Aminex Share Discussion Threads

[larsson 2] 14/5/2015 09:30

Im hoping this will spike to 5p after this great wait and the volume of shares traded will be a record breaker for sure. However the Management are indeed not really forthcoming I think as to where and why the GSA has taken soooo long in coming.
Is it really because the Tanz Govt are slow in processing or what?

[ngms27] 14/5/2015 09:26

duxy786,

I'm in and sitting on a 50% plus profit as I think getting a GSA will propel the shares to around 4p.

TBH I'm really p1ssed with the new Management as well as the old Management for continual failure to deliver shareholder value.

[duxy786] 14/5/2015 09:20

I dont know what nmgs is saying but I csn bet everything I own its subtle deramps to get you onside. Buy hold add wait.Exciting times ahead for sure.

[blackgold00] 14/5/2015 09:20

of course its all a bit of a guessing game but at this point in time the CPR is confident to assign "28bcf of booked contingent resources which upon receipt of a gas sales agreement, from the Tanzanian authorities, are expected to upgraded to reserves" but as you say as time and production goes by, it could be increased?

[ngms27] 14/5/2015 09:09

Here is the definition of Contingent Resources:
Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent resources may include, for example, projects for which there are no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality.

So tell me why 16 BCF is not Contingent and 28 BCF is?
The best case would be that they require months of Production History, the worst case is another drill.

Perhaps this puts into context why there is no signed GSA as Aminex perhaps want to produce 20mmscfpd but the Tanz authorities don't think they have that capability?

[blackgold00] 14/5/2015 09:00

i think you got it the wrong way round ngms27,

[...] from proactiveinvester, it wont let me put a link up

"Today’s CPR also defined 44bcf of gas at the Kiliwani North Development Licence, where the partners are currently advancing to first production.
Kiliwani also now has some 28bcf of booked contingent resources which upon receipt of a gas sales agreement, from the Tanzanian authorities, are expected to upgraded to reserves."

[larsson 2] 14/5/2015 08:55

I think you have made your point ngms27 and it is clear AEX is struggling despite all these reserves that at present cannot be made into profit until this elusive GSA is signed.
The forthcoming AGM will certainly highlight where the problem lies as someone must ask the obvious question. Where is the GSA?

[ngms27] 14/5/2015 08:45

So KN-1 downgraded from 45 BCF to 16 BCF plus 28 BCF 2C. i.e. will need the drillbit to prove up and produce the 28 BCF portion
Nytorya-1 downgraded from 119 BCF to 83 BCF plus 70 BCF 2C requiring an additional well to prove / produce the 70 BCF portion

Still no GSA, H1 2015 is nearly over.

$8m Argo loan needs repayment by 31st July 2015 and they don't have the cash
Ntorya-1 Appraisal required to be drilled by 30th June 2015 to meet licence commitment. This isn't going to happen. Will the Tanz authorities take back the asset given the new regime in place for Oil and Gas?

Management continue to promise the Earth and deliver nothing.

[pj 1] 14/5/2015 08:34

Subtle change of phraseology, ''should''? not ''will''

'Combined with the commencement of production at Kiliwani North, which should allow the Company to book its first Tanzania gas reserves, we are entering into a very exciting time for Aminex'

[blackgold00] 14/5/2015 08:30

yes it seems it was



"The Caroil-6 rig has now been released from the Ntorya-1 well and will be demobilised to make way for the rigless testing equipment that has been mobilised and is due to arrive on-site in the coming weeks. A production string has been run in the well, and a Christmas tree installed in preparation for the planned test sequence."

[blackgold00] 14/5/2015 08:07

haggismchaggis, i think the well was finished off as a producer

[ngms27] 14/5/2015 08:07

What I saw is a downgrade of KN-1 and a downgrade of Nytorya-1 then lots of 2C which needs the drillbit to see if it exists.

[haggismchaggis] 14/5/2015 08:05

What would it cost to make Ntorya-1 a production well, if TPDC paid for the connection to the gas processing plant?.

