Member Info for jamesjohn

They will wait until they have a legal case which they believe will be successful, and then I guess before they act they will approach the Slovenian authorities with a request for a timeframe.

I myself would prefer a partner to fund the second phase, in exchange for a % of the asset. Although it would depend on what was been offered I guess!

If the permits arrive I imagine we will be bought-out anyway, or at least another partner to help complete the second phase.

This is my view, I have no information, I'm just reading between the lines.
I believe we will have some concrete details on the permits within the coming months. I also think that Colin has been advised not to tweet or e-mail as mush as in the past. He is puposely keeping a lower profile not to avoid us but more to avoid aggravating the Slovene hierarchy.

Convex..... I'm not in favour of removing Colin as I still believe this would be an advantage to the Environmental Minister and those that are in opposition to this project. The E.Minister has already removed the head of ARSO.

However I do think all those points you raised are very valid and do not have a problem with them, apart from forcing Colin out. There may be a time for that, but for me personally not yet.

Colin will have to make a decision at some point if no guidance on the permits are given. The decision will be legal action or other project. I think he said that no movement on another project until at least June, as far as I can remember.

So that means I will wait up to that point. If no information on permits by then I will wait to see which option he goes for. If he moves away from legal action towards a second project then I will probably sell.

Time will tell!

correction, here not he.

jester16.... He is part of my post from last Wednesday.

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This is my interpretation of what Colin said.

Most of this has been said before, but still worth refreshing. He is reluctant to ask questions of ARSO etc. and reluctant to give a running commentary, due to the fact that most of what he says in London is picked up by the Slovenian media and used by those who are against the project.

He would rather allow the authorities to continue freely, without them feeling under pressure to make decisions. During this time they will progress with building a legal case. When they feel they have a sufficient probabilty of success to obtain litigation funding, and they feel progress is not being made with the permits, then they will proceed.

He believes that this is the best approach and will have the best outcome for AST.

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Also remember there is a police investigation on-going, and a decision on the permits is unlikely until this is complete. This last statement is my comment not Colin's.

jester16.... I posted a reply from Colin earlier on this week. My interpretation was that Colin is not necessarily waiting for ARSO, it is more to do with waiting for the completion of our legal case. When they are ready, then they will look at the progress of the permits. I would imagine that if ARSO have not given them either a decision or at least some guidance, then they will press ahead with the legal -side.

This is my interpretation of what Colin said.

Most of this has been said before, but still worth refreshing. He is reluctant to ask questions of ARSO etc. and reluctant to give a running commentary, due to the fact that most of what he says in London is picked up by the Slovenian media and used by those who are against the project.

He would rather allow the authorities to continue freely, without them feeling under pressure to make decisions. During this time they will progress with building a legal case. When they feel they have a sufficient probabilty of success to obtain litigation funding, and they feel progress is not being made with the permits, then they will proceed.

He believes that this is the best approach and will have the best outcome for AST.

At the moment I am satisfied with this, obviously not happy, but I would prefer Colin to remain. If I feel that the majority of our funds are going to other projects and we are not maintaing 100% commitment to the legal case or project in Slovenia then I will more than likely call it a day and move on. Those of you who have a different opinion are entiled to do what you think is right and we all have to make our own decisions.

Yes, had a reply the other day as already mentioned and I've had one today, I will give you the summary of todays when I have a moment.

I will try and send another e-mail to Colin in the next few days, as I'm going to be busy in the next 48 hrs. I have to go now.

Sadly it appears not all shareholders are pulling in the same direction. If we want information we need to explain to Colin in a polite and cordial way what we desire from him and the BOD.

It is possible if all shareholders make the effort to e-mail Colin first, an egm could be avoided as long as we are all have the same objectives and people remain calm and polite.

It is possible that Colin has been provided with this information, but maybe he is reluctant to inform shareholders due to previous broken promises.

However I do believe we need this information as soon as possible.

Firstly Colin should provide us with a date for the completion of any legal case against those concerned.

Secondly he needs to request a date for the completion of the permit decision. If ARSO or whoever can't provide this we should then start legal action after our legal case is complete.

Thirdly should ARSO provide a date, if that date is broken, then again legal action should commence.

New_2.... I'm not sure why he doesn't, maybe he doesn't read these boards and can't understand our mind-set.

I have received a reply from Colin within 15 mins of me sending one to him.

The main focus is the permits, the funds raised will help to progress things with advisers in London and Ljubljana who are working on this.

The funds will also be helpful to progress plans to install a compressor at Pg-10 which would extend the life of the well.

We are not planning on spending significant sums on anything outside of this until there is more clarity on permitting.

So it appears the main focus will be Slovenia until a decision is given, so I'm ok with that, but he didn't mention any clarification on a timeline from the Slovene authorities, hopefully someone else can get him to request this information.

WHYAST…. I'm OK with all 5 points made.

If Colin says otherwise we should request full reasons as to why this is not advisable. At least if we are given a good explanation then we can make a reasonable decision ourselves as what to do next.

I'm not sure what other long-term investors are seeking, but I would like the following.

1) An answer from anyone in the Slovenian authorities as to when a decision is expected on the permits.

2) While waiting for that reply we should stop all funding into other projects and only use the money for creating positive cash-flow from the two existing wells.

3) If we are not able to do this, shut all wells down and start legal preceedings.

I'm hoping that the majority of holders have similar objectives. If we are all on a different page, then there is very little point.

I would prefer shareholders to demand money raised to be used for legal action first. If shareholders try to remove Colin, you are diminishing our chances of winning any legal case against the Slovene authorities.

However we need to wait and see how much is required and what it is required for. If it is to help increase the revenue from current wells, on the advice from the new guy, then this may well help are cash position in the long run. As I've said before I'm more interested in legal action than starting any new investment projects.
Let's wait!

New80.... I would be very careful about using the word lie. Also rightly or wrongly he was told by the head of arso that permits were imminent. The Slovenian authorities who are not accountable to shareholders but in my view are to blame, both 2.5 years ago and recently. Hopefully we will not need legal action, but if we do it will in my view be them that will pay for their inability to process the permits within a reasonable time frame and for not following their own laws.

Also 50 mil was not invested in one tranche.

However Colin has made some errors of judgement, all imho.