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Glad I don't go drinking with you too Drewky any form of discussion would be drown out by you repeatedly shouting out 'the list' over and over.

$25 - $30 million in mid 2020's IF everything goes according to plan Drewky. Right now I'd settle for an EGM date. Either way the only person bouncing out of bed is Bhattacherjee probably tipped out by his bulging wallet.

I normally walk around without a shirt although thankfully it's nothing to do with Aminex or I would have no choice in the matter ;)

Humour and good nature will return once the shareprice stops falling and starts recovering HonestTom ... although I'm not too sure when that will happen.

Is anyone subscribed to the shareholder emails? This mornings RNS arrived at 15:53 and I though there had been another RNS ..... until I remembered this was Aminex and that new fangled things like Twitter are so complicated and scary that you can only use them a few times a year ;)

Sure enough, it's the RNS from this morning nearly 9 hours after it was released. Just as well it wasn't anything important :)

Asurite:

"While not a major ore of copper itself, the presence of azurite is a good surface indicator of the presence of weathered copper sulfide ores. It is usually found in association with the chemically very similar malachite, producing a striking color combination of deep blue and bright green that is strongly indicative of the presence of copper ores." - https://en.wikipedia.org/wiki/Azurite

It wouldn't surprise me if Bhattacherjee appoints himself joint CEO and Chairman and pays himself double ... oh wait he's already done that ... pays himself quadruple and gives himself a Kim Jong Un style set of titles.

You'll notice that the BOD didn't try and paint it as a positive though smudger to try and shore up the sp - another missed opportunity IMO.

You mean big Dave? Exiting stage left just as it hits the fan?

Glad you're feeling Triumphant again Mr T ;) Here is some more new to stoke the fires of SML enthusiasm - Nickel shortage pickle: https://uk.mobile.reuters.com/article/amp/idUKKBN1L01CW :)

If we continue with the perpetual decline what will the sp be when CH1 finally spuds?

The deal is binding and Ruvuma is now in the Zubair's pockets, can ARA not now at the very least nudge the TPDC to allow Kiliwani remediation to begin?

I am but a mere student of your adroit eloquence Prop ;)

I would agree with that 5p is my revised target which is very disappointing given the years I've been invested. I should have sold out at 7p, however we are where we are.

We may spike on CH1 and as you say Crusty if we hit oil or the lower targets add significantly to the GIIP then that 5p will be revised upwards. The real question now is WHEN will the CH1 drillbit start turning?

Hello hardnose, I would suggest that a lot of the risk is mitigated by this deal. AST will take over relations with TPDC and we are not required to find funding to cover the costs. There are, of course, always risks. If CH1 is a duster (extremely unlikely) that would be a huge issue and if a development license is not granted again this would be a huge issue - however I would suggest that it's unlikely that either of those will happen. The Zubair Corporation would not be spending even the $5m cash payment to Aminex if they didn't think a development license would be forthcoming.

The farm-out deal is binding subject to ratification by shareholders and I would very much doubt this will be voted down.

So I would suggest that most of the downside/risk is mitigated. It's possible that ARA/AST could take Aminex private but I think that's also unlikely as they can use shareholders funds to pay for drills and then come in and scoop up the prize (as they have with Ruvuma) with little risk to them and no back-costs to us and leave us a few crumbs.

So as I see it the risks are now quite low in comparison to 12 months ago, however the upside is now limited.

5.2p would value Aminex at £187m and we know that we're likely to be looking at $12m income per year from CH1, that is anticipated to rise towards FFD however you can see yourself that the annual income versus valuation even at 5.2p is high so you could either hold and hope we hit oil or that flow rates far exceed the minimum 40 scuffs, average down or cut your losses.

I'd prefer a champagne formation myself with the cork sitting around 10p :)

Well you might be right cperkin although I don't see why the Zubair Corporation would want to stretch out this phase. If they agreed the farm-out deal and they have no shareholders to answer to why would they want to wait until November before they officially start? The ratification must surely seem like a silly formality to them.

Kiliwani pressure issue is a total farce, we're being held up remediating the issues which makes us look incompetent yet it's TPDC who are holding things up and the Zubair Corporation, as you say, have not thrown any weight behind it so they can jointly manoeuvre us into a corner for the Ruvuma farm-out.

If Bhattacherjee really wanted to speed things up he could have agreed the farm-out deal weeks before the AGM and tacked on the vote then. After all what on earth has he been doing since they submitted the development plan in September 2017???? And it's not like the Zubair corporation are an unknown entity where discussions go down to the wire - they are sitting on both sides of the deal with 30% of Aminex shares and now post-deal 50% of Ruvuma.

So now we have to wait until September/November/December before before anything material happens; I suspect if we do spud in 2018, going on past performance, it will be at 11:59 on 31 December 2018.

In the mean-time it seems there is little that could lift or even hold the share price outside of Kiliwani and that does not seem forthcoming given we're now 18 months on from first detecting pressure issues.

Still Jay Bhattacherjee and his currently expanded BOD have given themselves large salary increases and Zubair Corporation now have 57.5% (50% directly and 30% of Aminex share) of 1.87TCF for $40m so it's not bad news for everyone.

"Jay has been given quite a lot of stick for this deal and I'm not convinced that's necessarily all appropriate and I think there's still value."

"Aminex are still considering looking at some other acquisitions in due course and probably away from Africa"

"They just haven't been given the benefit of the doubt" - I wonder why?

I'm quite sure the Zubair Corporation are feeling extremely pleased with themselves cperkin. Jay Bhattacherjee said so himself in several interviews.

The current situation seems to be that we are waiting for the TPDC to approve KN remediation which despite the disconnect appears to be contingent upon approval of the farm-out deal for Ruvuma which requires shareholder approval, this itself requires an EGM which needs a date set and announced which appears to be contingent on the annual report which seems to be contingent on ..... Jay Bhattacherjee.