Aminex Share Discussion Threads

[bunbooster2] 05/2/2015 08:22

This could go through the roof!

[pj 1] 05/2/2015 07:54

edgar, differences aside I believe the main pipe has been pressure tested, so assume Jay refers to the connection and/or well head.

[edgar222] 04/2/2015 22:54

Neil Ritson describes the tie in pipeline from the main pipe to KN1 as being at Aminex' fence.

No pressure testing without a GSA, Jay says.

[edgar222] 04/2/2015 22:50

OILBARREL


By Amy McLellan
Shares in Aminex plc ticked higher on Tuesday as the London-listed company provided an update on its flagship Kiliwani North gas development in Tanzania. Last year the project was pencilled in for production start-up in early 2015 and it seems this has now slipped to “first half of 2015” as the company awaits final approvals on a long-awaited gas sales agreement.

But the nuts and bolts of the development are making headway: the 2 km pipeline linking the KN-1 well to the new Songo Songo processing plant is expected to complete shortly, with pressure testing set to get underway this business quarter.

The GSA remains the key concern – it has been on the cusp of signing for the best part of a year now as the partners await approvals from the authorities. Aminex this week said it expects the GSA to be signed “prior to any gas being delivered for pressure testing or commissioning”. A spokesman for the company said the delays were not unusual: “It can take a long time,” he said, adding “things are looking positive for the company now, with production due in the first half.”

Importantly, Aminex has now signed the asset sale agreement to sell an initial 6.5 per cent stake in Kiliwani North to AIM-quoted Solo Oil for a cash payment of US$3.5 million. The agreement between the two companies, announced back in October, also gives Solo an option to buy another 6.5 per cent on the same terms within 30 days of the signing of the gas sales agreement. This is an important deal for Aminex as it provides a US$7 million cash sum to pay down debt and help it remain in control of its destiny.

The transaction now only awaits formal approval by the Tanzanian authorities, which the companies say they expect “shortly”;. Assuming that Solo elects to take its full 13 per cent, the Kiliwani North equity split will be Aminex with 52 per cent, RAK Gas with 25 per cent, Solo with 13 per cent and Bounty Oil with 10 per cent.

Once onstream the 45 BCF field will pump around 20 million cf/d, putting Aminex on track for much needed production and revenues in the coming months to strengthen the balance sheet. Aminex’s CEO Jay Bhattacherjee said the Board was pleased with progress given the backdrop of wider challenges in the oil and gas sector.
“The Board reaffirms to all shareholders that it is doing everything within its power to progress the GSA and move towards first production in the first half of this year,” said Bhattacherjee.

It’s also good news for Solo Oil, giving it a stake in a near-term production project in one of its core areas – it already partners Aminex on the Ruvuma PSA in Tanzania, home to the 2012 Ntorya discovery. For Solo, however, the deal is less binary as it’s portfolio is more diversified, with a stake in the Horse Hill project onshore UK, where US-based NUTECH Ltd has been brought in to help assess the scale of last year’s discovery.

Analyst Barney Gray of Old Park lane Capital said in a note on Solo Oil that the signature of the Kiliwani North GSA is “imminent and will be accelerated upon completion of the connection to the Songo Songo gas processing plant in the next few months”. This will be a key event for both companies, allaying investor jitters about this risk to near-term monetisation of the asset.

[vike1] 04/2/2015 21:58

Looking again today at the Hoifu Energy website, in the "Gallary" page where it shows the photos of work activity, is that last photo new? It states:

"Hoifu Energy" has completed the drilling and exploration of 4 oil wells at Egypt oil field block 2, and confirmed that the site has five favorable traps of the highest potential, one of which is South Malak-1 oil well which recorded extremely high level of natural gas (in the range of 900 feet) and quality crude oil was discovered and obtained from that well."

Is this old news and I'm just a bit thick for not seeing it before or is this from the recent drill campaign?

[pyjamaboy] 04/2/2015 21:55

Jays latest update on 3rd Feb Tuesday Aminex CEO, Jay Bhattacherjee, commented:  "As Aminex steps closer to strengthening its balance sheet and towards first gas in Tanzania, the Board is pleased with progress particularly given the backdrop of a wider and challenging Oil & Gas sector. While the GSA remains subject to final approval, the construction of the main pipeline is on schedule with pressure testing and commissioning expected to begin shortly.  The Board reaffirms to all shareholders that it is doing everything within its power to progress the GSA and move towards first production in the first half of this year."

[slepy] 04/2/2015 21:34

Yes. It will rise up to 50p. In just 86 days, 10 hours and 27 minutes. My guess is as good as yours.

[pyjamaboy] 04/2/2015 17:49

Aminex all set to soar in 2015/16 as it becomes a producer .

[dfgo] 04/2/2015 14:34

Neil Ritson this link works

[warbaby43] 04/2/2015 14:28

Watch out America:



But:



Not very long ago, it was around 1600 - 1650/- to the dollar.

[qackers] 04/2/2015 14:19

www.proactiveinvestors.co.uk/companies/stocktube/3456/solo-oil-chairman-on-progress-in-tanzania-3456.html

leave offthe http bit. highlight address right click and then press go to. works for me in chrome

[warbaby43] 04/2/2015 14:08

What happens to our taxes:



£560m dished out 2012-2015 of which 65% is on a government to government basis. What the CCM politicos don't then steal, they use for electoral bribery.

[warbaby43] 04/2/2015 14:02

From a much longer piece:

"The President said that he is happy for the Sh1.7 trillion fertiliser complex which is to be built in Mtwara by a consortium of international companies led by Ferrostaal Industrial Projects of Germany and Tanzania Petroleum Development Corporation (TPDC).

The factory is set to start operations in 2019/20 using natural gas and will produce more than a million tonnes of fertiliser annually."

[blackgold00] 04/2/2015 13:50

hmm, advfn don't like Proactive links

[blackgold00] 04/2/2015 13:45

got it. try this link

[...]

[rafix] 04/2/2015 13:23

hxxp://youtube/iikJg3rWu0U

[edgar222] 04/2/2015 13:22

How weird

Trying to post a link to a Ritson interview on proactive investors. Also on my twitter page @edgartwo2

EDIT

New, stupid ADVFN rule is obviously replacing links with [....]

One reason not to use ADVFN any more.

hxxp://www.proactiveinvestors.co. uk/companies/stocktube/3456/solo-oil-chairman-on-progress-in-tanzania-3456.html


EDIT 2

Putting a space in the link helps to post it but means you cant just cut and paste it or it wont work.

[blackgold00] 04/2/2015 13:12

edgar222, what about Ritson interview? and what does [...] mean

[edgar222] 04/2/2015 12:58

[...]

Ritson interview

[blackgold00] 04/2/2015 12:40

not had one of those for a while, will look forward to that.

[bunbooster2] 04/2/2015 12:06

No, I mean wait patiently. Can't be long now. I know it's hard but there will be a satisfying climax.

[jacks13] 04/2/2015 11:05

Bun, is Aminex the patient?

[blackgold00] 04/2/2015 10:49

eye eye captain