Member Info for Drewky

Should be early this year Irish :0))

That's right so if we forget Kilwani for a moment it means the next news should be the big one we are looking forward to.

Could it be? Minor news could come first about Kiliwani but apart from that, the announcement of the EGM will surely signify the 25 year development licence has been granted and the farm-out is contingent on that. Given the reiteration of the November timeline last week it literally could come any day now. Can't help but feel a little excited GLA

Yes thanks for the warning FL but the subject you speak of is well over a year old now and your link does not work. Where you say "Magufuli wants to revive" I think you will find that the law changes actually took place in July 2017 and so the article as with the one you posted last week on the same subject will either be 18 months out of date or simply regurgitated from original articles.

Good luck wherever your new investments are

Come off it, you've been challenging anything for weeks.

With Matt saying in interview this week acquisition news is imminent, you can't help but see the bed and isa from the director as a positive.

It has to be worth a pop that an RNS may come on Monday. That's the gamble and I'd be taking it if I had any dry powder left

If you don't care then why do you spend so much time deramping it

Sounds like you're desperate for them not too

Don't get me wrong Tarry I am unhappy at the size of salaries but those salary increases were in the 2017 accounts and based on previous performance and neither you or I can change that. As I said last week if they award a rise this year and we are below 3p then we will be quite entitled to batter them for all we are worth because this year's value has gone down the drain but you know my view on the cause of a fair amount of that. In that respect I blame them for opening the door wide for the shorters and traders As for the impasse as I said earlier I think it will all come together at once. We will see quite soon now

Apologies Mather I believe you are right I had read across the KW North and south. Sorry

Just a final thought Pete on that 3D seismic. Of course if it were $12m as you suggested Aminex would only be liable to 63.83% of that so circa $7.66m and at that level there perhaps would be no need for a raise at all.

Additionally, as Bounty are liable for "outstanding work commitments and abandonment costs" there is a possibility that even more could be added into the pot. Of course getting it off of them may or may not prove difficult but if they remain trading then they are of course liable!

OK Tarry you obviously don't want to get into sensible discussions, I wonder what that reason could be.

You know as well as I do that the remuneration was made in 2017 in relation to an uplift in share value over that period and that was made quite clear in the information provided and was in fact the case!

You cannot comment on what is happening in that area for this year because it isn't in the public domain at this time and so it is unfair to do so. Once more you are crying over milk not yet spilt.

Now you state and have done since April, that they have been late and are always late! Can you tell us since April where they have let you down and please don't be foolish enough to say Kiliwani because we've been through all that, time and time again including this morning.

RNS the last one shows...

"Company engaged in low cost re-entry of producing well to restart production"

Now in my dictionary "engaged" means... Busy - Occupied

The fact is what you have to say is nothing more than your own biased opinion and has nothing to do with factual statements made by the company.

The only thing they have not done in that time is to provide the EGM date but you were informed weeks ago that it was not likely to happen during September and over the last few days the reasons have been made extremely clear in that the Farm-out requires the licence to be agreed so if you were being sensible, you would realise that is not the Bod letting you down because it is out of their control and they can only provide an expected guide as to timeline.

To call the EGM without having it sorted would be futile and a total waste of money and then you would really be able to go to town.

It has also been reconfirmed that the November completion date still remains so come on give them and all of us a break and start having proper discussions

Let us just say it is better to discuss the issue than to continue to diss the Bod at every opportunity. It is boring and we know all know what their shortcomings are so we don't need reminding in every single post. You are just one of half a dozen who continually do it and so it kills any decent conversation which people are trying to have with you or others.

Can we please move on from all that crap and start behaving properly towards each other and the people we are relying on to make us a decent return.

I'm going to attempt too and so I address your points...

I agree, if called upon for the full amount of 3D cost before end of 2019 it might be a struggle but I don't think that will be the case tbh for reasons I suggested.

On the 2020 analysis of the data I'll stand corrected if wrong but I'm fairly certain I've read or seen that in one of Jays interviews hence my reason for stating all funds not needed until then, but no matter it's not a sticking point in the discussion as I'm with you, (but would prefer once Ch-1 is drilled and the pipeline is underway), I would much sooner see us take that loan or do a fund raise to speed things up rather than wait for that monetisation.

And perhaps Pete if you re read the last post to cp it is where the agenda smacks you like a brick in the eye long before the opinion comes through!

It is nothing more than a scare story with a tiny sweetner on the end. Why can't you just discuss the issue without the sarcasm and underhanded swipes at the Bod as has been most of the stuff on here lately.

