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So a £2.55 million investment now worth just over £600,000... at least something is finally happening I guess. However, someone should be accountable and provide an explanation to shareholders for massively overpaying for our initial investment. No doubt they’ll just blame it on the old management and move on..
John, there were always going to be ‘delays’ moving things forward post farmout. The drill was never going to be tomorrow, and there will be a wait until CH-1 can spud.. possibly even a perceived ‘delay’.
The important thing to distinguish, is that all the recent painful delays have been outside of any possible control; we were at the mercy of an unpredictable government.
Any delays now (at least up to CH-1, which is going to be the catalyst for any substantial share price growth) are under the control of the operator. Now that operatorship is transferred to APT, there are no longer any reasons for delays with the operations. APT certainly don’t need to raised any finance!
Gaining govt approval for the farm out was massive. The value of AEX has been unlocked. Any wait or delay from now is not really any concern. CH1 will be drilled, soon, and it’s going to be a massive success and the share price will rocket again!
Just need a little more patience now. Really not long to go now, after waiting all this time..
Hey Max, I had a good chat with Camarco yesterday too. Let’s hope we really do now get a sharp change of pace in activities and better promotion of company. They wouldn’t be drawn on CH1 timing for obvious reasons as APT are now operator and will set the date. However, did you get any better indication of when this might be? Didn’t seem like it would too soon to me. Let’s hope we can still do a Q1 2021 drill ...
Yes, great to see your positive vibe back MAX ;-) onwards and upwards from here guys, nothing to hold us back now! Per Robert Ambrose’s interview at the start of the summer, they were due to order in the long lead items for the drill at that time, so hopefully they’re geared up to hit the ground running! Can’t wait for that drill date!
Cperkin, I just sincerely hope SOLO hang onto their full percentage until post CH-1... if they can, this drill will be HUGE for SOLO. Considering how long it took Aminex to get govt approval for their farmout, I don’t think they be disposing of all/part for quite some time yet. Which is good news for shareholders. Let’s hope they agree the price post CH-1 results as the value will no doubt be substantially higher!
I first got into SOLO post Ausable#5 results way back in 2011 (paying an equivalent of around 36p today!!).. needless to say it’s been a long painful journey for long term holders, constantly averaging down over the years, consolidation after consolidation. However, we are now primed to finally make a substantial return on our investments and faith (faith in the Tanzanian assets at least) if management can successfully navigate the next crucial six months or so.
Like Big D, my target price is 10p. Which I consider to be a realistic target considering the number of shares now in circulation, and the enormous upside for CH1. I’m sure a spike on good results could far exceed 10p though..
Wishing all shareholders the very best. What a journey it’s been, and continues to be, guys..
Hi NM, well in a few days time ARA will be the operator of Ruvuma. So hopefully we will see a change of pace with operations. Also, no more govt. red tape to hold us back until CH-1 spud now. Should be full steam ahead.
Hi Vike1, glad to see you're still fully locked and loaded :-) Such a long wait, but hopefully no long to go now until CH-1.
I would have thought that there is a high sense of urgency for the CH-1 spud, considering that the licence extension expires in April next year. Not everything due under the licence will be completed in time. But I would have thought that ARA would want to get the drill completed within the timeframe to avoid any possible issues?
This won’t rise properly until Majedie are done offloading their stock.. hopefully there is good liquidity now for them to sell out, and then we can move onwards and upwards without the downwards pressure..
I don't think that we will be waiting long for this news. Being that the 1 year licence extension will expire in April/May next year.
Meaning that CH-1 really needs to be drilled early next year at the latest. I am hoping for an end of Dec/Jan spud date personally. Sounds optimistic, but I am hopeful that significant work has been going on in the background gearing up for this.
"The extension, which was applied for in late 2017, is valid for one year. Under the terms of the extension the Company, through the Ruvuma PSA Joint Venture, is committed to perform the following works during the extension period:
· Acquire 200 square kilometres (surface coverage) of 3D seismic (min. expenditure of US$7 million)
· Drill the Chikumbi-1 exploration well (min. expenditure of US$15 million)
· Complete the negotiation of the Gas Terms for the Ruvuma PSA with the Tanzania Petroleum Development Corporation
· Using the data gathered from Chikumbi-1 and the seismic acquisition, prepare and submit an application for a Development Licence for the Ntorya Location area."
It’s Camarco who are the PR company for AEX, not James personally (AEX are also only one of their numerous clients) . Daniel Sherwen seems to be dealing in his absence, but doesn’t really have much to add other than “matters are fluid”...
I’m hopeful that AEX / ARA have a backup plan in hand to progress the CH1 drill under the current licence if the govt don’t approve the farmout in time.. and hopefully one that does not screw us long term shareholders..
All the best guys n gals
Absolutely Cperkin, I think the following comment is telling:
"if such Government approval is not obtained by 15 October 2020, APT will have the right to terminate the Farm-Out Agreement."
APT having the right to terminate the Farm-Out does not necessary mean that they will.
AEX / APT clearly needed to do something different to try to force the govt into action after months of delays. Let's hope it works! APT clearly believe in the project, otherwise they wouldn't have sunk so much cash into AEX already and granted us millions in loans.
Thank you Big D and Cperkin.. true gents, very much appreciated!
Thank you Big D and hope you’re keeping well