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That map is outstanding. I think WRL will be the clear winner from Dangote in the near term, which should be sweet relief following the Songas debacle. AEX will probably find more gas at Ntorya but development will take time, and could even hold off until NT3 drilling is complete. So, probably looking at pipeline spur by 2Q18 at earliest, and by then other processing plants will be coming onstream anyway.

Said on his blog today he's meeting with G off Bury today? A rare public appearance from mgmt. Could be interesting

It's a very different company now though. Looking at what they spend in G&A they can't have more than a dozen or so employees, most of whom are on. The senior side. They can scale up of course, but that comes back to my question on appetite, or even vision. Some steer on how they see themselves would be helpful.

Will be interesting to see how interested Pertamina are in the TZ assets. If they decide to sell those cash flows, Aex could be interested, it they have their hands full already and may bring too much country risk. As for WRL buying, I don't have a good sense if they have the appetite to take on operatorship, or whether they have the technical people in house to do it. Even for MZ project, they were at pains to say how they'll look for a partner first. Their Calgary office is too far away to run much from there. I keep getting drawn into WRL as they have good assets, strong CF potential, and ridiculously low valuation on a multiples basis. But they seems increasingly headless right now. M&P is bailing on them, MZ is pie in the sky, and I'm not clear what kind of company they want to be. Are they a real O&G or just a specialist financing co? Either is fine, but their strategy is lacking. I hope they address this asap bc their underlying fundamentals are improving but investor interest is in free fall.

The note on Proactive Investors was interesting. It suggests that lower demand is s/t and the underlying trend is still improving (unless it continues into the future). It also picks up on the one eyebrow raiser for me, which is that the company will restructure its debt and look to expand its credit facilities. They don't elaborate on the 'why' or 'why now'. Is it to make a play for M&P's assets (which could be good) Or, to start planning for 2017 drills (perhaps not the right time)? Or (egads) to start chucking cash at Mozambique?? Hopefully will become clearer on the call today. Either way, the sp is being unfairly (and brutally) punished today and the inherent value of this company just gets deeper and deeper. The concern is that it remains a value trap if its CF continues to disappoint, controls no assets, and is tempted to take on ever more debt for take high risk bets (e.g. MZ).

In addition to usual key items such as revenue and costs, updates I'll be looking for tomorrow: - Q2 flow rates relative to expectations, and gas demand once the rainy season tails off - TPDC payment consistency, including Accounts Receivable for the gas used during commissioning - Mgmt thoughts on the M&P deal to the Indonesians and impact on them as non-operators - Updated cost and timeline estimates for MZ - Drill plans and ongoing preparations in 2017 - What I'd really love to hear is their thoughts on why their sp is going south when their operations are going north! Any other thoughts, questions ahead of tomorrow's news?

FWIW, as a WRL shareholder, I think it's great to see some M&A activity kicking up again. The mere possibility of it could add a little speculative premium to WRL's snoozy share price.

From M&P H1 report, released last week: "In Tanzania, Maurel & Prom, as operator, supplied an average of 49 million cubic feet per day (100%). Gas deliveries depend on demand from the national company, TPDC."

Good AGM presentation on Mnazi activities on the M&P website: http://maureletprom.fr/en/

Notice she's referring to 80mmscf/d whereas Bury was referring to 130. I think it's at that higher level where the gov't will want to diversify across providers. Again, I don't see it necessarily as negative for WRL as demand in the medium term will be higher than anyone can currently provide. KN1 is only adding 30 to the mix in the near term and I think TPDC will take that up.

Josik, I agree that WRL mgmt do a good job of communicating. Much better than most out there. But they are being selective in what they're saying. The IPP Media article is case in point, where M&P are saying that demand is lower than expected because of higher hydro volume the DAY AFTER the WRL confracall where they made no mention of it. Also, from the WRL call, they suggest they are first in line to meet all energy demands, regardless of what else is coming on stream. I don't mean to suggest they're being intentionally dishonest. If I thought that I wouldn't be a shareholder. But I do take their word with a grain of salt, just as one should with the TZ regulators (which we've all learned the hard way).

I don't think you can fully trust any of these guys. Most of the demand issues are relatively short-term in nature and TPDC will be nurturing relationships with all operators. After all, there's only 3. TPDC are not going to let the new SS plant sit dry. Speaking of demand or trust, WRL didn't make any mention of issues that M&P have raised, as per this article: www.ippmedia.com/business/mp-exploration-production-says-hep-affecting-gas-sales-tanesco

Thanks! Was able to access. Not much new divulged but the questions about gas demand did highlight that the market is still a bit sceptical. All the joy seems to be getting pushed out to 2018. Also, I had heard rumours that their wells were underperforming but doesn't seem to be the case.

Thanks Jergen. Unity I wasn't able to get the recording to play. Perhaps a Mac thing

As a s/h I usually dial in but unftly can't make today's call. If anyone here is on and could summarise key takeaways it would be much appreciated. Decent numbers but is starting to feel like a value trap.