[blackgold00] 14/5/2015 07:42

"In addition, the classification of Ntorya 1 as Contingent Resources establishes a second potential development asset within the company. With the recently completed pipeline and new industry developing in proximity, we will now undertake an evaluation of the development options for this asset."

[haggismchaggis] 14/5/2015 07:31

What the stock market thinks of it Extrader, has no bearing on what prospective farm in partners think of it. The stock market has to look at the entirety of AEX, prospective farm in partners will only be looking at the value and potential of part of AEX.

[haggismchaggis] 14/5/2015 07:27

Neil Ritson, Solo's Chairman, commented:"We are extremely pleased that an independent analysis of our various Tanzanian assets has again confirmed the presence of contingent gas resources in both Kiliwani North and Ntorya, along with considerable upside.  We look forward to the commencement of gas sales at Kiliwani and to the announcement of further plans to appraise the Ntorya gas condensate discovery. Tanzania represents a major part of our portfolio and we are excited by the potential it represents."

[extrader] 14/5/2015 07:22

Hi haggismchaggis,

Ruvuma has gone from 2.3 TCF to 4.17 TCF making it more attractive to farm in partners.

You'd think so, wouldn't you ? But you'd also think that a lot of this would have been mentioned/available on a 'wink , wink' basis during the lengthy opening of the data room to potential farminees.....

Let's see what the market makes of it.

ATB

[haggismchaggis] 14/5/2015 07:15

So Ruvuma has gone from 2.3 TCF to 4.17 TCF making it more attractive to farm in partners.

[haggismchaggis] 14/5/2015 07:08

Completion of Competent Person's Report Kiliwani North 1 and Ntorya 1 wells attributed Contingent Resources Aminex is pleased to announce that Senergy (GB) Limited ('LR Senergy'), an independent oil and gas consultancy firm, has completed a technical evaluation on the resources of Kiliwani North Development Licence and Ruvuma PSA. The results of the report are summarised below: Key Highlights Kiliwani North Development Licence (58.5% Working Interest, Operated)·     PMean Gas Initially in Place (GIIP) of 44 BCF (gross) of which 28 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)·     Company expects to book its first categorised reserves in Tanzania upon signing of a Gas Sales Agreement and commencement of production Ruvuma PSA (75% Working Interest, Operated)·     Total Pmean GIIP for discovered and undiscovered resources of 4.17 TCF (gross)·     Ntorya 1 Discovery attributed 153 BCF Pmean GIIP (gross) of which 70 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)·   Four main drillable targets attributed 3 TCF PMean GIIP (gross) (Ntorya Updip, Likonde Updip, Namisange,  Sudi)·     Basin remains significantly underexplored according to international standards and it is likely that as further development occurs on the licence area additional leads will be identified and high graded to prospects      Nyuni Area PSA (70% Working Interest, Operated)·     Company remains focused on the deeper water potential of the licence·     The identified deep water leads are analogous to the numerous large discoveries to the east of the Nyuni Area licence The Company would like to inform shareholders that an updated corporate presentation will be presented at its forthcoming AGM on May 20thwhich will incorporate the new resource numbers. Aminex Chief Executive Jay Bhattacherjee commented: "We are extremely pleased with the results of the report which takes us a step closer to realising the considerable potential in the Ruvuma basin and validates the recent seismic and additional detailed technical work. In addition, the classification of Ntorya 1 as Contingent Resources establishes a second potential development asset within the company. With the recently completed pipeline and new industry developing in proximity, we will now undertake an evaluation of the development options for this asset. Combined with the commencement of production at Kiliwani North, which should allow the Company to book its first Tanzania gas reserves, we are entering into a very exciting time for Aminex."

