Member Info for extrader

Hi MM et al, Well, ZIOC's 2017 final results and 'post balance-sheet events to June 2018' is due in the next 10 days or so (AIUI a statutory requirement), unlike the EPP update which was merely an undertaking to the market. Let's see what they say about themselves. Meanwhile, as to the 'step change in Zanaga's prospects' - ? why so coy all of a sudden ? - I'd rather see an RNS from GLEN on Glencore's position, if it's all the same. No disrespect to Elphick, but monkey/organ-grinder is the relationship here, IMO. And a reminder that we're a 'deal taker' here - dependent on others for anything major to happen - not a 'deal maker'. ATB

Hi adoubleuk, Funnily enough, I had "10-15mph" in my first version, then dropped the 15 as I didn't want to seem over-confident.... Meanwhile, as you're around, what's the top speed of one of those trucks you play with ;-> ? ATB

Hi adoubleuk et al, You write ..." So why pee around with interim stuff? Accellerate the 'big thing'." (1) It's probably an imperfect analogy, but I'd rather have a major oilco/consortium try to stop our truck with hay bales of cash when we're at 60 mph than when we're still only trundling along at 10 mph or so....They'll know they need a lot more bales..... Once it's THEIR truck, of course, it's another story ! (2) Whilst vaguely on-topic of being' stopped out', and at the risk of counting chickens etc, I hope we and other PI's can lobby the Board to include (pretty please) some tax friendly options in any outright sale (eg loan note or buyco share alternative), since not everyone will have their HUR shares (all) in spreadbets, ISA's or SIPPs.... ATB

Hi 99 icecream, For comparison, we took impairment charges of $14.6m and $94.7m in 2015 and 2014 respectively and an impairment on investment of $110.8m in 2014, for total impairment of $ 220.1m in ZIOC's books. I imagine that the higher GLEN/Xstrata charge results from the 'carry' they gave us when buying in ? ATB

Apols marcusg71, I see you were reposting someone else's comment/claim.... ATB

Hi marcusg71 What is your source for GLEN ' s carry of ZIOC @ GBP 440 m , pls ? How do the auditors square the difference ? TIA and ATB

Hi all, Rhomboid1 appears to be based at s'pedia, where he's been a premium member since 2010, no other prfile info available. He posts there mainly on Paul Scott's SCVR....and FWLIW his comments are generally pretty sensible. I seriously doubt that he's RB in mufti. ATB

Hi Cebo456, …"Also some very knowledgable sources believe, that there may end up being a lot more recoverable OIP than what the CPR says..." Were you at The Goat ? Just kidding ;-> ATB

Hi all, Unlike ericeric, I think this has the potential to be a ten-bagger, at least, which is why I'm here. The story is good enough not to need over-egging. If the Chines decide to start their transcontinental from the western end at PN, passing through Zanaga, where thereafter ? Either towards the Central African Republic (in which there's a lot of interest, hat-tip to MM) or towards Kisangani, in either event by-passing Brazzaville (Congo) and Kinshasa (DRC), the two capitals. Doesn't seem likely, politically or economically, IMO. A spur or separate link from PN to CAR , going through / near Zanaga makes more sense, especially if you can get the Chinese to leverage the French Export Credit Agency involvement being sought for Sopra / Mayoko rail down to PN : share the cost/political/commercial risk, double the throughput etc. Sopra's Congolese owner (likely a front for the President...or at least, well-connected) helps with the optics. This would make the Zanaga section more attractive to the Chinese if there's any tolling arrangement in the commercial structure (esp. if there's an eventual extension into Central African Republic) ....and gives them a second iron ore supplier to beat ZIOC with �..errr, hang on a second...... ATB

Hi MM, We've been over this before. The first section of the transafrica railway (proposed) runs from Mombasa to Nairobi, abt 500 Km, took 3 years and $3.5bn (4 x over budget). There's another 2,500 Km to get to Kinshasa DRC , through some pretty "challenging" terrain. From Kinshasa, the rail would bridge the Congo to Brazzaville and thence to Pointe Noire. AIUI, Zanaga is abt 300 Km inland from Pointe Noire. Are the Chinese proposing a cross-country link to Zanaga, dropping down to PN ? The existing rail infrastructure from Zanaga to PN is ****-poor : Exxaro, now Sapro's Mayoko iron ore (further up-country) started exports to PN with much fanfare a few weeks back. The second shipment derailed. I agree your thesis that the Chinese are best-placed to provide the turnkey project management that ZIOP and Congo Brazzaville evidently need. ZIOC are a deal taker, not a deal maker in this situation. ATB

