Member Info for TarryBreeks

I didn't say they blocked anything Drewky, if you read the thread Max suggested it was our very own JB who said they were blocked by TPDC at the AGM.

Unfortunately I wasn't at the AGM Max so my information on this is second hand and in many respects this is now all academic. However we were only informed of compression issues at the previous AGM and the BOD would have known about the pressure issues for several months previous to that - was KN not a priority for the BOD or TPDC.

On a general point even if it was TPDC who have blocked us from doing any remedial work at Kiliwani and have also blocked us from progressing any further with Ruvuma it's still wholly inappropriate for the BOD to consider such a significant salary increase.

By all means if everything goes to plan and we're all rolling in cash next year and we hit Drewky's 15p then fair enough they'll have earned it and I'll be singing their praises (although actually it will have been ARA who did all the work) but right now I think the BOD should take a long hard look at where we are and consider if their salary rise is appropriate. They think it is as they included it in the resolutions and it was duly passed however they could be sensitive to shareholder concerns and delay it's introduction.

JB's previous salary of £30k /month would hardly leave him on the breadline.

Well I can tell you what they didn't do PP they didn't drill back-to-back at Ruvuma or remediate the KN pressure issues.

You say they deserve every penny but ask yourself whether if someone more competent had been in charge whether we would have any of the funding issues we were facing in the first place. Ruvuma was supposed to be self-funding. Kiliwani was supposed to keep cashflow positive.

Personally I find it very interesting that no remediation work has taken place at Kiliwani despite the BOD saying that this was easy and potentially very cheap at the most recent AGM. So why not do this 12 months ago? Why all this talk of compressors if re-entry was cheap and easy. If we had then would we have been in the same dire situation with funding leaving us with no options?

The BOD do not deserve every penny and I find it difficult to understand your statement when the BOD salaries will be coming out of our extremely finite cash reserves until we start producing at Ruvuma which is now on a timescale we have no control over.

Last time I tried that Max my email went unanswered.

It's quite easy to dismiss a single shareholder.

I'm not suggesting we take to the streets or arm ourselves, just that a group of genuine shareholders take their concerns to the BOD.

I don't know about anyone else by a lot of my hopes for the future are tied up with Aminex and I'm now in the red. I don't earn anywhere near the £40K/month + that JB does.

It's very easy to make boardroom deals and talk about numbers if you only think in numbers and not hopes and dreams of those who helped get you to the point where you could make deals.

The big issue and my main gripe is the massive salary increase which I believe is entirely unwarranted/untimely given what the BOD have actually achieved even just since the last AGM. If they had any integrity they would hold off until we were producing something, anything. But no they've awarded themselves huge salary increases while selling off 50% of Ruvuma and leaving Kiliwani on life support.

As I write the sp has not even recovered to to the point BEFORE the 'transformational' deal was announced.

Even if the BOD don't have any control over either of those two things the DO have control over their pay awards and in spite of everything it feels like noses in the trough for everyone but PI's.

I'd also point out that many on here have waited patiently for 12 months since the last AGM so a shareholder action group is, in my opinion, hardly knee jerk.

I'd just point out that it's better to take action before it's too late.

Based on a $2m/year wage bill inaction is costing us ~$180,000 per month on wages and we have no source of income to cover that while KN remains on life support and CH1 is min 12 months away from production.

Not sure if this was posted here already, originally published on the 7th but Redmoor gets a mention: http://geographical.co.uk/uk/uk/item/2786-electric-dreams

I think in the first instance it's probably just useful to get an agreement on what actions we want the BOD to take and once agreed we would then look to get shareholdings from a wider group and take the proposals to the BOD.

For instance - at a minimum:

- Reduction in the wage bill / overheads
- Improved communication e.g. regular activity on Twitter

I've created a slack group here https://aminex.slack.com where discussion can take place between anyone who is keen to put pressure on the BOD for better communication and a rapid reduction in our wage bill.

You need to be invited to this slack channel and I will need email addresses to invite you. I'll think about the best way of getting email addresses over to me without having to expose them here on a public forum if people are interested in joining.

For now I think it's best if this group is limited to shareholders active on this board. This isn't about censorship but rather to ensure discussion is rational, that members have a good posting history on the LSE Aminex board (are genuine holders), and that proposed action is reasonable.

My intention is not to cause trouble or to undermine the shareprice, farmout deal or functioning of the company but as a investor I feel the BOD must consider the views of PI's which they only hear once a year at the AGM.

With Eclipse / ARA / Zubair Corp owning 30% and Majedie Asset Management owning 9.5% individual PI's are an irrelevance. Together however we can make our voices heard.

I would agree CP, I posted earlier about transparency being critical. Our BOD has been woeful at communicating with us up till now and we were operators. Now we're just a minor partner to a private company with no regulatory body to force statutory publication of figures other than what we're told we are more reliant on trusting the BOD who in turn must trust the Zubair Coporation.

