Member Info for TarryBreeks

Agreed Dunder p45's all round. Personally I'd like to give JB a P45 too.

We've got the Zubair Corporation dipping into one pocket, these traders dipping into the other and the BOD kicking us in the nuts. That seems to be a reasonable summary of the current state of play.

Anyone have experience or removing a director through a vote of no confidence. We may have lost 50% of Ruvuma but we still have some clout and we could request a better deal or add an amendment to the EGM in November to remove JB. So a better deal or we fire him.

As long as this isn't only phase 1 of shaft the PI with Phase 2 still to come we should recover to at least get our shirts back. But trumpeting this all over twitter, from the Twitter account they use once in a blue moon as a "Transformation deal" and "Rocketing 30%" is outrageous.

Awa n' bile yer heid 'Performance Pay' Jay. I take it you'll salary will reflect the decimation of the sp due to this 'deal'? No thought not.

I think if enough LTH's feel that way Seawolf it would be better to let the BOD know and try to agree an amendment to the terms before the EGM.

If the deal is voted down at the EGM I do not think that would bode well for the sp and ARA may even offer a worse deal. Better that we try to improve the terms under the prospect of voting it down at the EGM and save everyone a lot of time and hassle for what, as the bod stated at the AGM, amounts to peanuts for ARA/Zubair Corp.

We have to vote on the deal in an EGM in November(?) and the Zubair Corporation cannot vote. It would be interesting to see what will happen with SOLO in the mean-time and if it would be possible to get a slightly better deal as far as cash goes. However that would require shareholder action to push the BOD to go back to the Zubair corporation and it would require us to show unity and a threat of voting down the deal. If $40m is a rounding error for Zubair Corp then making it $50m is still a total steal but it might just make the difference for Aminex diversification options.

Placing for what Expats? The original plan was to have Ntorya self fund. Without any large costs and enough cash to do a workover at KN1 we may just sit on our hands. Why, on earth, would we do a placing until we know what's at the bottom of CH1??

That may be true investor but Nyuni needs seismic data and we need cash to commission that and the KN1 workover. Our big issue has been cashflow so we need to bring on KS1 to help protect the company from further dilution. If we had $15 instead of $5 it would make a big difference although that may not be possible. I'm still puzzled by the $105m costs though. Are they artificially high?

Unlikely willow, how is SOLO going to afford their share of the development costs?

I can't see Zubair Corporation leaving a loose end like SOLO if they can avoid it. They can't afford the drilling costs without significant dilution and I think many holders would be now tired of being diluted by NR when they could get ~$20m for other projects. I still can't see us (AEX) buying them out though we don't have the cash .... unless the current deal is just designed to force a sale by SOLO and the real deal is yet to be revealed.

Are you still holding QT? I think the reaction is perhaps a little overdone. It's not a great deal but we'll get to production with no further outlay and we may still hit oil. Could we have achieved this under our own steam?

"In early July, SMG received a US $0.375m payment due from a major client as part of their suspension of sales. This reinforces the Company's expectation it will fund its 2018 development expansion plans from internally generated funds and, currently, expects to have surplus funds at the year end." Cha-ching. Even with the major client suspension the bod expect minimal impact on cashflow and to find operations internally. Sounds good to me!

Doubtful memory, we'll have something like $11m with current cash plus the $5m from the deal. However we have a 'free' carry for all development costs whereas SOLO are going to have to find a lot of cash to find drilling CH1. It's *possible* that the development costs listed *could* include buying out solo and getting a pro-rata increase in our stake of Ruvuma? That would soften the blow and explain the high $105m estimated costs. However I'm not sure the bod are ardroit enough to negotiate a deal like that.

Drewky - Crusty sold 90% of his holding, he posted it on here (or ADFN) last night. Very interested to see how the market reacts to the 'deal' today. While the value is clearly low and we are all angry I agree that a farm out was the best move. We have proven we're not that great at drilling or own wells (NT2). I'd be open to trying to improve the terms of we can. Ultimately the Zubair Corporation benefit either way but they are, with this deal, now taking most of the risk. Some more cash would help soften the blow and allow us more freedom to drill KS1 and do seismic at nyuni.

What was TipTops take on the deal?

Agreed Crusty, if it's a rounding error then even $15M would have let us go off and workover KN1 and drill KS1 without worrying about cashflow. Zubair would still benefit from their 30% stake in AEX. Yet we're left with $5m cash which will only cover our increased running costs for a limited time; if there are cost savings we have to wait to recover those cost savings out of future cashflow again limiting our ability to explore other developments. I don't want to do the BODs job but I'd like to know what alternative options there are before agreeing to what we're told is the only offer in town. If we don't get that information before the EGM then it probably will be take it or leave it.

Interesting MAX, it would be good to see if there were/are alternative deal structures that could be explored. $105m seems very high for the development costs. I am uncomfortable with what agreements may have taken place behind closed doors between our BOD and ARA. We're Majade representatives at the AGM? What is likely to happen to SOLO? They could barely afford NT2 let alone the new drill costs.

Is it Filter? $11m/year once in production at 40mmcfd and that's only after the deal is approved and CH1 drilled and producing. Perhaps 12 months away. I can't see any progress now until it's voted through in November and all the while we'll be paying large salaries.

I would imagine we would be hung out to dry and slowly go under if we don't vote through the deal at the EGM but LTHs seem to be paying a heavy price. Is it a take it or leave it offer?

Have you sold up Crusty??