If you would like to ask our webinar guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.
Bear - let's see how things play out over the next couple of months. I hope I'm proven wrong, however I don't think the Ethiopian Government or the banks are going to be signing-off on Tulu Kapi in the near future. The only timescales and project information we have, are the ones from Harry and he's been saying next month for the last five years. It's not happened in the last five years, I don't think it's happening in the next five. Harry's duping everyone.
In my opinion, we private investors should vote down all the resolutions at this year's AGM. This is one company in which individual private investors votes could have a major impact. Take a look at the share register, not many shares are held by institutions.
FC - if you haven't looked at the previous five years' RNS's in relation Tulu Kapi funding, I think you should. You'll find almost exactly the same wording and the timescales always seem to suggest the funding is imminent with words like: "The Company expects binding terms to be entered into within the next month or so subject to ongoing successful satisfaction of outstanding conditions precedent which are normal for a transaction of this nature; ".
It's never mentioned what the 'outstanding conditions' are. Just that they are normal for this type of transaction. However, we do know these 'outstanding conditions' have not been satisfied in the last five years. I think Harry and his friends are just dragging this out while they raise money to fund their lifestyle each year. Going off the last five years, sadly I don't believe Tulu Kapi will be happening any time soon.
I've looked back at previous years' RNSs and come to the conclusion Harry Anagnostaras-Adams has been spouting the same rubbish about Tulu Kapi project funding for the last five years. Being realistic, I don't believe any bank/syndicate is going to loan a few hundred million dollars to a company whose market capitalisation is less than $50m. I think Harry's leading everyone on a merry dance. Unfortunately on AIM there's no legal checks in place to stop someone fleecing people out of millions of pounds. I would agree with fantasy, vote against all the resolutions at this year's AGM to make a point.
Anger doesn't make you money. Shareholders tend to vote with their heads, not their feet. They'll sell if they think this is a lost cause, or buy if they believe the company's spiel, or just wait and see how things play out.
MPO818 / Cyril
Have a look at the timescales for NEO's deals with the companies listed below :-
Zennor Petroleum
JX Nippon
ExxonMobil
Also note the RNS of 6th April states the following :
"The primary conditions precedent to completing the transaction are receipt of the approvals from the NSTA for the transaction and the associated extension of the Company's two GBA licences. Following completion of the transaction, operatorship of the licences will transfer to NEO."
Based on the information above, in my opinion, the Jersey Oil & Gas deal will follow similar timelines, i.e. at least a couple of months. Though, I won't grumble if it happens sooner than this.
My comment was really made to dampen the expectations of 'Breaking News', in relation to the NEO deal, when the annual results are announced later this month.
Not really expecting any surprises with the annual results. A detailed account of last year's business and mention of plans for the future. Probably the usual mundane information. Looking at NEO's other contracts, it'll take them another couple of months for the first $2m to be paid.
At the moment, the lack of satellite imagery is niggling at me.
I've looked through the satellite images from back in March/April and cannot identify the 36-2 well pad as clearly as the 16-2 well pad. Perhaps I'm looking in the wrong location, or the the 36-2 well pad images aren't as clear as the 16-2 well pad, or more worryingly there is nothing to see there - now or in the past.