Aminex Share Discussion Threads

[fireplace22] 06/2/2015 07:09

RNS out: Solo today announces that the operator of the Kiliwani North ("KN") gas field, Aminex plc ("Aminex"), have advised the partners that the newly constructed gas export pipeline from the Songo Songo processing plant to the KN-1 gas well has been completed to within approximately 20 metres from the KN-1 production well-head.

The KN-1 well, when connected to the export pipeline, is expected to produce at least 20 million cubic feet per day.

Solo announced on 3 February 2014 that it has signed the Asset Purchase Agreement with Aminex plc ("Aminex") for the first 6.5% interest in the Kiliwani North Development Licence ("KNDL"). Solo has the option to purchase an additional 6.5% interest, during a period of 30 days after the Gas Sales Agreement ("GSA") has been approved by the Tanzanian Authorities.

[lfdkmp] 05/2/2015 21:19

Just sent that last post over to Bletchley, pyjamaboy.

Will update the board once they've cracked it.

[pyjamaboy] 05/2/2015 20:52

Aminex questionsAs we are currently priced around 1.85p , say for example , and our gsa comes through early next , will the price go up depending if investors buy or can it go up regardless by the mm's ?

[pyjamaboy] 05/2/2015 18:35

Good find warbaby43 , good to be featuring in the Tanzanian online media .

[warbaby43] 05/2/2015 18:02

Might surprise Neil Ritson to learn:

[jacks13] 05/2/2015 14:12

Bit of a downgrade then pyjama!

Aminex Plc set to re-rate between 10-20p in the coming 8 weeks. (51315)

[pyjamaboy] 05/2/2015 13:49

The market may not like us presently , once our GSA is done and dusted , there is only only place we are going , double figures . Jay and Neil will take us to dreamlandvl .

[lfdkmp] 05/2/2015 13:15

No advice intended clearly, pyjamaboy

[pyjamaboy] 05/2/2015 13:09

You heard it here first ,Best is invest a heavy lump sum in Aminex now and don't look at it till Xmas , this is gonna move up very slowly in small increments , double figures it will be .

[pj 1] 05/2/2015 09:29

I suspect a large proportion of the workforce smoke one substance or another over there! Risky business!!

[blackgold00] 05/2/2015 09:18

ah right, ok PJ1, thinking about it you wouldn't want to use gas and then found out it leaked

[pj 1] 05/2/2015 09:11

lol, pressure testing can be done without any gas!!!

(nothing inferred!!)

[edgar222] 05/2/2015 09:05

Yes, PJ. You are right I think. Its the spur that needs pressure testing with Aminex gas.

[ngms27] 05/2/2015 08:54

No, nothing doing is how I read it.

I still say Q3 to first gas at the earliest

[lfdkmp] 05/2/2015 08:50

Getting exciting, isn't it?

[blackgold00] 05/2/2015 08:47

PJ1 "differences aside I believe the main pipe has been pressure tested"

who's gas did they use to test the main pipeline, Wentworths? we have not heard from WRL to say all is connected and pressure test has commenced.

[last throw] 05/2/2015 08:33

Vike1

Those pics got me all a titter when I first saw them a couple of months ago ....... so, afraid they're old BUT there's gotta be news coming from that front soon and if Lukoil's production in the area, as our next-door neighbour, is anything to go by it could be very, very good news.

10% of a couple of thousand barrels per day from ONE well would be nice eh?

LT

[tipjunkie] 05/2/2015 08:32

i'll be happy if it goes through 5p to be honest

[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.