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Dai
lol - like you - I have never forgotten the no rig Friday update ! I called for her head then - never been in the “ St. Lorna “ camp !
Kept my own counsel on this for so long but I can no longer do this - lost too much & can see it all disappearing completely. My only hope is that they have found some money from somewhere that will not massively dilute us into an oblivion!
5th Dec RNS
“ Funding update
Having successfully moved the rig to Itumbula and, following the identification of the new Itumbula well, completed the new well pad civils work in readiness for drilling, the Company has undertaken a full cost analysis and budgeting exercise in order to ensure that, once spudded, the Itumbula well can be successfully drilled as planned. In undertaking this costing exercise the Company has been cognisant of the contingency funding that may be required given the significant additional costs and time delays encountered during the drilling of Tai-3.
Having completed the costing exercise, the Company has identified a need for additional funds before Itumbula can be drilled. In addition, the Company is in receipt of a number of unsolicited approaches from potential investors and, in light of the findings of the costing exercise, is advancing these discussions while also assessing other financing options. The Company is confident of securing the additional funding in the near future so as to realise the cost synergies of avoiding a delay to the drilling of Itumbula and will provide an update in due course.”
Why on earth did they include this ? They must of known that it would trash the sp before the AGM ! We all knew they would include a provision for a placement in the agenda - they could have left it at that ! No need for those two paragraphs before the AGM .
They have not told us about the licenses at Eyasi - not told us about the agreement with TZ govt regarding Eyasi - not told us about setting up another company so why couldn’t they have not told us about running out of money before drilling Itumbula !
UNLESS
They deliberately want to bankrupt us - start afresh with a nice refurbished drill acquired from the creditors . Without a drill their agreement with the TZ govt is worthless .
All the new BOD appointments are O&G people .
The silence is deafening- they have made no effort to reassure us that everything is ok & on track .
What a bunch of c**** they are !
Dai
“Incompetent fools” was indeed being kind - they have shown a shocking empathy towards their shareholders- especially LTH’s - my first thoughts were that they are trying to go bust - starting up another company has not made them thoughts go away . Ever since Skittish highlighted the O&G / Tanzanian govt. link I have had a bad feeling about Tai. I think their priorities have changed towards O & G & would happily give up any commercial helium - if found - in a JV .
There are a lot of people who have lost a lot of money here & the present board appear to not give a 💩- they are not fit to run the company - I have not got a clue how the AGM will go - they should feel embarrassed .
Wiseman
I’ve not forgotten this & is one of the reasons why I haven’t run for the hills with the little money I have left . Not forgotten the work done on this by Skittish & hopefully they will enlighten us about this subject at the AGM .
I am also hoping that the funding issues will be resolved without immediate share dilution. Perhaps a deal can be struck with the Tanzanian government similar to one Noble have struck regarding VAT ?
We live in hope this 💩show still has legs & will deliver eventually!
GLA
I just don’t understand their strategy- it’s almost if they are deliberately destroying the sp at a time when they should be trying to support it ? Is it total incompetence or have they got something up their sleeves ? I don’t trust a word they say anymore- it’s 💩 & it has been like that since Stalker left . Should have run for the hills when that happened . Have we heard a single word from the new chairman yet ?
Void
My condolences to you - tough day today - we always think our parents are indestructible & will be there for us for ever .
I feel your pain - my father passed away 4 weeks ago - was 94 years young . Give her a good send off & stay strong for the rest of the family.
All the best
Not sure there will be a queue of companies wanting to hire our rig in the winter after two breakdowns!