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Hi adoubleuk,

Now if you really want to get the conspiracy theorists going, consider the possibility that Dr T asked for it to be pulled because (a) he said or (b) people deduced something they weren't supposed to....;->

ATB

Hi WT,

I think you'll find that you're way off the mark : BellNipplebear's comments in that post and earlier posts show him to be one of the good guys. 'NW' probably stands for his initials....

ATB

Hi MM,

Hope the CC goes ahead....with the Nomad or house broker present to provide the market with anything that is disclosed outwith the RNS.

Unless the PI's are all made 'insiders', of course, which would tie their hands subsequently.

Seems a bit risky on AT's part, frankly.

You'll maybe see elsewhere that I've doubled up, by the way. FWLIW.

ATB

Hi pjoe1212,

You write : …" I would be very surprised if Hur do not enter an off take finance agreement with bp - I.e. bp pay at time of loading and charge libor +x% interest per day until normal settlement date. Normal for many smaller oilers with the majors. "...

I'm familiar with the concept of factoring and other forms of accelerated payment, so thanks for confirming that would be an option here. And Genghis15 has made the point that they may not fill to capacity.

Assuming, for the sake of argument, that they do, however, what would YOUR estimate of the initial cycle ( first flow of oil to first receipt of related income ) be ?

ATB

Hi Biffadog et al,

Just to add, re the drilling options, RT said that 'we'll have revenue in the early part of next year'.

If you factor in the time taken to fill the AM (capacity 600,000 bbl, if I read correctly), from a buildup of, say 10k bopd average, that's 60 days to fill her up. Heck, at 15k bopd, it's still 40days. Then BP have to offtake and sell ….and depending on contract terms (monthly in arrears ?) ….we have a further gap before any 'revenue'.

And HUR aren't going to want to make a financial commitment / hostage to fortune re drilling contract until they're absolutely comfortable (in-house) that the oil is flowing....

On the face of it, Dr T's comment doesn't make sense unless he's thinking of FOIL pre end 2018, surely ?

(Un) happy to be corrected ;->

ATB

Hi all,

Not having a quibble, but MM's helpful c + p of the number of times ZIOC refer to what they 'intend ' to do in Q2 reminds me of advice given by a lawyer many years ago when communicating with HMRC : state everything as your 'intention', because this allows wiggle room for situations that may change or be otherwise outside your control.

HTH and ATB

Hi all,

Apart from the 'promised' EPP update, ZIOC also has a statutory requirement to report its audited final results for the full year ie 2017 , which historically include summary highlights of the year and 'post balance sheet events' to 30th June of the following year ie 2018.

We SHOULD therefore get 2 RNS's pre 30 June....and if we only get 1, it SHOULD t any rate give a steer on EPP progress.

ATB

Hi MM, I don't follow twitter, maybe I should. There's only so much time I want to spend on social media. Have I missed anything in the intervening 15 days ? I'm already a holder. Oh, the s/p has shot up..... from 12.875 (mid) to 13.25.... Now, if I were a trader, that might matter. The forthcoming RNS might move the dial, let's hope so. ATB

Hi Rafaley, Sapro Mayoko lies a bit further inland from Zanaga. Bloomberg recently reported that it produced 3 million mt iron ore last year'. It's pretty clear that it's not been exporting through PN, so that likely means it's using Gabon ( Owendo ), the other port mentioned in the article, at present. Owendo could handle likely modest EPP volumes The railway runs from Owendo port about 690 Km ESE inland to Franceville, Sapro has to get the ore there from Mayoko, which is about 130 miles by road. We'd have to do similar from Zanaga. Add to these logistical difficulties that you're transiting another country (Gabon), which has its own exports to prioritise and you can see why Sapro would prefer an in-country route down to Pointe Noire ! ATB

Hi gta5, Thanks for this. The press (and googlemaps) appear to have Pointe Indienne 20 Km from PN, maybe the 'new port' at Pointe Indienne will be outside /south of the actual 'Pointe' ? 'Hard info' is good to find....and vice versa ! ATB