At the end of day we may get nothing but I guess looking at the schematics the reperforation could also produce more than previously. If I dared to suggest that though it would be seen as ramptastic though wouldn't it :0))

Any legitimate fears or concerns people may have here cannot be discussed properly because it will be turned into Armageddon (the end for the company)

Let me answer then Pete, As you agree broadly you will understand.

The 3D Seismic on Ntorya is to be paid from the farm in deal and not from our own pocket i.e. in cash

The Nyuni is our responsibility at this stage and I don't think we will se a farm-out out there until the siesmic is done so you are right, how do we pay?

Well, the money I have already spoke of plus the Kiliwani revenue if successful should go a long way towards that. Besides a good part of the seismic costs would be for the analytical work done after the readings have been taken and that part if I remember right was said to be in 2020.

I don't see us undertaking any of that readings work until 3rd/4th Qtr next year and as you know, not everything has to be paid up front. The plan is to monetise by Qtr1 2020 so for me if all goes to plan I don't see a problem and even if there were a small shortfall, if CH-1 is as successful as we expect and that pipeline is underway then a loan or a raising wouldn't be a problem. In fact any raising at that stage I would take a guess would be over subscribed.

As it is expected to take to the end of this year to remedy we are talking three months. We've been told this is costing $250k tops

I believe we had some cash left $2.6m? and when the farm out is signed, we will have $3m and then 6 months later a further $2m plus whatever monthly income comes following the remediation.

I don't see the threat of any raise there but there are no guarantees with anything except that when you get a positive RNS for Aminex, there are people determined to make it sound like Armageddon has arrived.

No Pete I'm not seriously suggesting that, I'm am merely engaging in a little reverse nit picking because the TPDC themselves have never actually said it publically :0))

On the sign off being a material event then you are most likely correct

Tarry they would be foolish not to tell us and I agree, I doubt at this point the actually reperf has actually begun.

I do dispute that remediation hasn't started and I don't condemn them because although the valve may take two days to fit we don't know on what day that was started and how long the pressure and flow tests are likley to take but I'm sure that is not a five minute job because I understand they first have to drain off water from the well using foam sticks if I recall correctly. They also had to get the men and tools to the site and as I recall we were told they were mobilised beginning September and expected to get that valve sorted within the month.

Having worked the tools in my early life I know things are never simple. Once stripped down a Perkins engine only to find two push rods were bent. Unable to get the parts for some reason, the vehicle was off the road six months. My point is Shyte happens sometimes that cannot be controlled.

If you ask me rather than tell me I would be guessing that all the permissions we are requireing across the board will come in one go. If it was me I'd be releasing that news separtely over the course of a few days to create maximum interest but then I'm ramptatsic aren't I? ;0))

We still have a lot to look forward to here

I'll go further on the Kiliwani issue so you might need to prepare yourselves.

As they have stated the plan was to change/repair the valve test the flows and then to reperforate then you already have all the detail that they need to produce, so they may not bother to tell us when they stop for a cuppa until the job is completed.

Obviously from a confidence point of view it would be wise to keep us informed but you all know what comms have been like here in the past, you should be used to it by now.

I honestly look at some of the comments that I see on here and wonder why the hell some people are invested here when they think it's such a risk. For god sake all O&G is a risk.

The difference between us and many others is we have found it already and we just have to get it out of the ground. The upside here is enormous imo

Jump up and down on me again Pete if you like but no I haven't forgot and in my earlier post I did mention the DISPUTED amount.

"according to the TPDC they owe us nothing and are paying nothing." I know we believe that likely and I agree it appears to be the case but can you point me to a quote where TPDC have actually said that? I don't think you can :0))

And of course Pete you are right again you point out Bounty have picked their ball up and taken it home because they think remediation is a waste of time!

Well that has yet to be proved, but as you say they are not just walking away from Kiliwani. They are also walking away from the whole area and the potential it holds. They have made a decision based on their own best options for moving their business forward. The plans as you say for 3d seismic and licence merger all add costs which they perhaps cannot bare! Their decision is highly unlikely be all about Kiliwani.

As for your RNS Tarry the last one shows...

"Company engaged in low cost re-entry of producing well to restart production"

Now in my dictionary "engaged" means... Busy - Occupied

Tarry as far as I am aware, it is TPDC who are currently in default. it seems you have things back to front my friend.

Like I said thanks for pointing out the obvious once again about cashflow but you do seem to be forgetting an important point in that, if we now own 6+% more of the two areas, then whatever that field is worth? 10p or £10billion, it is now worth 6% more :0))

As for your final comment, many of us would Tarry but sadly not all.