Member Info for TarryBreeks

Any hope of a September EGM is all but gone. We need a minimum of 2 weeks notice for an EGM and unless one arrives today or Monday morning it's not going to happen in September.

Of course anyone who has held here for any length of time will know that Aminex do not stick to their own stated deadlines and unfortunately this raises the question that if the BOD cannot stick to a deadline on an EGM what hope do we have of any other deadlines being met:

EGM in September 2018 - tick tock
KN1 valve replacement "this quarter" - tick tock
KN1 remediation a vague "q4"
Farmout completion at end of November 2018
CH1 spud end 2018 / start of 2019

This is part of the reason that most of the BOD statements in Drewky's list attributed to Bhattercherjee need to be taken with a pinch of salt. NT3 was to be "back-to-back". Ruvuma was to be "self-funding". Kiliwani was to be a "simple fix".

Like everyone here, including Drewky, I want to see some progress. Why do we still not have an EGM date - the 'transformational' deal was announced in July - 2 months ago. We still don't have an EGM date and even once we do the farmout is not expected to be completed until the end of November. Even then we're not going to spud CH1 until the end of 2018.

ALL THE WHILE the sp drops week by week.

Where are all these 'happy institutions' that Bhattercherjee was talking about? Or was it only the Zubair Corporation he was talking about.

Well just keeping with the general trend of pub analogies.

Same bar and you walk in Drewky and the barman says there is still an issue with the keg. You are best friends with the barman so take his assurances it will be fixed at some point as gospel and you sit at the bar and wait.

A few people who have already been waiting for 20 months now, a few in-between and a few people who just arrive ask when it's going to be fixed, they're all thirsty and just want a pint.

In response to anyone asking for a pint, or an update or making any form of complain/criticism at the lack of information or progress you shout out at the top of your lungs all the things the barman has told that you've written down in your little notepad drowning out everyone even if they have a valid point.

Enjoy your Carling :)

OK Drewky - here's an analogy that might help clarify things:

You're down the pub and you order a pint. But the keg has run dry so the bartender goes off to change it.

TWENTY months later he comes back to tell you that he's not changed the keg yet although there might be a dribble left but unfortunately while he's been away the beer tap has now seized. So he says he'll fix that; although without any firm timescales.

Keg the beer tap is connected to is still empty though.

Has he started remediation of the problem?

My interpretation of Bhattercherjee's interview was that this was a zone that was missed - if you watch the interview on proactive he says as much. So perhaps it was a Freudian slip but he makes out that it wasn't a conscious decision not to perforate at the time but rather that everyone missed it in seismic, wireline logging and CPR?

Just a small pedantic point cperkin - English Law only applies in England, Wales and NI.

Scots Law is used in Scotland. English Law doesn't cover the whole UK ;)

Yes cperkin, Bhattacherjee was not with Aminex when KN1 was spudded in 2008 but he was when first production started in 2016 only 8 years later.

Bhattacherjee joined Aminex in 2013 and was with the company when the CPR was produced in 2015 which included Kiliwani North: http://www.proactiveinvestors.co.uk/companies/news/106735/aminex-and-solo-book-contingent-resources-for-kiliwani-and-ntorya-identifies-47-tcf-of-gas-in-ruvuma-106735.html

So this mystery zone was missed during the initial drill, the seismic analysis, the various investigations into pressure loss and the CPR?

Well this bit doesn't sound great:

“Natural resources should be exploited for the benefit Tanzanians. PPP arrangements should not be lopsided in investors’ favour,” - The chairman of Parliament’s Budget Committee chairman, Mr George Simbachawene

It's still not really remediation though is it cperkin? They're replacing a faulty value which was stuck because the well has been shut in and it was shut in because pressures fell below 1mmcfd. So actually replacing the valve isn't remediation - nor is monitoring the flow. Remediation is sticking something down the pipe to perforate a previously missed (how is this possible?!) gas bearing layer.

Did they not get enough data on the well and it's pressure issues for the entire period it was actually producing even down to the 1mmcfd to model the well? Is it really the case that we have to go back and test it all again?

Why was this not discussed 20 months ago, when, exactly, was this new layer 'discovered'. Why were we told at the AGM previous to last that they were sourcing a compressor?

It's all smoke and mirrors.

