Member Info for steve58

Shares in lieu of fees
IMO more dilution.

Evening Chris.

What I forgot to say is gas prices held up and the virus never happened.

Would have been interesting if it had gone through with everything as it was last October.

30p.

Only £200 million mc.

I’m sure if the aborted deal would have gone through we would have been half way there by now.

Seem to remember about three years ago shareholders stood up against the then board and stopped the company investing more in helium one and new deals until ruvuma monetised.

Strange how little has changed in that time.

Seem to remember about three years ago shareholders stood up against the then board and stopped the company investing more in helium one and new deals until ruvuma monetised.

Strange how little has changed in that time.

Certainly worth waiting for.

Shareholders should vote as they see fit.

Imo the board have done plenty of talking and made promises
That at the moment look very difficult to keep.

They have done one deal subsequently aborted sold off old assets.

That about sums up the last eighteen months.

If anything shareholders should be awarded extra shares for their patience.

Not at all impressed and very disappointed with the complete lack of progress on any front.

So if farmout completed. Have they enough time to complete drilling I think not.

Even if it drops tomorrow still only about nine months until licence expires.

If it took over two years to get the last extension things could once again come to a standstill.

Whether we farm out sell all of it will depend on how soon things move and of course the amount of any offer that should be made.

Hopefully the stats speak for themselves and there is little or no chance of a duster.

I wonder what nr thinks of all this. I assume he has retired but still has his shares.

He certainly did a better communications job than the new ones.

Should change once farm out completed.

Article in Tanzanier citizen Oct 2019.

96 wells drilled.

52 dry of which 43 were onshore and 9 offshore.

Doesn’t seem to bode well for future drilling.

Rns tomorrow please to sort this mess out once and for good.

IMO the two week long stop sounds rather final to me.

Either farm out happens by this date or the whole thing collapses.

Let’s hope for the first one.

Left it late.

Strange date for long stop.

Must be imminent or maybe their patience runs out then

The time in tanzanier is two hours ahead of us.

So the minister that signs off the papers should now be up.

Say 20 minutes for breakfast.

So about 10 am our time then.

We have to try to put a brave face on things.

Morning Chris.

Half way through the year and still nothing positive here on all fronts.

I know in the nr days there was loans dilution etc but at least he did buy assets some good some bad. Hopefully a couple are worth a lot of money.

The new board came over very well lots of talking and promises but have really delivered nothing in nearly 2 years.

Very disappointed myself.

Have a good day anyway.

Still no news from operator.

Maybe someone should contact them and remind them of today’s date.

Afternoon Chris.

I think the 5 million facility is to hold the asset until sale.

Not enough to see us through to production.

Appraisal may be but I think we just want out ASAP for the highest possible price.

Longstop again tomorrow is it really over 2 years since farmout was announced.

I thought they were already doing that by charging fees from elsewhere.

I hope that we sell ruvuma for a good price and get out of this farcical situation as soon as possible.

The board may think the extra cost involved drilling etc would generate much higher sales proceeds.

1.3p is hardly going to make a difference to most shareholders.

Mid cap producer within 3 years.

Seems we are being given excuses as usual.

The new board have had nearly 2 years since nr left.

Imo they have achieved basically nothing and spent millions in the process.

All fine thank you.

The chittering project is circa $500 million aus so big money involved.

I find it very difficult to find any information as to whether any of the projects have been started but assume so.

Accounts due by end of July so expecting further update soon.

ATB

Steve

Doesn’t impress me one little bit.

Sounds like old habits die hard borrowing facility more dilution.

I thought those days were over when the last facility was ended.

Money being used for general working purposes.

They are even giving all the board large share options for doing what.

Mr Fitzpatrick seems to be laying low.

Strategy seems confusing.

They mention the barrels per day they were expecting within their timeframe and yet no forecast as to amount expected in the future.

Morning chris.

Being furloughed you lose all track of what day it is.

I do hope the board can come up with something.

Their so called strategy seems dead in the water at the moment.

Have a good day.

Fees for aborted deal and salaries.

Great strategy if you are a director.

Long stop expires tomorrow.

Will be about the 4th extension.

What a farce this is becoming.

Not sure if they are taking their remuneration in shares.

Whatever shareholders are not getting value for money.

More news tomorrow then.