Member Info for TarryBreeks

Good question Drewky, can the BOD provide some information on the other bids they received or the other avenues they explored? Of course names should be redacted but that would allay some doubts. Where is the transparency?

I would also point out that this is a public board and we should be able to express our views and scrutinise what we are told. All we have is Bhattacherjee's word that all avenues were explored, were they or was it just the Zubair Corporation cul de sac?

At the AGM (which I couldn't attend) it was posted on here that Brian Hall stated that the $40m was "pocket change" for the Zubair Corporation. Many here seem happy to accept pocket change for 50% of our prize asset and quite possibly the way things have been going our only asset because we won't be buying many more with $5m in the bank with no money from Kiliwani and any production at Ruvuma 12-18 months away by which time our license at Nyuni will have expired.

What else are we supposed to talk about in the 12-18 months until production - our favourite pizza?

I know for certain that many of your are unhappy at this deal which has not yet been concluded. We all took a risk in investing here but there seems to be a huge amount of trust placed on Bhattacherjee who at the last AGM told us we'd be producing at Ruvuma and it would be self funding.

If this really REALLY is the only deal in town then fair enough but all we have to go on is Bhattacherjee's word. The same Bhattacherjee who told us at the last AGM we'd drill NT3 back-to-back, the same Bhattacherjee who said Ruvuma would be self-funding. The same Bhattacherjee who told us that Kiliwani pressure issues would be resolved.

Yes I'm angry and disappointed and I don't understand why more people aren't.

And no Powerplay it's $12m per year net to Aminex from 2020 until then we have to survive on the $5m and the cash reserves we have. By then the Nyuni license will have expired.

The 'deal' only includes CH1, pipeline and seismic. How are we supposed to afford to pay for CH2?

Jay said he explored "all avenues", apparently no-one not a single other company was interested in farming into or buying out Aminex. None of the super majors who have license areas offshore. No-one other than the Zubair Corporation who have representatives on our BOD were willing to make an offer. The absolute best offer we had was $40m/£30m for 50% of 1.87TCF (which based on the offshore deal PTTEP paid for cove would be valued at ~£1bn). No, we should all just be grateful that Bhattacherjee managed to get this 'transformational' deal. And anyone who doesn't agree should just apparently shut up and keep quiet.

Haggis let's be serious for a second if we can't successfully drill an onshore well on our own what hope do we have with Nyuni where the costs will be astronomical. We haven't even been able to arrange seismic for Nyuni despite a four year extension to our license. We need to drill two wells at Nyuni before end 2019 or we lose the license. "Jay said in his LSE video that he already explored ALL avenues, which would have included all his industry contacts and those from previous farm-out talks years ago, and the best offer, possibly the only farm-out offer, was with ARA." Is it really possible that we had no other offers? That $40m for ~1TCF for an onshore development was the best/only offer? I mean PTTEP and Shell battled it out for Cove Energy and paid £1.2 billion for their 8.5% (~3TCF) of Rovuma OFFSHORE Area 1 in 2012 with no route to market and no (at that time) processing facilities or indeed local demand. We have been offered £30m for 1TCF of ONSHORE gas 30km from a gas processing plant in a country with demand set to imminently outstrip supply for the gas and no-one else was interested? No one? According to Bhattacherjee there wasn't any other companies prepared to offer more than the Zubair Corporation. Not a single one? Zero? NADA? Mmmm

Agreed IM. TPDC just want the well drilled competently. Imagine what the sp would do if there was a bidding war!!! Can't think $40m plus back costs and free carry would be too much of a stretch for a super major. ROLL UP ROLL UP!

LOL @Drewky no no gift wrap I don't think there would be many who would want to unwrap JB - clean shaven or not. Perhaps Mrs JB will make a bid?

Not done and dusted until voted on and approved at the EGM in September BG. What part of that process don't you understand? :) x

Actually not a bad idea IM people on eBay love a bargain. We can throw in free delivery and a malfunctioning chief executive.

Are you suggesting instead dotcom that it's someone ... down there that likes us?

Absolutely IM :) $40m for ~ 1TCF of onshore gas roll up roll up going for next to nothing get your gas here. If this does happen they'd better make it a public offer. Not that I don't trust JB but ... I don't trust JB.

