Member Info for edgar222

Actually, I take that back. Look at the 6th May RNS. It is described as an advance ("the loan") !

My mistake. In my defence, there is also an advance.

It is not a loan. It is an advance. If the farmout does not happen the Govt owe the money back (no capital gain). If the farmout happens the advance is dealt with.

Hardnose

Thanks for the reply. Interesting list.

I work hard too.

I don't see anything in your list that would have shifted a slow moving Governement. Nothing. Which is kinda my point. In fact arguably 3 years of the things you suggest (those ones that come under the heading "PR") would have just eroded confidence more. Roadshows, flannel and no news from slow moving govt would have looked awful.

So I respectfully disagree with you.

However, I will say this, when the Govt is out of the picture and the farmout complete I expect action. No excuses. I want drilling and that early production system promised at the farmout announcement. PR? Not so much (for me).

GLA

Max

Can you explain to me what the BoD have not done that they should have done?

Please only insofar as it relates to achieving farmout completion. Not interested in endless share option/salary points.

I may have been slow on the uptake. But.

The 6th May RNS makes clear that the CGT liability crystalises on farmout completion. Which means if the farmout does not happen there is no gain and the Govt owe the money back.

Another reason to suggest it is happening. Not because of the sums involved but because if the Govt were going to do the dirty on us why would they bother with the CGT charade?

Max

The conversation was about post-Farmout buyout. Not now.

5p buyout is interesting. Is that not the price the Zubairs bought their 30%-odd stake?

Would still be a lowball takeout, IMHO, on the assumption the farmout goes ahead.

Good luck all genuine holders/investors.

Big week ahead one way or another.

No because the replacements will come in on a package of x salary/share options and not be starting from a high point...

Grrshaw

Good post. A small quibble in case people new here mis understand.

Although the free carry to Aminex is 35m the total cost of spending is over 100m before that carry is exhausted. So significant drilling, seismic and then field development to production all carried.

Best

Vike

Well said and I tend to agree. Seems to me this news could be consistent with Aminex losing costs. They will be a minority partner and non operator. They don't need a lot of directors for that role. All of that is a good thing.

The problem is, being objective, that this is also consistent with a bust up. But that could be for a number of reasons including the cancelled options and director disgruntlement. If it is a boardroom disagreement for that reason then I am with Ambrose on that issue.

The problem is we cannot know. We can only judge on the evidence we have. And all the actions of both Ara/Zubair point to wanting to maintain Aminex as their vehicle for East Africa as they said all those years ago. Their actions are consistent with that stated objective.

5-8p. Rising to 10p when works and drilling get under way. $45m pa on a p/e of 20 (industry standard) with no further expenditure. 6 further wells. Infrastructure built. Chance of oil. I dont say it will hit those prices immediately I do say there will be a slower re-rate. But if I am wrong on timing I will be delighted.

Blackgold you deramper. Its tomorrow morning. ;)

.....with a dayjob?

;)

Is this the first weekend in a while where that old statement holds true.

EE's special flight from Oman arrives in Tz tomorrow. Red tape being cut by presidential edict (see @edgartwo2 for link). Signing ceremonies happening for others. Election looming, economic future plans needed. Quack. Quack. Quack.

...by my reckoning most of the delay since 2017 is down to the Govt not getting its act together. But it is perfectly possible that right now there are complex multi-party negotiations going on involving, Ara, Solo, Aminex, Wen, the Govt, possibly other parties. The Tz authorities are entitled to ask how the last 25% (Solo's share) of the work gets funded. We cant answer that. Maybe those complex negotiations can. And that is planned and purposeful delay and is ok with me. It was the years of nothing drift that is not ok.

Thank God that IOG defeated that opportunistic bid from RRE at 20p a share.

They have just announced a recommended cash offer for RRE at less than the value of RRE at the time of the IOG assault.

IOG. Funding sorted. Gas found. Building a hub. North Sea. Partner is Berkshire Hathaway (Buffett). First gas in one year. Very low share price right now.

The optimist in me says it is done and we are waiting for a ceremony, like Barick....

The pessimist can do one as I am in so deep I cannot listen to him...