Member Info for TarryBreeks

To paraphrase Sir Eric Campbell Geddes: "Bhattacherjee, TPDC & Zubair Corporation shall squeeze the Private Investor lemons until the pips squeak". We're all squeaking, can you please stop squeezing!!

Voting no, as others have echoed, would be tantamount to throwing your investment down the drain. No offence but unless it's a protest vote you'de to have no brain to vote no IMO.

Well Drewky, as you know, we were told in September it would only take a few days to replace the valve. They did lock-in testing on the well before it was shut down. We know the current perforation has not intersected the main reservoir and that it's recharging very slowly. They've had 4 months - how much time do they need? I suspect this is just code for "were not allowed to do anything" so why not just say that: Aminex is pleased to announce that it has successfully carried out remediation work on the sub surface safety valve of its Kiliwani North-1 well and gathered associated pressure and fluid data. During this process, gas was observed at surface. We are awaiting government approval to start the reperforation process.

If they hadn't fixed the valve by now Drewky, 4 months after saying they would and it should only take a few days, I'd be extremely worried. If never being satisfied is simply expecting the BOD to stick to their own timescales then yes, fair enough I'm not. Info on Kiliwani remediation was in the circular so why not release them together why the subterfuge of no update on Friday then a vague update on Monday? Kiliwani has always been supremely important to keeping our head above water. I said that back in 2017 and have done ever since. That we are no further forward (replacing a valve is not remediation IMO) we've done plenty of analysis before on Kiliwani. Ultimately if this disputed payment is what has caused all these issues why didn't we simply pay it and move on. The damage we have experienced to the share price and our market capitalisation pales in significance to the disputed sum and we're now in a position we can't pay it anyway. The share price will only start to recover with the Mtwara licence, Farm out approval (all parties), Kiliwani production and CH1 spud and every single one of these events have been pushed back several times. You say wait for the analysis - well that's my point: where is it???

I think until we have a tangible update on Kiliwani with more detail on what has actually been done I don't think we can make assumptions the this update is what many have been 'screaming for' Drewky. Why was this update missing from the circular? Have they reperforated the well? What are the flow rates? What about the disputed payments? When might production resume? Ruvuma aside that is what we've been clamouring for and we still don't have it yet. Certainly an improvement on where we were on Friday but as with all Aminex RNS updates - light on details.

Remediation proper required reperf. Sounds like they have simply replaced the valve (which we were told would only take a few days back in September) drained some water and are doing some testing. As Highlandmatt says this does not fix the problem it simply returns is to the pre lock-in state. Flow rates had dropped sub 1mmcfd when the well was shut in so it would be useful to know if this had improved. I suspect if it had they would have said. Gas observed at surface could mean anything from flowing to one of the crew farting.

I think it's more likely that with well/mud integrity issues at NT2 and pressure issues at KN1 coupled with lack of finance/competence the Tanzanian Government wanted to force the farm out by stopping cashflow. And who can blame them? Much can be traced back to KN1; this extra layer that was missed and with it the regular income we should have been receiving all this time should have given us a much stronger financial position. At what point does 'bad luck', government delays, missed targets/horizons, well issues and high director remuneration just start to look like poor management? I used to think that Tullow had made a poor decision by pulling out at likonde. Not so sure any more.

Well, the rationale for a motion to reduce remuneration is somewhat irrelevant. It's the lack of cash and high salaries (for little progress) that's the issue. If we are to put a motion to the BOD it needs 3% of issued shares. I have 1m but I'll need around 40m for a resolution to pass. In all honesty I'm not sure I have the energy to rally the troops only to be ignored by the BOD (they won't vote for salary cuts) and ground down by many more months of waiting.

No news on Kiliwani though Drewky and no Mtwara license. If the Tanzanian Government were waiting for the farm out to be ratified before issuing it why didn't we hold it in September as planned? What progress has been made since the AGM in July? Zero as far as I can see. We don't even know of the valve has been replaced.