�..and pretty soon you're talking serious numbers....! I've seen and heard lots of post AGM comment bandying around a figure of 10 bn. My question - serious - is : are we talking bbls or GBP ? Dspp's post www.lemonfool.co.uk/viewtopic.php?f=16&t=796&p=103338&hilit=hur#p103338 gives us 4.9 bn bbl and a valuation of $ 17.6bn or GBP 13.5 bn on 2.5bn shares = $7 or GBP 5.4 per share. Neither is close to "10bn". It would seem that , for people to be talking of '10 bn', they must be working on (1) a higher recovery factor = larger reserves or (2) a lower $/bbl price, based on field costs (higher) or PoO (lower), or a mix of the above. I imagine that 'oilies' would be thinking in terms of bbl and PIs would be thinking in terms of MCap. 10 bn - which is it ? As Denzel Washington might have asked " Would someone explain this to me like I'm a six year old ?" TIA and ATB

Hi IJWT et al, First , my thanks to one and all for the feedback shared re AGM and post-event, to which I have little to add - so I won't. I'd only draw attention to the following : - the amended Articles of Association : the workshare comparison (showing the few, mainly admin/procedural changes) is dated as far back as 4 April 2018 and is described as 'Proposed Amendments for Main Market'; and - the 2017 Annual Report is 112 pages, vs 70 for the 2016 version, the bulk of the increase coming from Strategic (11 pages up to 18); Corporate Governance (3 1/2 pages to 16); Director's Remuneration (from 4 pages to 15); and Auditor's Report (from 2 pages to 7). My take FWLIW is that the above is tangible evidence that the BoD are 'upping their game' , addressing whatever perceived shortcomings there may have been in the past and preparing HUR to move up a division (or two). ATB

Hi gods , The RNS re EPP that Minor Miner quotes also says that the intention is to use EXISTING road and port infrastructure, it would seem that the internal constraint is proving up EPP technical viability ��.and the basis on which it is viable (if it is) will in turn impact financing needs and how these can be met. ATB

Hi Dr R, At a guess because the Fortescue news isn't going to move the dial for shareholders in the way that we're hoping it will for ZIOC...? ATB

Hi Sotb, Thanks for the TMF article. It's probably just journalistic licence, but still good to see that , after sticking to the party line and saying 'Hurricane is planning to have the EPS in place and producing oil from Lancaster in first half of 2019', the writer then says ".. So far, the company is on track to install the system during the third quarter of the year......" If you've installed the system, isn't it 'in place' ? ATB

Hi all, I've just spoken to Wethey, Company Secretary. An RNS will be out shortly, he confirmed that all resolutions were passed with 99% in favour, about 40% of shareholders by value present. He didn't want to say more, other than that they're concerned to maximise value for shareholders, reminding me that the CEO has about 10%, so plenty of skin in the game and interests aligned with PI's. ATB

Hi all, This appears to have been followed by 2 x 100K bought yesterday and another 100 K bought today.... ATB

Hi IJWT, ..."His point about cracking and battle with Scottish government is an interesting one...." I did wonder whether any involvement with HUR might be contingent on resolution of JR's 'Scottish difficulties' but wasn't sufficiently up to speed to include ! Care to share the gist ? TIA and ATB

Hi MM, This is what the IPO admission document says : .."5. GOVERNMENT PARTICIPATION The holder of an exploitation licence is required to incorporate a Congolese company to be the operating entity (being MPD Congo in the case of the Company). Under Article 100 of the Mining Code, the Congolese government is entitled to a free carried interest in projects which are at exploitation phase. This participation cannot be less than 10 per cent. The Directors understand that (i) any government participation in excess of this 10 per cent. threshold and (ii) the form thereof will be subject to further negotiation with the government when a mining agreement is prepared for the exploitation phase of the Zanaga Project..." Hence my earlier (unresponded) questions to AT re licence and agreement status. Obviously, Rio can't buy until it knows exactly what Congo has to 'sell' - if indeed it's allowed to by whatever deal it strikes with the IMF. Surrendering a national asset at less than 'true ' value might be problematic. The 'Californian professor' appears to be an anti - corruption activist and his reference to Rio was in the context of an investigation by the UK's SFO into Rio's alleged involvement in some murky dealings elsewhere in Africa. There are an awful lot of moving parts to this deal, like you I agree that resolution of any of them should be good for the s/p. ATB

Oops ! I see I should have credited first ref to Ineos/ Ratcliffe as potential investor to IJWT..... ATB to you both !