Member Info for mikemike

the westernblock leaves 4m$ in cash plus rebate of the performance bond 1.2m$and 1m$ in options due.

Off to try and catch up with the all blacks

128

I am not sure how quickly it takes to put together a team too drill or even how long it takes to book a rig. I suspect if the farm out is agreed it it is with a Jv who will already have the infrastructure or men and equipment on call. thee discussions may be further advanced than any of us realise.

As for funding I think we have just under 4m of cash on hand plus what the Q4 options may bring. No doubt we need more funding, yet I am not 100% sure it has to come from equity placing. Equity may be the solution,

Yet, I suspect the farm out will be come in before end of September. Unlikely we will drill in first week of January, more probable it will be sometime in February, so it is cold as it can get.

Sad that the SOA rebates, 4m$ may not come in in time and even sadder that well over 3m$ is still tied up as a Galp provision. They would both do nicely at this time

I think annual lease costs and other opex funds will be close to 6m$ pa. most are due at a bout mid year. Once again if western blocks come good it may be that this will provide a source of additional funding.

A successful conventional well in ice wine 1 may still fund a second well due to proximity.

Lots of uncertainty; one thing I think will be certain is, if there is no announcement of farm out be end of September then there will be a placing.

Capo

ty for this document

If there was ever a need for confirmation of ''when not if' then this goes along way in being helpful and supportive.

I think the Q2 report which is in effect year H1 year end cash position plus forward guidance is perhaps the most effective document.

The western block is now fully funded and the performance bond is refundable. Q4 has another 1m$ of options value.
Dw was pretty much unconcerned about the delay in the SOA rebate, this suggests that he believes that the financial position is not his biggest concern.

Also stated, he would prefer farm out dilution than further equity dilution. Circumstance however, can not always be cooperative.

Next Friday should be interesting

h2h

but do they email dw and ask why he is hiding behind a dead man? of course not they leave that for the BB.

They do not even understand that the JV decided the choice of Verticle and Horizontal NOT the frac company. the Frac company fracs the from the well bore and they do not tell their client to drill horizontal or verticle. They could have e-mailed Dw and he would happily respond, yet they did and do not. why is that?

Been so many years since i was there i am not sure how big the smoke is. Must be effective to keep the Investors away

Spinefx

Other side of the a small place like the Uk is a stroll in the park for us who travel far and wide.

I would prefer he held one in Perth, actually Darwin would be better :)) topofoz territory. Sort out a tourist visa for a couple of days and enjoy.

After thinking through the ''lifestyle'' concerns It jolted me to take a look at other members of the BOD

Dr s Staley stands out as anything but a ''lifestyle'' professional. A track record of hard work to achieve success. I do not believe he would tarnish his reputation by being associated with a ''lifestyle'' company. The same goes for the rest of the board.

GB have you emailed Dw re this concern?

Bromb.

I never thought for one moment you did, there are more than a few who suggested otherwise. They are conspicuous by their absence at the meetings and by not asking questions except on a BB.

BB

No one has been able to get an SML issued in Tanzania it is not down to LC. Then again you knew that.

They are the only type of license that needs cabinet approval. A standard Mining license just needs the Minister's approval.

Gb

like you I am also overseas and cannot attend. Dw has received some questions in the Q & A about standing down etc, so he has been asked hard questions and there is no harm in asking more.

I also have diluted my expectations here as i am not sure how much we need to give away to extract better value.

I am seeing closer to 40p per share assuming 6 billion shares in issue.

I have had no hesitation in writing to DW and he has not hesitated in answering, pithy and direct as ever!! stinging on more than a few occasions :))

I do not believe it is a lifestyle company if for no other reason that life style directors only appear when they have to at an AGM. they also control the AGM by having ''heavies'' with the microphone who move away from anyone who looks like they may be a member of the awkward squad. They also close the meeting down asap and disappear even faster.

I think it is fair to say the meetings are transparent and open with recordings and transcripts. Plus the BOD stay on for those who are perhaps to shy to be direct with awkward questions. Not the traits of a lifestyle company at all,

Bromb

I remember when the idea of Q &A was first mooted that the key objections was

''would the Q & A be edited or doctored?''

and now we in effect ask

''Of course the transcripts may have been doctored and I was not at that particular meeting.''

I think the next Q & A should be put together by other volunteers to ensure that there is no justification for the conspiracy theories.

Those malcontents with an agenda and nothing to offer will of course not step up.

