Member Info for grsshaw

So they have 3 legal disputes ongoing - 2 have now been confirmed, but what about the unfair dismissal and withheld wages from the 2 former employees. Mr Rowan needs to get a grip here and sort all this out - the market hates uncertainty!
Getting a little nearer to my 0.75 target price! Maybe Mr Rowan will do the right thing and step down for the benefit of AEG's future and can then reinvest
I am guessing that when the plant is built and operating, it will take a little while to commission to ensure those pellets are 100% as the next stage is burn testing and the results will need to be at least good!

Good Luck all - I'm tempted to get back in as it is a good price, but will not reinvest while you know who is still in the chair!

From RNS: 18th Feb 2021 -BTW since this first gas has already been brought forward from 2025 to Sept 2024!

Both of these activities will significantly advance the asset towards a final investment decision on field development which the joint venture aims to take in late 2022, targeting first gas by 2025. The Board looks forward to updating shareholders as progreCorporate Update

The Company continues to review its legacy portfolio, looking at the best way to maximise shareholder returns with the existing assets representing significant as yet unrealised value.

The recently completed transaction between Aminex and ARA Petroleum validates the commerciality of the Ruvuma project and brings in a well-capitalised and experienced operator to drive the project forward. ARA is presently progressing plans for the 2021 seismic acquisition programme including the tendering and contracting work and for the drilling of the Chikumbi-1 well in early 2022. Both of these activities will significantly advance the asset towards a final investment decision on field development which the joint venture aims to take in late 2022, targeting first gas by 2025. The Board looks forward to updating shareholders as progress is made on delivering the development programme at the Ntorya gas discovery in the Ruvuma PSA.

Scirocco continues to engage with multiple parties who have expressed interest in its non-operated stake in Ruvuma alongside the Company's wider Tanzania portfolio. A formal sales process covering the portfolio commenced in Q1 2020, as announced on 2 March 2020, following the confirmation by the Tanzania authorities of the licence extension. This process led the Company to execute non-disclosure agreements with interested counterparties who have reviewed the material available in the data room. Progress was delayed by the ongoing restrictions associated with COVID19 and the anticipated completion of the APT / AEX farm-in, which completed on 23 October 2020.

Jam2morrow, you are right at 21m plus 1m options (so they have sold 4m shares) -I believe the 4.29% reference was before the £10m placement but haven't checked the numbers so may be wrong. I also think that they would have sold a few more shares when they hit 20p to maybe round up total sales value of £1m!

I do hope SCIR update investors soon on the total value raised by the share sale/s

I am wondering if there will be some news Monday and they will confirm what they have sold. I bet they sold more yesterday when it hit 20p as well (maybe keep 2.5m shares for the drill)- so maybe we get an update with other news next week!

I sold some yesterday at 1.8p to lock in some profit - not decided where that cash is going as yet or if I should put it back in here!

Has the market finally realised how undervalued AEX is currently ?
this should be at least over 1p for starters
Let's see what happens today - let's hope the rise continues today
Good luck all

CrustyPete, AEX only need $1m per year to operate and have no debt. I am not really sure why you would say "not around to collect it! They would only need just over $3m to get to fist gas are you saying no one would support them and let $35m free carry go down the Swanee!!!

I know you don't like the $35m (credit) and dont value it anywhere near the amount carried, but as this gets closer to actually paying out money for 3D/Drilling (e.g. SCIR) the value will be realised quite quickly!

Games being played with RNS updates:
WEN put in a silly bid and spent some cash with legal to do so and SCIR rejected it
WEN will not over pay to protect shareholder value and SCIR will not sell out without obtaining value for Shareholders
WEN feel they have strong position due to cash pile and SCIR have confirmed they will go to the next stage and drill if value not released (and worry about the next stage later -if a positive drill or even positive 3D they will raise cash off the back of any increase in SP)

I guess the same can be said re WEN and AEX, but AEX has the free carry on their side!