I think Bhattacherjee forced his own hand. I suspect the BOD have been waiting for the Mtwara licence extension all this time and having told the market several times that the circular/EGM had been pushed back they had no choice other than release the circular without the license or risk losing what little credibility they still had left. It is my belief that we may see the license extension before the Tanzanian Government recess on the 21st. I certainly hope that is the case anyway. I note there is a section in the circular which allows for additional motions to be added if a condition of 3% shareholder support is met. Would anyone support a motion to reduce director remuneration? ;)

I don't think we'll hear anything more from the BOD now until the EGM gaslady and even then it seems that ratification is needed before anything else might happen. Even then it's probably a year away before CH1 results. Wish I'd sold out in 2017. What a shambles.

Drewky - "Board has been given a reasonable assurance from the Ministry of Energy for Tanzania of a favourable outcome before completion of the Transaction"

Shareholders were given reasonable assurance from the BOD that the farm-out deal was binding, that we would have an EGM in September and then November. I hope the Ministry of Energy for Tanzania's reassurances are more reliable/honourable/trustworthy than our own BOD's.

Drewky - "Approval of the Ntorya Development Licence is neither a pre-condition for the Farm-Out Agreement nor is it necessary for the drilling of the Chikumbi-1 well"

So why have we had to wait for 6 months for an EGM to vote on it then Drewky? So Bhattacherjee could keep cashing his salary while we watch the sp decimated?

@seawolf - yes agreed - however if the license was going to be issued today it would warrant a separate RNS IMO.

We'll really need the Mtwara license extension before the Tanzanian Government recess on the 21st or we won't have it for the 4th.

So we now have a circular without the Mtwara license extension. If the extension is not approved and issued before the 21st of December then it begs the question why announce the EGM date?

Tanzanian Parliament is in recess from 21st to 7th so cannot approve the Farm-Out until the 7th at the earliest. Are we going to be asked to vote on the Farm-Out with no license?

Bhattacherjee really needs to get out in front of this - he has created an expectation of news and delayed it's release several times now.

Irrespective of the reason for that delay the expectation has been created and if it's not going to happen he needs to let us know now and know why.

No RNS listed on the London Stock Exchange website.

Yes BlackGold I do; not sure I see the joke though. Personally I don't find the way shareholders have been treated very funny; perhaps you could share the joke?

Well I hope we have an RNS tomorrow. If one does not arrive we deserve a full and frank explanation as to why not. Communication has always been an issue with Aminex and I am quite sure even the most staunch advocates of the current BODs tenure would agree with that. Will an RNS arrive in the nick of time or will it be another delay? We'll find out tomorrow. GLA

I know all too well of bad debt and unreasonable claims by clients - fortunately not a regular occurrence but it does happen. In this case we are the service provider and TPDC is the client - however TPDC also manage the regulatory environment and therein lies the problem.

While the claim may indeed appear spurious to us it has seemingly prevented any meaningful progress on any front and IF that has hindered remedial progress at Kiliwani ask yourself who has gained from this and should the BOD not have simply paid it and, having done so, been generating income all this time?

Finally I do not agree that it is discourteous to remind this board that we are paying Bhattacherjee extremely well out of our dwindling cash reserves. As I've said numerous times I will be more forgiving once we have a source of income but until that time the BOD are siphoning off shareholder funds at a time when we are unable to replenish them I reserve the right to politely remind everyone - if Bhattacherjee is embarrassed by this he could simply reduce his salary until we are cash acretive again :)

Drewky you are implying my misremembering of a figure is a lie, inferring intent. It wasn't and there wasn't. You say "I will still point out that a claim is not a debt and therefore we owe them nothing! It is therefore even in your own scenario incorrect until any claim is proven. It is merely a disputed sum. Until the matter is resolved which as said we understand now may well have been, then it remains that way, "just a claim"" Is the cash receivables owed to us by TPDC also not just a claim? Finally just the other day you put up a post asking people to be civil. You will note I do not make personal attacks against you or others on this BB. Can I ask for the same courtesy please.