Aminex Share Discussion Threads

[blackgold00] 17/9/2016 06:45

the greater Ntorya needs to be proved up first warbaby, before any decisions or investments can be made.

[bunbooster2] 16/9/2016 21:13

I think you're reading far more in to that than is reasonable and are overly biased towards the downside.

[warbaby43] 16/9/2016 18:19

While the news that Lindi isn't as yet stone dead is a pleasant surprise what is, perhaps, less surprising is the evident reluctance on here to go anywhere near this:

"Aminex is reviewing options for an early production system in order to commercialise discoveries with a low capital outlay, although the long-term plan is to connect the gas field by a spur line to new infrastructure."

It is a repetition of what appeared on p51 of the Prospectus and has pretty adverse implications for AEX not least on future cash flow as KN-1 rapidly dwindles to SFA.

While the notion of a gas-to-power EPS is beyond daft not least because the abundant evidence from Tanesco is that in Tanzania supplying electricity might be one thing but actually getting paid for it is quite another, as Orca can bear witness as they carry the tens of millions of dollarsworth of consequences of Tanesco's inability to get its own customers to pay their leccy bills.

What is a great deal more concerning, to me at least though, is that phrase "long term" again, for a spur pipeline into the main TPDC gas infrastructure which, in oil industry timescales, means not until comfortably into the 2020s which in turn means that TPDC are identifying sources of gas other than from the Ruvuma PSA to feed the fertiliser plant and the planned 400MW Mtwara power station both of which are scheduled for this decade.

I am also leaning towards a conclusion that "long term" for the spur might well also have been the catalyst for BLVN's reluctance to agree a work programme and walking away. After all, why shell out hard cash for near term drilling when any real monetisation is only "long term."

Meanwhile, if any of the tinto rossos can convincingly persuade me that I am drawing the wrong conclusions, I really would be most grateful.

[ngms27] 16/9/2016 16:14

I have a hunch that this BOD are prehistoric in their thoughts.

Seriously Dan the Mans on the money, this BOD have underperformed and continue to line their own pockets handsomely.

Why wasn't Brian Hall sent to the long grass years ago, AEX is like his own personal bank despite him being at the helm watching the share price decline massively from IPO. Any employee would have been sacked.

[blackgold00] 16/9/2016 14:47

and I've just made some punch

[skinwalker] 16/9/2016 14:34

well, I've just had lunch

[gerryjames] 16/9/2016 13:29

You have a hunch?

[bunbooster2] 16/9/2016 13:19

I have a hunch that the real potential is in the jurassic.

[blackgold00] 16/9/2016 13:17

yes , i think as well as the primary Cretaceous targets the secondary targets of N-2 and N-3 could prove to be very interesting

from H/Y results
"Both the Ntorya-2 and Ntorya-3 wells have multi-zone potential and are expected to test additional exploration targets in addition to appraising the priority Cretaceous gas sand discovery."

the N-1 well was originally targeting the same Tertiary sands that was encountered in the Likonde-1 well though it was obviously off target, but now the N-2 well with the new seismic is going to give us another opportunity. this from the 2011 drilling plans for ruvuma basin.



"In 2010 the joint venture drilled the Likonde-1 well in the Lindi Block which forms the northern part of the Ruvuma PSA. Likonde-1 reached a total depth of 3,647 metres and intersected two sandstone intervals with a combined thickness of over 250 metres (820 feet), containing evidence of residual oil and gas. Likonde-1 was terminated due to high gas influx".

"Ntorya-1 well will be drilled about 14 kilometres to the south of Likonde-1, to a planned total depth of 2020 metres, targeting the same high quality Lower Tertiary reservoir sands encountered in the Likonde-1 well. Seismic interpretation places the sands at Ntorya-1 structurally up-dip relative to Likonde-1. Aminex estimates that the well has a probability of success for the discovery of hydrocarbons of approximately 20%, with a mean recoverable resource potential of 100 million barrels oil equivalent."

[skinwalker] 16/9/2016 11:29

you'd think all this wonderful news would have a positive effect on the share price

[vike1] 16/9/2016 10:00

Plus, re the RNS, the size of the CEO purchase is irrelevant. His current holdings + his options massively overshadow this relatively small purchase. It was to signal his confidence in the company. He's telling shareholders he thinks this is great value.

