Member Info for vike1

CP, where do you get 470 from? In 2017, we paid our CEO $423k including bonus (about £300k). I get that's a huge amount to most people on this BB, but that puts him at the absolute bottom of CEO pay of publicly traded companies.

In your banking roles, you've probably worked next to many 30 year olds making more than that. Good work if you can get it!

Very professional and enthusiastic presentation by Leo & team today, as expected.

I requested that going forward, in their quarterly updates, they include detail on the amount of water they're injecting, which will give a good indication of future flow rates. LK happily agreed to do so, adding that it would provide good pressure on Stewart to keep increasing those amounts.

Modest purchase, but always welcome! That's another half million shares taken out of circulation.

I commented on most of those points earlier. I'm off to CERP AGM now. Easy answer for the haters on this Board is to vote NO at the EGM, likely in Sept. If you still hold by then (or even do today).

And what is an acceptable discount? And discounted from what? What is your value of Ruvuma? It's all finger in the air.

We've gone from a deck of cards to a humbler but firmer foundation. I'm willing to give JB and co some further breathing room to do something with KN1, Nyuni, and other deals. As a holder, I would though. Otherwise I'd reallocate my capital to companies with better upside, regardless of today's sp.

Dunder, I've bought into the TZ story, and I've been to the country myself and have seen firsthand the incredible potential there. When you send a $300bn tax bill to your biggest foreign investor (Acacia), introduce legislation that scares off further foreign investors (mining), and drag heels on major projects for 10+ years (LNG) you limit the new capital you're going attract. The Omanis have about the best relations with the country from anyone, with a range of businesses across the country. It's no wonder they end up with all the chips.

BLVN wouldn't have covered the cost of NT2 drill. $10m carry and a puch of BLVN shares.

Worst part there was that the TZ regulators told them to f*ck off, and didn't approve it. You tell me what other company is going to step up to invest in us and risk embarrassment like that. Oh, and the TZs then announing to the world that Acacia owes them $300bn in back taxes. Oh, and ORCA can't get regulatory approval for their sale to Swala. A bunch of f'n lunatics are running the country, and you think we're going to get fair value?

CERP's deal today's shows us the roadmap for future inorganic growth. They don't have much of a cash pile, but can use shares to buy producing assets. The AEX story, with a blue chip partner funding a massive gas field is one that companies will want to be part of. They will sell for AEX shares to get a piece of the Ruvuma action.

Before the farmout our shares were weak kneed, always at the mercy of equity financing and dilution, which meant our intrisic sp value was gobbledygook.

We'll have to agree to disagree there. I don't love it, but am ok with it.

The big thing that people have to understand, is that mgmt DO NOT value Ruvuma at $80m. It's worth nothing to us in the ground. Our BoD assessed that the risk of such a massive project is too big (and complex) for us. The difference between a 'sale' which WOULD value it at $80m, and the farmout, is that we are transferring risk, not disposing of the asset. For taking on that risk, ARA is willing to invest $40m+ to see if it comes good.

The difference may be lost on some, or even seem pedantic, but to me it isn't.

SOLO up only because Ritson is stepping down from there too.

Of course it's cash positive when you acquire using shares

That is the best RNS the company has ever released. Clear, relevant, and shareholder focused. We done and thankto the action team for driving these improvements. For the first time in a while, strong buy!

Laid? Haha. Paid.

Sound dont get laid anything currently. Half a billion market cap, no infrastructure, no revenues.

If we wanted more cash, we would have sold the asset, not farmed it out, and thereby transferring operational risk. SOLO will take the money and they'll giggle with joy but won't benefit from future upside.

That deal included a painful drip drip drip of funding. It would have paid for the NT2 drill, and we'd have been stuck with 25% and forced to go back to market begging for funding for NT3, with development costs no where to be found. By this point, we'd have no money and probably no Ruvuma holding left. It was by miracle we avoided that catastrophe.

We now keep 25% and don't have to do diddly squat until the field is up and producing. By that point, our financing options will be vastly improved from today.

Crusty, when was this ever a $300m asset? BLVN valued it at a pittance.

It's good news. BoD needs a shakeout. I can think of 2 or 3 more directors that have also been there too long and should make way for the next gen.

The loss in value is abysmal, but just trying to focus on the short term to at least get us back to intrinsic value.

Look at UKOG, with a market cap of £120m. Their only tangible asset is also HH (BB1, Holmwood, other licences, are pie in the sky) With their 32.5% in HHDL stake, at the valuation at which we picked up our extra 5% ($1m), they should have a market cap of £5m + £5m (cash) = £10m.

How's that for fair?

Using a $20m val for Ruvuma (which includes the cash portion), our m/c should be $20 + $4 + $3 = $27m (£20.5), or a share price of 4.5p