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Synecdoche

Hi all,

Meeting to discuss Congo-B's debt rescheduling has been scheduled for 5 July.

Let's see if this breaks the logjam !

ATB

Oy ! Longwait,

Leave Gomez alone !

ATB

Hi BlooBird,

Scroll down a bit , to 13:08...

ATB

Hi ronok,

…"Interrupt suggests something that happens then you carry on.imo…."

You've obviously never heard of - or experienced ? - coitus interruptus.....;->

Sorry for O/T, it IS the weekend....

ATB

Hi Dracan66,

Thanks for this. Essentially, looking to 'relaunch' issues of debt and SEZ.

Africa Intelligence has reported that C-B's advisors Lazard Freres and DSK are worried about China Exim's lack of transparency over rescheduling terms. There's no debt forgiveness ; 1/3rd has to be paid on original schedule; and 2/3rds subject to a new schedule - not as yet defined.
The IMF is reportedly concerned about this lack of clarity and Lazard/DSK haven't seen the full rescheduling document.
There's another problem : Trafigura hasn't so far agreed to reschedule, important because it has first dibs on most of C-B's existing oil revenue.

Looks as though there's still some negotiating arm-twisting to be done ! And it's not GLEN on the naughty step.

ATB

Hi all,

Re all this talk about what is and isn't 'convention', aren't we to an extent invested here because we support the unconventional, outside-the-box thinker Dr T making the case that Fractured Basement may, in the fullness of time and with a fair wind, become part of the 'new normal'....?

ATB

Try https://www.youtube.com/watch?v=dj3yr5OF8bg&t=7s

Just after 9mins Gil confirms there is a much larger target under j lobe

Hi all,

Doldrums indeed !

A recent update - http://www.adiac-congo.com/content/cooperation-la-chine-annule-pres-de-vingt-millions-de-dollars-de-la-dette-congolaise-100789 - says per Chinese ambassador that they're forgiving a bare US$ 20 M (my interpretation, not his), actual rescheduling terms not disclosed ; and that they're 'actively pursuing conceptual studies'....while stating that the major stumbling block continues to be land expropriation and 'anarchic' squatters.

This seems frankly improbable to me, given the convention of addressing 'difficult' citizens with a ' robust' response.

Maybe the Chinese are just 'playing for time', awaiting news from the IMF (due this month) …….and from our EPP (overdue this month)…;->

Hi Biffadog,

As a related aside, it's also worth noting the concluding section of the Remineration Report (p58 of the AR), where readers are reminded that AIM companies don't have to submit their Remuneration Report - or Policy - to a shareholder vote; that HUR won't do this for AGM 2019; and will review the matter in 2020...

In the context of HUR and the VCP, I agree with Peter Mandelson (not a comment I ever expected to utter) who famously said that he was 'intensely relaxed about people getting filthy rich'.....;->

ATB

Hi Muzza2, hi Biffadog,

I'm with both of you on this.

Two other takeaways that I don't think have been addressed yet - and may be 'new info' - or perceptions - worth considering :

Roy Kelly shared after the event that his investment vehicle is Kerogen2, which has IIRC 2 Chinese investors ...and 22 American...so not necessarily a stalking horse for China Inc, as I'd previously assumed. The fund has a 10 year +2 life, and is only into year 3, so "patient capital" in the true sense of the word. Kerogen is arguably 'kingmaker', whose shareholding is likely critical to approval of any deal, so we PIs are somewhat hostage to their views. Kelly obviously wouldn't be drawn on what these might be, but it's reasonable to think that - with the world economy facing increasing headwinds - the risk : reward balance is shifting towards seeking an earlier 'monetisation event' than a year or so back.

It seems to me that HUR is fast-tracking as much as it (prudently) can , so the move to Main Market is not a priority (if it ever was) for management time and resources; the lack of pressure for management / BoD to take up 'good practice' skin in the game (5 years to comply, no milestone requirement); and the lack of info re Warwick Deep progress (not even 'TD reached') are both consistent with a company happy to stay on AIM and reluctant to give hostages to fortune.

I'm personally OK with an emphasis on substance (= delivery) over form (= box-ticking), but appreciate this may not be others PoV. It's interesting to see from postAGM feedback how much Dr T's non-appearance is something of a 'Marmite' issue !

Satisfied holder
ATB

Hi Genghis15,

Good to meet up yesterday !

If you look at Spark Technical Director Mark Pay's CV, you'll see …"Mark graduated from the University of Bristol with a BSc (1st Class) in Geology in 1994, holds an MSc in Petroleum Geology from Imperial College, London and a PhD on the petroleum geology of the Clair Field, West of Shetland."

Spark's acreage is designated 'Bader' and 'Buzz/Ginger' , presumably hat-tips to WW2 fighter aces, apart from 'Reach for the skies' Bader, see

https://en.wikipedia.org/wiki/George_Beurling;
https://en.wikipedia.org/wiki/James_Harry_Lacey

The overlaps are surely not coincidental, I wouldn't be surprised to learn that Spark (backed by private equity) is an opportunistic place-holder of some kind , as it acknowledges : ...our acreage [ conveniently picked up in the latest licensing round ] is " located along the Rona Ridge between two world class, multi billion barrel accumulations (Hurricane Energy’s discoveries and BP’s Clair field)."

Note also that they think Bader MAY be an extension of Halifax.....

They're currently looking to raise funds for an explo drill, it looks as thought they have until Sept 2020 to 'drill or drop'.

Worth keeping an eye on !

ATB

Hi Lindon,

Here's a (not)pretty, recent update on what the Chinese approach to coal power stations is :

https://www.theguardian.com/world/2018/sep/26/satellite-images-show-runaway-expansion-of-coal-power-in-china

Just to keep things in perspective aka don't listen to what people say, look at what they do....;->

ATB

HI IJWT,

….also mentioned the 'u' word - unitisation of Hammerhead - in a way that suggested he thought this likely.

ATB

Hi all,

The awk wrote :...."The jury is out regarding longterm 'medical effects'.

Back in the '70's, the 42 Commando divers I knew who had North Sea experience/connections reckoned that longtime divers almost exclusively fathered girls, FWLIW.

Could have been any number of other things, of course. Correlation is not causation etc etc.

ATB

Hi all,

It's a little spooky that both ZIOC and NCCL (Howarth's investment) are both , seemingly , on the point of (finally) delivering something of value to shareholders...….and both are trading around the 7p mark.

Wonder which will 'move' first.....?

I hold both. NAI, DYOR etc etc

ATB

Hi wallact,

...one barrel of oil per head of population PER DAY.....;->

ATB

Hi JayKay1,

…" I've found that selling too early and not making as much profit as I could still actually hurts, though not as much as selling too late and making a loss, obviously!..."

Very sound advice. I had 100,000 ASC, bought at an average of 5.9p.

Did all the 'right things' with periodic topslicing as the s/p rose, then 'let the tax tail wag the investment dog' when taper relief on AIM was being withdrawn...and sold out completely.

Made 30x my money, so shouldn't complain, but the shares went on to peak at £ 75 or so , meaning my £ 5,900 stake - had I held to the peak - would have been worth £ 7.5 million or so.....

Woulda / coulda / shoulda.....

Such is life !

ATB

Thank you, HappySwinner - always good to go to/get from the source !

ATB

' projet' ...