Member Info for steve58

All ok.

Interesting points regarding gneiss etc.

Still can't believe they have done nothing regarding an income earning deal.

They are just waiting on ruvuma.

Waiting does not pay the bills let alone any fees.

Morning Chris.

Does seem strange that gneiss fortunes and number of employees took of about the same time as the fees started being paid.

Waste of time trying to get an egm as the board basically seem to do what they like and have answers to anything we ask them.

The answers are not always the ones we expect but have to accept them.

I must admit it does look as if shareholders are being taken for a ride by the gneiss set up.

Very suspicious that gneiss was formed a few months before the director got involved in the then solo oil.

Not quite S B time but the reply does come over as if they are very concerned that shareholders are revolting (I didn’t think we were that bad).

The fees paid to gneiss seem to tie in with the reduction in the directors current account on gneiss. Could it be fees have been paid to gneiss but just credited to directors account to clear the overdrawn balance re the year before. Seems to be when director started here. Not saying anything wrong but does get you thinking.

Seems like a load of bull to me.

They have basically told us nothing we didn't know. The cheek to award themselves options as an incentive. For what, they have done nothing.

Not very impressed by their answers.

Thanks bd.

Same here.

I cannot see the reply if any will give a breakdown of fees. Let's hope they don't get an HMRC enquiry into fees paid received etc.

Seems we have always had a problem with gas at this company.

They need to know that shareholders are fed up with their strategy or complete lack of it.

They may have something up their sleeve but looks as if wait and see is their current way of thinking.

That is not giving the right impression to shareholders and certainly is not bringing in any income. A wait and see strategy does not pay the bills.

Other than our assets which the previous board acquired we have made no progress in three years.

The boards interviews have all promised but not delivered anything.

If anything they should pay the company money.

Imo they are worse than than the previous board.

I know millions was spent on good and bad assets but at least they did something for their money.

Four board members over a year and nothing.

They cannot wait on ruvuma another two years.

I have very little confidence in our current board let alone patience.

We get no updates. Where have the potential acquisitions gone.

They blame it all on the virus and the Tanzanian government. Perhaps the blame is closer to home.

I would think just send your updated details to the registrar as shown on the leed home page.

Also tell them your old details.

You could contact computashare although they may charge you.

Still hoping for some good news soon.

Nxt tec looks a very good company.

Imo if a fair offer for Ruvuma is forthcoming then they should take it.

Another two years or more without any income is just not on imo.

The board have stated they want to acquire cash producing assets.

If the board continues their waiting game I would think they would be voted out by the end of this year.

What gives them the right to hundreds of thousands of pounds in fees etc for just turning up at a few meetings. They can’t even do that at the moment.

It just makes me think if the one days deal was that bad that it warranted spending nearly a million pounds in fees etc. They may as well have gone ahead with it.

Nearly a year since deal aborted and we have had a change of name. Even the reef disposal has still to be finalised.

Maybe something will happen next week.

We are fully carried but it has in effect cost us just over a million pounds so not free in effect.

We had 15% originally which then reduced by our participation in a fundraising a few years ago to 12.5%.

So our so called free carry has cost us the difference of about 8% of the company which if we had sold those shares in the open market would have raised about £3.2 million.

So to get our free carry we in effect have to hope that the sp rises accordingly.

Imo we got quite a good deal, it’s just it maybe six months or more to wait until we get all our investment and drilling costs back.

Please correct me if I’m wrong.

Seems our helium stake is fully carried for the drilling programme.

I would think we only have to contribute from appraisal stage onwards.

This would mean if we stay with Ruvuma to drilling we should have enough cash in place to see us through.

We could sell our stake in helium one fully carried for first drills.

Equates to a possible 20 bcf or more of gas.

If the board could repay some of the excess monies that they have been paid by way of buying shares it would at least give a vote of confidence in the company.

To be honest I have very strong views about the boards lack of progress but at this stage am prepared to see it through.

If a deal of some sort to bring income into the company is not done in the first half of this year I would think many shareholders would want to know just what they are doing to enhance shareholder value. They certainly are doing nothing except waiting at the moment. Waiting does not bring in income to pay the expenses.

It just erodes shareholders confidence as well as the sp.

Morning Chris.

Seems like more of the same this year.

Waiting on Ruvuma.

Commodity prices on the up so asking prices for assets should increase.

Of course works both ways.

I am concerned as to what the board are actually doing with all this time.

We have of course been assured that they are all working hard to achieve shareholder value and mid cap status within three years. That was over a year ago so they need to work even harder now.

Shouldn't say it but maybe they left an r out.

Didn't spot that.

The other deal aborted because of plunging gas price. It is now back to if not above the aborted deal level. Imo they could have let the deal go through. At least we would have had millions in income instead of being a stagnating company going nowhere.

We have our assets in Tanzania but having world class assets does not pay the overheads.

The board have a lot to answer for.

Website still showing transfer of reef assets still awaiting approval nearly two years after so called transaction.

Permission still awaited for kn1 remedial work three years after production stopped.

The board really need to put some hard work in and get something sorted.

I’m surprised the London stock exchange have let them carry on for this amount of time without generating any income.

Still hard to believe it’s nearly a year since aborted acquisition and have done nothing.

The annual accounts should be interesting.