Aminex Share Discussion Threads

[greyingsurfer] 24/2/2015 20:54

Hi WB

Depends, I guess, blackgold00, on whether or not the Tanzanians want to play hardball. If they do then they might just want to point out that 181km out of the 405km deemed by Aminex to be required for Ntorya is hardly completing the seismic survey.

I'd suspect that while more seismic will be needed for full appraisal of Ntorya that what they have is sufficient to locate a first appraisal well effectively.

Remember also that:
The seismic programme, which is not a licence
obligation, will assist in identifying drilling locations required under
the work programme. (from the 2014 prospectus, p 5)

Clearly, you are right that having been in a position to do more seismic by now, would probably provide some additional confidence in any extension negotiations, but I doubt it would be a big factor.

Peter

[warbaby43] 24/2/2015 20:35

Political kudos possibly, LFDKMP

In the current climate, no brownie points are earned from being obliging to western oil companies.

Hopefully, though, Aminex will be able to persuade them that that the current arrangement will get them more gas more speedily reflecting glory on the minister and the CCM.

[lfdkmp] 24/2/2015 20:14

"Depends, I guess, blackgold00, on whether or not the Tanzanians want to play hardball."

Can't disagree with that.

What I can question is why they would want to do so.

[pyjamaboy] 24/2/2015 17:03

We just need a break for the gates to open .

[warbaby43] 24/2/2015 16:31

"that Aminex has already completed the (seismic survey) part of the appraisal program must go some way to satisfy the Tanzanian authorities that an extension of the 2 year appraisal licence should be granted."

Depends, I guess, blackgold00, on whether or not the Tanzanians want to play hardball. If they do then they might just want to point out that 181km out of the 405km deemed by Aminex to be required for Ntorya is hardly completing the seismic survey.

[blackgold00] 24/2/2015 15:49

warbaby43, yes it all seems to be hanging on the GSA, though the fact that Aminex has already completed the (seismic survey) part of the appraisal program must go some way to satisfy the Tanzanian authorities that an extension of the 2 year appraisal license should be granted, even if the (appraisal well) hasn't started, seems reasonable to me. but then I am a very reasonable sort of chap.

(08 July 2013 NTORYA APPRAISAL LICENCE AWARDED)

"The appraisal programme will comprise a further seismic survey to delineate the extent of the Ntorya discovery and drilling of an appraisal well"

[warbaby43] 24/2/2015 14:39

Yes, but will it be large enough to take tankers to load all our oil:



Meanwhile, this energy scandal hangs over Tanzanian politics like a mushroom cloud and worth noting that State House is their equivalent of the White House or No 10:



Very unlikely too that this is going to be anywhere near satisfying the aid donors who are still withholding over $550m.

[warbaby43] 24/2/2015 14:22

blackgold @51638, this takes us back to greyingsurfer's post @ 51590 and the debate around that.

It also seems to me to be a bit of a chicken and egg situation given the proximity of 20th June. Probably reasonable to expect an extension if a drill is lined up and funded, but to obtain a loan a lender is probably going to want to see confirmation of an extension albeit, I guess, that the promise of a loan could be conditional on obtaining said extension. It might be rather more tricky, though, if the financing they had been lining up over the past year or so was via a Placing, whole or in part, or via some form of corporate activity.

As it is, I thought the significance of the Daily News piece was that it was the second time in three weeks that a piece on Kiliwani had appeared in the media without igniting, as yet anyway, ructions around the PSA terms and that, hopefully, might make it easier for the new Energy Minister to get on with signing and issuing the GSA. Indeed, a GSA in the next couple of weeks would help ease matters considerably while a further delay till late April or May would be distinctly unhelpful, to say the least.

[warbaby43] 24/2/2015 13:52

Perhaps all Wentworth's anticipated gas has migrated to Ntorya/Likonde - I'm ashamed to think!