I can just imagine the conversation now:

Jay "Sultan how are we doing for cash"
Sultan "Your $35m has been spent, we'll need more cash or more equity."
Jay "But sir we've not started producing yet and we've spent all our cash on wages."
Sultan "The drill was more expensive. We need cash or more equity"
Jay "OK sir"

One of the few things we now control is our own wage spend and it needs to be cut drastically and immediately preferably with some new blood which may help improve TPDC confidence in our ability to bring KN back online.

I get that you're positive about the deal Drewky. I am not so enthusiastic, as is my right, however I have at no point mocked you or called you or anyone else for that matter a fool.

The Zubair Corporation are certainly not fools they have not, as you say, made a business decision to spend $105m, they have stated the would carry costs *up to* that value. You yourself place a figure of $40m on what they have stated will cost $140m.

This deal requires trust in the BOD and I hope you appreciate that is in limited supply amongst some LTH's.

In many respects the farm out is a good move - it's good for Tanzania, for the BOD and great for the Zubair Corporation. For PI's at least we should at least see some progress because our own now expanded BOD have achieved little in the 12 months since the last AGM (the CPR and Development plan were outsourced).

I'm actually not all that surprised that TPDC don't want us driling any more - can anyone name a single well the BOD have managed to drill successfully with no further remediation work required? I've been an investor since 2011 and I can't.

So yes, please let's let someone competent take charge of the drill bit and if possible our BOD.

How do you think we might realise a value of £540m Haggis? Based on 40mmcfd and ~$11m / year to us from Ruvuma once complete £540m seems high to me. Happy to be proven wrong but I can't see it myself.

15p Drewky? Valuing us at £540m with 25% of Ruvuma. No, unfortunately I can no longer see this happening unless we hit commercial oil and unfortunately that is an outside chance. I'm now hoping for 5p, seriously, still a good bit of upside from here but I think you may need to revise your expectations.

Unless of course ARAs entry/takeover point comes before your exit point or the bod farm out more assets to keep their salaries protected. You'll also remember that when Phil left (jumped or pushed) gaslady he sold all his shares just as the bod fudged the NT2 drill. I'm not so sure the market would react the same way to a clearly of the current bod with a new team. However I doubt it would get past ARA so probably a non starter. We should however demand salary reductions and better terms for return of costs if the drill is cheaper. We also need guarantees on full transparency of drilling costs.

Just for perspective Bhattacherjee was on ~ £30k / month and Williams ~ £22k / month BEFORE their self awarded payrise. They have just bought £9k of shares each.

Looks like one of our neighbors St George Mining is drilling strong leads for nickel sulphide. They are about 200km west of Mt Weld: https://thewest.com.au/business/public-companies/st-george-to-drill-strong-conductors-near-leonora-ng-b88896727z which, in Australian terms, is pretty much side by side. Be interesting to see what they find.

Perhaps because the BOD have known for some time what level and under what terms the farm out would be made under: loss of operator status. That didn't stop them awarding themselves huge salary increases though. So not only have they known for some time since these advanced discussions have been taking place that the additional staff would not be required but they've gone ahead and given everyone a huge payrise. I don't see why you're not hot under the collar Haggis.

BigDouble over on the Solo chat board: "I met the Aminex Board last December and felt there alliance with the Zubs was not heathy for private investors."

Perhaps we should all just simmer down a little :) I think we are all agreed that: - BOD/Wage bill is now unnecessarily high - Communication must be genuinely improved (not 6 tweets in one day after months of silence) Points of contention (keep calm and drink tea): Some of us contend that the present deal leads us wide open to a death spiral with he current cash burn and management 'approach'. With that in mind I personally feel we should understand if there is any room for negotiation on the cash component of this deal. If CH1 does not hold commercial oil or perhaps if ARA with to drill further wells in a genuine back-to-back programme we may be in a situation where we must provide cash (that we don't have) or farm down further. Are we now seen with such derision by TPDC that KS1 would not be considered due to our drilling incompetence in which case is it better to get a better cash deal to look outside Tanzania where we may have burnt all our bridges? If so we need cash to diversify and $35M of free carry is all well and good but what timeframe does this cover. It may be a very long time before the bank of Zubair give us any change from that $35m during which time we may be back, cap in hand, to keep the lights on. I would rather $30m free carry with $10M (giving us ~$15m) and a significantly reduced wage bill to get KN sorted and drill KS1 (via a competent third party). However we'll never know if this is possible unless we approach the BOD.

Slack is a private messaging service a little like WhatsApp or Facebook Messenger. Allows for sharing of documents etc and has an excellent mobile app. I used it every day for work. I'll take a look at this tomorrow.