Interesting28 Sep 2018 18:15
Well, an interesting day with mixed emotions. I, like many, have held shares with Aminex while the shares have fallen seemingly day after day since the highs of NT2 drillbit success. In retrospect I think any LTH would have sold at the highs of 7p and I suspect many regret not derisking at the time.
I am certain Tanzania is a complex place to do business and that a farm-out is in the best interests of shareholders and the future of Aminex. However I do have concerns at the value we have had to accept for the farm-out and the endless delays we have endured in respect to Kiliwani and the production, or lack thereof, which is our only source of income.
If everything hinges on TPDC approval a large part of me things we should simply pay whatever disputed amount they claim to grease the wheels and get the project moving. I find it extremely unsettling that the BOD have again chosen to award themselves pay rises as opposed to options which, if the future is as bright as stated, should have been a no-brainer for them.
On Kiliwani how is it possible that a month from the Bhattercherjee interview where he informed the market it would take a few days to replace a valve we are still waiting for news?
I have long held, and stated, that the BOD are paid too much for what the have delivered to date and todays information further cements my opinion.
Perhaps the Zubair Corporation could just pay the disputed Kiliwani revenues since $40m is just "pocket change" to them and it seems to be holding everything up? After all - they have no shareholders and I suspect few regulations that would potentially cause issues for Aminex to do so.
I can only hope that we will get an EGM date, a positive update from Kiliwani and a cast iron spud date for CH1 soon and we can leave this sorry mess behind us with the Zubair Corporation in control of Ruvuma as operators.
Good luck to all holders I hope we'll all be celebrating at Christmas instead of drowning our sorrows.
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