Member Info for steve58

Good afternoon Chris.

Seems we have a long wait for completion if at all.

The government give a little and then create another problem if not tax related something else.

I would like this to be sorted soon so that solo can get out of it.

Even if farm out is completed it seems at the current rate of progress they would be looking at being years away from any gas revenue.

I don’t think the board or its long suffering shareholders would be prepared to wait that long.

You probably could.

Be a best seller.

IMO the farm out will not happen.

This farce has gone on too long.

It’s obvious the Tanzanian government are just being greedy and want more of the take for themselves.

How much longer will the investors patience hold.

The longstop date cannot keep on being extended indefinitely.

They will walk away demand their loan back.

We will survive if the board get something sorted but as for the other company involved here it could well be the tipping point as to whether they survive in their present form.

Still awaiting our accounts. Their auditors probably can’t find enough to put in them.

Have a good day.

News imminent.

Still a few left.

Will be September soon and still no conclusion to this fiasco.

As for what the board have achieved, I will refrain from comment.

Anyway, have a good day everyone.

Spread 12.5% so not much in it.

Tomatoes nearly finished.

All or nothing really a bit like solo.

Should have been headed rising gas prices.

So what have our board done to take advantage of this.

Another dismal week again

Only eight months until the licence we are supposed to be drilling needs renewing

It is becoming obvious that the Tanzanian government are not interested in this farm out.

Over two years and still not signed.

A complete joke.

Anyway all have a good weekend.

Although solo do not have a farmee to pay for the drill etc.

We do not owe millions in loans.

Without the farm out our assets are actually worth more than theirs.

Why isn’t our mc at least the same?

Over at Uk based oil and gas exploration co they have a tenth of our potential assets and are worth more than 40 million pounds.

We were worth more than that when news broke in 2014 on the reef update.

Certainly defies logic here.

Hoping for big rerate one day.

Afternoon Chris.

If a complete sale is lined up I would expect 50 million at least.

Although they would probably have to settle for half of that given the current market conditions and the lack of any progress by the Tanzanian government.

Yes on a continental scale.

I know they are waiting on the farm out, but the fact is they have done nothing that even warrants them being in charge of the company let alone earning a living from it.

Thinks would have been so much different if gas prices had held up and there had been no COVID.

Maybe the transformational deal would have gone through.

It still is not a good enough excuse for the board to not realised another even small deal to at least generate income. I thought there were rules that say if a company does not actually do anything they can be delisted. Hope it will not come to that. Seems to me someone needs a kick up the backside and a grilling. Unfortunately due to the virus it will probably have to wait at least another year.

At least the sp is moving in the right direction.

Very.

And at quite a premium to the current price.

A leak of imminent news maybe.

It’s been imminent for years on here since the nr days so not banking on anything tomorrow.

Evening Chris.

I’m not saying our board are not competent.

We just seem to be in the right asset but the wrong country.

News maybe tomorrow or even this month would be great.

Only eight months until the Ruvuma licence will need renewing. We all know how long it took last time. Why only give a years extention and not sign off the farm out straight away.

Just worries me that they will never sign the thing hoping we will all walk away so that they can keep it all for themselves.

The board can blame the lack of progress in Tanzanier up to a point, it’s what they are or are not doing that is very worrying.

I shall have a cold bottle of strawberry and lime cider later.

Have a good evening.

Very quiet here.

Ten months since the aborted acquisition which took at least six months to put together.

The board have achieved nothing in over two years.

The Ruvuma delay is becoming a joke.

We have been waiting months if not years for it to complete.

So have the board.

Why can’t they come up with some deal to generate income and shareholder value.

They were very good at all the hype when the deal subsequently aborted took place.

IMO it is getting to the stage that the strategy they promised is just not happening.

What have they all been doing since March when the deal fell through.

They had access to 30 million euros at the time which was not needed.

I assume they still have access to funds to make an acquisition but have failed miserably to come up with anything.

Many on here have trusted the board on their strategy which was first announced nearly 18 months ago. I wonder how many still do.

It seems they are just waiting to get out of Ruvuma. However, waiting is not growing the company.

The company needs income not endless waiting and promises that cannot be kept.

Helium one also seems in danger of being another asset write down if something doesn’t happen soon.

I consider myself one of many very unhappy shareholders.

Another week gone.

I trust our board have been working flat out to achieve shareholder value.

Have a good weekend everyone.

At least tomatoes are going well

Only about another 200 left to ripen.

News next week then.

Complete lack of anything from our board.

Aborted deal announced ten months ago.

Just what are they up to.

I know things are difficult at the moment but nothing has basically happened in the two years since nr retired.

The accounts cannot exactly be difficult to announce.

They are probably waiting until the end of September as allowed.

The aminex farm out if it eventually happens will need a licence extention before further drilling starts at the rate of progress.

Not at all impressed with the new board.

Mid cap within three years.

We currently have two assets that derive no income.

So much for strategy.

Wish him well.

Seems he did more than the new lot put together.

Without the two assets he acquired we would be a dormant shell.

Some news soon would be appreciated.

They did say that they would be completed by 31st July, although companies house have extended to 30th September. So not really sure.

Checked on nxt projects. I can find no evidence that any have commenced construction.

It must have something to do with the monies owed to and from the Tanzanian gas company.

If this is the case why don’t they just write the thing off. They could probably make that in a week or two at 140 mcf a day.

IMO solo will be long out of this before any production.

It’s whether the extra costs involved will be reflected in any future sale of our 25%.

Seems like spending thousands on a house before selling and then not even recouping the money spent when eventually sold.

If spending a few million generates an extra 30 million then I’m all for it.

There will of course be more delays with licences etc to be renewed.

It’s whether the extra costs involved and maybe years more delay outweigh the option of take the money as soon as possible and get out of this mess.

Evening Chris.

Very frustrating the lack of any progress by the board.

As I said earlier we only have nine months until the licence extention expires and the farm out isn’t even finalised yet. Seems the Tanzanian government are holding things up completely.

Probably the same regarding helium one ipo etc.

I’m hoping that once farm out is completed solo already have a buyer for all or nearly all of our stake for at least 50 million dollars. I’m probably being over optimistic but the thought of years of waiting for income from Ruvuma makes it more likely that the board will take the money if the amount is good for the company any its long suffering shareholders.

Have a good weekend.

Seems they got fed up with waiting for anything to happen.

We know that feeling here.

Makes you wonder how much longer our large expensive board will all hang on given the total lack of any shareholder value being generated by them.

Afternoon Chris.

Very quiet on here.

Some news on anything would be good.

Perhaps our board should get into the concrete pole business.

They are still keeping too quiet at the moment.

Accounts due soon should make for bedtime reading zzzzzzzzzzzzzzzzzzzzzzz.

Have a good day.