If remediation was as simple as replacing the valve then why wait 20 months to do it? Has our cash position improved in the intervening period? Or drastically reduced? Perhaps it's this bit: "Pending approvals, the Company will then proceed to perforate a lower untested and potentially gas bearing section of the reservoir system which is anticipated to occur during the fourth quarter with the intent to bring the well back to full time production." So actually all we can do is replace a valve without further permission. And therein lies the point. We're not remediating the well we're replacing a valve and taking a long time to do it apparently.

Ah yes, the headline Nyuni / Kiliwani merger. Explain again (or even just once) exactly how that will work and how Aminex shareholders will benefit and not be robbed again? How will the split work in our favour?? Also explain how is "Kiliwani remediation well underway"? I must have missed that RNS. Just for clarity replacing a valve is not remediation of the well. Malcy also said "Aminex remains in but under strict observation" didn't he, nothing like a selective quote is there? We're now 20months from the back-to-back drill that never happened with nothing but sp decline since. Where is the EGM date? Where is the news on simple valve replacement? Are we even allowed to do this? Why have the BOD awarded themselves increased salaries and not options? Bhattacherjee has made $300k so far this year from Aminex - how much have you earned?

Yes smudger anyone on here who is disgruntled/frustrated by the total lack of meaningful progress over the last 18 months is to blame for the current share price; as opposed to the people actually running the company and doing 'transformational' deals. Ultimately it's posts on a single BB that really affect the share price: not annual losses, lack of cashflow and interminable delays. November 2017 Kiliwani was producing < 1mmcfd and we only now in September 2018 replacing a 'faulty' valve? Not starting remediation of course, just the value. No no, none of that: what really affects the share price is just some posts on a bb.

Yes cperkin it's an important point. Since April 30th the sp has declined 35% and despite that, despite the farm out of 50% of Ruvuma for $40m, despite the cessation of income from Kiliwani the BOD still awarded themselves another pay rise this year. Still I wouldn't want to be boring or drone on about it; after all it's not like almost every LTH on here isn't looking at significant paper losses as it stands. I mean it's only PI money, our money, that we all worked really hard for making sacrifices and investing to expect some form of return. That's nothing compared to Omani money. And Bhattacherjee works so hard looking after all our interests right? He definitely has earned his $32,000/month ... right? Us PIs can just wait for jam tomorrow.

I agree Drewky, a constant share price decline since NT2 results with no updates in those 18 months that have had a positive affect on the shareprice. Bhattacherjee has made $300k so far this year from Aminex - how much have you earned?

Bhattacherjee has earned $317,250 so far (going on 2017 figures) this year from Aminex. In 2017, even with income from Kiliwani, Aminex made a loss of $2,278,000. However production at Kiliwani has stopped. It dropped below 1 mmcfd in November 2017 nearly 1 year ago. Share price is down 17% since the 'transformational' farm out was announced. Like it or not these are the facts.

In contrast Aminex are producing nothing .... apart from wage bills.

"Name one oil or gas asset that has progressed in the last year and half."

WRL - increasing production, regular payments now being made to them, extension of their development licence and delivery of gas to Kinyerezi 1 & 2 - you can take a look at their half year RNS released last month here: http://cws.huginonline.com/W/136496/PR/201808/2210966_5.html.

Currently in the process of being re-domiciled to London and they also have a Mozambique operation so their eggs are not all in one basket like ours.

There was a time when we on here looked scornfully at WRL and their operation - not any more. They do have some debt issues but are currently producing 87 mmscfd.

Mnazi Bay GSA has a contracted 130 mmscfd.

Only if we Captain Procrastination (Bhattacherjee) gets his finger or and gets us an EGM date so we can actually start drilling Drewky. Actually Bhattacherjee gets paid far more than a captain; a salary of a Rear Admiral and post farm-out the responsibility of a private. Nice 'work' if you can get it.

Nice rise, although it doesn't seem to be off the back of any news or significant trades (not that I can see anyway).

We're still significantly undervalued sub 2p IMO and it would be nice to be back around 2p before we get updates on Cobre, Care and Redmoor.

I thought you sold all your holdings in Aminex IrishMouse?

Interesting article here https://www.bbc.co.uk/news/world-australia-45468159: miners in Western Australia say they have discovered two huge gold-encrusted rocks (95kg & 63kg) that are each estimated to be worth millions of dollars.

Especially this bit - "The Beta Hunt mine had primarily been running as a nickel operation until last week's discovery."

Hope we didn't sell off our gold tenements too soon! ;)