Member Info for steve58

Forgot the $35 million for 8 Wells etc.

Been so many years waiting I'd forgotten.

For the amount of expenditure involved they may want to wait until seismic is done at least. Of course the value of their Ruvuma stake should increase many times and if held until drilling results even more. Its when APT want paying may have a bearing on the boards decision to sell given they want to grow the biogas business.

If a nine month wait means increasing the value of Ruvuma many times then I don't mind waiting.

So basically aminex have given up 50% of Ruvuma for $6.25 million up to drilling and I think they have to repay any advances they have had from APT. We are in a much better bargaining position regarding selling.

Reading the rns looks like the $6.25 million Includes the ch1 drill.

If $6.25 million includes the drilling then that seems good value considering the potential upside in reserves.

Morning Chris.

Nothing to say they are selling.

Maybe they will spend $6.25 million and sell after seismic but before drill. They will of course be able to get a higher price but still have to find the $6.25 million from somewhere. Maybe the rainy season will be a short one and they will get more done before Xmas.

Couldn't agree more.

Sp looking better today.

If every million invested generates £25k a month that sounds like a very good return.

Morning Chris.

Can only be a good thing.

Shame the record is still stuck on the turntable.

Looking back investment made about a month later. So not too long to wait.

I sure hope so they have not done that much recently. Hopefully larger than the first one.

That is the problem facing the board. If they keep a large percentage then that awful word dilution comes into play. As we have both said it seems to be the boards intention to sell if the price received is good for the company and us shareholders.

Looking at the figures it will not be until about a year into production that we will be cash positive.

Bit peeved thought some of my posts were quite good. Won't bother replying or saying anything about mac Dan or whatever his name is. Definitely spoiling the BB.

Getting silly on here.
More than half of this mornings posts deleted.

Morning Frank.

Checked the weather forecast for Dar el Salem.

Hope not too far from seismic area.

Sunny and hot until 31st October at least.

Maybe they will start soon.

To think aminex are worth three times us and we have more assets than them. Of course the big difference is that they are fully funded for Ruvuma.

Evening Chris.

I think that just confirms the board's intention to sell.

As you say the problem is the funds required to get to that stage. Probably over $20 million.

I think I remember they are targeting production of 140000 c ft a day so 25% to scirocco assuming we still hold the stake. $40 million a year less costs taxes etc I would assume. If sold for say $30 million would we be generating a similar annual income from biogas etc by then. We are talking at least three years or more.

Put me down for E , A and E in that order.

Although I do wonder if Kiliwani could be worth keeping.