Member Info for steve58

We're actually date stamped June so not late.

The cost to Zubars are probably covered so if solo sell out to them they could probably offer more.

The only problem is they already own 50% and solo may have difficulty raising the money for drilling costs.

Never been happy with the operator so maybe nr has a plan b hopefully a mega rich company that make a very good offer for our share if not all of it.

Limestone business sold to difficult market conditions although royalty on blocks sold.

About £200000 in bank with hopefully more to follow.

New investment made in nxt a innovative building company.

For more details go to the Leed Resources website.

Hope things are working out at last.

Nr retiring makes me think that he would like his retirement pot sooner than later.

I would presume Ruvuma being the most valuable ( once licence etc is sorted) will be sold.

A distribution made to shareholders and any a available monies available used for horse hill and helium one, both of which could be worth many hundreds of millions to solo. The sale or monetisation of one or both of these following when proved commercial.

Looking forward to flow test results at horse hill over the coming months.

For aminex shareholders.

Solid definitely have the best strategy and way forward.

Although dividends proposed from sale proceeds of assets.

None can be paid until deficit on reserves is cleared.

Should be easily done if 100 million plus proceeds are received.

Looking forward to the future and some return on my investment here.

Hoping sp goes up today. It does have a lot of catching up to do.

Could be that they are controlled by a single investor.

I wonder who the outside director to be appointed is.

Maybe one of the three.

All sounds good to me.

Nr retiring although still available as a consultant.

Keeping his shares so very committed to seeing Ruvuma and other assets through to monetisation.

A substantial proportion of any sale proceeds of investments to be returned to shareholders.

A very well worded Rns. Hopefully a positive effect in sp as shareholders now know strategy and future plans for company.

Thanks again to the three shareholders for their time and effort which I think has at last had a very positive response by the company.

I think nr is doing the right thing. He will still be there for his technical knowledge etc which is what he is best at.

Although we have moaned about him, we should all really thank him for his past efforts which we may not have agreed and look forward to the near future of the company.

Thanks.

The word stinks comes to mind but I will refrain from further comment.

Try telling that to aminex and solo shareholders.

The only ones that it is transformational all is the Zubas.

I can’t see it being voted through by the shareholders.

They may as well wait for the licence and sell the lot to the Zubas for a much higher figure.

Not really helping solo. I get the impression that nr and solo knew very little about the farm out until the Rns was released. Very convenient for the aminex agm.

Is past retirement age as far as I know.

Maybe the Zubas want a younger man in charge. JB maybe.

Something not right about aminex IMO. Their sp did the talking today.

IMO aminex have been taken for a ride by their farm out investor.
They have got 50% of a multi billion value asset for a pittance.

I reckon their next move will be a takeover of the rest of aminex they do not already own.

Where does that leave solo. We either find the money for our share of the cost or try to farm out or better still sell out.
However if the Zubas already owned 75% of Ruvuma we could find it very difficult.

Maybe nr has the right connections elsewhere for maybe a third party major oil/ gas company could just buy out aminex while the price is so low. Solo could then do a deal for a farm out or sale to them for a much higher price.

Aminex falling.

Imo they farmed out too cheap.

Solo have the advantage that they have waited.

Farm out free carry for say 12.5%.

Keep the lot and pay our share of drilling costs
(Could be by way of a percentage of gas income until repaid.

Sell the whole thing to the highest bidder once licence etc obtained.

IMO they will take the last option.

Interesting months ahead.

What is our share worth with production licence in place?

I would think 500 bcf of gas is quite a sizeable sum.

Oil equivalent not priced the same.

Our share about $200000 a week about £7m a year.

So minimum 40mcf a day. So about $30,000 a day x 350 = $10.5 m or £8 m a year.

To obtain this revenue our expenditure is probably more than this figure alone. So at least a couple of years for any real return. IMO take a really good offer if it comes along maybe retaining 5% free carry if possible although would generate many millions over many years may not be worth it.

I’m sure nr used to work for bp.

Maybe he still has contacts there.

It could be that all solos costs are paid by zubairs and repaid from gas receipts.

Aminex do of course owe us a big favour. Wasn’t it our money that literally kept them in business.

Something not right here.

They know solo do not have the backing of a mega rich investment company.

I wouldn’t be surprised if they make a hostile bid for solo.

IMO with all the future income Ruvuma could generate £400 million minimum.

Looks like aminex have pulled a fast one here and left solo
high and dry.

If we can get 100 million plus take it imo.