[dontsweatit] 13/5/2015 22:20

if anyone is going to agm they need to ask questiones on above, it make managers and directors look wrong i think, maybe they are? not easy to ask in meeting though

[dontsweatit] 13/5/2015 22:18

Has anyone followed this news flow summary through proper. it obvious aex have no clue where GSA is at, or that they have any power. why they state pressure test will not commence until gsa but it now is being tested with no GSA, you are all blind me thinks. Thanking you to another well known poster for the summary its not is mine.
1 Farmout 08/10/2012 announces that it has engaged FirstEnergy Capital LLP ("FirstEnergy") to manage a formal farm-out process for its interest in the Ruvuma Production Sharing Agreement 
2 Update 29/01/2013 We are very pleased with the strong interest shown in our Ruvuma PSA and have decided to keep the farm-out process open for longer than originally anticipated to accommodate a number of interested parties
3 Update 21/03/2013 Ruvuma Farm-out Update.Discussions are ongoing with a number of parties and a further announcement will be made when appropriate
4 The Chinese-funded gas pipeline project is scheduled to be completed end 2014/early 2015. Energy projects, particularly in remote areas, can be slow to realise, but we are confident that the new Tanzanian gas project will accelerate our projects and justify a short wait
5 your company remains well placed as a leading player in the East African energy scene
6 2012 Results 28/03/2015 Looking forward, during 2013 we plan to dispose of our US assets, pay down our short term loan facility, secure industry partners for both Ruvuma and Nyuni
7 shareholders will be disappointed with the delay in farming out our Ruvuma interests and divesting the US assets, in recent weeks we have had a number of encouraging indicators on several fronts which lead me to believe that we can be optimistic for the Company's future
8 is conservatively assuming first production in early 2015. Precise timing is outside Aminex's control but the Company has recently been assured by the authorities in Tanzania that the schedule will be achieved. Once commissioned, Aminex should benefit from its first Tanzanian revenues and negotiation of a gas sales agreement with TPDC for delivery of 20 MMSCFD (gross) is in progress at the date of this report. This is expected to be concluded in the near term
9 Kiliwani North gas sales agreement negotiations currently in progress
10 IMS 19/05/2013 Ruvuma farm-out discussions continue with interested parties
11 Gas sales negotiations are in progress with the Tanzanian Petroleum Development Corporation which will manage the new pipeline and the Company is confident that fair and economically viable terms, together with a reliable delivery mechanism to market, will be established in the near future
12 Update 19/08/2013 Farm out-Further announcements will be made in due course as negotiations with both potential partners and with the pipeline owner are advanced
13 will enable us to add all their operating capability to our projects and to accelerate our activities in Tanzania
14 2013 HY 29/08/2013 Gas sales negotiations nearing conclusion
15 36" pipeline project to Dar es Salaam, financed by the Chinese Export Import Bank, is approximately on schedule, reconfirming that first commercial gas is expected onstream in early 2015, as previously advised by the Company
16 Update 31/10/2013 announces that gas sales negotiations between its Tanzanian subsidiary Ndovu Resources Ltd. ("Ndovu") and the Tanzanian Petroleum Development Corporation ('TPDC') for its Kiliwani North Field in Tanzania are at an advanced stage and expected to be concluded prior to year end
17 it is our intention to pursue a broad range of financing options, including the introduction of a strategic investor, in order to allow the Company to complete its larger work programme over Ruvuma
18 The Company has diligently explored the possibilities of equity-funding its full exploration programme over the next one to two years but has concluded that this is not feasible at present, given the sums involved relative to its current market capitalisation
19 A Gas Sales Agreement with the Tanzania Petroleum Development Corporation ("TPDC") is largely negotiated and should be ready for signature shortly, with first commercial gas due to be delivered into a new 36" regional pipeline system in early 2015
20 IMS 19/11/2013 Gas Sales Agreement expected completion by year-end
21 with the gas sales agreement for Kiliwani North at an advanced stage, commercial gas production in Tanzania becomes a step closer to being realised