Only done if voted through at the EGM Drewky. Just saying :)

" the biggest reason for our backs being against the wall in the deal was the kick in the teeth from Kiliwani." Does make you wonder why then the BOD didn't pull out all the stops to get our cash cow Kiliwani back into production. After all the real work at Ruvuma was performed by third parties (CPR, DEV Plan, Drilling) and we were aware of Kiliwani pressure issues for ~18 months. The farmout deal with ARA must be approved by shareholders at an EGM in September FrogsLegs and it cannot be voted on/for by ARA as they are an interested party. So it could be rejected and if so renegotiated or opened up to other bidders now the for sale sign has been put up and everyone knows what we're prepared to accept ($40m) for 50% of 1.87TCF in - an onshore gas development - 30km from the processing plant - just a stone's throw from all the big name supermajor offshore licenses. Nah, no-one else would be interested.

Hah, although it would financially hurt me in some respects I hope SOLO do exactly that cperkin; wouldn't that just set the cat amongst the pigeons! Solo with 37% and Aminex with 19%. Now THAT would be a transformational deal.

Was it a buy? LSE showing it as a sell.

You have to wonder if the BOD had run things better if we would have had our backs to the wall. The deal isn't great and I'm not even sure it's good but I suppose it should at least allow someone competent to take the reigns move Ruvuma to production. It does irk though that the very person lauding this deal and accepting praise from some quarters is the same person who made it necessary with poor planning, execution and management of our operations. It's very easy to blame TPDC but if you examine why they had lost confidence you come back to our BOD. Anyway water under the bridge now. We can hopefully look forward to a future as a minor partner in Tanzanias first onshore gas development once TPDC award ARA the development license.

It's a pity we can't invest in the Zubair Corporation, they seem to know how to run a company.

Namisange is listed here http://admin.aminex-plc.com/uploadfiles/Corporate%20Presentation.pdf from a presentation in February 2018 on page 11. Disappointing if it's now out of our reach because as you say Crusty this was the area that seemed most likely to contain oil (unless it's at CH1).

World's Biggest Miners Want More Copper But Nobody's Selling

https://www.bloomberg.com/news/articles/2018-07-16/the-world-s-biggest-miners-want-more-copper-but-nobody-s-selling

We'll sell you a copper mine mr Tinto - Leigh Creek is worth $174,300,000 based on 24,900 tonnes of copper at $7000/tonne but there's a bit of work to do on it so we'll do you a deal and let you have it for $100m ... what do you say?

;)

Thanks Crusty - not sure why they can't put that sort of information in a presentation? We're not all able to attend events in London and have a word with JB.

10-12% COS sounds very low, if you're going to do a job do it right the first time. Why can't we just re-enter the well and get it flowing again properly even if it's 50% lower than previous rates. We already have a connection to the processing plant and a GSA in place - surely it's a no brainer?!

I don't suppose there was any further detail at the AGM of the Nyuni license which is due to expire in October 2019?

Namisange - it's been a while since we heard anything about that prospect - it's not covered in the most recent AGM or investor presentations - is it still covered in the Mtwara license?

As QT says nothing new on here, seeing the presentation I'm not entirely sure what the fuss was about TBH.

Hopefully the BOD will stop slapping themselves on the back shortly and finally turn their attention to Kiliwani. If it's $250k to remediate then stop talking about it and DO IT that will help the sp more than a rehashed presentation seems to have done.

Makes you wonder what might have happened if the deal had been agreed a week earlier and released in full with all the relevant details at the AGM.

My stance is pro PI, if that makes me anti BOD on some issues so be it. Thank you for the updates, this information is very helpful. Makes you wonder why this information wasn't available at the AGM or posted on the website though. Poor communication, just as it was with the release of NT2 results and Kiliwani remediation. And for the whole of last year. This needs to change. Also even if the final deal came down to the wire I can't believe that everything was being negotiated down to the wire so why the lack of preparation? Good to hear the wage bill is to go down which was my primary concern. At $2m / year we would have burned through $3m before Jan 2020. Finally if it's only $220k to fix Kiliwani why are we still only talking about it. Get it sorted FFS!!!