Member Info for Gudin

12 -15 days was the estimate for Mou-2

Paul often boasts about how much the small team gets done, as recently as the Sunday roast he was patting himself on the back over this. Seems to me they cannot cope as timelines continue to slip and lets be honest there has been little progress on anything for years. Time to bite the bullet and get more people in, so progress increases to above glacial pace?

$200m plus a royalty is not a good deal with what is proven and the potential of the remaining area which includes the oil and several targets that have not been disclosed.

It's only a few months ago Paul himself was valuing this at $1.2 billion for MOU alone. Personally hoping this is more of Paul's confused communication and it is cleared up on the 18th May.

Bit of a pointless naive question.

Any business is going to put their best people on the multi billion clients in preference to the smaller ones.

The people of Tanzania are in for a shock this morning when they wake up to find they no longer have any roads, railways or ports.

If you are expecting bad news then this will increase your loss, wise move to protect capital and sell if that is how you feel. Should never leave investing to hope. Of course publicly moaning and slating the company is a sure fire way to reduce your loss in the long term.

If you think it's going to be bad news why would you continue to hold? Clear from posts that you do not trust the CEO, personally I would be selling in that case.

It currently takes upto 10 weeks to get a passport in the UK. Took four months to get probate following the death of a relative. Governments the world over are not renowned for speed. What is a reasonable amount of time to get export approval for a rig in Kenya?

December date is for Baker Hughes equipment release.

If you actually believe the "one of the most useless CEO's of all time" you are extremely naive and should not be investing in stocks such as this. Taking time to secure a rig in a challenging market is nothing compared to some of the antics of other CEO's. You do know that many industries are suffering with supply issues, not sure why you and others seem to think that a small company is immune to these issues.

It's probably a bit daft to have money in a company if you think the CEO is useless as a general rule.

HE1 have said they have applied for the licences, the licences have a clause that allows extension if certain criteria have been met. HE1 has exceeded this criteria so the government are not in the driving seat . Still sure on who you would put your money on?

Are another company really going to accept licences taken from another company, if it happens to them it may happen to you. Not good business sense even if you discount the legal proceedings hanging over them. If suggesting that Noble is getting HE1 licences is not lauding then I do not know what is. You and others are suggesting that Noble are held in higher regard.

This is all pointless the government has not expressed a single note of negativity as regards HE1 and their efforts. Unless you have something to back this up?

The thing stopping a bigger company offering more money is a little thing called a contract., You may have heard of them. Breaching them has all kinds of legal implications, Not sure why Noble are being lauded on this board, someone has just unfortunately lost their life during Nobles operations. Think they may have more pressing concerns at the moment, maybe some questions on their role to safely operate the current licenses before giving them HE1 licenses.

Josh post at 12:41 should be printed out by all those spouting the same rubbish daily, if you cannot understand this then maybe reconsider if this is the right type of investment for you.

The thing that is stopping them is that all conditions have been met for the extensions as described in the legally binding contracts that both parties signed. Have any Tanzanian govt officials expressed any views on this perceived lack of progress. Think this will be unlikely as progress is actually way ahead of what the contract and by extension what they deemed sufficient. Maybe the Tanzanian govt are more understanding about working in an unexplored basin than the companies own shareholders.

Your the CEO Turbot dazzle us with your skills. How would you have realistically delivered?

No there is not. The armchair rig experts who think booking a rig is a similar process as buying on amazon are being unrealistic. This is a small remote drilling project, two to three weeks per well and low cost. Rig providers who are receiving high demand for their rigs are not going to ship a rig for a month to drill one or two wells for a couple of million and then have another month downtime shipping back without demanding a hefty fee. Lots of companies are having issues with rig availability and getting the services associated with drilling a well. Add in the remote location of the project all this wailing and gnashing of teeth is a lack of realism imo.

This is a small company drilling a prospect in a remote location not Shell.

Its a minimum spend this has been exceeded by the seismic, drills and all the other fieldwork they have carried out. The requirements are in the cpr.

It's automatic as long as the minimum terms are meet. These terms have been exceeded.

You seem to be spouting a lot of doom about things you have little understanding.

Thanks KeithOz, forgot to check the new presentation which would have cleared it up.

"The partners have also approved the option to drill a sidetrack well contingent on a discovery in the main target."

What's the reason for the sidetrack?

The conditions for the automatic renewal of the licences have been fully met. To renew the licences a certain amount of money invested is required, the two drills and other work far exceeds this. This has been posted before, hopefully this repost will allow for a couple of days of respite from this doom and gloom.

Some posts on here. In the period you mention they drilled two wells and conducted seismic, so unless they have repeated this again since then the cash spent will clearly be less.