Member Info for TarryBreeks

"I can't see the C1 spud coming before May 2019" - Crusty

You may be right - I think it all depends on which rig we will use and where it is. I've been wondering for a while about Caroil-6; here is a conspiracy theory for you - I wonder what it would take to upgrade the rig to the standard we need and whether this may have been happening all this time. It's in Ruvuma already (or so I believe - it's not listed on their website) and while we've had some issues with it in the past with a re-fit and the right crew I wonder if it might just be up to the job. Incidentally Caroil-2 is also in Tanzania (http://www.caroil.fr/en/operation).

I suppose we'll find out one way or another.

"Will it be drip, drip, drip or all come at once?" - cperkin IMO we'll see the Mtwara licence extension alongside the EGM circular. That will allow the vote to go ahead and farm out ratified. I suspect Zubair Corporation want the development license and the Tanzanian Government want CH1 results before a development license & pipeline construction. Bit of a catch 22. If pushed I suspect we'll drill CH1 before the development license. However; it costs the Zubair Corporation little to hold off and wait for domestic gas demand to force the government's hand. In that scenario it's only Aminex shareholders who lose because there will be little left in the Aminex piggy bank to keep the lights on and directors paid. Best case is we get both licences this week and discover the rig is already on site and ready to spud (albeit unlikely IMO).

We'll call me old fashioned Tanzania but I believe people should be rewarded for results. After all, each and every one of us PIs have to wait so why not the BOD? We are literally running on fumes and if this goes on for another 6 months there may very well need to be a fundraise which will dilute us all ... perhaps the Zubair Corporation will step in and offer another $5m for the remaining 25%? If we had an income to offset the overheads fine, but we don't: we have no idea when Kiliwani will begin producing again and no idea when the farm out might conclude where we get some pocket money to keep the lights on until EPS which we have no idea when that is likely to happen. And despite glossy presentations I no longer hold any faith in management projections of timescales. We "expect" an EGM circular this week, as we did last week and for many previous weeks. All that will do is set a date for the EGM for us to vote on a farm out, one we all accept is probably the only option. Most would have voted it through back in July after the binding agreement was signed. Despite such a spectacular deal for the Zubair Corporation we, Aminex shareholders, cannot rarify the farm out because we need the license extension. Why do we need the license extension? Because the Zubair Corporation want PIs to shoulder all the risk and hand them Ruvuma on a silver platter.

"My grandfather would ashamed to have one his kin behave like such wimp. Grow a back bone and stop bleating like and washer woman." - Drewky I see. Your response is a person attack laced with casual misogyny "bleating like and washer woman". Please try to keep your comments civil: avoiding personal attacks and misogyny. Unfortunately the truth hurts: Bhattacherjee is responsible for where we currently and patience has been worn out. Perhaps I'd be more patient if he wasn't paying himself so handsomely out of ever dwindling shareholder funds. You talk about posters on here somehow driving down sentiment thereby "stealing from your pocket". Well Bhattacherjee is literally driving down sentiment with missed deadlines/delays and taking £1500/day from our pockets. With a CH1 spud now looking likely in May we should all be angry.

Oh Drewky, thanks for the thought but I think that accolade must surely go to Jay Bhattacherjee. My grumbling at Bhattacherjee's remuneration on a BB is nothing compared to the erosion of confidence, market capitalisation and financial well-being from 7.5p (while we were drilling and producing) all the way down to 1.8p (with little cash, no production and no spud date or license for CH1) - orchestrated by our own hapless CEO. Should we expect an update this week? Next week? It's a mystery / carrot on a stick. Hopefully we'll get a license soon and someone competent at ARA can take over.

It certainly has been "muted" Drewky; in fact getting any sensible, reliable, tangible information from our illustrious leader is like obtaining blood from a stone.

