Member Info for CrustyPete

Sorry Toffers I do not understand your point? What has a third party PR adviser got to do with anything? Oil and Gas savvy or not?

Now is the time to buy bargain shares.

I have.

How can this drop be a surprise? We have just been notified of a 20% dilution with a 20% haircut....!! 🤷🏼

Oh bugger me - still raining?!

Don't they have "monsoon forecasts" in India?

They must be taking their shareholders for mugs!

I posted last week (subsequently removed) that the Appraisal activity would need funding and that I had my own views on how that would be achieved - I expected an EGM to be announced to issue further shares and here, through a slightly different mechanism, we are and comes as absolutely no surprise.

I was NOT expecting to have to fund another £4.5m to enable production at Galactica. That is a bloody kick in the teeth, unless there is more to this than meets the eye.

Even if that £4.5m does fund the remaining 9 well drill programme our income in 12 months time will still be $3m at best and hence the requirement to repay the £10m recently raised..... share issue by stealth.

Apologies - £10m NOT $10m of course

So Mcnol, good to see you back.

My first tuppence worth - this last RNS and fund raise seems to be to be something of a deft piece of "slight of hand" and begs and prompts a number of questions and observations.

Firstly, the "slight of hand" - this moves just seems to be a deliberate and direct tactic to circumvent the BoD's inability of issuing more shares through deferring that dilution for 12 months. At that time the company will still n9t have "surplus" income as Galactica income is due for re-investment into the further 9 well drill programme and Rukwa will not yet be in production or, at the very best, will be producing very little - hence repayment at that time will require a $10 m pro rata dilution at a 20% discount to sp...

Secondly the acquisiotn of He1's 50% stake in Galactica of 27th August 2024 coincided with a "Raise" of £.6.43m / $8.2m that was justified for raising the below:

· US$1.5 million in respect of past costs incurred by Blue Star on the Galactica Project;

· 100% of the costs in respect of six wells capped at US$450,000 per well;

· up to US$2.55 million in in respect of the Company's 50% participating interest share of the tie-back, installation andprocessing expenditures required for the development of the Galactica Project;

· the balance of US$1.18 million in respect of associated fees, legal costs and working capital and development contingencies.

Moreover that was then expected to fund the Galactica project to production on Q2 2025 with no mention of the need for any further funding.

And yet here we are now with the current £10m raise needed for, amongst other things;

"Additional funds will also be allocated to our USA helium-CO2 project, operated by Blue Star Helium, which will enable us to progress to first gas and cash flow in Q4 this year."

Indeed were told that £4.5m will be allocated to Galactica.

So what happened to the initial fund raised in the original raise? And why now, all of a sudden, do we need another $4.5m to facilitate that production in Q4?

The initial equation for the Galactica project was a total cost of £6.43m / $8.2m for eventual $2m HE1 income and another $1m CO2 production for an anticipated 5 year period ($15m in total) - that looked like a fairly compelling business case originally. Now we are told that to effect that $3m per annum income ($15m in total) we will end up spending £10.9m / $13.9m.........

That is NOT a compelling business case.

GL, please see my post from Friday 8:05. I did say that it may well be possible to drill in December but only if they have a drill in country. AEX only managed to sign a Rig contract on 23rd September and spud on 21st December because the rig was sored 1.5km away.

"not unless that rig is already in country. The NT2 drill with the Carroil rig took two (actually three) months to set up and sign off and that was only 1.5 km away at the NT1 site."

Bugger me, jolly old joyo has suddenly found his command of colloquial english......

Don't worry joyo we will surely be back at 0.90p very soon!! 🤪

Aminex on LinkedIn:

https://www.linkedin.com/company/aminex-plc/posts/

We’re delighted to announce further progress in the hashtag#Ntorya Gas project, hashtag#Tanzania’s largest onshore gas development:

The Tanzania Petroleum Development Corporation has formally said that construction of the critical Ntorya-Madimba pipeline will begin this month and is scheduled to be completed by the end of July 2026. The pipeline will carry Ntorya gas away from the field to the Madimba gas processing facility and onwards to customers.

