Member Info for vike1

Recall that Aminex's first deal to sell Ruvuma stake, to Bowleven, failed as well. That was a messy proposal not unlike this one. Rejected by the regulator, ftly for them.

The follow-up deal to ARA, though underwhelming at first, was at least clean and straightforward. There is a better deal out there.

Pretty ironic the guy who buggered up the NT2 well, Aaron Leblanc, has been invited back to the party. Hopefully ARA are smart enough to not let him into the country, let alone the drill site.

A bit surprised the Omanis didn't stump up for this holding. It's an easy offer to beat. Even AEX got $2.5MM cash per 25% slice, and that was years ago. So much for all the goodwill from a robust Nat Gas market, improved TZ IR, strong operator in place. It's all meant diddly squat, resulting in the same old frontier discount.

I never expected more than $20MM for this deal, and was chastised on this bb for even suggesting a pittance. My logic though was based on cash in hand in exchange for lower total would make it ok. Didn't think we'd wait this long for a total this low and on such outstretched terms.

The WEN BoD can't help itself gloating in its deck, it'll be a slog of a deal for them too. Lots of outgoing cash for a payback that will take years to reap will put a (manageable) strain on their BS near term. With a lightweight mgmt team and too much cash on hand, I expected them to be an acquiree rather than acquirer. Someone missed a trick there.

Very grateful for the excellent update Crusty.

It's nice to hear that mgmt is at least aware of things like sp catalysts, etc. It was starting to feel like this was being run as a private company, and all this reporting stuff is just a nuisance!

Nice to get confimation on Kiliwani as well, the unspoken resource in our asset base.

On balance the story feels positive, though continued patience is still needed.

Any guidance on when we'll hear first impressions of seismic data? Late Q3?

Good man

Maybe a stretch, but then again, so is listing KN1 as a producing field

https://allafrica.com/stories/202205040119.html

Bring on the HGA by end of May!

Sounds like we will get closure to the LandOcean mess by the end of May, which is a mild positive. Even if the Board is suggesting we won't get back the full amounts owed.

We have a big holding in Kiliwani. If Orca Energy find anything interesting, and we farm down 50%, we'll still have c.30% of the asset. Orca as swimming in cash and have the infrastructure set up, so would be low cost for them. Best case is prob two years away. Not a game changer, but any revenue source helps. Fingers crossed Kili South looks attractive.

No reason for them to cover 3D seismic *for free* if they didn't have some self interest

This is a nice development, IMO. I've argued here previously that Orca is our natural farmout partner for our Kiliwani assets as their processing plant is literally across the road from us. Clearly they have shown an interest as they're willing to extend their 3D program to get a free look at our assets.

Hopefully they like what they see and are willing to take on drilling and development costs too as part of a broader deal. They work quickly and could bring us new gas revenue earlier than Ruvuma.

Love it. Thanks Mrc! With your doom-trolling and Prolific's pre-subscription share dumping, it makes it easier for guys like you and me to buy in at a lower price.

Mgmt haven't built a buy and hold company here, but if on the right side of some tactical trading, SCIR can be a profitable vehicle. MRC knows it, most likely trades it, and posters here keep taking the bait.

Good post.

Apols if this has been posted. Lots going on!

https://darmpya.com/seismic-acquisition-preps-at-ruvuma-block-in-high-gear/

This is a nice bit of goodwill and smart planning from APT. Developing deep local ties that has fostered obvious appreciation. Only downside is it seems 3D hasn't started yet.

Also, did I read correctly CH1 is expected to cost USD7MM? That's come down a lot if true. Good news for us I suppose. Drill, baby, drill!

A bit more on when Stryde signed the deal with Oman-based AGS for work in Africa and Oman

https://www.strydefurther.com/news/africa-geophysical-services-use-stryde-nodes-for-seismic-projects

Nice find. HE1 also using AGS for its seismic, but I believe they're completing 2D seismic only

Nice I3E buy recommendation from Merryn Somerset Webb in today’s FT.

Kawa block discovery by CGX and Frontera. Good news for Eco!

BodD could always take the Aminex deal: Keep 8.5% for a full carry to production + $4m in cash incl sesmic costs. I agree it should be more, esp if 3D looks good, but gas is the place to be L/T and we'd have some coin in our pocket.