Member Info for CrustyPete

Preliminary Results?! And AGM will be held in London on 11 July 2018..... Buying themselves plenty of time; possibly to get some farm-out terms agreed? Cash was good at $6m + but not good news on the contested $2.73 million demanded by the TPDC. Receivables of $2.70 million was a GROSS figure after all. Nothing definitive on KN1 or License Extensions - today at least - disappointing. Maybe next week? I am out and about this afternoon as I really wasn't expecting this to drop on the doormat today. I will read it in detail later this evening.

Oh sorry dunderhead, I was not suggesting that AEX themselves should be implementing or opertaing the CNG or Genset infrastructure; I would expect them to farm-out any such opertion to a third party for a percentage of the resultant income. JB has already said as much to me and others at previous gatherings....

So fjons if that is the case I would suggest that you simply keep that at the back of ypur mind and ignore the intervening vaguaries of the sp and the predictions of others. Rely on your own investment decisions and "do not sweat the small stuff". Worrying endlessly about things you cannot change will do you nor anyone else any good at all. If you do not like it you should not be here - the choice was yours. Patience and equilibrium, frank, not hyperbole and anxiety. You of all people should know that....

I totally agree in principle JD but ultimately it all depends on what we get out of any sale. If we only receive a pittance ($50 million or less) it will hardly matter, for many reasons. 1) there will be little worth distributing 2) the Investment Company proof of concept wil have been destroyed 3) the sp will be shot to bits 4) The BoD will be out on their arse The BoD have shown that they cannot be trusted to "sit on their hands" - I will lay a penny to a pinch of sh7te that they have already committed the proceeds....

Indeed Dunderhead and there is no reason why AEX themselves may not consider doing the same. In fact the CNG and Genset options were considered as part of IO EPS commercial study and the pipeline option was only proposed as the "quickest to market" option. (CNG and Genset would be a minimum of 12 - 18 months in implementation) Once the pipeline EPS has been completed there is nothing to suggest that any spare capacity from NT1,2 3 and, maybe 4,5 and 6 may not be utilised in the production of CNG or other alternatives. No coincidence I think that GE/Hughes has repeated that they wish to be involved in the ongoing development of Ntorya....

Dear oh dear fjones why oh why did you bother buying in if you hve all of these concerns and reservations? You are right when you say that nothing is certain but I do think you are making mountains out of molehills. Firstly you make an assumption that a farm-in is taken as good news. Well many of us, including me, keep asking why now? I would prefer not to farm-out if it can be avoided and I await an explanation from the BoD why it is we are considering it. Moreover you are assuming that any farm-in will happen before the development license when, in fact, I cannot see Eclipse farming in to Ruvuma unless and until the Development License was a done deal or, at least before license extensions were approved - so there is no reason to assume that we would get a low ball offer if it were received now. Furthermore as I have said for months if I were the TPDC/ Tanzanian Govt I would want to see NT3 / C1 drilled before I signed off on the Development License - so fjones you might yet get to see your long awaited C1 drill before we even see a Farm-Out... All of the above, the License extensions, Farm-out and even the Development License, whilst not necessarily dependent on each other, are all likely to be part of the same multi party discussion. You talk of Aminex being a tadpole in a very big pond - but that is one very good reason for having Eclipse as a cornerstone investor, they are NOT a tadpole and Tanzanina Govt have extensive connections with the Omani Govt. Also you seem to imply that the KN1 problems will affect the offer price but the farm-out has absultely nothing to do with the farm-out as the farm-i os for Ruvuma nothing to do with Kiliwani and hence will not affect the farm-in price - except in so far as without further income AEX may be forced to accept a lower offer. With regard to KN1 you state "what do you think the TDPC make of all this delays in fixing the problem" - have you ever considered the possibility that it is likley to be the TPDC that have been holding things up?! Any work probraame proposed by Aminex will have to be approved and signed off by the TPDC. You also have to consider that AEX have had a long standing relationship with the TPDCa nd Tanzanian Govt and ot is in their mutual interest to get the Ntorya Development up and running as soon as possible.

Well I am not sure I agree with that CP; if there is a hostile takeover in the offing the EOY cash position may well be very relevant. It might double their offer?!?

HY there is no obvious reason to make that assumption as, outside of Kiliwani, Bounty and AEX do not share any other costs or incomes. Investec predicted $3 million so you may be right BUT I still do not see what AEX had on their plate that they would have spent $4 million on between the end of October and the end of the year....

Whilst I agree with the sentiment LT I do not completely agree with the logic. After all what bad news is there that we do not already know or are at the very least not already anticipating? There are only three that I can see: 1) The cash position is dire 2) There is no prospect of KN1 remediation 3) That Eclipse are going to come out with some lousy low ball offer What else can you think of that might get revealed - and I men with the end of year Report? I do not expect any of the above now, or in the future for that matter. So if not the above everything else is totally predictable; UNLESS there is some good news and I would be surprised if we do not see something positive. My expectation is that we will hear something regarding KN1 remediation and the License Extension.

Really?! I must be looking in the wrong place. No change as far as I can see on either front....

Well if that is true HY they must have burnt a lot of cash from November through to December because they had $6.9 million in cash as of the end of October. They must have bought some very expensive Christmas presents..... ;0) What the BoD did not make clear with that "Cash Receivables" figure was whether that was a net or gross figure CP. That will be the interesting aspect for me.

WE may have expected and predicted reease of EOY resuts today but that was only becaus eof past performance. The company have until Monday, so from their perspective there is NOTHING that needs to be said..... Just be patient.

You are prbably right regarding JB, I just seem to remeber reading it somewhere - probably on one BB or another....

Red dot surely Monday now....? I can't see them coming on a Friday....... BTW isn't JB in Hong Kong with Neil Ritson?

Drewky - check your inbox, you have mail....

In truth the spread that we ended with yesterday whilst officially was 3:00 mid price the actual trading put it a more like 2.95. If we end up here it will have been a reasonable day methinks.

Incompetent or deliberate Manic? Brian Hall got very shirty when Last Throw suggested that the BOD might be colluding with the Zubairs to diddle us out of our just deserts. LT what is your email address?

My caution is born of past experience fjones that's all; you only have ot look at the past record of milestones dependant on the TPDC nd Tanzanian Govt - whatever you think is likely you can double and then multiply by three and then you might be in the right ball park. Everything that we are currently waiting for is contingent on TPDC or Tanzanian Gov't sign off and as the Farm-Out will require TPDC approval I suggest it may well be part of the same License extension and Development License conversations. The initiation of the Kiliwani work programme will also require TPDC sign off. So, with the exception of the NT3 spud date AEX BoD are really not in control of events and therefore neither are they in the release of the major newsflows. This has always been true and is unlikely ever to change. Just get used to it. That said I do believe that news on Kiliwani and License Extensions should be out soon and I HOPE that this will be revealed either with the EOY results (likely) or at the forthcoming AGM..

Grounghog day....? Why do we have these very same converstations day in day out? Even before you bought in a few days ago a number of us were saying that there will be no news on farm-out with the end of year figures fjones;so to expect so would be senseless.... I would not be at all surpised to get KN1 news and License news but, honestly, it is likley to be weeks if not months before we get concrete news on the farm-out. This could change by the AGM if we get some material developments on Licences in the meantime but I won't be holding my breath.

Me too Celtic - same yesterday . Anyway I won't be around to read or post today. Hopefully they will have sorted it out by tomorrow. Keep the sp blue today ! :0) Gla