22 confirms that its new senior management team will be in Tanzania week commencing 9 December 2013 for the purpose of agreeing the 2014 work programme with the Tanzanian authorities. Additionally a final draft of the Kiliwani North Gas Sales Agreement has been submitted to the Tanzanian Petroleum Development Corporation for approval, which is expected to be received shortly
23 Update 09/12/2013 Subject to interim financing being secured, the lender has agreed in principle, subject to terms and documentation, to extend the life of the Facility to mid-2015
24 Update Jay Bhattacherjee commented: Following the management's successful trip to Tanzania in December 2013, the Gas Sales Agreement is largely completed and will be executed once TPDC gives its final approval. With this process nearing its close, first production on the horizon and high impact nature of the Company's appraisal portfolio in Tanzania, the management team is excited about the prospects for Aminex in 2014 as it seeks to drive forward value for shareholders
25 09/01/2014 The Gas Sales Agreement with the Tanzania Petroleum Development Corporation ("TPDC") for the Company's Kiliwani North Gas Field is largely completed and should be ready for signature shortly, with first commercial gas due to be delivered into a new fully financed 36" regional pipeline system in early 2015
26 Jay Bhatteracherjee-with first African gas production expected approximately one year from now at Kiliwani North.
27 Placing £8m 30/01/2014 Brian Hall-"I am pleased to announce this Placing which, subject to shareholder consent, will significantly strengthen our financial position and allow us to progress our exploration and production assets in Tanzania. We believe we now have the right team and will have the financing in place to move the Company forward.
28 2013 Results 23/04/2014 A gas sales agreement for this field is largely negotiated and awaits finalisation
29 AGM 22/05/2014 The Gas Sales Agreement for Kiliwani North remains largely complete with no material issues outstanding. The Board expects the well to begin production in early 2015
30 new data will allow the Company to high-grade its numerous leads at Ruvuma into drill-ready prospects. This should attract industry partners to help develop the Company's highly prospective Ruvuma Basin acreage
31 The Gas Sales Agreement has been agreed with the TPDC with no material issues remaining and is currently being vetted by the Government prior to execution
32 2014 HY 28/08/2014 As the Company is now financed through to first African production
33 Fully funded to production in H1 2015
34 IMS 18/11/2014 A Gas Sales Agreement ("GSA") with the Tanzania Petroleum Development Corporation ("TPDC") is in final form and pending sign-off from the board of TPDC. First Kiliwani North commercial gas is expected to be delivered into a new 36" regional pipeline system in early 2015 
36 Update 18/02/2015 GSA. This remains largely complete but is experiencing delays in closing due to the Tanzanian authorities' approval process. Your Board expects the GSA to be signed prior to any gas being delivered for pressure testing or commissioning
37 Update 16/03/2015 Kiliwani North-1 gas discovery which is due to start commercial production into new gas infrastructure in the first half of the year. (NO MENTION OF GSA)
38 the new regional pipeline to Dar es Salaam is now complete and hydrostatic pressure testing will begin shortly
39 The construction of the processing plant on Songo Songo Island is approximately 95% complete and it is anticipated that the main pipeline contractor will hand over the management of the infrastructure including the processing plants to TPDC late Q3 2015
40 Update 01/05/2014 Gas Sales Agreement, the Company expects commercial production will commence mid-year, with stabilised production rates achieved in the Q3 2015
41 Gas Sales Agreement is expected to be completed once it has passed the regulatory process and prior to any gas being delivered
42 2014 Results 14/05/2015 A Gas Sales Agreement has been negotiated and is passing through government approval stages.

[lfdkmp] 13/5/2015 21:30

Absolutely.

Moles in Dorset- this is clearly a reference to those underground agents who are poised to take huge advantage of the imminent rumours that there continues to be no news of substance.

[bunbooster2] 13/5/2015 21:17

Can I please remind everyone to stay on topic.


I know for a fact that many city traders look at online information to 'gain an edge'. I am worried that if they look at this board they will start shorting the stock or believe that coded messages are being passed and report ADVFN to the authorities.

[hawks11] 13/5/2015 19:16

Use the hills to make potting compost is the only suggestion I can come up with. I don't get many where I live as the soil is pretty thin. Plenty of badgers though igging up neighbours lawns - not mine, the dog sees to that. Not much to say about Aminex. It will take a mirical to get my money back.