Member Info for Drewky

Yes that's right Pete and I meant to link the website version of that article in my post, sorry

https://www.thecitizen.co.tz/News/Tanzania-to-renegotiate-natural-gas-contracts/1840340-4965384-6s090cz/index.html

It does seem to concentrate on two specific companies while also discussing the LNG project.

While I would agree that any PSA agreements granted during the time periods stated would at least have been looked at I somehow doubt the government would have given assurance of the licence had they found anything untoward in our own arrangement.

I may be wrong but I also have a feeling that this question was answered by Jay at some point last year, in that their were no governmental issues involved here that would prevent licences being granted. Would have to go back through all the interviews to find it but I don't feel it is an issue enough for me to spend the time and it may even have been a question from last years AGM? I can't recall but it is in my head for some reason and I honestly don't feel this is an issue for us!

Orca who were one of the named companies in the Click Bait "ALL" thread only recently signed a monthly renewable contract to supply gas for a maximum term of 6 months https://www.oilnewskenya.com/pan-african-energy-supplies-extra-gas-to-tanzania-in-new-short-term-sales-agreement/ As said at the time this was good because it shows demand is there and the fact it is for 6 months only shows they are nowhere resolving their dispute which is what that click bait article was really all about.

As BG provided the links that show the situation

http://corporate-digest.com/index.php/the-panafrican-energy-tanzania-refutes-claims-by-tpdc

http://www.oilreviewafrica.com/gas/gas/panafrican-energy-dispute-could-disrupt-tanzania-gas-supply

The fact their issue has not been resolved imo is a positive for Aminex but as can be seen someone like killer will grasp every opportunity to embellish a story to put the boot in and feeding on peoples frustration.

DYOR and ignore the BS

Robbie Since when do you take newspaper outlets for gospel? With click bait scandal laden headlines and the killer even feeling the need to insert a fictitious ALL for added scaremongering. The real story is old news regurgitated and talks of two specific companies and also talks of the LPG This is Click bait!

There are two companies named in the article BG. Aminex is NOT one of them

I don't expect to hear any news on that at all at this stage. If that was a first meeting we would be months away before anything would be agreed and signed etc. There would be a whole due diligence process to go through if one were to get involved.

IMO The best you could hope from than that in the near future would be official notice of further meetings taking place expressing interest of some kind. Flow rates and acquisitions are the next news I think.

IMO since many were fleeced the previous Christmas by the Bit money scams most deserving O&G strikes have stayed level and some have dropped. It seems to me the investors we have left are purely those trading to earn their next packet of fags. The moment it goes up a couple of % that grab it and run.

Sad when the fundamentals are so obvious

Doing the same GL same people, same being said, no point fighting the rants.

It will come when it's ready.

Might be tomorrow :0))

10.5 and they'll be back

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More drilling is what is required

Personally I would take the 30% as would DS. I feel sure that alone would secure any potential funding required and obviously have the longer term benefits to income.

I'm also inclined to think it more likely to be a mixture of the two but I still think it a bloody cheek to pay for a lottery ticket only after you know you have won

Here imo $10m from SNPC would resolve any potential funding question Or An extra 30% of the field would be massive Or A mixture of the two gives us advantages of both. It has to be one of the three and whichever it is it's a winning scenario

No issue here for me. It was made quite clear Keith was doing the the job on a temporary basis so after nine years service I hope he has a happy retirement. What better time to bring in a new chairman when on the cusp of the action. Moving towards a fully funded operational stage as the Ruvuma farm-out nears completion. Licence soon

CP again I'm no expert but would it be normal to perforate the whole horizon of the reservoir? As pressure pushes everything upwards I would have thought not but I may be wrong

Yes 3d is much more detailed and more expensive of course. I think it's great we are going to do 3d at Ruvuma and Songo. It makes for much more accurate targeting and estimating size etc

What the second para means is refering to the amounts above its pro rata share being clawed back and not the initial amounts agreed.

JBG you are quite right about the terms allowing a claw back but you haven't reproduced the previous passage which shows some understanding why that clause is in there. We needed to control when events took place and not be held up. It is to cover AAOG and not to allow SMPC to get away with murder. "Financial position As the position of our partners to fund their share of the costs of TLP-103 remains unclear, the Company considers it prudent to procure additional funding in order that it can, if needed, cover 100 per cent of the anticipated well costs. This will remove any uncertainty over the drilling of TLP-103 and place the drilling campaign entirely within the control of the Company. The complete cost of drilling and testing TLP-103, notwithstanding a decision to use prime contractors such as Schlumberger, remains at US$7 million plus a US$1 million contingency. The Company has already incurred in excess of US$1 million of the drilling costs. It should be noted that the terms of the existing licence over the Tilapia field allow for the Company to claw back any drilling costs incurred above its pro rata share from future cashflows. The draft new licence referenced in the announcement of 5 March 2018 also allows for this."

Perhaps it was thought to be one zone? Who knows. The data from 2d is not as reliable as from 3d so may be a factor. However it is now they have to deal with so we move on.

This situation is annoying. If they had paid their share we would not have required the recent raise and be sitting around 16 to 18p right now maybe even more. It is like going halves on the lottery and not paying if you don't win. As DS said this cannot go on! If they do find the $10m I would be wanting up front payments on future works.

Should have said the article refering to the process as experimental was written in 2007