Member Info for mikemike

I re call looking at the pictures of a very peed off Head Chinese executive attending a meeting to sign off one of the largest cement works anywhere. That he had to attend, shirt sleeves, no tie, sunglasses on, with a profound look of disgust written all over his face, said it all.

The TG officials thumbing pages of a document with an expression of WTF is this and do I care was almost comedic.

They signed and I still wonder if the know or care what they had signed.

I suspect the power needed to run a project of this magnitude will have to come from somewhere, like Chinese assisted somewhere.

Ok that's my post for the next 11 minutes.......maybe :))

I still believe it is possible that the successful formula that kept Dragon oil afloat for a huge reward for shareholders may be in play here if we cannot get a Farm Out.

I understand why some investors disagree, but please that does not make man overnight non investor. There are enough non investors here who will happily tell you that it is all over etc. I do not agree with them, not whist viable alternatives can be explored. Especially when role modeled by other oilers who have had to go through similar. difficult times.

h2h

Other than 1 non invested usual suspect it has been discussed with some forbearance. I am just looking into what I think may be a very deep abyss.

failure to execute a Farm out and dwindling cash, what will be the alternatives? Belt tightening will help, but I do not believe will supply the whole answer.

Jiddy

Nothing to do with ramping/deramping choice of beverage is decaf

Just expressing an alternative view backed up with a successful example.

Dazzle 15% is the least of the potential concerns. How much do you think will be taken off if there is no farm out?

Yes DW did say that.

Back then he had not spent $6m on Nanashuk. The bank balance was slightly better than it is now. We may be struggling for funds. A decimated share price and a Placing?

I Have started to think and more than half accept that a Consolidation may have to happen.

For a success story in oil with multiple consolidations and placings was Dragon oil. Well worth researching.

smiffy many will have you on ignore so will not see you

They also know you are not an investor so why debate with you?. As far as I can see you have nothing to offer.

Company update for Bb

''The PPA is still with the Tanzanian authorities.''

end of update.

Smiffy the SP has nothing to dow with consolidation, placings or any other factors. The SP is waiting on which ever comes first

Q2/H1 report or Farm out news. Negatives on either let alone both will see this sp seriously decimated. Then try get a placing away!!

Dragon oil is a proven model of multiple placings and consolidation success, demonstrable fact.

Bb

I can fully understand why you would like me to desist commenting on your straw man posts.

Defending LC? or just suggesting that unless you have evidence. Your share price has not halved.

Perhaps, you should be the one to desist posting.

Smiffy

i gave you an example of how multiple consolidations and placings worked well for Dragon oil. All completed at a time when their BOD was paid and they were neither producing or earning income. No doubt you can tell their shareholder that they too were deluded for supporting such a success.

Using straw man arguments is not helping anyone believe that you know any better than anyone else.

Personally I prefer to debate and discuss with an investor.

Smiffy

Just as well you do not serve on a BOD, let alone this one.

Its very clear that if Dw cannot get an accretive farm out, then it is a placing that will dilute,or a consolidation that will dilute. far easier to place after a consolidation.

Dragon oil went through a series of placings and consolidations, they soared and got bought out. Explorers need more time and money, it is the nature of the beast. The Board there was also paid, no surprises there. For me, Consolidation is the last resort. what it is not, is suicide.

Question is do existing holders go with it and hold, or buy in as it goes. All

Pauly

How do you know that the change of format notification was at an early stage? I see no indication of a date.

For all we know that notification could have been at a point far closer to submission. We just do not know.

I think that silly article is and was a red herring. I do not believe it was published by any one who had knowledge of the re-formatting requirement as I believe they would have said so, a sort of journalist Scoop.

Maybe I am giving LC an easy ride, then again maybe he deserves it.

''Companies pursue Share Consolidation primarily to increase the company’s share price so as to generate greater interest in the company’s shares''

Greater interest neither rules in or out a placing, being more attractive to institutions would not be a bad thing.

I believe that possibility of a 15% reduction in value may haven the sting taken out of it with a placing as the discount will probably be close to that figure.

Reality is that should there be a need to raise funds with the amount of shares issued and options to follow then there is I believe a strong case to be made.

Should they have difficulty in getting the Q4 options converted. This will be a further reason to re consider.

Bottom line is we may need funding outside of any Farm out, if it does not come through.

I prefer to consider all the options on the table at this time.

This dose not mean I have any of the answer, who does?

Jiddy,

Yes, I have and I believe for good reason as i have explained. This is not a 'want', more of a 'need' as i do not believe the funds support the on going requirements. Q2/H1 confirmation of funds and forward guidance will tell us more.

The only way i would see this differently is if an accretive Farm in for just one conventional well can be announced.

The office of the AG will not place anything before the cabinet until line by line, word by word, and letter by letter of each and every page has been cleared.

The size of this document explains why it takes time and I suspect LC timing of the AGM will be probably be centered on how long the AG process may take.

Soon, imminent, close will soon be very clear.

Why would the SP halving be a concern for you. You said you bought in at 4.5p. Lc is not obliged to tell you anything at this stage as the PPA is with Tanesco.

Clearly never occurs to you that Kibo is answerable to the TG, their country, their rules and you will have invested knowing this. Comes under the general heading of ''in country risk''.

When LC does have something to say I am sure he will be able to do just that. Anyway as you are concerned that your employee does not seem to recognise your importance. You can always go to the AGM and ask as many questions you like.

I am not rejecting any possibilities and perhaps have more realistic expectations than many, if we don't have money then what happens NOTHING.

I am not so sure than nothing is a viable option if we wish to retain leases.

There will come a time when something has to be done and delay will see even less funds available.

I suppose, I am just getting myself ready for what was once an unattractive option. equally Farm out for all we want at highly accretive arrangements could be the one we really want to see.

ICSID will also be looking for ominous signs that point to a Judicial review, should they even think about playing silly games with any of the 17 points raised.

Would like to be a fly on the wall when they have a recess and ICSID guys look at each other and that WTF moment hits them

Bromb,

What ever we do it needs funds.

How much would we be expecting to invest in either of the two wells to the west? 10%? a bit like Great bear have done with us.

How much more if any do we need for Nanushuk? Lets assume that the SOA rebates come in. I am still not convinced we have sufficient funding.

Two years ago Consolidation, no way
one year ago....wait and see
Now, very open to the possibility. It is the way of early stage explorers.

Would it really be so bad?

Q2/H1 will soon tell

Should Dw not get the farm out he would like.

I would have no problem with a significant consolidation plus placement. In the event of not getting a Farm out that is accretive I cannot see the SP being supported by issuing more confetti.

I already got the stake in place plus oil soaked bushels for the flame party, match anyone?