Member Info for Seawolf

at least they didn't have a hump or did they (aargh the bells!!!)?

Drewky, I too praise your optimism and thank you for providing your overview regarding the farmout deal. In fairness you should not have had to do this as it should be up to the board to sell it and explain the finer points to investors and shareholders alike, not leave it to interpretation. No wonder the share price lags expectation, and the market reaction seems to be wait and see. so much for being well received by the institutions. Time will tell and a large bag of patience is required.

Even the Bowleven deal looked good compared to this one, so the Zubs weren't the only interested party!

I think the BOD have consistently got this wrong and have been out of their depth. I believe that they thought they could go it alone following production at KN1, hence kicking out the BLVN deal. following the NT1 drill and fiasco at NT2, quickly followed by diminshing production at KN1 they found that it had all gone horribly wrong. Comeback BLVN all is forgiven. It is completely understandable why the Tanz govt has opted for a stable backer in the guise of the Omani's. 18 months after a problem with KN1 it still has not been resolved. we have a 6m USD tax bill that has been offset against payments from TPDC and then contradiction in that the BOD feel that all 6m USD will be realised (see financial report P59).
While I accept that the deal on offer is likely to succeed, and at least gives us a future, i dont have to like it, nor do I forgive the inept BOD for their inactivity, lack of judgement and poor management. For christs sake get on with sorting out the wells we have drilled!!!!!

Which country though? Lol

Did anyone at the AGM get any news or firm understanding of where we are with KN1 rectification? Compression, natural recharge, rework, foam injection, so many options being given by the BOD with no progress in 18 months +

Well done NR? QT you're having a laugh, no where near the SP at the point of consolidations!!!

Does anyone know what happened to the TPDC options, or have they lapsed? Will they still have options in new licences?

TB,
Thank you, I too am concerned and happy to join in and hear some real facts.

Max-P sadly I missed the opportunity at 7p but despite my current feelings am happy to wait for that chance again!

One fact is that the market has not reacted positively to this news of farmout.
another fact is that it is not a done deal until it is voted on by shareholders.
3rd fact is that Kiliwani has not been fixed and no time frame given.
4th fact, no licence yet for Ruvuma and no updates on the proposed change/amalgamation of acreage licences.
5th fact is that outside of the farmout, the BOD have no disclosed any further plans
6th fact, they have awarded themselves pay rises that aren't warranted
there are more but it breaks me to continue, and i cant find any positives, please help!!!!!

TB, I have already decided to vote against the deal, I want the BOD to go back and negotiate more. It would be rude to accept the first or even second offer!

While disappointed that LTH' s will not see the returns expected it just goes to show that the BOD were totally inept and out of their depth. IMHO and in the long term Zubs will own this, they could afford to buy the lot now, but slowly, slowly, catch a monkey springs to mind. They do have the clout to take this forward and I do see an improvement coming in the SP over the next 12 months. If it is enough to let me out of here remains to be seen.
GLA

All received and filled in, nothing unusual, normal re-election of directors etc......

Drewky, I would like to see thank you for compiling the list of questions' and agree that sending them in advance, in writing is the correct thing to do. Do you think that once the board has received them, would be possible to post them on the unofficial site, and post AGM, the BODs responses too?

Sadly none, but I have had email responses from Sareum and Sierra! Unlike some companies I have tried to speak with. Anyway it appears that the milestone information has not been disclosed for competitive reasons, quite what that means is anyone's guess. It would also seem that Sareum have no say in this and Sierra have complete control over anything outside of product development. Disappointingly both companies quoted the paragraph from 2016 which has been posted on here many times ( circa $300M and 27.5% of that and future sales etc, etc......). Nothing new there! The bottom line is this, if our product is good and continues to perform, Sierra will have to pay us, I also expect that they will need to raise funds so what Sierra for that. In the meantime sit tight and wait for Q4 results and update. GLA

I can't believe or understand why we have a licence agreement where milestones aren't outlined and made available to shareholders. This is the underlying problem with communication to shareholders from the BOD. How on earth can anyone make an investment decision without knowing such key information? While I am not too worried about overall amounts payable by SRA, surely milestones should not be kept secret. SRA has stated that it will need more funds if and when SRA737 transitions through the various key milestones but once again they have not stated what they are, how much is required and they have not made any provision for this in terms of funding in their latest set of accounts. More meat on the bones is required from SAR and SRA, come on guys sort it out!!!

Drewky, do you think the group of shareholders that got together for the meeting with the BOD could be used as a Quorum to table motions at, and in advance of the AGM?

LT, pretty much concur with your view. while i don't mind the general BOD pay, I baulk at the bonus structure for just doing what they are supposed to do (term used loosely!!!). Any bonus should be linked to share price performance, if we don't benefit neither should they. This still has potential but equally we could get stuffed by mismanagement of the whole situation.

By the end of this year we should be in a very good position, far from where we are now. All infrastructure complete and plant installed, hopefully with setting to work and optimisation underway. As i say a good end to the year and looking forward to a very prosperous 2019. Hold tight everyone and be patient!!!!!

FreeBee, I have looked long and hard to find when we are due our next milestone payment, sadly to no avail. Many investors have asked the same question and i think we may be due a further payment at the P2 stage of development. Once again I cannot pin anything down to confirm this and there are better informed people on this BB than me, they may be able to shed more light on this. I am however happy to hold and wait for further developments. Good luck and hold tight as this could be a rollercoaster ride!!!!