[vike1] 16/9/2016 09:58

OR, they know how good this asset is, and would rather hold onto to their stake to prove up the resources and farm down at a much, much higher price in only a few months' time.

[dan_the_epic] 16/9/2016 09:40

Wrong Gerry. 10k from a CEO who is WELL in the money from his outrageous options assignment earlier this year and who took home $302k last year is tiny.


I'd be far more concerned by Solo's continued inability to farm down this Ruvuma asset. Surely even the deluded must now accept that this is not as good an asset as you all think; years and years or effort with surface progress, to no avail.

Wonder how bad it really is..!

[greyingsurfer] 16/9/2016 08:52

so we didn't have to forgo the Lindi licence to get the extension on the Mtwara Licence.

Looks like that might prove to be the case. It appears that the caginess regarding comments on Lindi of late which had led me to suspect that it was being relinquished, was in fact due to the fact that negotiations are ongoing and the future is still unclear. However, retaining Lindi is still clearly a possibility.

Peter

[blackgold00] 16/9/2016 08:42

thanks gerryjames, so its all systems go then



"Solo Oil plc today announces that it has raised GBP2,000,000 gross proceeds through the issue of 1,111,111,111 new ordinary shares of 0.01 pence each in the Company ("Placing Shares") at a price of 0.18 pence per share (the "Placing") in a Company sponsored placement to a single institutional investor, being Epsilon Pty. The Placing Shares will when issued represent 15.9 per cent. of the enlarged issued share capital."

"The proceeds of the placing will be used to fund the Company's share of the Ntorya-2 well in Tanzania and settle all outstanding amounts due to YA Global Master SPV, Ltd under an Equity Swap Agreement which has now been terminated."

[gerryjames] 16/9/2016 08:27

£2m@1.8p

Neil Ritson, Solo's Chairman, commented:

"The Company is now funded for its share of the estimated dry-hole costs for the upcoming high impact Ntorya-2 appraisal well in Ruvuma Basin, Tanzania. We look forward to further updates from the operator Aminex as we near the expected spud date during the fourth quarter"

[blackgold00] 16/9/2016 07:34

so we didn't have to forgo the Lindi licence to get the extension on the Mtwara Licence. my brackets

"Since 30 June, Aminex has received formal Ministerial approval for the extension of the Mtwara Licence of the Ruvuma PSA. The Licence has been extended by one year to December 2017. (Negotiations are ongoing for the extension of the Lindi Licence and its work commitments and, at the recommendation of the Minister, Aminex is applying for a two-year extension.)"

[gerryjames] 16/9/2016 07:30

"Poxy"!!!

10 grand from a CEO of a non-profit making company heavily in debt is a lot of money. I'd like to think.

[warbaby43] 16/9/2016 07:30

WOW! This is much bigger news than Our Jay's purchase of a poxy 534k of shares:



Confirmation from the Ophir Results:

"Block 1&4, Tanzania

In Tanzania, Shell took over the operatorship from BG Group in February 2016 and has since undertaken a review of the project plan, the development scope and the cost stack of the project. Interaction with Shell has demonstrated their appetite to progress this asset and the imminent drilling of two exploration wells on Blocks 1 and 4 are evidence of this.

Separately, since the late 2015 elections in Tanzania, the new President has taken a more pro-active, hands-on approach to delivering the project. We have experienced an increased Government focus on key items to enable the development and there is now a political impetus to accelerate the project. This was confirmed by the award of the land for the location of the midstream facilities. The Group will continue to determine the optimum way to monetise this asset for and to deliver value for shareholders."

PS I would guess that the cost of two offshore deep water wells might be some way north of £20m

[lfdkmp] 16/9/2016 07:27

That's the way I read it

[blackgold00] 16/9/2016 07:24

does that RNS mean JB bought 534,519 shares at 1.85 yesterday, or have i got that wrong?

[lfdkmp] 16/9/2016 07:11

On the subject of Grammar Schools, looks like Jay has decided to put his tuck shop money into more AEX shares.

[gerryjames] 16/9/2016 06:55

"So who's gonna offer me odds on no KN-1 commercial production before 2017 - at the earliest."

OK. I'll give you 1/100. How much do you want to win?

Spudding is good news, but feels a bit like Theresa May's Grammar School policy in the middle of a British withdrawl from Europe. Must be mustard working with the TPDC.