Member Info for steve58

Chairman of the Association of Tanzania Oil and Gas (ATOGS) will be live on ZBC TV tomorrow morning 8.15 to 9.00am our time.

Picked up from Aminex BB.

Probably not relevant but you never can be sure what is going on.

Almost a year since aborted deal announced.

The annoying bit is that gas prices are over 10% higher than they were when the deal was first announced.

Are the board living in the real world.

We may have lost some income initially but would now be clawing it back.

I would have rather had income and cash flow coming in for the last year than the £1 they raised from selling reef.

Interesting to know.

Maybe a look into the other directors past history would be interesting.

Absolutely useless imo.

The farm out may indeed happen and we will sell out for a tidy sum.

New investments made and mid cap within 2 years.

At the moment one out of three would be a start.

Heavily invested myself.

Nine years.

Over £20 million spent.

I probably won’t be the only one.

Income about £600k.

A sorry state of affairs.

The last nine years of constant dilution and falling sp certainly proves the above statement to be correct.

The closer to the 15th with no news it is likely that it will not get signed off.

Where would that leave us.

A board with no idea what they are doing.

A worthless asset.

Helium one standstill.

Again worthless until appraisal drilling is done.

Forgot the £1 we banked from the reef sale.

I know shouldn’t make such a big deal about things but for a board who’s main priority was to enhance shareholder value they aren’t doing much about it if anything.

Good luck with your future investments.

I need about 10p to break even.

I would sell but not really worth it given the potential here.

IMO if the Zubairs offer us £30 million or more take it and forget Tanzanier.

A complete waste of money and time as far as I am concerned.

Great potential but if it is taking years just to get one signature why wait another five years ore more for any income here.

Maybe Neil shouldn’t have kept on drilling and we may have had got out of this complete farce years ago.

Aminex mc now 15 million.

Could be a tempting target for someone.

Solo maybe.

Of course if farmout doesn’t happen they will be virtually worthless.

Where would leave our 25% holding.

I’d like to know just what they are spending this money on.

Name change maybe.

There certainly isn’t much else at the moment .

Good evening to you.

The recent granting of the European patent is very promising news.

E mailed Charles zorab a couple of weeks ago. He said they were leaving accounts as long as possible to hopefully incorporate news regarding nxt.

IMO an rto is very likely as Leed would already have a London listing and about 4 million pounds of tax losses which nxt could then use against future profits.

Could be that Leed could hold the rights to the uk patents and earn income every time a sale is made.

Hopefully a much brighter future.

I’m sure they are all hard at work.

Probably the spelling proving difficult.

Thursday 15th is the deadline for the signing of the farm out.

It’s been over two years since it was applied for.

I do not have much confidence as to it being done by the deadline.

It seems the Tanzanian government are only good at one thing.

Asking for and taking money and giving nothing in return. They should realise that it should work both ways

We had the same with the previous board.

They had what seemed like a good deal done and dusted but it wasn't to be.

Let's see what happens by 15th and then maybe take action. It seems whatever company you look at its directors basically do what they want within the law. Although they do sometimes get very close to breaking it.

We would still own our 25% but basically couldn't do much with it.

Worthless until that document is signed.

Aminex of course have no farmee and be indebted for a few million to ARA.

We could of course come to their rescue once again in return for a large additional ruvuma stake.

In fifteen days time we should know just has to be done.

Should be filed on time like last year.

Wont show for a day or so on companies house site.

Worldwide patent granted a few days ago for nxt building system. Look on website through leed link.

Why didn’t they just state the truth.

They have made no progress.

They have reduced shareholder value by over 70%.

Not a good outcome for two years and a couple of million expenses thrown in for good measure.

The latest farm out Rns certainly doesn’t help either.

Am I reading it correctly.

ARA are saying that they will not extend the longstop date after 15th.

Seems they have had enough.

They can then terminate the farm out and ask for their money back.

Would leave aminex right in it. Although they would then get their 75% back although lack of cash is the problem.

As for us we still have our 25%.

Maybe buy a large proportion of their stake for an amount to help them with their cash flow.

It wouldn’t be the first time we have come to their rescue.

An rto even springs to mind.

Seems mr Maling didn’t pay his tax on his options so company liable.

I’m fairly sure that the person receiving the options has to declare it on their tax return and pay the tax due themselves.

More money for old rope.

I would be satisfied to receive 40 to 50 million pounds for 20% with a free carry on the remaining 5%. Predicted 140 mcf a day so 7 mcf to us. About £5 million a year income if my calculations are correct.

All hinges of course on the farm out being completed.

Morning Chris.

Looks as if we get a good enough offer a complete sale is the preferred option.

Still awaiting confirmation of longstop extention.

I think we should be a bit cautious here.

They could just as well wind the company up if Ruvuma fails to deliver.

What concerns me is where any proceeds of a Ruvuma sale will go.

We need money to build the company but I still think shareholders should be rewarded for their patience not the directors. They have done nothing in first acquiring the asset and since they took charge of the company.