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why has there been no statement from the company regarding the 25% drop in the SP since the beginning of this month. do they know any reason why? it is a far cry from the highs of mid summer. fair enough if this was a cash strapped explorer. this is a cash rich. low debt, low cost producer. The recent losses were partly attributed to exceptional items. anyone care to comment ?

seems a harsh sell off.

The CEO is a very able man, and he has slashed operating costs, and the JV deal made sense. at the time. It has fine assets, decent cash reserves, low operating costs. lots to recommend it . Crying shame the Tanzanians lost their minds and decided to tax the project to death. They hold the winning hand, If you don't develop the field, they can take back the license and do it themselves ,,,,taking 100%. 60% is workable, but 85% tax on profits is …….bucket time. after the 7.5 royalty whipped off the top.

Hiya Goldy, Reuters knew about it on August 5th when our share price was at 115p. here is the link to the story http://af.reuters.com/article/topNews/idAFKCN0QA1UG20150805 it has already been signed into law. what does it mean. 1 a straight 7.5% royalty off the top. 2 a 60% to 85% tax on all profits . This was not expected and it was strongly fought against in the parliament. The problem is that Tanzanians see the natural resources of their country as 'theirs', They have a deep love of their countries resources and this gas is simply worth a fortune. Western companies discovered it. Here's the problem. add 7.5% to 85% and we get 92.5% So go ahead Ophir, you put ALL the Capex in, spend $100s of millions developing the gas field…..and we will take 92% of the proceeds. You westerners keep 7.5% for yourselves as your reward for investing $100s of millions. I don't think so …….the SP has fallen 20% since the news broke. I sold my entire stock when I heard the news. I am not knocking today's SP. Of course you may say we may be taxed only 60% and not 85% because it is unclear what and who is getting the 85% robbing…..personally I have a funny feeling, its going to be the Westerners with the gas. DYOR.

I'm far from an expert myself,

sorry , didn't mean to be rude , was a bit .

seems pretty clear that's a RO trade.

The tanzania government has brought in royalty laws that would make Magabe hide his face in shame. They may as well have just confiscated the entire gas fields. Ophir will get the crumbs off the table. disgraceful , but that's Africa and Tanzania for you. Richland Resources has to leave there 6 months ago, handed $5m for a mine worth $100m. That is Tanzania. I think is a huge part of the price fall . Pity because this is a great company.

It is behind the company now, lots of wells to come, and PTR now has the option of 1000m and 300m Hz wells. Hopefully more good news before Christmas.

Blunder or just one of those things? I don't know, perhaps to wasn't their fault. I do think the issue should have been raised in an RNS as a sub heading. Big investment for a 100bopd well.

Sorry for that garbled last message. damn iPhone predictive text. anyhow, I owe Duster an apology. T-5 is indeed partly flooded, It is back up and running, but only producing 100 Bopd. This news was not in an RNS but in the annual report.

Duster, your rumor has no weight to it. Firstly the T-5 well is at the crest of the lience field, Priven with oil resources of commercial depth. also nearby T-503 which is lower down is oil filled. Indeed when T-5 was shut off water levels we reducing and lets remember this is a 300 meter Hz well and not a vertical, so it suddenly does;t choke up with water. Nut I will say, it is strange that PTR have not mentioned it. at first I thought it was renumbered T503 but that does not appear to be the case because production figures don't tally.

I don't blame you for being a little bamboozled. The RNS's are a little difficult to follow. I too can't figure out what happened to t 5 so I went through all the RNS's. Here is my report for you Sir. OCT 14 The Vertical section on T-5 was completed and it produced 100bopd unstimulated. This was plugged and cemented and the Hz section commenced, Pretty clear so far FEB 3 The Hz section on T-5 is completed, with a 300m section , and it came online producing 600 Bopd. No confusion so far. March 20 We are informed the T-5 well is down to 400 Bopd. But due to a ESP pump failure the rig was being taken down, and a new pump was to be fitted, this could take some time to sort. We are told that more Tungolskoye drilling would begin in early May, rather vague and no well numbers given, more of a note to say the contractors had been appointed, May 22. No mention of the T-5 and its pump problems. No mention at all in fact. Howeverm we are informed of a Vertical well No, T-51b is being drilled on the south west of the field. As promised. clear so far, July 22 A well T-503, to be honest I was not even aware it was being drilled, was anyone else? anyhow T-503 hit oil and was brought online at 550 Bopd and later this increased to 675 bopd. T-51b, was completed and proved disappointing, it is non commercial but can be used as a water injector. T-508. we are informed a new well is underway, T-508. Still no word to the original T-5 well that was awaiting the fixed pump to bring it back to life and the 400 Bopd. what has happened ? At this time I wondered could T-503 be the name for the T-5 well's Horizontal section. I doubt it, but the fact we were never told. In any case, T-5 horizontal was at 400bopd and T-503 was at 550 bopd. unless they increased the pipe length from 300m to 1000m ? Hardly? I think it is fair to say that T-5 currently not mentioned in any recent RNS's is not T-503. August 12 T-503 is still producing, at 500 BoPd. T.508 was completed and with regret it was water filled. It can be used as water injector. T.502. Is underway we are informed. T.5 There is still no update on this well. It is possible it came back into production and we simply we not informed. Conclusion I am guessing that T-5 came back into production AND we were not informed of it, because management were concentrating on bringing news of new wells etc. Or, it is simply still out of action. Maybe a trawl back through the RNSs will reveal a clue via the Bopd total production figures,

I just heard they are getting into 'Anti Depressant drugs ...... You couldn't make it up !!!!!!

It's an interesting RNS. The bad news Tungolskoye has a smaller reservoir than they thought. Blow. The good news. The L-10 Horizontal is producing sweetly with a proving that H wells in general are dramatically better even in poor Bopd regions. The Funny News The Americans got paid millions for drilling T-5, The Russians watched them like hawks, and said, ah well take it from here. Lets do the next one ourselves, I guess Oil India's expertise may have played a part in this too. This move surprised me. Half the price I betcha. The future I must admit the price of oil is a real concern. The Silence We were not told the current PoO being achieved or if we are even expecting profits for the end of the year. We have no update on License 67 3D seismic. Not much in the coming months pipeline to lift us to end of year targets. But…. and this is a bid sad, I was actually grateful to get the RNS.

fair enough , seemed far fetched but 100% happy to accept your word.

And his security detail ......please

I can't understand SH here crying they did not get the chance to inject more cash instead of administration. SH escaped the last round of funding when BH injected a whopping $200million. Had we added our cash to the pot…we would have doubled our losses here. ( doubled on recent shape price ). For example if we had been offered a rights issue 4 months ago when the SP was around 6p, many would have loaded up at 4p a share.

The 3d seismic report from license 67 has yet to be released despite being concluded late last year. The company is downplaying things in my opinion, perhaps trying to put off the two accumulating companies, or as not to encourage them at the very least . The collapse of PoO is not putting the buyers off But why ? That is really cannot say, but it make me wonder, if PoO had stayed at $1 a barrel. what SP would we be at now ? 10P 12p 15p ? Oillies holding debt are going to be in deep deep trouble over the next year. Oddly enough Russia is not a bad place to be in

RIP. I spoke on the phone with him late last year for a while. A very pleasant man and good humored. My sympathy to all connected .