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Fantastic news after all of the issues. They’re geological modelling is bang on so far thereby de risking the lower zones significantly. Roll on Mengo!! GLA
Well said Irishmouse! Hey, cut the BOD some slack, they need the time to add up all the lovely metres of payzone!
Cheers TT, really helpful as always, and I am glad that you are feeling much better! Hopefully AAOG can make you smile even wider :-)
"A paper profit is worth nothing until it's banked" Yes, I have certainly learnt that one (not that I needed to learn again really) with a certain Tanzanian gas explorer whom shall remain nameless.. at least a paper loss is only a loss on the same basis ;-0
Do you feel confident enough to keep all your chips on the table until the Djeno results are in?
Hope you're well..
£90k is only the cash element they now have a very liquid asset and UKOG have one of the most liquid shares around. It all adds to the pot. Funding our share of Ruvuma will not come cheap and we will need all the funds we can get our hands on to avoid getting forced into a tight spot like AEX did.
What would you prefer Steve another placing and more dilution to fund our upcoming commitments in Tanzania? SOLO are doing the right thing by existing shareholders with their current strategy. Focus on the prize assets in Tanzania and sell the non core assets to fund commitments rather than dilute shareholders. Well played BOD!
Last top ups for me today.. really need this to come good so I can average down on some other stocks which are being hammered of late. Best of luck all. The odds are stacked in our favour :-)
Yes TB, but I think it’s telling and encouraging that they’ve been allowed to release this news news now. Maybe no coincidence that we get KN1 news AFTER the Circular has been released..? I’m just pleased they’re now being allowed to progress the remediation. Not even AEX move that slowly. They’ve clearly now completed the remediation and perf as TPDC / govt has held them back.
Totally agree Robbie. It’s also about CH-1 (NT3) - always has been for me and I’m pretty sure it will be a huge well, this time successfully managed by the Zubairs. So hopefully we will get to see what the full pressures and flow rates will be!
An interesting part for me ...
“The primary target for the CH-1 well is the Late Jurassic sandstones that lie under the Base Cretaceous Unconformity, directly beneath the Ntorya discovery”.
I didn’t realise that the Jurassic sandstones were the primary target of the well and assumed that this prospect was just a bonus to the main Cretaceous reservoir..
Looks like they’re pretty excited about what the Jurassic sandstones (Chikumbi prospect - hence name change) will throw up. Me too!!
The Al Zubair family (Eclipse Investments LLC) bought circa 983.1m shares of AEX at around 1.3p / US$16.8m.
They have seen the value of this investment multiply and then fall back down to almost their original investment. Considering how careful they are with their cash (as evidenced by the paltry $5m cash portion of the farm out terms), I don't think they will be too thrilled about what has happened over the past year to the value of their shareholding and will hopefully be as keen as we all are to get things back on track.
I personally don't think that the Al Zubair family are hell bent on the strangulation and destruction of Aminex to their own personal gain. They have a substantial shareholding in the company and will be keen to see Aminex succeed, at the same time as making substantial personal returns from their investment into the farm out. The latter no doubt being their priority however.
Worth remembering the comments from ARA at the time of the cornerstone placing:
"We have known the Aminex management for some time now and believe that Aminex, with our support, can be rapidly built into a much larger oil and gas entity, in Tanzania and elsewhere."
My take on the drop in the SP on Friday (which may well continue into next week) is that this was mainly due to the confirmation that CH-1 will now be Q2 2019 at the earliest. Delays = falling share price. Unfortunately we only seem to get delays at the moment. I remain convinced that CH-1 will be a huge success and that it will be the catalyst for substantial share price growth. So I am waiting and holding until the results of the well, and I will then reassess my position at that time.
We have waited nearly TWO YEARS now since NT2, what's another six months... I believe it will be worth the wait.
I wonder, if they could be honest, which environment the BOD would say has been the most inhospitable to work in, Tanzania or North Korea?
I cannot understand why the Tanzanian government seem to be so inhospitable towards foreign investment.
Looks like the Tanzanian govt have won the game of Mexican standoff.. they wanted the farm out approved before they would grant the licence extension over Mtwara. Zubair and AEX wanted the licence extension in place first. The govt dictate the rules though. Hopefully once the farm out is approved at the EMG this will trigger grant of the Mtwara licence extension and then completion of the Farm-Out Transaction can take place shortly afterwards, leading us on the main event at CH-1 in Q2.
The crucial bit of leverage the govt have had during this saga is of course KN1. For AEX to now state “the Board cannot determine with a reasonable level of certainty as to when production will recommence” at KN1 is frankly obscene after JB has gone on record saying it would certainly be back producing before the end of the year and all parties wanted it back in production.. what a load of bull.