Member Info for TarryBreeks

Why do we need to wait for the licence extension again? After all it's not like we're commanding market rates for the 50% of 1.87TCF. We're only getting $5m and $35m carry and zero premium for having the licence in place. So why do PIs need to take all the risk while Zubair Corporation laugh all the way to the bank?

If it's just the circular there's no reason that can't come on a Friday - however I suspect this will go down to the wire.

A case in point was the announcement of the farmout the day of the AGM. Pretty hopeless really - no-one had any time to prepare questions in relation to the farmout and those of us who would have travelled to the AGM had we known about the farmout were left out in the cold.

They could have tweeted Mather - the problem is with all this silence is that it creates a feeling that the BOD are incompetent. A quick tweet to say "we've replaced the valve now waiting signoff for the rest of the work" would have been great. Unfortunately they didn't do that. So who knows whether it's been replaced or not?

Nothing like a bit of suspense to get the pulse racing eh? 5 weeks to go until the end of November and the EGM will need a statutory minimum 2 weeks notice so that leaves 3 weeks. I hope the farmout is progressing faster than the valve change which for a few days has now taken 2 months.

So 20 months on from Notrya 2 everything seems to be coming down to the very last minute - Aminex style.

I'm sure by now Bhattacherjee is furiously twiddling his thumbs and, as ever, doing some extra special daydreaming.

At the risk of joining cperking and Drewky on the rampers list: Tick tock.

These prices are a bargain dotcom! * * If you have funds to top up ;)

Hope so BG, the constant sp decline is wearing thin - if we had the farm-out ratified and kiliwani producing again I would hope that anything sub 2p would be a distant memory instead of a waking nightmare.

I'd prefer if they were paying 4p ;)

Well we didn't have to wait too long to be back down at 1.50 fjones40.

Thankfully we have a fully engaged BOD eager to provide updates and feedback on progress - keep us informed of developments at Kiliwani/Ruvuma and to ensure our cash reserves are kept buoyant by forgoing their self awarded pay rises. Oh no wait sorry, we've got none of that.

Mmm, free food and drinks - I ruled out the trip from Glasgow due to the distance but maybe next time :) Thanks for sharing Miaco!

Perhaps they are meeting to discuss how to deal with Aminex missing its own deadline? Or maybe they are questioning why the farmout is contingent on the licence in the first place? Or maybe they have an offer from another party to buy them out. Or perhaps it's nothing to do with Ruvuma at all. Could be anything really; probably best not to speculate :)

Who bought the drinks? ;)

"Chris there no way with the 30th November deadline this will go back to those levels but I did say it would dribble back and this is a strong base price me thinking and can`t even see it going below 1.50 but in the stock market it a funny old game trying to figure out investors GLA !!!"

Looks like we won't have to wait long to find out fjones.

As I said Drewky I accept the government hold the cards here. We appear to have been pushed into accepting the farm-out deal by the government by strangling our only source of income at Kiliwani and the farmout deal was lowball IMO. Given it was done without the licence it represents a risk to Zubair (albeit small given most expect the licence to be a formality).

Post-licence we become much more valuable. So who does the binding agreement suit? Not PIs that's for sure because our sp has been decimated while we wait. IMO the binding element mainly suits Zubair Corporation. If agree the farmout and get the (derisory IMO) $5m cash earlier it may have been more palatable as we could at least have looked for an opportunity, any opportunity, outside Tanzania so we are not entirely dependent on the machinations of the Tanzanian Government. It seems that we hold zero cards and our BOD appear paralysed an unable to leverage any influence even over Kiliwani where we already hold a licence!?!

As I stated earlier - if we were pushed into the farm-out by the Tanzanian Government, which seems likely, and the Zubair Corporation have as much clout as is often stated then the licence should just be a formality. Why then are PI's taking all the risk and delay waiting for the licence? Zubair Corp has no shareholders so agreeing the farmout and getting exclusivity should be worth settling now shouldn't it? After all we were told $40m was "pocket change" for Zubair Corp so $5m would be a mere rounding error - why can't our CEO push for an early conclusion to the deal?

Well leaving it all to the last minute is hardly imbuing us all with confidence is it? If the Zubair Corporation influence is as stated then why do we have to wait for the licence? It's just a formality right? Why not hold the EGM in September as originally planned? The EGM, license and farmout are not in any way shape or form weather dependent: only the drill is and we're unlikely to drill until the other items are concluded. We have no control over the licence but the EGM and farmout conclusion are just a formality right? Why not just conclude now? Why do we have to wait for the licence first?

So in that basis cperkin why provide a date at all? Also what has this got to do with Kiliwani, why are we still waiting to hear about that valve replacement? Has Tanzanian Government confidence in Aminex fallen to a point where we are not even allowed to reperf an existing well?

I'm still not sure what your point is blackgold? What does the licence award, EGM and farmout conclusion have to do with the dry season? Are you suggesting that somehow these are weather dependent?

It's not just little old Aminex though is it Drewky, it's the Zubair Corporation who I recall were heralded as being hugely influential. Indeed was that influence not one of the very reasons for the farmout? Also I seem to recall demand would outstrip supply in Tanzania very soon by some of the links you very kindly posted? Finally did the BOD not champion Ruvuma as being of "national importance", strange then that it hasn't been fast tracked as you would expect a resource of national importance in a time where supply is not keeping up with demand don't you think?

Binding agreement was with TPDC cperkin and would, I imagine, be contingent on the licence as we both pointed out earlier.

Well interesting Drewky so if that's the case then why did the BOD announce a date for completion of the farm out? You have spoken many times of people posting reservations about the BOD 'stealing from your pocket'. I'm not saying the deadline will be missed but if it is the sp will very likely plummet and it will be the BOD you so valiantly snd vehemently defend who have stolen from your pocket. It's the BOD who have set the date and I hope it's stuck to or we will all lose. Perhaps it's the long game all along: miss the date, sp tanks and Zubair Corporation 'save the day' by offering us 1p per share to take us private. Let's hope that doesn't come to pass.

... and November 30th 2017 was a month away from the start of the 2017 dry season. Not sure what your point is though. If everything now hinges on the Tanzanian Government then where did the November 30th deadline come from? Was it, as I suggested, a far future date that seemed like far away enough that it may come true? I hope it was based on something more than that. Still no word on Kiliwani either, which is entirely separate from Ruvuma ... or is supposed to be at any rate. This special relationship we are supposed to have with the Tanzanian Government is starting to feel unrequited.