Member Info for optimist13

Hi Broomfielder, now that the loan has been paid off and the debenture has been released, Rurelec are now in a position to dispose of further assets.

Funds are still coming back from Argentina and we should now be in a positive cash flow situation.

I anticipate further news from the company in the near future.

Well worth a read:
https://mail.google.com/mail/u/0/#inbox/FMfcgxwGCtGfdClbzNhlfHtDRFznJzTl

Extract:
Andrew tells us he has been busy all 3 days of his weekend (we assume he is including Friday) helping show potential investors around the Port with Simon Philips the CEO of the Comarco Port. Actually he isn’t joking as in Kenya they do all work Saturdays till 1pm.

He also reports back that in the last week suddenly the Mozambique LNG project has kicked into life and every barge and tug that the Port owns has been mobilised down there and the demand is for more, much more whilst visiting another major land logistic company also in Mombasa they are also seeing the same thing. East Africa is mobilising.

The lack of port capacity on the East coast of Africa really does make Mombasa an obvious gateway and in Kenya the politics are significantly better than most other countries neighbouring it - back taxes such as those undertaken in Tanzania are not going to be introduced in Kenya!

Andrew’s mission (which he did choose to do) is to fund the Comarco port being renamed Agulhas Group Africa and RTO it into AAAP. At times is has felt like Mission Impossible but Andrew tells us just like Nathan he will complete this mission and he believes this trip has got him significantly closer!

It may hopefully raise the interest in the RTO:

The first African Investment summit kicks off in London later today. It will be opened by the Prime Minister, Boris Johnson, who will say he wants the UK to be Africa's business partner of choice. One arm of the UK government that has been doing this kind of thing for a long time is CDC - the old Commonwealth Development Corporation. It invests in businesses in Africa and Asia

Nick Donohoe, CDC’s Chief Executive, says small firms are a great way for economies in Africa to develop. Is it better than direct aid? "No country has successfully developed without growth in the private sector," he says.

"Corruption is always an issue," and he has a team making sure the investments, counted as part of the UK's aid budget, go to the right places, he says.

https://www.bbc.co.uk/news/live/business-51150421

Looks like further news could be arriving soon on the RTO:

Andrew Monk
@AmonkMonkey
·
6h
In Mombasa ?
@ComarcoGroup
? and AAAP with potential investors and looking at the coal imports and iron ore exports - Kenya is the gateway to East Africa and massive potential

Andrew Monk
@AmonkMonkey
·
2h
Mozambique LNG is kicking off - all barges and tugs for marine logistics in heavy demand - more work than supply but good at last happening for ?
@ComarcoGroup
? and AAAP if you have a spare barge do call us !

From the interim report:

"As previously announced, in May 2019 the Group was able to extend to 30 June 2020 its £0.15 million of remaining debt facility with BPAC. The Board anticipates the achievement of complete settlement of the BPAC debt by Rurelec by the end of Q4 2019."

Now that we have received the $640,000 there should be another RNS shortly saying the outstanding loan of £150,458.15 has been repaid to BPAC.

That should then make Rurelec debt free and we may finally see either the sale of the company or the sale of the Sterling Trust 53.99% holding.

I hadn't picked up on this little bit of news:

"Plans to reconnect the railway to the Agulhas port should only add to its appeal as a hub for East Africa as well as the LNG plant development."

https://www.proactiveinvestors.co.uk/companies/news/907552/agulhas-group-in-happy-place-as-world-s-biggest-lng-project-ramps-up-907552.html

Extract:

"Agulhas Group in happy place as world's biggest LNG project ramps up
The group is the result of the reverse takeover of Anglo African Agriculture by port operator Comarco

If you are going to run a port, having it situated next to the largest LNG infrastructure project the world has ever seen seems a good starting point.

Agulhas Group Africa PLC is in that happy position and UK investors are going to get a chance to participate when it lists on London’s standard market late this year.

The development in question is the massive Afungi LNG (liquefied natural gas) project to be built both on and off the coast of Mozambique."

