Member Info for NoEasy

In one way I am glad that we had the problems we did when we did and the experience that puts on our management is worth money going forward both with this mine and future projects. AISC is dropping well and is forecast to continue. Still carrying out project improvements on time and on or under budget. That is a significant consistency.

The start of meeting our strategic targets!

I think so.

It's a marginal call but I'm pleased there's more gas flowing in Botswana than on here.;-)

The value comes when we are commercial, have a power purchase agreement under our belt and have got our $10m. Suited and booted for production. News on progress is never too early for me. Glad to have any and all updates from TG and the guys at TLOU, good or bad. Today they have signalled a successful dewatering and early gas flow. Nothing more or less. But it is a significant step for my purposes and the incremental risk reduction it brings. Still going very much in the right direction as far as I can see and I am thankful for that and the teams work.

A happy classy chatroom did they say? I quite agree.

Need to add a few more zzzz's on Rift.

Only posting to let you guys know you're not alone out there. I'm sat waiting on the short term news.

Dunc, I'm chuckling away here. I know how hard it is to sit on my hands with that one. I took the nuclear option rather than subject myself to any more of the arrogance. It's worked for me.

On a separate note Jay or indeed anyone else in contact with Art since the release was there any indication that the overheads could be kept low for as long as it takes to get this over the line? And yes its late, it could undoubtedly have been done earlier but it wasn't but it has now so fair play to the CEO for reducing outgoings this time around. Jiving you may have added to the button being pushed there, thanks for raising the stakes at a crucial time.

'So for me you can now say they have all chipped in..'

The crucial bit is that if the staff have all indeed chipped in, by which I presume reduced recompense, then I am looking for 'The Clash'. Any movement might well be an indicator of which way this goes.

Sorry for the cryptic post.

'I know HUM still have a lot to prove and another solid quarter reporting is needed (particularly to cover this wet season) to truly show they're back on track....'

That's what our value is all about. In and amongst everything else that has been discussed on here it is our ability to demonstrate our targets can be met for a full year. Great one liner Visitor.

Not sure I know what to make of that Dunc. Going from 400k to 130k is a near 70% drop in monthly expenditure. Could do with Art clarifying how we have arrived at that.

Good question Sub. I don't know the answer but have every expectation that a percentage will go to a service provider. If we maintain our full 40% I will be amazed and very happy.

Jay I know that Essar Mauritius are sitting on 20% and it would be great if the Service Provider bought out that stake and left us with ours. They then get the income from that 20% in addition to what we will be paying them from first oil for the $100m+ up front services/finance. I could see them being the greatest benefactors, over and above Shoreline/COPL, of a successful OPL226 for quite some time. That may be something that would interest a large international service provider.

Still firmly of the opinion that the government agencies NNPC/DPR are supporting this project and not holding things up. Why would they if they have pushed for an accelerated field development, given an extension for Phase-1 PSC, been generous with the level of performance bond asked for and are in need of revenue. On the face of it that just doesn't add up.

What does stack up is the finance being the catalyst. It seems more likely to me that we (Shoreline, COPL, Essar and investors) are in the hands of the large international service provider that approached us to bid for the appraisal wells as well as the bank concerned with the performance bond (PB). An example of finance being the hold up at the moment is the government have done their bit and asked for a PB and we still haven't provided it.

So possibly marching to a tune and not one dictated by the government, Art, Kola or Essar.

Don't see your posts as deramps BTS, just some good old fashioned and genuine disillusionment at the speed of things here which reflects equally on the SP. I think we all have that to varying degree and yours is by far quite mild in comparison to what I have seen displayed on boards. If you feel you have something to say don't hold yourself to your self-enforced exile.

ATB NE

We now have the right market conditions. The conditions on the ground need to match it and give the market what it wanted from the first year of production and that is sustained production and costs in line with targets. Given we have overcome the setbacks I see every reason for being optimistic here. Nice to see the this BB getting its mojo back.

Not good for the SP is a certainty.

No buyers for the bonds, not so. The company may well have dismissed what is on offer and the knock on effect of a high interest rate.

I was wondering whether the opportunity to signal a dedication to the whole (hole) rather than the South East might be brought about for this new prime minister.

Lekka well said. There's a time and a place for everything and right now Brad's posts bring a welcome touch of humanity while we wait in expectation.

ATB NE

And I agree with that Jiving. While Art can and has argued that any fund raising is dilutive not all fund raising is equally dilutive to existing shareholders over time. It would be a mistake to hand over 20% more of the company for a months worth of working capital.

I don't see Somaliland as being anything of real interest to me. It has already been put back years and I wouldn't be surprised if many more delays are forthcoming. I'm with Rift the real value is in the cash shell and what leverage that gives us for the right acquisition. Can understand buying in early to a project and getting frustrated by things not happening for a long time and SP's going downhill in the meantime jose, been there done that.

This is the opposite too many investments at this level, there you have the project and no money, here we have money and no project. Be interesting to see the difference in terms of return. The cash and no debt is excellent and I have confidence that we will go on and land the right project.

We need the right investment. Sometimes they crop up at the right time but generally they take some finding. I don't mind waiting provided the company's mindset is to use the cash they have and not just be known as having cash available. From what I have read the people involved with the company aren't shy in carrying out acquisitions.

Sub your behaviour is wrong. Its happened before when you were extremely abusive to posters and its easy to track your mood as stress builds up. You then backtrack and apologise but its not good enough. You made the call to invest here no-one else. You made the call to come on these boards and view the messages no-one else. You do more damage with your comments than you realise. People do email and receive responses from Art and many times in the past they or their general message used to be shared. No longer and I can see the reason why.

Moveonup, Perhaps, as a holder, you could do a dummy sell, see what the price is. Then the same with a buy and and get an accurate spread. Might help you base your decisions on reality.

It is slow that's for sure. But if I think about it do I know enough about the processes and regulations to say whether it could and would be done any faster anywhere else that is comparable. I don't know enough to be sure.

If we look about we can see many projects that have taken many years in the UK to get the go-ahead due to regulations, consultations, decision making processes, environmental, political issues etc etc.

The UK government only gave the go-ahead for a third runway at Heathrow last year and that was 50 years after it was first reported that it was needed. They expect public consultations and planning applications to take until at least 2021 before any build work gets done.

Sirius Minerals for example has had to jump through many hoops to give the UK a chance of reducing its trade deficit by 7%, increasing its GDP contribution by £2.3b, expected tax receipts of £500m pa plus 2,500 direct and indirect jobs and educational funding support. I would have thought all that would have seen a shorter decision making timeframe and better than the almost non-existent support from the UK government. But it hasn't and I am not sure that will change for other companies coming through in the future.

In Botswana we are a pathfinder for CBM and I reckon that of itself has added time to the process. Hopefully not as long as we in the UK take on some projects though. We know from TG, and I have absolutely no reason to doubt him, that we are very close to the three things that matter, commercial flow rates, PPA and project finance.