Member Info for NoEasy

Art was going to announce everything at once at one point Rift. If that was his thinking previously, spiked it seems only by EM's shenanigans, it may be reasonable to think it will be in his mind to do the same now. Provided of course we are where we have been led to believe we are in each process i.e. approvals and SPA.

'Still waiting for Art to fail miserably on his latest timeline promise.'

Just the opposite for me Oilberta. I'm waiting for Art to successfully meet his latest timeline promise.

Thanks for that explanation Jiving, very informative as to Art's logic for remaining with a Canadian exchange.

Meanwhile we remain on the main index here.

Straight forward process that had to happen due to the rules of the exchange. Fair to say it was more likely than not that we would have stayed on the TSX-V but for EM throwing their teddy out of the cot and delaying our progress. That resulted in us falling below the minimum share price for the TSX-V as Jiving has pointed out. We could also have remained in the TSX-V but Art chose not to carry out a consolidation which would have raised our SP well above that required for the TSX-V.

All that said for me do we need to stay on any other exchanges other than the FTSE? I know the theory behind listing on more than one exchange but the volumes on the TSX haven't provided anything in the way of liquidity for the last 18months that I know of. Jiving/Brady you may be able to assist with your views on that.

Still looking forward to the next seven weeks.

The key now, not the only one but the quickest one, is a successful tender. That, as the company states, 'will provide an ideal pathway towards a power purchase agreement.' It all flows from that ideal pathway, opening up the grid to receive our power and over time supply to meet the 'enormous regional gas and power demand'.

I can wait for what I believe will be a successful tender and see the next two months as an opportunity for the SP to bottom and for me to increase my holding. The drop in SP I believe reflects the tender hiatus and in all likelihood we will see buyers come back in in numbers when they assess investors are starting to position themselves for the result.

I asked but got no reply. If that is the same elsewhere it could be, given a lack of a update elsewhere, that there may be an announcement on the issue.

Has anyone asked the company for a result from the hearing?

"Scwarzfischer also indicated that they are redrafting tender regulations in order to close gaps that exist which allowed rampant corruption."

That for me should play in our favour Brad. One of the bidders for the 100MW contract is subject to the UK's Bribery Act 2010 while the other isn't. That Act is certainly used by the authorities here as certain executives/corporations have found out very much to their cost. The above could feasibly level the playing field for us in which case, together with our leading position in the CBM race, the risk of not getting at least part of the contract goes down.

An indication of the breakdown for a barrel of Nigerian oil in 2016 (the latest I could find). I guess this will be the average cost per barrel given producing onshore is cheaper than in shallow waters which in turn is cheaper than deepwater.

Gross taxes $4.11 14.2%
Capital spending $13.10 45.2%
Production costs $8.81 30.4%
Admin/transport $2.97 10.2%
Total $28.99 per barrel
http://graphics.wsj.com/oil-barrel-breakdown/

They haven't been paid off by us Jiving so their speculative approach will just keep costing them money. They will stop it themselves if the arbitration judge doesn't.

Still no idea who is actually behind Agamore.

Frank, Unfortunately seen it before. Everyone loves someone who keeps in touch with the board......when the SP is on the up.

Its not a thankless task when the SP is going down however, far from it. as its thanks from me and I am sure many others. What some people don't understand is that is precisely when you need someone with a good relationship with the Board feeding things back.

In effect its easy to be all best pals when things are going well, the shallow shed that clothing faster than my mate Bob when he's had a few (bit of an exhibitionist). It would be great if you could keep up your excellent link with both the company and the board.

All the best and thanks mate. Have a good weekend and I'll certainly buy you a drink if our paths ever cross.

Thanks for taking the time to post the update FSJ. The knock on is the bit that for me has been holding the SP, the market wanting to see sustained production over a year and the meeting of targets over that period. That target is taking a bit of a hit, the reason for that is valid. The extra money that is at stake here by the day will see the company pile into the problems and restrict the impact I am certain.

Seems some want a company that is immune to the natural world.

'Remember it is the unresearched who drive the price.'

Spot on GK and was partly what I was getting at with my 'The key here is not about recognising the merits of the project but in recognising the merits of the investors.'

Understand them and you understand the price.

Is it safe down that rabbit hole SL?

Not being belligerent but not sure a release that we have support but we don't know what that support will be would be something that the company would be comfortable with. I suspect the government would not be overly enamoured with such an announcement of support either given they can only legally fully support something when they know what their something is and they have done their due diligence on it. We know from the workings of government that things not only have to go through the process but have to be seen to go through it.

We do know the company have assured the IPA that they will do all in their power to get as much commercial debt as possible prior to going to them with a figure for the guarantee element.

The commercial (non-guarantee) lenders I suspect, as you point out, will know of the broad IPA support and will agree their contribution subject to the company then seeking and obtaining a satisfactory response from the IPA that fulfils the total required.

p.s. If you have any of that bone left leave me some!

Indeed SL.

The initial recognition and reaction to a seismic shock is gradually turned into a wave of fear. The wave is fed continuously by suggestion and increases as new souls are caught in its grip. The wave eventually loses its impetus when it runs out of souls and hits immovable objects such as Gina.

The key here is not about recognising the merits of the project but in recognising the merits of the investors.

That's some reading aunty. Many thanks, that is informative. I'll give it a good going over tomorrow.

What caught my early eye was the issue around gas. We have absolutely shed loads of gas, but no local gas market (according to the NSAI report). Hence it is not economical to produce.

That publication talks about gas in Nigeria as the alternative prize but that Nigeria doesn't have a a 'robust and universal distribution system' hence local demand is difficult to estimate. Also talks about the Nigeria Liquefied Natural Gas project on Bonny Island.

Jay posted a bit this morning about Shoreline's purchase of a controlling stake in Entrepose DBN. Entrepose DBN designs, builds, and operates infrastructures for production, transport, and storage in the oil and gas industry and other energy sources. The company owns fabrication yards in Port Harcourt, Warri, Onne Free Trade Zone and Bonny Island...'.

Looks like Kola is getting in early to develop the gas side of things as well as oil. No surprise given the massive lack of energy in Africa as a whole and outages prevalent even in South Africa. I have a fair understanding of the gas to energy situation due to another investment and I think I can see where he is going with this. Long term development but if any investors are still here then they may well benefit from Kola's vision.

If we truly do get everything sorted by year end as per Arthurs comments then I agree Hamilton, we should comfortably sail past the placing price.

'Arthurs back' is that the polite form of 'heeeeeere's Johnny' .......as he uses his chopper on EM's office door!

Good point on the article being directed towards his peers. Hadn't picked up on that subtlety Jiving. Like you I banged in a good few extra just after Rifts last top up and some more today. Thought I was mad, sorry I know I am mad but I see I'm not alone.

Rift, In particular from the factsheet we've now got the 'NNPC requested an accelerated program, now a $200m project', down in writing and on the official website. Looking forward to the next 8 weeks or so.

Yep Jay it is good to see new posters.

Some good returns from emails to Arthur recently. Liked the bit about the SPA stopped for a number weeks but has restarted and that there are a number of hot rigs available in the area.

Did I just mention hot rigs?