Time is ticking and there must be a line in the sand already drawn out - decision to either jump in before the drilling or risk paying a far far higher price if successful. If it is WEN, and they're interested, my guess is they do the deal before drilling as its a big gamble to wait for the drilling results. If results are good the value may rise substanitally and price them out completely. Then where would they go for new assets as there's not too many options available and they clearly stated they prefer to focus on what they are good at i.e focusing on Tanzania!

If WEN had bit of excitement with drilling exploration and appraisel wells on the go, on top of the the safe and boring (albeit profitable) company it is now, I feel it would attract a lot more investors - some of which have probably never been paid a divi before!!

Good Luck

Ha ha - maybe he has or maybe it's Zubair Corporation!!

Thank you BD

BD and cperkin,
Well done to you both in setting up the meeting and spending your own time to try and find out whats happening, but I am very Interested to understand when you first requested this catch up meeting with the board and if they have taken a certain amount of time to respond to fix the meeting date? Was it their date suggestion or yours?

Just thinking it may just be after an update that may take place via RNS on Monday morning if they have decided on the date - probably clutching at straws, but desperate times means desperate measures!!

Good Luck with the meeting anyway - interesting to see what is discussed

Just seen the news from VOG re their large shareholder supporting them with a 12 month loan at 10% interest and warrants option at a 20% increase from yesterdays share price

https://www.lse.co.uk/rns/VOG/loan-note-1ngcqm8lsnejkp1.html

Maybe Eclipse can do the same with AEX over 2 to 3 years with warrants over 1p to bring their holding to the max 29.9%

However, with the encouraging news from the new president on tax disputes on companies/investors will we see a quick decision on monies owed and then hopefully approval to sort out Killi and get back online in the next 3 to 6 months and a loan will not be required

It would make sense to sort the owed monies now to show the new restructured gov mean what they say and can be trusted!
However, I fully understand this is Tanzania - will the Serengeti leopard change its spots - let's see!!

Looking good on the recent SP rise and seems to be holding up

Can we have some much need good news please AEX to give us a boost

I added yesterday another 1m shares for my sins - I said I wouldn't but seems sensible with a drill not too far away!

Good Luck All

My only point to this is that why would RMDE buy the licence in the first place and give them nearly $2m to help them survive?

Mr Spinks was still singing the praises of CoalSwitch technology until later last year and they were moving forward with plans quickly - not sure what happened but something did!

AEG should at least announce receipt of the open letter and the reason the share price is in free fall - in fact they issued a copy of an open letter when Environmentalist Lisa had a pop re the permit which was sent out by AEG management . If I remember even Mr Spinks had an input on the benefits of Coalswitch at the permit review to try and help - just what has happened in the last 6 months!!!

By the way Seattle, I have purchased a very small number of shares so that you will let me post

Good Luck

Seattle, you are right, he did sell last year and so did I - some ofmy post was from 19th Oct 2020!

So re stop posting - is that the same to any potential investor waiting in the wings to maybe invest for the first or to reinvest - I can confirm one thing, I certainly won't be reinvesting now!!

Good luck

Re the open letter posted today! I sold my entire holding because of the news Mr Spinks had sold his shares as this baffled me as he was a massive supporter of the Coalswitch concept and RMDE put hard cash on table to purchase a license (which at the time looked to have saved AEG from potential administration) Then went very quiet all of a sudden

I have my concerns on how this has been managed now - especially when you look at some of the unconfirmed by AEG legal challenges plus this open letter!

My post from 19th Oct below

Im out of this share for the time being

I am struggling with the delays here and more importantly the raising of more cash at 0.6p which was way too cheap and extremely dilutive plus when you look at the large debt/CLN's notes my confidence has been knocked some what by the recent news flow

I am still very much a believer in the Coal-switch tech, but I can't work out why Richard Spinks sold out of AEG when he 100% backs the product!