$40m is from a 7 well FFD Drewky, it's taken 2 years between our 'back-to-back' NT2 & NT3/CH1 drills during which time the Mtwara licence expired, Kiliwani North ceased production, the BOD awarded themselves two payrises and we farmed out 50% of Ruvuma for $5m and up to $35m carry. The Management team can't even give us a reliable date for an EGM circular so the upside to this investment is all geology and thankfully so. The farm out is so important because our hapless BOD will no longer be calling the shots or making any decisions. Which again raises the question of why they are being paid so much?

Only 80.6bn is pending development BG and it's the pending part that's the problem. We need it to be under development; and when is that going to start. May 2019? And again, yes the geology is the attractive part of this investment - not the management team.

Bhattacherjee IS overpaid receiving £1500/day in remuneration. - We are generating ZERO income at the moment - We haven't generated any income for a year - A high salary engenders little motivation for expediency, as demonstrated by the 2 year hiatus between NT2 spud and now. - Bhattacherjee over promises and under delivers as demonstrated by nearly every deadline he has set including the spud of NT2 which itself was late. - Aminex are only unable to achieve the FDP ourselves because of the total mess they made of KN1 and NT2. No income left us extremely vulnerable and the Zubair Corporation took advantage. FFD was to be self funding as stated at many previous AGMs. - Remediation was supposed to have started at Kiliwani months ago - no news, no updates. - As part of Bhattacherjee's responsibilities he is tasked to protect/enhance the company's value yet all LTHs have seen their investment fall significantly since this 'transformational' deal was announced which itself came at the end of a much longer and sustained fall since NT2 results. Results which should have been much better but flow rates were constrained because the well was compromised by heavy mud. Shareholders have been backed kept in the dark and left waiting for years, maneuvered into a corner, mugged and given another dose of radio silence punctuated by occasional vacuous statements from Bhattacherjee. Geology is the reason many are still here; not because of the management team but in spite of them. All IMO of course :)

Thanks cperkin, I've got my haggis neeps & tatties lined up for dinner later ... followed by a deep fried mars bar ... (just kidding).

Wha cares if skies be dull an' gray?
Wha heeds November's weather?
Let ilka Scot be glad the-day
The whole wide warl' thegither.

Alba Gu Bráth :)

I quite agree John and have been saying so for a long time (as many will testify). The idea that Bhattacherjee can command £7500/week in remuneration, and none of it linked to the performance of the company, is scandalous.

If he had ANY integrity he would have postponed his self-awarded pay rise and taken options as aspirational vesting points. Instead his snout is in the trough.

Actions speak louder that words.

It wouldn't surprise me mj152.

exactly gaslady.

Max - this is an extension, to the end November extension (reiterated in the last RNS), to an extension (expected November) to the extension (expected September).

Kicking the can down the road: the BOD had zero option to do anything other than let us know and a tweet is the very very least they should be doing. We should have received an email from their mailing list explaining in more detail what is going on.

Anyone wondering who might gain by all these delays, despite the farm out being framed as a way of accelerating progress, if the spud is on May 1st Bhattacherjee will have paid himself £225,000 between now and then. And since we're not producing, despite what the website says, that comes out of our metre savings. Better hope the TPDC do drop their claim or there will be nothing happening at all until CH1. Just remember, we're all in it together guys.

I've never doubted Bhattacherjee for a second ..... I've always doubted him. I EXPECT a Mtwara licence alongside a circular next week with enough notice that it's practical to get to an EGM in person yet not so poorly timeed that it's impossible to attend due to other commitments in the festive period. What are the chances now?

"Putting the finishing touches to the paperwork and EXPECT circular publication next week." Well it's not like they've had much time to put this together is it? So, next week ... maybe. That should make it more difficult for everyone to make it to the EGM holding it just before Christmas, all party of the plan I'm sure.

Aye well, I'll share a bottle with you when we get to 10p :)

How do I count the number of drama I have? You must not go drinking with a Scotsman very often dotcom: we don't count them, especially with a whisky of that pedigree! .. well ... unless we're paying ;)

Santastic is fine; satanic on the other hand ... not so much.