the 11th July, let alone the 11th July? That can only be approved by the Minister for Energy and the Cabinet. Do you think they even know of the date of the AGM and even then will they fall in line? I am not counting my chickens. And that totally ignores the positioning of the NT3 drill in this conversation.

We have had this conversation endless times - and despite the fact that the AEX BoD have told us that C1 drill, License Extension and 25 Year Development License are sepaerate abut parrallel conversations I agree that they cannot be totally separated. However whilst I agree that the Farm-Out and 25 Year Development license might well be "inseparable" and contingent I do not think that the License extensions will be dependant on a farm-out. What happens if the shareholders decide to vote it down? We may as well all go home.....

I wouldn't argue with that BG, indeed I have said the same myself recently (and the TPDC will have "approved" any farm out before we hear about it) but until the License extensions are approved it is likely that neither AEX nor Zubairs will have initiated any legal proceedings; hence my expectation of a time delay between the Official License extension sign off and the announcement of any Farm-Out terms

It is, of course, a possibility but I wouldn't be that confident.... as Tanzania has pointed out the AEX BoD have stated that they are expecting more news on Farm-out early in the second half of the year. I would not be surprised if they use the AGM for the "big reveal"..... It also allows more time for the various parties to get the other dependencies sorted out. How can the Zubairs offer terms for a farm-in for a License that doesn't yet exist and for which the "terms" are not yet known...? I have said for a while that I do believe these Licences are a "done deal" and the terms may well be well known and any farm-out terms will be contingent on these but there is a risk that they may change at the 11th hour and consequently any Fram-Out terms may not have yet been committed to paper.

I am certainly NOT expecting the farm-out news to drop next week and, as far as I am concerned it is only 50:50 that we will hear anything on that score before the AGM. I understand the rationale and the timing of the AGM but it seems to me highly unlikely that we will hear anything definitive on the farm-out until we have seen the outcome of the license extension negotiations. Until then there is bugger all to farm in to!! We have been told that the Lindi Exploration area License will be a totally new license (probably to dove tail with the Appraisal area) so there looks to me to be the need for some news on these before we can be confident of any imminent news on the Farm Out..... Now, we might get the License news next week.. I have been expecting that for a week or two now.

to continue ... one mans "outstanding" is another man's "mediocre". The BoD need to have key objectives agreed annually at the AGM and then their collective performance against those objectives measured for shareholders to review at the subsequent AGM and any "performance" based increases signed off.

So one or two observatiosn. Dunder - there would be little point having a small shareholder representative on teh BoD even if teyw ould agree to it - they would be unable to divulge anything discussed at BoD meetings and though may be able to put forward the small PI's views, as we have seen on thois BB and many others,there is rarely a concensus. Regarding Directot]rs remuneration. Has anyone actually read the Directors Remuneration section of the Annuak Report? I suggest you do (page 24). It explains the rises , whhc are not "performance" related but benchmarked against the market. Intersting explanation of the "Bonuses" though and actually very questionable (see below) "In December 2017, the Committee also considered it appropriate to award bonuses to the Executive Directors to reflect the continuing advances made in meeting the Company�s strategy including: successful drilling of Ntorya-2 well, continuing production from Kiliwani North-1, repayment of all debt of the Company and submission of Development Licence application for Ntorya discovery. The combination of these achievements has led to enhanced shareholder value and the Committee considered it reasonable to award the bonuses. Salaries are reviewed annually with effect from 1 January." "CONTINUING PRODUCTION FROM KN1" ?!?!? "ENHANCED SHAREHOLDER VALUE" ?!?!?!? The mind just boggles.... Also interesting to read the Corporate Governance section of the report: see below "The Directors consider that Aminex PLC has complied throughout the year with the provisions of the Code and the Irish Annex EXCEPT for the following matters: � The terms and conditions of appointment of Non-Executive Directors were not publicly available during the year. � A performance evaluation of the Board, its Committees and its Directors was not undertaken during the year. � As noted in the Directors� Remuneration Report, the Board intends to put in place a scheme during 2018 to enable part of the Executive Directors� remuneration to be performance related. Well I suggest that, at the very least, we ensure that going forward the "Performance evaluation of the Board...." is completed every year so that the shareholers have some reference point for "performance" and that we monitor very closely the implementation of the "performance related" remuneration scheme. The horse has already bolted regarding these recent rises and whilst I agree with Drewky that the Executive BoD should not get increased rewards without increased performance the salary levels now in place will not be reversed and, we are told, are in line wth industry benchmarks. We definitely need to air our view that the rises are unjustified and unwarranted but to my mind BoD performance has to be the benchmark going forward; we just need to be very clear about how that is measured. One man's &quo