Member Info for steve58

You too chris.

Just getting a bit peeved at the complete lack of progress here.

Helium seems to have disappeared of the radar as well.

Let's hope next week brings better news here.

Looks like another dreadful week here.

I honestly can't see this farm out happening.

We have waited two years already.

Definitely a bad investment here.

The board do not seem to have much of a clue as to what their strategy is.

Pushing ten months since aborted deal and they have achieved precisely nothing since.

Plenty of talking and promises made all those months ago but complete silence since.

You can only blame the virus on so much but the fact that they cannot come up with even a small deal is very concerning

Ideally the farm out will happen ruvuma will be sold and maybe some shareholder value will be restored.

31st July.

I note they are hopeful to complete the farm out by the end of the month.

Rns announcements every two weeks until granted.

Something to look forward to I suppose.

Not sure if solo will respond.

News tomorrow then.

Could they make that 10p 20p 30p.

Now that would tell shareholders that they really mean business.

3p equates to half what our mc was eight years ago.

Hardly gives us much confidence when the board were saying mid cap within three years.

So basically money for old rope.

If I wrote what I wanted to I'd get banned.

Looks as if he has doubled his holding to 6%.

Correct me if I'm wrong.

Show of confidence or has he taken up his options?

IMO a complete waste of time and money.

The licence was extended after more than two years waiting.

The farm out saga has been over two years.

It has been ten years since the first drill.

Maybe Tullow did the right thing all those years ago.

The gas is there it’s as if the Tanzanian government are telling us they don’t want it.

Another farm out extention today it seems.

A complete farce imo.

I think meant either or both.

All in all a very difficult decision for the board.

Probably sell before drilling anyway.

Agreed.

I still think the best option is get our money and out of Tanzanier as soon as possible.

I myself am not prepared to wait many years for any income from this farcical situation.

Even if farm out completed soon there will not be enough time to complete drilling so another licence extension will be required and so on.

Need more be said.

Get out and stay out.

Even the board have said the future is in Europe.

If for some reason the farm out doesn’t happen where would that leave solo.

We have our 25% in Ruvuma and about 8% in kn1.

Seems aminex lack of funds is holding up kn1.

We could pay them an amount to take over their stake about 50% I think and take control there.

As for our 25% stake in Ruvuma not sure if it would be worth much should Zubairs walk away and licence is relinquished.

I cannot believe the hold up in the farm out. The whole thing has looked dodgy to say the least from the start.

Let’s hope for everyone’s sake that it is sorted by 14th.

I think everything hinges on the farm out completion and ultimate sale of our Ruvuma stake.

If and when is anyone’s guess although rising sp is good to see our mc is still only 20% of what it was in the reef days.

Good morning Chris.

Maybe some answers to just what is or isn’t going on.

Thanks again and look forward to update later.

Looking more like a complete sale of Ruvuma sooner than later.

The only questions to be answered are how much is it worth and how much is someone willing to give us for it. Will be worth more after drilling but can the board wait much longer.

Good afternoon Chris.

At end of Rns seems they are keen on a complete sale.

Hope all goes well tomorrow.

Their answers to some of the questions should be interesting.

Nothing has happened for ages and nothing regarding other acquisitions they were in the final stages of acquiring.

Seem to recall we sold it for £1.

Seems we are now receiving a 1% royalty on any future production income.

Our board certainly drive a hard bargain.

To be honest they may as well kept it.

Seems all this was done before.

The board still do what they want to do.

Hope the farm out completes soon.

IMO we will sell it all.

Once again thank you both.

Morning Chris.

Not very impressed.

We have sold our stakes in horse hill etc.

Spent all the money on an aborted acquisition fees directors salaries.

IMO the board bit off more than they could chew anyway with the aborted deal.

Why couldn’t they have concentrated on smaller deals.

If we can get in excess of 100 million for Ruvuma they may as well sell and give it all to shareholders. The acquisition route seems as far away as ever.

If the Zubairs walk away then our problems would get worse.

The board cannot hide away and blame falling commodity prices and COVID 19 indefinitely.

Not too long now.

Worrying aspect is what if farmout not completed by 14th.

Could the Zubairs walk away and demand repayment of loans.

Would aminex revert to 75% but with no means to repay the loans.

As for solo our 25% could still be farmed out or sold although how the other 75% is dealt with could affect this.

Difficult one to call but the fact that the longstop date was only extended to 14th July makes it sound as if this will be the final extention to be agreed by aminex/Zubair partners.

The stake in a gas field in Mozambique sold in 2012 is still years from production.

Maybe it’s not as bad as it seems here.

Seems strategy still on track but subject to monetisation of Ruvuma.