Ntorya’s operator ARA Petroleum Tanzania (APT) is ready to issue a tender for a drilling rig once the Petroleum Upstream Regulatory Authority (PURA) approves the tender strategy, and no later than mid-August 2025. The rig will drill the Chikumbi-1 well and perform a workover on the Ntorya-1 well.

“We are delighted that work on the pipeline will commence this month, marking the start of the construction phase of the Ntorya Gas Development. With a plan to complete the Pipeline by July 2026 and expectation of starting a rig tender process very soon, the project is well on its way to producing first gas next year,” Aminex Executive Chairman Charles Santos said.

“We are grateful to the TPDC, PURA and other agencies, which have backed the Government of Tanzania’s strong commitment to our project with their hard work. And we thank APT as the operator for managing the dynamic work streams to reach this milestone.”

Morning all, I was "out and about" yesterday afternoon when the RNS was released so only managed to read it in full last night. Really good news - good to see some action at last and positive news ahead of the AGM.

GL - back to our earlier conversation about CH1 drill timing. With the Rig Tender not expected to be released until mid August and with what, a 30 day response period? It is difficult to see that Dec spud happening now GL..... not unless that rig is already in country. The NT2 drill with the Carroil rig took two months to set up and sign off and that was only 1.5 km away at the NT1 site.

I understand your logic dvh BUT unless we get clarity od prospects and, hopefully, a farm-in partner for Camelot, this is s dead duck. 5 years minimum for a return on Medway CCS , if ever, no income and a BoD and their acolytes to feed..... there will be no value of the cash in the sp 'cos it's all in the BoD's sinking fund with no guarantee of an ROCE.

We need a replacement for Harbour and an exposition of their anticipated timescales and return on ROI for the project. And, even then, how many are going to hang around for the denouement... only those who have given it up as a dead duck and see no point in selling. But to my mind - as I have already enacted - no point hanging around, if you want a return, sell up and put it somewhere with better short term prospects. Have already managed to retrieve 50% of my losses elsewhere and, frankly, see no obvious reason to jump back in. Sold 47m of my 50 million shares - continue to hold 3m just to attend the AGM and articulate my disdain and contempt of the BoD for their incompetence and destruction of shareholder value.

In principle GL very much a "yes", in my view at least, followed closely by the NT1 workover and, perhaps, in parallel with the NT2 work programme. Though it goes without saying that the NT2 work programme is not reliant on acquisition of a rig and the other two most definitely are. Even if they had identified one now, it would be touch and go as to whether they could get in in country, set up and signed off for a Dec drill. Though if, as RJ suggests there was one close at hand, it would be possible.

"fixed dates"?!

No such thing RJ, as you well know 😉

No RJ it didn't, I assure you....... TW.

The first question on my list is what are their intentions and expectations regarding selection of a rig! The last we heard (unofficially) they were looking at sharing a rig with M&P; nothing has been announced to suggest that plan has changed. If not that then what and what are the timelines? Where is the rig coming from? Those timelines will be more relevant a consideration than the timing of the pipeline for CH1 and, then of course, NT1 "spud" dates. Again, the previous plan was to initiate work on NT2 so as to coincide its completion with that of of the pipeline. If that pipeline completion is anticipated for 8 months time I expect NT2 work to start some time after pipeline initiation not at the same time.

Now I fully recognise that the assumptions and expectations articulated at last years AGM may well have been modified in the light of subsequent events. So my principal aim to to understand the new (if there is one) gameplan.

Chester, we have seen very good trial results on many occasions over recent years but none have so far yet resulted in a material change in company finances. Of course continued progress with trials increases the likelihood of such a material change buy even our illustrious leader referenced the need for future funding (in the 09/07 interview) to continue with the development of Scope trials into Q3 next year and the difficult climate for that fund raising....

Until the BoD announce some form of JV, Glymab sale or similar, uncertainties around future funding are always likely to hold the sp back I fear...

Bermuda, you say "it's unlikely perhaps to be related to John Chiplins's options."

Pure speculation of course but, conceivably, this may well be exactly what it is - executors completing Probate and divvying up his estate.....

I am simply suggesting that the reason for the exercise of these options is just as likely as not to have nothing to do with the forthcoming Trial numbers and be related to far more prosaic explanations.

But what is that "reserve fund" expected to cover? Both Rukwa and Galactica? Both of which are currently unquantified.