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Correct. Aminex are not running the show. It's ARA. Not sure why people refer to Aminex as delaying things and not sticking to timelines, when all along it's been down to the Tanzanian authorities who hold things up. Thankfully, that seems to have changed with the new President and the drive for investment and gas projects.

Why is it a kick in the balls?. They are allowed a 2 month extension for results due to Covid. They just say results will now be in June. Might be next week or might be last week of June. Results are backward looking and only until end of December 2020, so nothing new. 3D seismic due to start in 2H, amongst other activities. That's the main news we want to hear.

Couple of 1.2m buys @ 0.77 and 0.8p.

Any success will increase 2P reserves from 1MMB to 12MMB. CEG currently valuation based on 1MMB. If Saffron 2 appraisal proves up 11MMB then this opens up a lot of options and is a valuable asset. dyor.

Feels like this will be going up.

grsshaw.. That's interesting!

CrustyPete, you sound like the new Tanzanian President.

Hopefully now the Placing is out of the way and with consolidation of the shares next week and Saffron 2 beginning the drill with results in the next 30-40 days, the emotion we have seen from a lot of posters will end and we can get on with proving up the 2P reserves and building production towards the targeted 2500bopd by year end. A number of drills can be drilled from the same pad at Saffron 2, so the wells can be in quick succession, allowing immediate production and cash generation.

Don't know how much was oil. 40 degree API oil flowed to surface. There's videos of it. The rest was water and drill fluids. It was 500bfd. The formation was damaged due to the heavy mud needed due to extremely high pressure. Whether the pressure is from a larger reservoir or gas cap, I don't know. I guess Saffron 2 will give answers.

Saffron 1well was perforated at the top of the Lower Cruz formation. The reservoir was damaged due to the use of heavy mud. 500 barrels of fluid and oil flowed 7-8ft of perforation at the top of the Lower Cruz formation.. The Lower Cruz is a 300ft thick high quality reservoir sands which has yet to be fully tested and perforated. The 200-300 bopd flow rates are estimates and can be higher or lower depending on well bore integrity and reservoir condition and pressure.

Excellent news. can anyone put 2 & 2 together and see what this means for Aminex and future gas production.

The condition for future funding by Bizzell at 8p per share was that a minimum of £5m be raised in the OO and Placing. £6.9m was raised, therefore the condition has been met and funding at 8p is now available which means follow on drilling after Saffron 2 and further production.

So, they have funds to drill Saffron2 and Bizzells £10m facility at 8p for further drilling. Minimum £5m was needed from the OO and Placing for the Bizzell funding which was passed as a resolution for shares to be issued at 8p.

-- Successful Placing to raise additional gross proceeds of GBP4.26 million (US$6 million) through the further issue of 1,216,599,935 ordinary shares at a price of 0.35p each ("Placing Shares").

-- Aggregate gross proceeds of GBP6.9 million (US$9.75 million) from Open Offer and Placing.

"Beg to differ...not true especially with cos that routinely dilute and on AIM..it’s more about the MC than SP.. You can have larger MC via share dilution and lower SP v asset dilution which tends to create larger MC based on higher SP."

Not correct if assets have been undervalued, but value can realised through available funding for development which outweighs any dilution.

Saffron-2 rigging up and communication channels installed ready for the weekend #saffron2 #Trinidad #BPC #oilandgas
https://twitter.com/BPCplc/status/1395304781795762178

The difference between the 'old' BPC and the new BPC is, the new BPC will have assets of value that can be developed and deliver revenue. How much revenue and to what extent the assets have value depends on the discovery of oil and increase in production and 2P reserves and the oil price, aswell as the funds available to generate the income. It's different from exploration in the Bahamas. Whether the market thinks the current Mcap of £18m is over valued or undervalued in relation to oil discovered, 2P reserves, production and the finance available and forward potential, will determine the share price, rather than the number of shares in issue.

Not too shabby. £2.625m raised from the Open Offer. Rest being placed out tonight with discretion to increase the size of the placing if there is excess demand.

Probably are discussing a lot before beginning the work programme, making sure that everything is signed sealed and secure. Hopefully won't be long. An update on events post dating the annual report is a must. Preferably licence extension announced same day or at least positive guidance.

With Tanzania needing gas to fill those pipelines, one would think they are keen to agree commercial terms so ARA can invest the $140m needed to deliver the gas, otherwise those pipelines won't be getting filled.