''SEPCOIII completing a due diligence investigation on Kibo and its project portfolio as required by SEPCOIII internal procedures".

As Sepco agreed to be contracted for Lot 2, I suspect they have already completed the due diligence required. the only fly in the ointment may be the Mask Energy Development as due diligence on prospective partners may raise some eye brows.

Monty welcome back

I disagree as salt water is not worth anything

The water injected and recovered is also not worth anything neither are the chemicals put in unless they are considered as stored recyclable frac fluid for a Horizontal drill. We will probably not know that until spring 2019 as that tends to be the best time to drill the required horizontal on an all year round gravel pad. the only question then is do we undertake this as a farm out which is being pursued as we speak, or, do we raise enough cash on the two western block drills to go it alone?

H2H

I do not believe that D45 raised any pertinent points unless you think he is correct in telling DW that he hides behinds PB's death.

Equally, the idea that a frac contractor decides if the well is a Horizontal or vertical is just plain brain dead. The JV of BEX/88Emake the decison of Horizontal or Vertical. The frac contractor then plans the frac stages after his client completes the well bore.
A Frac operator does not tell a client to make a business decision of Horizontal over Vertical.

D45 could front up at the presentation, yet I doubt he will show he would be too embarrassed to have both questions treated with the contempt and disdain they deserve.

Yes

but mine is better quality with supreme texture and scent that does the word Aroma no justice:))

I think some are getting way ahead of where we are, the MMs do of course encourage doubt and uncertainty as that is how they earn their coin. Nothing has happened to push the sp up or down, just MM's being opportunistic.

I understand the consternation of some who view approaching deadlines as being a cliff edge. i just see it as another day in Tanzanian paradise. I am pleased they got the new classrooms and that the staff and pupil will try to make each and every day count. They may be the torch bearers for a better future for all their citizenry.

In the meantime the TG will continue to try and prove that the process for a mutually beneficial PPA and SML is working.

Bulldozer will stop the music and get a decision, or someone/s is/are going to find they do not have a chair at the top table anymore.

soon, imminent all in an expeditious manner

I saw your post as i was logged out

answer

COWARD

you will not attend the meeting to call DW out, You and your ilk are the same back on ignore you go

The M & A factored in 88e as both a exploration and production company. In addition this document identifies both shale and conventional as potential targets.

That shale was primary target there is no argument. 2d was undertaken and identified possible leads associated with conventional oil. this has been followed up with 3D whilst pursuing the primary target through IW2.

The last Q & A covered the Horizontal to vertical thinking

Q Given that the team employed to advise and vertically frack have not succeeded in communicating with the reservoir is there a case for fresh minds being employed for the horizontal?
A The team employed to design the frac did not recommend a vertical – that was largely driven by Paul due to the uncertainty we had about the upper HRZ (88 agreed with Paul on this – in hindsight we probably would have made a different decision).

I do not doubt the honesty of the above.

Q & A 17/10/2017
1. In anticipation of a successful ICE 2 flow test how much is the budget for the lateral production drill as It would depend on the length of the lateral and number of frac stages.
DW. If we used the existing vertical well bore and went with a short lateral of ~2,500ft with 10-15 stages then it would cost circa US$12m.

''So typically in these plays what you’ll do is you’ll have a geological theory, which Paul spent many years putting together; you test that theory which was Icewine #1, and then you move to the evaluation on the flow potential - which in every other play is done with a vertical well with a multi-stage stimulation.

We thought we might be able to skip that step and go to the next step, which is lateral wells - but what ultimately ended up happening once we spent the last nine months analysing the results from Icewine #1 - we couldn’t get to a point where the uncertainty was low enough for us to be able to take that next step.

So the objective of the well - and this well (Icewine #2V), or the lateral (Icewine #2H as originally proposed) - is to prove the productive potential of the HRZ.

So our job is to maximise our chance of achieving that objective.''

source: http://88ewiki.wikidot.com/presentations:09092016-london-transcript

Wiki is a treasure trove of information. much of that information being fact at the time it was published as evidenced by the transcripts.

Serious research does entail reading every line, word and letter as well as application of excellent listening skills for the pure audio sections. None of this ''off the record'' data, if for no other reason it cannot be substantiated.

What should be a concern is when the ''off the record'' claims are a direct contradiction to what is set down in evidence. The evidence of Q & A and Presentations will always come under scrutiny as some will claim that the Q & A was edited as are the audio visual events.

Personally I do not subscribe to conspiracy events.

Do your own up to date research. If in doubt drop a line to d