Member Info for mick2020

You are up early Cperkin! “it is calculated that solo currently own over 30 million barrels of Oil Equivalent with their 25% share of the proven reserves with the 2 drills so far” I think you are still confusing a few things Cperkin. The competent persons report (5 Feb), clearly stated this about the 2C gross resources: “80.6 BCF of Contingent Resources “Development Pending” from a three well development” This is about 13.4 mln bbl oil equivalent (in energy density, but note: NOT in price). So with Solo’s 25% stake this is only about 3.4 mln BOE. Certainly not 30 mln. And poorly paid barrels in fact....

https://www.bloomberg.com/news/articles/2018-06-05/beheadings-signal-threat-to-mozambique-s-30-billion-gas-bonanza

Vike, WRL has repeatedly said that they will only drill a well in Mozambique if they secure a farm out, so I think the risk of “throwing good money after bad” is pretty remote... in fact, I think the chance that the company will get a free carry in MZ is much greater. But in addition to that, with payments improving and demand growing quickly in Tanzania, it becomes more attractive again to spend money on further developing Mnazi Bay. Personally, I find the offshore / near shore areas far more appealing from a geological standpoint, and there are plenty of appraisal / exploration opportunities left in Mnazi Bay. I hope that the planned Mnazi Bay well interventions will be brought forward to Q4 / Q1 next year (increasing we’ll potential to 130 MMscf/d) and that MB-5 will also be drilled some time next year. Good chance that MB-5 will be better than expected (as MB-4 was) and that the wells can then deliver rates well beyond 130 MMscf/d.... Exciting times ahead in any case! :-)

Very good news again! The impact of the rainy season seems to be minimal this year, and with increasing production rates in the coming months it would not surprise me if WRL will receive payments of around 36 million in total this year! Wow! :-)

Thanks Alph, interesting information. So Tainton and Ntomola are running the office in Tanzania then (and Mozambique I guess). Pretty expensive guys I have to say, especially Tainton. I wonder if Gerald Fong (VP exploration) is still on the payroll. But overall, with Bury and Mierendorf leaving and only Jersing joining, G&A costs will hopefully come down further this year.

Reading the AGM announcement from yesterday afternoon (why issued so late?? always makes me suspicious....), I was very surprised to read that the highest paid �executive officer� last year was Richard Tainton, with a total compensation worth more than US$ 438k. A very impressive salary.... especially since i hardly heard about him. Does anybody else know what he is actually doing? https://www.wentworthresources.com/pdf/2018%20WRL%20Information%20Circular%20v7%20FINAL.pdf

Leaf, All it shows is that WRL expects to be able to maintain a rate of 130 MMscf/d for about a decade, if demand is sufficient. It also shows that your understanding of WRL is rather limited and that you seem to like spreading misleading information. Good luck with your investment leaf. I hope your Aminex miracle will happen one day after all!

Link: https://www.wentworthresources.com/pdf/Mnazi_Bay_Resource_Evaluation_(Wentworth)_Final_v2_2018-01-11(s).pdf

In case somebody really want to know what WRL expects to be doing, in order to maintain a 130 MMscf/d plateau, have a look at the latest CPR (link below) page 4-40 and table 5.12 at the end of the report. WRL expects to be able to maintain a flowrate of 130 MMscf/d until about 2029. The company needs to do a workover on MB-2 together with 3 re-perforation jobs in 2019 (costing 6.22 mln 100%), followed by a new well (MB-5) in 2021 and compression in 2023. Based on the current production growth, it would not surprise me if the workover + perforation jobs will be brought forward to the end of this year!

Tanzania starts connecting key industries to natural gas DAR ES SALAAM, May 16 (Xinhua) -- The government of Tanzania is implementing a project to connect key industries in the commercial capital Dar es Salaam with natural gas as source of energy, reducing dependence on erratic electricity. Subira Mgalu, Deputy Minister for Energy, told the National Assembly on Wednesday in the capital Dodoma that the project was being implemented by the government's petroleum watchdog--the Tanzania Petroleum Development Corporation (TPDC). "The plan is to reduce dependence of electricity as the only source of power for production by the industries," said Mgalu, adding that some of the industries that have started the process to use natural gas were Bahkresa Industries, producers of juices, and Coca-Cola Kwanza. The official made the remarks as Tanzanian President John Magufuli has promised to turn the country into a middle income industrial economy by 2025. Here's a link to the article: http://www.xinhuanet.com/english/2018-05/17/c_137184370.htm

Good find indeed Leafless, but regrettably, hardy relevant for AEX at this stage I would say, as the company doesn�t have any wells to open-up. But very relevant for WRL though, so I�ll re-post it at the correct forum. Cheers!