Hi guys, Thanks for the link. I don't understand some parts of this article : (1) It is dated 20 June and refers to a shipment of 800 tons iron ore that just arrived, "having left Mayoko a few hours before." (2) The first Sapro Mayoko shipment, also for 800 tons (40 tons x 20 wagons) was reported by Africa News as having left Mayoko on Friday 25 May. A second shipment of 6 wagons, left Mayoko 2 days later , per afropages adiac-congo and derailed shortly thereafter, with the line subsequently closed to traffic. "...L’accident risque de ralentir les activités de cette société qui a recemment démarré l'exploitation du gisement de fer de Mayoko délaissée tour à tour par la société sud africaine, Exxaro et australienne de DMC Iron. Le trafic des passagers et des marchandises prend un coup; car le déraillement entraîne la suspension immédiate de la ligne. En date du 25 mai, Sapro Mayoko SA a acheminé en direction du Port de Pointe-Noire 20 wagons de 40 tonnes chacun...." So it would seem that the first shipment, of 800 tons, has taken a month to travel 350 Km. If this is the case, the rail system is even more decrepit than it seemed. (3) The article continues, saying that, with Pointe Noire already at capacity, Govt plans to build a new dedicated port at Pointe Indienne (which is 20 KM to the North). How does this square with our (?) understanding that the Chinese are looking to bankroll expansion of Pointe Noire itself and adjacent Special Economic Zone ? (4) It concludes ..."Le Congo veut également construire une nouvelle ligne de chemin de fer entre Pointe-Noire et le site d’exploitation du fer de Mayoko, parce que l’actuelle ne répond presque plus aux normes....." …[Congo is also planning to construct a new rail line linking PN and the Mayoko mine, since the existing line is barely adequate....] Sapro is trying to get the French banks to finance this line, see https://www.bloomberg.com/news/articles/2018-05-17/congo..., which would pass (relatively) close to Zanaga and might be a possible alternative to the proposed Chinese-financed route we've been talking about. Leaving aside the quality of press coverage in general, about all it's safe to say is that Iron ore mining and railway lines in the Congo seem to be a bit like the proverbial London bus..... Roll on the ZIOC update, telling us that our bus is 'on its way' ! ATB

Hi riskisgood, Thanks for this ! What was the source article , please ? TIA

Hi wessexmario, Both links worked for me - my thanks to you and our Shetland PI... ATB

Hi guys, EEZ = exclusive economic zone; ELOG = electronic log; IUU = illegal, unreported, unregulated (fishing); and VMS = vessel monitoring system. HTH and without responsibility ! ATB

Hi MM, Are you for real ? I quote a journalist; you tell me he's misreporting when he's written something that doesn't support your point of view ; and then you want ME to contact HIM to ask whether he's told the truth or not ?ROFLMAO. OTOH, when I post that I've asked Andrew Trahar 3 x for basic information re ZIOC licenses, and find it rather odd that he's not replied, instead of recognising this to be the case - AT is only Investor Relations , after all - you instead suggest I should do my own research through past AR's and RNS's etc. Why keep a dog and bark yourself ? Roll on an RNS : it would be nice to get something from the right end of the horse, for once. ATB

Hi Biffadog, …"Why complicate things trying to get a second much larger FPSO off the ground. It's just not in their plan and rightly so...." If you think in terms of game theory, HUR may wish to demonstrate an ability/willingness to consider this option as a feint to ensure an FFD consortium is 'spooked' into paying top $ for Fear of Missing Out. FOMO isn't a concept that only applies to PI's....;-> Another analogy might be Tesco's bidding up for potential supermarket sites,, either to deny others entry or to force them into 'overpaying' (and thereby reduce their available spend in other areas). ATB

Hi Afric, As I wrote, I realised that the reference to Elphick was harsh...and perhaps a bit brutal, but the truth (as I see it) sometimes is ...and there's no point pussy-footing. In movie industry terms, his role is akin to producer : he's sourced/optioned a great script, now he needs to line up all the actors (juggling timetables, personalities and interest (=professional ambition , vanity, greed, whatever), then 'sell' the whole shebang to the Money. Elphick will have some input, but the intermediate decisions are made individually by others....and the final sign-off is made be the Money. I have friends in the film industry and have seen the frustrations of what seem to be 'slam dunk' stories...which is another parallel with our situation. HTH - and indirect apologies to Cliff ! ATB PS If the 'certain info' that MM refers to is RNSable, then let's hope we (all) hear something first thing Monday ! PPS I wasn't being pretentious when I referred to Panglossian, it's more than optimistic : it's the belief that 'everything is for the best in this best of all possible worlds', despite evidence to the contrary , an appropriate way of characterising MM's uncritical attitude to all things ZIOC-related. PPPS I like words, I recently discovered 'monopsony'. It's the mirror of monopoly (one or a limited number of providers/sellers) and means ' a limited number of buyers or a sole buyer' . China has a monopsony here and , in film industry terms is the Money.

Hi adoubleuk, …"Fine. If you enjoy 'Muskonomics'. Oil-people like cash profits, though." What's not "cash" about IJWT's proposal ? The ref to 'Muskonomics' made me laugh, but is surely wildly inappropriate : Tesla is about to implode through its lack of cash, we are hoping to be awash with the stuff.... It'd be nice to be able to reinvest some of our winnings, though. Isn't that part of poker : knowing when to fold ….and when to hold ? ATB

Hi MM, ..."The only problem I have with ZIOC is that you might be invested...." I can see why that might be a major consideration in your otherwise Panglossian/Pollyanna-ish perspective on ZIOC ;-> Unfortunately for you, I am invested here - and have declared my interest, in general terms. I don't recall you having done likewise, even to set the ball rolling on your recent 'investor holdings' research. As with other things, this btw falls into the 'interesting but irrelevant' category : our (PI) collective holdings aren't going to 'move the dial' on anything ZIOC-related, though I agree (when considering free float) that the info might be useful to the trading community. Back to you there, I'm afraid. ATB

Hi MM, Another 'quality' non-reply. Sigh. " A good statesman, like any other sensible person, always learns more from his opposition than from his fervent supporters" - Walter Lippman. ATB