Member Info for CrustyPete

"Confirmed demand"... is there ever such a thing? Anyway I don't think so...what would those figures be for 1C and 3C and why would they change? Confirmed demand is confimed demand (if ot does in fact exist) it is fixed irresepective of resource? It is a resource estimate only surely?

Interesting? Why, the 2C figures are as we have seen before? The figure that requires explanation (still) is the 80 BCF for 2C estimate for NT1, 2 & 3 only 10% of total and yet nearly 20% of 3C figure....

Sorry Haggis, I have just reread your post - I see now that you are not suggesting that but that electricity production is only intermittent. Still unrealistic in my view. But more importantly I have actually read accounts of reduction in supply being replaced by Orca. I just need to find where, since it was six months or so ago and I do neither have the time to do this and nor am I in front of a PC or laptop.

KN1 produced at an average of 3 MMscf/d in December. Not enough to keep the plant running...... Are you seriously suggesting that they run the plant for a day or two and then shut t down unti AEX can provide appropriate pressures and adequate gas to reopen? Come on, be realistic. Anyway I cannot give this due attention right now. Back to it later.

Accepted blackgold - however my claim still stands the "new" Songo Songo GPP requires a minimum of 12 MMscf/d to remain operational - it is self evident that AEX have NOT been able to supply to that level and yet the plant has not closed down. Hence the gas is coming from elsewhere. I do also remember, specifically, that PAE had been supplyng iincreased gas to Songo Songo as a result of AEX's inability to spply. When I find it I will post it but it won't be until this evening at the earliest. Apologies

You are talking about a new GSA for supplying to the new Songo Songo Gas plant not the existing plant currently supplied by both AEX and Orca. AEX's reduce supplied has been augmented / supplemented by an increased supply from Orca. I do not have the time at present but when I do I will find the relevant reference and post it here.

Well it is certainly true that the TPDC have all the gas they need for Songo Songo from our competitors - hence long held view that KN1 remediation was probably not high on the TPDC's priority list. That much may still be true. Hence the reason I suggested that the change of tack on the remediation strategy and the location of equipment on Tanzania in itself may not bring remediation forward. Politics not practicality is the issue....

Drewky, your point regarding inlet pressure is one that I have made myself many times in the past; "how would the reduction in inlet pressure affect the other suppliers?". And of course there was never any guarantee that Compression would work. All that is understood and accepted. The point though was that this has always been the case - but why, oh why has it taken over 12 months for this to become recognised, accepted and a "Plan B" developed? How long were the BoD going to continue with the pretence that they were looking for a compressor? What a waste of time if the inlet pressure was never going to be reduced.....? Surely this could have been identified in mid 2017 and an alternative strategy pursued at a far earlier stage?

Just one or two observations. It has been asked where we will get the funds for non Tanzanian acquisitions (something I have always been in favour of due to concentration risk); well I believe that we will receive more than enough from the farm out to fund operational and development activity for the next 18 months during which time KN1 might well come back in to add to the kitty and before which time Ntorya EPS should be up and running. Consequently I think we will have a small war chest to play with. Eclipse have stated that they are looking to own 25 -30% of the East African mixed energy market via Aminex and this farm-out is an opportunity to advance that ambition. It has also been suggested that re-working of KN1 may well be cheaper than Compressor installation and thta as there is the necessary equipment in Tanzania it may bring about a speedier outcome. Well I am somewhat underwhelmed by this thinking. It appears that only because of wirk undertaken since Christmas has this new approach surfaced - why was this? Before Christmas we were convinced that Compression was the solution - just as well we didn't get that bloody compressor in sooner! Is this rethoink because there is a better solution or simply that they have finally given up on ever finding an appropriate Compressor? The re-working and perforation may well be cheaper ( I dont know but the Compression was due to cost circa �500k) what will re-working cost? Yes the equipment may be in Tanzania but that is no reason to think that we wil get it done any sooner - ultimately the TPDC will need to sign off on the worl programme and there has been no sign of that to date, why would the new approach make it happen any sooner?

Just one or two observations. It has been asked where we will get the funds for non Tanzanian acquisitions (something I have always been in favour of due to concentration risk); well I believe that we will receive more than enough from the farm out to fund operational and development activity for the next 18 months during which time KN1 might well come back in to add to the kitty and before which time Ntorya EPS should be up and running. Consequently I think we will have a small war chest to play with. Eclipse have stated that they are looking to own 25 -30% of the East African mixed energy market via Aminex and this farm-out is an opportunity to advance that ambition. It has also been suggested that re-working of KN1 may well be cheaper than Compressor installation and thta as there is the necessary equipment in Tanzania it may bring about a speedier outcome. Well I am somewhat underwhelmed by this thinking. It appears that only because of wirk undertaken since Christmas has this new approach surfaced - why was this? Before Christmas we were convinced that Compression was the solution - just as well we didn't get that bloody compressor in sooner! Is this rethoink because there is a better solution or simply that they have finally given up on ever fining and appropriate Compressor? The re-working and perforation may well be cheaper ( I dont know but the Compression was due to cost circa �500k) what will re-working cost? Yes the equipment may be in Tanzania but that is no reason to think that we wil get it done any sooner - ultimately the TPDC will need to sign off on the worl programme and there has been no sign of that to date, why would the new approach make it happen any sooner?