Highly speculative and highly uncertain numbers Crusty..... Oh, and if the volumes are really that high, do you really believe that the Tanzania government would basically give the licence away again for free to Aminex, with the renewal??? Highly unlikely I would think! But a nice dream Crusty..... I hope for you that it all works out for you with your Aminex and Slo investments.

Sorry, wrong again Cperkin, in August 2016 the farm out story continues: �Solo is delighted with progress being made towards appraising the discovery made at Ntorya-1 which is estimated to have the potential for over 1 tcf of gas in place. The Company is currently reviewing its options for funding its share of the planned well costs and is in early discussions with potential farm-in partners." http://otp.investis.com/clients/uk/solo_oil/rns/regulatory-story.aspx?cid=983&newsid=768311

LOL..... It�s not going to happen Chris, at least not knowingly. Besides, and I�m sorry to say but I�m going to be blunt here, I have no desire to meet you in person. You already post hundreds of posts on LSE each month, so no need for even more discussions....

Crusty, I accept that Solo / AEX have not been trying to farm out Ruvuma since the middle of last year or so. But that doesn�t change the fact that they tried to farm out their interest for many years before that, and that was the point of the discussion. Vike, You seem to have forgotten that Solo nearly succeeded with farming out 12.5% of its Ruvuma stake, to Bowleven, for a total of 3.6 mln.... see the link below. Bowleven pulled out if I remember correctly? And not quite a super price in any case. http://otp.investis.com/clients/uk/solo_oil/rns/regulatory-story.aspx?cid=983&newsid=595070 Cperkin, As you keep repeating the same question, despite the fact that you know what my opinion is: no, I don�t believe that Solo or AEX will achieve a farm out for a good price. In fact, as long as their licence is not renewed (currently at least technically expired), I would think that there is nothing even that they can farm out...

Wiggle, wiggle, wiggle.....LOL.... you�re certainly not reading the RNS�s properly then. And amazing that the search function doesn�t work on your computer. And what a coincidence.... I suggest you better get that search function working again, before you post such bold statements. Solo has been trying out to farm out its Ruvuma interest for years and that is the simpke truth.

Cperkin, If you go to the Solo website and search on �farm out� in the regulatory news section, in �title AND body�, you will find specific references to the Ruvuma farm out EVERY year, starting from around 2012. So where do get this from that Solo was not trying to farm out its interest?

Cperkin, I'm amazed that you keep posting such comments. Aminex and Solo have been trying to farm out their interest in the Ruvuma PSA for many years, and by now you really should have picked that up. See for example the following RNS's from 2013 (there must be many more) http://otp.investis.com/clients/uk/solo_oil/rns/regulatory-story.aspx?cid=983&newsid=460014 http://otp.investis.com/clients/uk/solo_oil/rns/regulatory-story.aspx?cid=983&newsid=460019

Good luck Tanzania, I’m impressed that you have so much trust in a GBB 100 min company, that has drilled only a single well in the last 6 years, recently wrote off a lot of reserves and basically holds a bunch of technically (almost) expired licences. Did Aminex not promise to drill 2 wells back to back a year ago? Anyway, in July you will no doubt have long forgotten about this discussion and you will be revelling in the latest promises that the company has made. Perhaps Aminex will then say that a farm out destroys too much value? In any case, I wish you all the best with your investments. Aminex is simply not a trustworthy company in my view, I think WRL is far more appealing, but again, hopefully you are right and you will make a good profit on your Aminex investment. Fingers crossed, touch wood, keep the faith and start the prayers!

Thanks HY, otherwise the news would have truly amazing! But still, 77MMscf/d and a payment of 3 million, 2nd time in a row, is good news anyway. High time for news on the office move and Tembo. Pity it all takes so long....