Member Info for TarryBreeks

What an RNS following on from a cracking interview with PW! The great news just keeps rolling in.

I've just looked it up and the figure is US$5.97m of which $2.73m is estimated to be owed by us - you were close than me on the figures and I apologise for getting them wrong. I was sure the figure was close to $7m it isn't. Saying we owe them isn't a lie. Just because they owe us doesn't mean we don't also owe them. As for being resolved we have a tweet from TPDC to go on but no idea what that tweet means: cancelled or agreed by both parties. However all this distracts from the point that we should all be talking about CH1 spud or Kiliwani North flow rates or 5p parties again but we're not. We're talking about why we still have no idea when any of the aforementioned will happen or when we may get to vote on the farm out deal.

TPDC have a claim of ~$7m against us, it's not a "lie", look it up in our accounts. It cancels out any cash receivables owed to us. It's there in black and white Drewky. I forget the exact figure hence the ~. Also you will have to forgive me if I don't take your $12-24m on face value of it was mentioned at a meeting. Finally we really don't have any money ~$250k at the last count and no income either and I am not trying to "destroy value" nor could I. Value comes from assets and income not posts on a bb. Where is that RNS?

$40m starting from when Drewky? It's been 2 years since NT2 spud in December 2016. Are we talking 2020/21/22? When do you genuinely believe the EPS will be up and running? $12-24m on remediation of Kiliwani North? I don't remember seeing that can you point me to the source please? On KN1we've been discussing remediation on Kiliwani since 2017. When is that going to happen? (rhetorical) We also currently owe ~$7m to TPDC. Nothing other than a few outsourced reports and a non ratified agreement has been delivered since drilling results in 2017 and it's looking increasingly likely that the next drill will not take place until summer 2019. mañana mañana.

I would echo Crusty's hold position John, the idea of topping up / averaging down just now given it is now near impossible for anything to happen in Ruvuma until next summer is IMO foolhardy at best. I will wait until the farm out has been irrevocably agreed before buying any more shares in Aminex if at all. With this deal much of the upside is now gone for Ruvuma and with no cash to develop assets independently will Aminex ever be able to develop Nyuni and Kiliwani South?

Just watched the proactive interview, PW just loves to play it down doesn't he? Quietly confident. Really like the approach: under promise and over deliver. Many other listed companies could do with following that lead. Sounds like some really interesting developments coming our way over the next 6-8 weeks! Hopefully we can say a long awaited goodbye to sub 2p sp.

Why would ARA take us over killerwhale when they could just let us run out of cash then, as operator, subsume the remaining 25% of Ruvuma and the wider Mtwara license (if granted).

Don't worry Matt - I'll still complain we're paying Bhattacherjee too much ;)

"lol Tarry, I think we might get the first - KN-1 well before the second, in which case will the frequency of remuneration posts at least be halved please ;0)"

Well I can't promise anything cperkin it depends on the flow rate from KN1 but if we turn cash accretive I'll be more forgiving/patient :)

Drewky - "How do you stop your ears from bleeding?"

Stop sticking your fingers in them ;)

"@ Tarry - Jay has had to order a new ink pad to sign the document with his thumb print, the other one has been open so long in preparation that it dried out ;)" @cperkin - His thumb must have dried out from thumbing through the £1500/day he's taking from us ;) * * I actually now can't stop referencing his remuneration. It's an affliction. The only cure is KN1 remediation and CH1 spud.

Given Bhattacherjee's salary he felt he had to overcompensate by writing this RNS in sandscript but unfortunately he cannot find a word for delay in sandscript and this has caused a further delay.

Hope not BlackGold, that would be insider trading which is illegal if I remember correctly. FCA would take a dim view of market sensitive information being passed on by a CEO to a private investor.

They haven't said super duper yet Black Gold. As in: "We super duper expect the circular RNS next week: it's imminent." I hope this one, when it eventually arrives, is better worded than most Aminex RNS updates. After all, they have had a long time to get it right.

Where there is a will there is a way. Where there is Bhattacherjee there is a delay. Looking like a May spud unless the rig is already on/near the pad. Which as Crusty said will mean August results. So we'll finally have a definition of the Aminex back-to-back: 2 years. Nothing on Kiliwani either. The delay will certainly suit £1500/day Jay.

"is this being delayed so that the EGM is not held this year? it would suit all the parties involved i think." Except shareholders.

90% COS for the first target, COS is lower as the drill depth increases as you would expect. I've never heard of an exploration drill with 90% COS across multiple zones and depths. I suggest you do some research ;)

Apologies - got my Caroils mixed up - however the principle still stands: Caroil 2 is sitting idle right now (I presume) and has been since it was demobilised after NT2.

We have a 7 well drilling programme coming up and the rig is already in Ruvuma - again I don't know what's involved and whether it's even possible but could Caroil 2 have been upgraded with new modules/components/equipment or is it simply never going to be powerful enough for CH1.

Just trying to think outside the box and/or perhaps clutching at straws for some sort of progressive development before May 2019.

Yes I would agree Crusty - however just exploring the options available given the current state of play.

I don't know much about oil rigs but assume they are fairly modular - if Caroil-6 was available and could be hired/bought for a song presumably it would be feasible to have upgraded the rig (new top-drive etc) between the binding agreement with Zubair Corp in July and now? Perhaps that's over simplifying things and there is more to-it but is that a possibility?

Perhaps we won't drill the second target with CH1 Crusty. While I think it makes much more sense to drill both targets with CH1 in isolation of the license and farmout conditions it may make more sense to drill the first de-risked target with CH1 - get the development license and farmout agreed and pipeline underway on that basis and then target the Jurassic with CH2. Especially if the rig is essentially on-site and could still spud before being closed out before the weather window closes.