Member Info for Rktech

As expected there is no formal approval and no objections received and as the nominal 60 days is up the company have put out the update to the market.
The approval letter may well be in the post ( Somewhere between the orbits of Mars and Jupiter as it's Africa ).
Either that or it's sitting in someone's out tray and it may be time to get the cattle prod out to speed things up.
Beluga are ready to roll I'm sure but the formal approval has to arrive as who with any sense would commit anything financial without it.
It could drop anytime now and selling out now in the hope of buying back in is a game for losers.
Just AIMHO.

That's exactly it Theoryman and is in line with Asher's email.
The due diligence required for the transfer of a non controlling interest is a lot easier than for change of control of the license and really shouldn't take that long.
The UK FCA are also incredibly slow and government departments in Africa have the notoriety of being the same or maybe worse.
Perhaps the use of cattle prods might be used in both cases to speed things up but sluggish bureaucracy within the public sector seems to be a worldwide phenomenon.
In any event the company cannot ' declare victory' just because sixty days have passed although I think we will be on for an approval within the next few weeks as no refusal or request for changes in the PSC have been received ( as they would have to notify the market ) and so I expect an RNS to update us as sixty days was mentioned in the last RNS.
Setting these self imposed deadlines is not a good idea but the government did imply that as a guideline.
The FCA do the same thing and miss their deadlines almost as a matter of course these days but it's not a cause for Alarm.
Watch for the red dot tomorrow but I'm not holding my breath for a confirmation of approval.
Chill out and relax as this project is in everyone's interest to succeed.

The return is actually more like 3 times as the fixed costs of extraction stay the same whilst the price doubles.
What's not to like.
If this drops next week I'll be saying thanks and buying a lot more and I don't expect I'll be the only one.
In reality I doubt it'll drop below the placing price as the market knows all this and I'd say to any nervous investors.
Don't get spooked into selling out by professional traders and derampers just before payday arrives.
Also those MM's who'll be up to their usual tricks in order to make a living........bless 'em.........they're so predictable.

The company has applied for and seeks approval of a transfer of a minority interest, not a change of operator or change of control. As such it is not as complicated a process insofar as the due diligence that would be required for a change of operator is not required in this case.
We require MINMIDT to formally approve this and the 60 days can be regarded as a guideline here as we are working on 'Africa time'.
The approval from Beluga is a mere formality and I would imagine they are thinking they've picked a peach here for a bargain given the oil price and the fact that we are drilling an Appraisal and it is not a prospect.
I think if Asher were to go out to the market for financing now he would get swamped in the rush to get in on this short cycle opportunity.
I'm going for Approval in December and we can safely assume everything else like rig mobilisation will quickly swing into action.

I thought it best to start with the correct spelling !
After reading through the document supplied by Bladderman where the 60 days is clearly stated and also the Email from Asher regarding the approval process it makes sense that 60 days is a nominal time limit but remembering we are dealing with Africa time , also a variable.
If TRP had received any refusal or request for further information then that would have to be communicated via RNS.
Asher has said that approval requires a formal document.
So far it would seem it hasn't arrived but at the same time we can deduce that there is no denial or we would have heard as it is mandatory for the company to release such information.
The shareholder approval from Beluga can be taken as a given and just a formality and so we are waiting only on a formal approval document from MINMIDT.
I don't expect to get the golden approval RNS on Monday but I would certainly expect an update on the 60 days approval.
In any event the naysayers and self serving traders and derampers will take advantage but I'm holding this stock because the initial prospect looks like an X marks the spot opportunity.
Monday will be interesting.

Complete ****** from hillbily as usual.
I guess it's all that genetic deficiency from all the in breeding.

I thought Asher's email reply was comprehensive and really informative.
There's no reason I can see ( other than Beluga is a Nigerian company ) why they wouldn't approve it and I have to say that would be pretty lame if they did.
Asher seems to have a good relationship with the cameroon govt and Beluga know a good thing with oil now at $80 + and rising.
That's why they agreed to financing and why would the shareholders vote against it when it's a private company......they'd have made that decision when they agreed in the first instance.
African countries love bureaucracy and they're slow with it.
If the woosies want to sell now then they can buy back in higher.
I know all about the TRP dusters but this is an appraisal well with an 80% COS and I'm up for that .
Rewards could be massive and Asher knows this is the last chance saloon..........it's also his best chance ever by a country mile.