Actually a similar thought had crossed my mind Drewky - along the lines of "How much do you want this License Extension? $2.7 million's worth?"

I posted something about 20 minutes ago and it has never come up!! Basically I pointed out that many of the trades since the RNS have beenn back to back trades; those that were on T25 sett;ement to take them past the EOY Report have rolled themover for another 25 days settlement preriod in the hope and expectation that something will happen during that or the next 25 day settlement period. The net result is to dramatically inflate the trading figures and to skew the BUY vs SELL figures to the point where the actual trades are not easy to identify. But it is ceratinly true that there has hardly been a major sell off. This reflects a similar pattern in past years with a number of people buying ahead of figures or teh AGM on the anticipation of significant developments who then sell when those developments do not materialise and they feel disappointed. Personally I do not feel disappointed in the least as I wasn't really expecting much except maybe positive news on the current status on KN1 which we got (though I would have liked to have seen TPDC sign off) and hope that we might have got news on the granting of the license extensions. The BoD actually had news on both of these things and so, for my part I am actually quite happy. I do however notice the BoD slowly getting round to the admission (though everyone had worked it out anyway) that actually we are NOT "fully funded for the NT3 drill"....!! That is my only disappointment - that the BoD hide behind the petticoats of the TPDC with the convenient excuse that they cannot divulge sensitive news without the TPDC approval. When in this instance it is probably the TPDC that they were trying to hide the reality of the situation from as well as from shareholders

What currency are they willow? Pounds? And is that Helium valuatiojn for Solo's share or the whole comapny? Mine is in Australian Dollars and is for the who,le Company. My Ruvuma farm-out figure is for US dollars for the whole 25%.

willow pillow you arequite correct and very soon we will find out; NR has diluted the shareholders twice in recent menory and on the second occassion contrary to the spirit of the earlier EGM resolution. When the HH low test results are announced and whenthe H1 IPO confirms the value of our purchase we will find out whether the cost in terms of dilution and share price performance was worth it.... What is your expectation of HH flow test results? what would you consider a good result? And when Helium 1 get floated what would you consider a good valuation? What are your expectations? Because them ,w hen those figures are proven to be cloud cuckoo land you can then admit that NR was a total fool and hasn;t a clue how to return value to shareholders.... Oh and of course then there will be Ruvuma Farm-Out. What would you consider a good outcome? Everyone join in - lets have a straw poll. What would be a good outcome for 1) HH Flow tests 2) Helium 1 IPO 3) Ruvuma Farm-Out And then what do you expect Solo BoD to achieve? My estimate 1) Good = 900 BOPD Expectation = 400 2) Good = $100 m AUD Expectation = $50 m 3) Good = $100m (25%) Expectation = $50 m or pro rata.

steve I absolutely agree with that - if that was a proposal at teh AGM I would ceratinly vote for it. It is the only way that we will ever see the full value of the NAV in shareholder value...

I actually said $8 - 9 million of cash and cash receivables fjones - and how much have they got? $8.93 million in cash and cash receivables.... although as I said at the time the cash receivables figures I was unsure would be Gross or Net and it turns out to be Gross. I also have said (as recently as this morning) that I thought the cash figure would be a lot more than the miserly $2 - 3milion that many had forecast and it turned out to be $6.23 million. So, I am happy that I got that right.

Well there is certainly nothing here to bring the buyers out in their droves - but then to be honest there was never likely to be..... Time to get out and back in again before June perhaps? Unless of course there is mor news to come out between now and then? If the Farm-Out news is to be released before AGM as many have speculated (including me) then I would be fully expecting there to be License news in advance of that. That would certainly be worth holding on for - or buying in for.

Yes here it is; under the Kiliwani section of the Operations Report; very well hidden! "During 2018, the Company has undertaken a simulation study on the field and, based on a history match of past reservoir performance, the Company believes that an opportunity may exist to access unperforated reservoir capable of recovering additional gas volumes. Equipment required to conduct this workover has already been identified and pending further work on plant specifications and appropriate government approvals, the Company intends to re-enter the well."

"It is encouraging that the technical work recently completed shows that further gas production and reserves can be accessed through a recompletion of the existing well and we look forward to confirmation of the operators plans as they firm up."

I noticed this on teh Solo RNS but no mention of this from AEX. Or did I miss this? "Since the end of December Aminex has undertaken a detailed simulation study on the Kiliwani North field based on a history match of past reservoir performance and now believes that an opportunity may exist to access unperforated reservoirs capable of recovering additional gas volumes. Equipment to conduct this workover has already been identified in country and pending further work on plant specifications and appropriate government approvals, Aminex intends to re-enter the well and perforate the untapped gas zone."