I did wonder if RMDE would look at taking AEG over and it may still happen but for now I will watch from the sidelines for some positive news flow before dipping my toe back in

Good Luck to all still in - I really mean that

Just watched the presentation - my take on this:

They will get the 3TPH REFERENCE plant up and running on time but may suffer delays with commissioning the plant for full production, which may cause a slight delay to ship to customer

It looks to me that they will not expand the plant passed 5TPH and may not even passed 3TPH - satisfying permits maybe the issue and further cash investment

Burn test - when pallets are delivered a large burn test has never been carried out before, so there is a risk that modifications maybe required subject to the test results, However, if successful from the off (I am sure it will create a nice uptick in the SP BTW) but may drop down again as they will not go to full production from the REFERENCE plant and mass manufacture will be at least 2 to 3 years away even if the test performance is well above expectations. A new license will need to be awarded and a plant to be financed, built and commissioned. The new plant will not be financed or built by AEG

No mention on where they are with the current Licence holder – RMDE!

2021 break even - I thought they were doing that with the lumber activity alone! Why no mention of the lumber activity at all - this has gone very quiet

New money in place will cover the plant expenditure and site upgrades!! Previously raised money also quoted this - maybe this time it will finally happen!

Licensing model is definitely the go forward plan - I don't believe they will build their own - they will only have the REFERENCE plant to provide samples for test burning orders

Why only release the forecast numbers to brokers when AEG still has large percentage of investors - surely not fair on you guys, unless you are happy to pay for the information! I would raise this and complain to the BOD

A few nice awkward ear pulling’s there Mr Rowan, number of staff increasing and licensing model!! Do you play poker for money, if so I would love to have a game with you!

I would say the licensing model is the correct decision, but may take longer to reach material income - its still a great product idea but be ready for a few ups and downs along the way

Good Luck All

Calm down Oaktreetrader - it's only my thoughts/observations on what may happen - I really don't think what I say will have any affect on the share price and I won't invest whilst Mr Rowan is still on the board!

Good luck to you

Rendj, I will predict here and now that none of your questions will be answered to the detail you require

I have a gut feeling that there will be at least an approx 6 to 8 week delay with the production - but I hope I'm wrong - I'm just going on personal experience with AEG - to be honest though the new investors might not take too lightly when missing deadlines so more pressure on the board!

Still on the sideline waiting to invest - target price 0.75p to buy - might miss it but lets see - won't invest until Mr Rowan has left the building!

Good Luck to all either way!

SANTIAGO666, time will soon pass and if you can wait and be patient (first rule of investing for me) especially if you like the mostly risk free asset!

Ideal position for me would be that they still had that just over $2m in the bank that they paid out for GCT In order to push the FO through, that KN1 is back on line and producing plus they receive all or at least most of the receivables - TBH though, there is plenty of time from now to spud to first gas etc.. for a few good surprises to take place!

My call is to wait this out and play the patient strategy game

GL

AEX CH1 drilling early 2022 - SCIR Jan 2021

AEX First gas Sept 2024 - SCIR early 2025

Seems Sept 2024 is a very specific date for first gas - why not stay with the norm reporting e.g. late 2024 or Q3/Q4 2024

Is September a target date and linked to something? Just surprises me why mention a specific month when still over 3 years away!

Anyhow, I hope this is the start of a steady stream of updates but they will need to address the cash situation soon and I still feel there will be a cornerstone investor finance/loan support soon to be announced or with any luck they can agree on the outstanding receivables and a loan will not be required

One things for sure large investments for drilling for any fossil fuels is going to be difficult to finance after the next few years due to the renewables pressure - so with finance and free carry in place for AEX, with next drill a mixture of appraisal and exploration, the timings for a large scale project with limited risk may just work out fine within the overall market situation as its not dependent on outside investment (apart from SCIR - but they may be out of the picture anyway pretty soon) Tanzania has a lot of natural resource and they will need to get their skates on for any interested parties to secure funding and for gov to agree for any large scale investments to happen.

My Sipp and ISA's are more than prepared and happy to wait just 3 to 4 years for their large rewards!

GLA

Yes! Blogas you right in everything you say, I stand corrected!

I will leave you and your Twiiter updates to plan out your future fortune!

GL