Aminex Share Discussion Threads

[vike1] 25/6/2015 10:48

From the early June RBS, a financing deal seemed imminent, which is why this RNS suprises me (and I don't use the word 'imminent' lightly). The fact that it would be signed regardless of GSA approval supported this logic.

Either financing options have changed or the GSA will face further delays. More cynically, was this done as a sweetheart deal to let others 'buy big' at a cut-rate price before things pop. All these options make me uncomfortable.

This isn't AIM, and we deserve greater transparency. For a start, we need to know who bought 95% of these shares. Has a new strategic investor been brought in? Is it institutional backer? As a PI, I wasn't given an option to invest, so who was it? Anyone on this board with legal expertise to help shine light on how to get his information?

[warbaby43] 25/6/2015 10:06

His Imminence says this morning:

"which attests to Aminex having an attractive blend of near-term production, medium term appraisal and development drilling"

It's that bit about "medium term appraisal" which jumps out at me. Late 2015 or early 2015 would be near term while medium term, especially when used by a small oilie, usually means "no time soon" or "God knows when."

With regard to the GSA, today's AEX RNS contrasts strongly with WRL's take yesterday on the payment guarantees " Payment guarantees near finalization."

Like THAT rns, today's almost seems deliberately share price depressive.

[mjcferguson] 25/6/2015 10:03

If GSA had been signed this issue would not have been required.At least this cash now in the bank will strengthen their hand in any ongoing negotiations with the Tanz government.Appearance of sidetrack plan does give some encouragment that the management are putting their plans in place for when resourses and cashflow permit.

[bunbooster2] 25/6/2015 09:53

ngms27 - can you explain that in simple English please?

[ngms27] 25/6/2015 09:22

I've given more thought as to why they may be sidetracking NT-1.

Another scenario is that looking at the latest presentations they think they just missed the Lower Tertiary sands which are a secondary target at NT-2. Perhaps they now think they can tag them with sidetrack at NT-1 aswell

[bunbooster2] 25/6/2015 09:10

What does Ntorya-1 sidetrack mean?

Real shame that cash had to be raised like this. That would have been the extra cash from Solo if the GSA has been signed. Real shame, makes you wonder if it's far off.

[warbaby43] 25/6/2015 08:39

The wording of this brings back memories of THAT RNS of 20th May 2013 which had such a dire impact on confidence and on share price

[duxy786] 25/6/2015 08:38

Big overhang......will wait to add here.when it clears

[ngms27] 25/6/2015 08:38

NT-1 sidetrack, now that is left of field.

Is this because the sand thickness at NT-1 was marginal? Do they think they can get thicker / better sands with a sidetrack or do they think the original hole is damaged?

Strange they have never mentioned this before.

[pj 1] 25/6/2015 08:34

How many times was the word 'imminent' been stated and their exacellent relationship with the Tanz authoroties?


Credibililty gone.

[skinwalker] 25/6/2015 08:11

"a dead dog can't wag it's tail" (Confucius)

[blackgold00] 25/6/2015 07:57

my guess, 1.95 for starters then up.

[888icb] 25/6/2015 07:56

This seems a sensible move and the Directors are taking up 5%. I think I might follow their lead and buy a few more.

[thecynical1] 25/6/2015 07:54

any bets on where this heads this morning? What percentage of their fees is represented by the directors' involvement in the fundraising?

[blackgold00] 25/6/2015 07:48

warbaby43 "The Company is currently in discussions with a substantial financial group which has indicated a willingness in principle to make loan finance available to Aminex "

"Is this now dead?"

No, my brackets, from todays RNS. "The net proceeds of the Placing will be used towards, planning for the Ntorya-2 appraisal well and a Ntorya-1 side-track well, planning and completion of tendering for the acquisition of 3D seismic over the deep water sector of the Nyuni Area PSA acreage, (expenses relating to the planned refinancing of the Company's corporate loan facility (the extension of which to 31 January 2016 was announced on 4 June 2015) and working capital, including general administrative expenses").

[bigsi2] 25/6/2015 07:43

& what are they going to do with all that Gas? Bottle it?Very pessimistic wording re GSAmarket hates a wait

[haideralifool] 25/6/2015 07:41

the company appear to be explicitly cautioning against assuming that the GSA will happen anytime around first production.

[warbaby43] 25/6/2015 07:36

From the 4th June RNS:

"The Company is currently in discussions with a substantial financial group which has indicated a willingness in principle to make loan finance available to Aminex which will allow the Company to pay down its existing loan obligations and continue to develop its Tanzanian licences, especially the Ruvuma PSA. While there can be no certainty that these discussions will conclude satisfactorily, the Board of the Company has a reasonable expectation that an initial part of such a facility would be available prior to the commencement of production and will not be conditional on signature of the GSA in Tanzania or commencement of production."

Is this now dead?

Also absent is any mention of late 2015 timing for Ntorya-2 which might also tend to indicate that it is.

Going to be interesting to see the share price effect and whether that 1.9p is expensive.

[blackgold00] 25/6/2015 07:36

it will come when it comes, and just think Whentworth has a TPDC libel to "–Take or pay for 85% starting on 31 July 2015" so I think TPDC will be under pressure to have the GSA's signed by then.

[1bonanza] 25/6/2015 07:25

Yeah, but no GSA anytime soon !!!!

[blackgold00] 25/6/2015 07:21

Ntorya-1 side-track well, hmm didn't see that one coming. well considering that "Ntorya 1 was attributed 70 BCF (gross) as Contingent Resources (Best Estimate) and the Company is evaluating options to put the well into development as a pilot producer" it looks like they have done their homework and are going for it.

[blackgold00] 25/6/2015 07:19

why? "88,000,000 new Ordinary Shares at Stg 1.9p per share." is not a bad price.

plus, "The net proceeds of the Placing will be used towards planning for the Ntorya-2 appraisal well and a Ntorya-1 side-track well, planning and completion of tendering for the acquisition of 3D seismic over the deep water sector of the Nyuni Area PSA acreage "

[1bonanza] 25/6/2015 07:07

Down she goes ?

[bunbooster2] 24/6/2015 20:04

Sorry, posted that on the wrong board. Does anyone know if it is possible to edit previous posts (I know how to create new posts)?