No that's right and as far as the website goes the GST site has also slowly been re worked since Tan and Bai have effectively taken over.
The real prize will be getting the license to operate the blockchain tek with a stablecoin.
This placing may be another mates rates giveaway to people with sticky hands or ir may be the forerunner of another acquisition or both.
2p isn't so bad but the 1p with30% going in admin fees was a sickener

I hadn't really been following the website but there's nothing new in the method of transaction .
Information on it can be found here:
https://whois.domaintools.com/angrafx.com

If you right click when your on the actual webpage ( say the home page) and select view source or whatever you can see the XHTML source code.
Tools like internet download manager have a site grabber function which allows you to download the entire site automatically.

I hadn't really been following the website but there's nothing new in the method of transaction .
Information on it can be found here:
https://whois.domaintools.com/angrafx.com

If you right click when your on the actual webpage ( say the home page) and select view source or whatever you can see the XHTML source code.
Tools like internet download manager have a site grabber function which allows you to download the entire site automatically.

I struggle to see why companies set self imposed deadlines and then compound it by saying things like we hope it will be a lot sooner.
The lot sooner is ancient history now. On the plus side Asher is an honest broker CEO which is rare on AIM and moreover stands to benefit hugely from the success of this project.
Remember this is Africa and Beluga are a Nigerian company and so this may drag on a bit so at least be prepared for that.

That was great find by Bladderman. Shame the company didn't make it clear.
In any event it's in that document and effectively written in stone.
Strange the buying pressure hasn't pushed this further, only a few days left to get in at these prices.
Friday should be FOMO day.

Think Mcap........right now the company is valued at roughly 10m.
If the drill is successful then it should be worth 100m+........at least .
5 Bags on run up to spud is not unreasonable, just needs formal news.

Tower has had a chequered past and zero success on drills.
The Uganda drills were on the hope that just because Tullow were discovering oil for fun nearby then Tower would also have a good chance although the COS was only ever 17%.......the industry average.
Namibia was a wildcat and although the prize was massive the chances were slim.
This NJOM-3 is on a discovery and has a COS of 80%.
Asher was on the board back in the Uganda days and put in a lot of his own money.
Now he's CEO he's put in a lot more and is the largest shareholder........no one wants this to succeed more than him and it was always my assertion that when he'd got the JV and funding this would be a runner.
That time has arrived right now !!!!

I thought that myself which implies we are being held back by semantics.
In reality if the company hear nothing from minmdt by Saturday and we can safely assume Beluga approve then it's way to go.

I think either in one go or multiple RNS's in quick succession
This drill is the gateway and once the market has confirmation it's going ahead this should fly

Excellent work Bladderman !

Assignment
What Government and/or regulatory approvals are
required for the acquisition of oil and gas interests
held under a Licence (whether by asset or
corporate sale/change of control)?
If any, what are the timing requirements and costs
of obtaining such Government and/or regulatory
approvals?
Transfer or disposal of the rights and obligations arising
from Petroleum Contracts and authorisations or permits is
subject to notification to and prior approval of the MM. The
same applies to any change of control. Approval is deemed
to be granted where no response to the request for
approval is received within 60 days of its filing.

So the green light is to hear nothing within 60 days. Seems strange but there it is.
Also if the company were to receive a refusal they would have to notify the market by RNS and again within the 60 days.
The other proviso is the approval by Beluga's shareholders which as it is a private company would or at least should be a formality..........why would it even be considered by Beluga unless that was a given.
Should be an interesting week ahead.
What are folks thoughts on the selling down to the placing price ?.........is it just placing shares being dumped in the time honoured mannner of these things ??
Buying pressure has not been massive but any remaining should get swamped when the herd start to stampede.

On the move again.......be good to revisit 0.5 today.

0.47........this is being sustained and doesn't look like MM's playing to drum up business.
TRP is also historically a leaky ship !

I know it's an old chestnut but..........RNS logged ??