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Here’s hoping! Thanks

Wasn't able to dial into the call. Did they address any questions as they said they would?

Just pinged off a few questions to the Board as well. Mostly about tax dispute, 3D and development/farmout options for Kiliwani & Nyuni. We're information takers on Ruvuma now as non-operators, so I feel that project is not in our control.

Does this mean STA will still be around in 2 years? That alone should shock the market.

Malcy is a paid-for promoter. We stopped paying his bills and he stopped writing about us.

The value of SCIR's stake will go up once 3D analysis is known, and supports the multi-TCF potential. Until then it's a bottom drawer dweller.

Agree re the good support from ARA, which proves its worth with the $1.7m loan. Regardless of the rate charged, it's a lot cheaper than raising equity at our current sp. No financing needs in the near term then, at least until we agree any tax dispute related to outstanding invoices.

I was expecting a mid H1 drill date, so while the minor delay is disappointing, it'll be water under the bridge if we can see tangible progress on 3D and LL items. With 3D starting this quarter! Too bad the TZ need to issue approval every time someone sneezes.

That's the only disappointing bit, though not a surprise. Hopefully that date gets firmed up with other announcements.

This point of clarification on Ruvuma licence extensions is interesting, on page 54:

"...the granting of licence renewals are not considered to impact the development of the asset as the Exploration Licence is deemed to continue in force until the licence renewal is refused or granted by the Minister. The Directors recognise that future realisation of the Ruvuma PSA assets is dependent on the further successful exploration, appraisal and development activities and the subsequent economic production of hydrocarbon reserves.

Expect some grim reading tonight, most of it will be irrelevant mind you, with an eye to the future. The company literally did nothing in 2020, aside from rotate in the new batch of interim mgmt. A big deal will be made about the signing of the farmout, but again, that did not involved AEX putting any pen to paper. Many references to 'talks at an advanced stage' etc. I presume as well.

One interesting tidbit is whether they make further impairments to Kiliwani. Last time they basically transferred the value of North to the South, offsetting any accounting adjustment. If there's a mgmt view that it won't get worked on anytime soon, they will need to write some value down further.

Expect some thin reading!

I see LSE is reporting that AEX will publish its Annual Accounts on Wednesday, the last day they're legally required to do so.

I wonder if they'll do it at 11:59 pm.

Glad to see no after close news dump. We've never been 'that company' and I hope the trend continues. Early next week it is for financial results. Hopefully some form of meaningful Operations Update to go with it.

Hope not. ARA is due and have only 3 WDs after today to release them. Down to the wire on every little item with this lot.

OK thanks @cp. I might skip the replay then and wait for the Ruvuma main course.

Wasn’t able to join at that time either. Any takeaways?

Thanks cp. Hopefully the webcast is available for replay as I can't join at that time.

First question from me really, is why hold this Q&A before getting confirmation of the Ruvuma extension?

Second one is, will there be any money left after all the transaction charges we're paying to Gneiss? Loads of micro deals will only benefit them.

I hope they get a discount from their auditors by being the last company to finalize during reporting season! Like having your wedding on a Monday.

Fat fingers = duplicated nonsensical comments! In short, a new pipeline is great news for us

Rising demand for TZ gas demand is unequivocally excellent news

Agree, there's lots of directions they could go in, e.g. merger, further asset sales, payment collection. But, w/o those, we have no revenue coming in, with no path to revenue until Ruvuma in 2024, and insufficient cash to hold us over.

An equity raise is the easy/ logical answer, which is why I'm sure O-Jim is suggesting it. If we have something more clever in mind, I'd sure love to see it!