All of the latest developments are on the Comarco website:

https://www.comarcogroup.com/news/

http://comarcogroup.com/news/2019/contract-with-zarara-oil-and-gas/

22 November 2019

Comarco has signed a contract with Zarara Oil & Gas for the delivery of fuel oil and potable water to its drill site at Pate Island in Northern Kenya using its 1000 dwt landing craft Kestrel.

Due to the remoteness of the location, Comarco will beach the Kestrel to discharge its cargo and deliver the fuel to site.

Comarco has been supporting the project for 18 months, during which time it has moved more than 10,000 cbm of equipment, materials and supplies across the beach via its port and tug and barge service.

Comarco has been carrying out beach landings of equipment and materials in remote location for the oil and gas industry throughout Eastern Africa and beyond for more than 40 years.
Zarara will shortly be demobilising the rig and service equipment to Mombasa for stacking and storage before moving onto the next phase of its exploration.

Comarco Group
@ComarcoGroup
·
1h
Comarco was contracted to remove sunken top loader blocking the quay in Mutsamudu Port, Comoros.
The operation was completed during one tide cycle with the port operations able to resume on the same day.
http://comarcogroup.com/news/2019/emergency-salvage-in-comoros/

Have now read the RNS twice, and as usual it does not come across as being positive because of the caveats, but there does appear to be a solution to the release of further funds to Rurelec.

Some of the past interest accrued by PEL is being written off, but Rurelec have already impaired this charge, so there shouldn't be any negative impact on the net assets going forward.

We still await confirmation that the balance of the loan from BPAC has now been repaid. The last RNS on the subject stated that it would be paid by the end of this year at the latest.

Back in the bottom draw until further news is forthcoming.

http://comarcogroup.com/news/2019/extension-of-contract-with-eni/

18 November 2019

Comarco Group is pleased to confirm the extension of its contract to provide offshore and supply base services to ENI Kenya B.V. Limited at its private port facility in Mombasa.
Comarco Base has been used extensively by the oil and gas industry over the years to support both onshore and offshore exploration campaigns in East Africa and has played host to Africa Oil, Apache Oil Corp, Anadarko, British Gas, ENI, Halliburton, Marubeni and Swire amongst other operators and suppliers in the industry.

Comarco has been contracted by ENI over a number of years to provide various support services in Mozambique for the offshore drilling in the north, as well as providing the ongoing support in Kenya and looks forward to maintaining this commercial relationship going forward into the exciting future in the region.

Comarco Group
@ComarcoGroup
·
1m
Comarco Group is pleased to confirm the extension of its contract to provide offshore and supply base services to ENI Kenya B.V. Limited at its private port facility in Mombasa.

Excellent interview with Proactive Investors. Well worth listening too:

https://www.comarcogroup.com/news/2019/proactive-interview/

All the boxes being ticked:

Comarco Group
@ComarcoGroup
·
20m
Comarco was privileged to host, in their private port, the Board Members of NEMA, together with Mantrad Ltd. Comarco is one of the first organizations in Kenya to purchase state of the art air quality control and noise monitoring equipment from Mantrad.
http://comarcogroup.com/news/2019/nema-mantrad-visit/
Comarco Group
@ComarcoGroup
·
20m
Comarco is pleased to report that measurements reveal that noise and dust levels in the course of its activities are at approximately 10% of the safe working maximum limit.

From the interview...

Simon Phillips, MD of Comarco reckons the RTO will be completed before the end of November....

Interview out now:

http://comarcogroup.com/news/2019/africa-oil-week-interview/

The interview with Comarco will be released next week, but Andrew was sounding very positive about the company in his interview with Malcolm. Worth listening too.

Meanwhile, a couple of buys on NEX has moved the offer price back up to 9.00p. I think this will look like a very good price when the new company relists next month as Agulhas Group Africa.

Remember, the listing price for the new shares when the Prospectus is released will be 10p and that is below the net asset value of the new company.

Andrew Monk
@AmonkMonkey
·
1h
Slight self indulgent tweeting this one form Africa Oil Week - but we'll tweet also a couple of others and all the interviews will be on VSA website next week
Quote Tweet

VSA Capital
@VSACapital
· 1h
.@mgrahamwood also sat down with @AmonkMonkey to discuss Africa, @VSACapital, China and @ComarcoGroup https://tinyurl.com/y3zv65ly #investing #finance #markets