[gerryjames] 24/2/2015 13:03

Agreed BG. That's been the plan for years. Once a GSA is obtained they'll be of to the Bank for a soft loan. However a history of payment may be required, well it would if I were the Bank Manager investing in Tanzania. Wentworth's failures could be seen as adding value to AEX's already proven resource in the basin as it gives weight to their sucess thus far. I suppose.

[blackgold00] 24/2/2015 10:32

yes quite right ngms27, technically not classed as a gas discovery or as Aminex states ("Likonde-1 itself was not a commercial discovery and has now been plugged and abandoned").

but gas they did encounter, and it nearly blew the rig apart

"Likonde-1 provided strong indications of both oil and gas as well as encountering over 800 feet of reservoir quality sands before drilling was halted due to a massive influx of gas below 3,100 metres and very high temperature readings"

"The Likonde-1 well penetrated 97 metres of net sand with an average porosity of 17% within a 316 metre gross Lower Tertiary sand sequence with hydrocarbon shows and a deeper Jurassic zone, containing 250 metres of stacked sandstones with extensive oil and gas shows. The deeper sandstones were not logged at the time, as the well was prematurely terminated in the deepest objective at 3,647 metres due to the influx of high pressure gas."

[ngms27] 24/2/2015 10:01

Likonde was P&Aed and not classed as a discovery.

Until the drill bit says otherwise it's not a discovery.

i.e. the gas is thought to be deeper than the depth obtained though it might have just be touched causing the drilling to have to stop

[blackgold00] 24/2/2015 09:53

BunBooster2 "Kifaru result disappointing. Thats three, along with tembo and tende, that havent yielded much."

tembo wasn't to bad, it further proved up the same channel as the Ntorya and Likonde discovery's are in

[blackgold00] 24/2/2015 09:46

I don't see why they won't be able to get some similar kind of deal backed by the KN asset once a satisfactory GSA is signed.

[bunbooster2] 24/2/2015 09:42

Kifaru result disappointing. Thats three, along with tembo and tende, that havent yielded much.

[edgar222] 24/2/2015 08:36

Have a look at Ritsons LGO funding deal yesterday and today.Would love the same for AEX

[blackgold00] 24/2/2015 08:26

So only 4 months to go then, before we are in the discretionary hands of the Minister for Energy & Minerals. Don't panic Mr Mannering

[warbaby43] 24/2/2015 08:02

Further to the debate on appraisal drilling obligations, RNS of 8th July 2013:

"The appraisal programme will comprise a further seismic survey to delineate the extent of the Ntorya discovery and drilling of an appraisal well and the Appraisal Licence area consists of nine contiguous five minute by five minute graticular blocks around the Ntorya-1 discovery from a total of 72 blocks in the PSA area. The Appraisal Licence is granted for a period of two years with options to extend at the discretion of the Minister for Energy & Minerals."

The Licence was executed on 20th June 2013.

[lfdkmp] 24/2/2015 07:59

Don't want to appear churlish, but that last Daily News article does little more than paraphrase AEX's 18 February RNS.

[blackgold00] 24/2/2015 07:15

" Wentworth Resources Limited, the Oslo Stock Exchange and London Stock
Exchange (AIM market) listed oil and gas exploration and production
company (OSE: WRL / AIM: WRL.L), has changed the date for releasing its
2014 Annual Financial Statements and MD&A from Thursday, 26 February to
Monday, 16 March 2015."

"The date for releasing Wentworth's Q4 2014 Financial Statements and MD&A
has not changed and remains as Thursday, 26 February 2015."

[blackgold00] 24/2/2015 07:08

not so good for Wentworth

(Wentworth Resources Ltd Wentworth Resources Limited : Mozambique: Kifaru-1 Drilling Update)



"The Kifaru-1 well was drilled to a final total depth of 3,100 meters in
Eocene age rocks. The well encountered all targeted zones in the Miocene,
Oligocene and Eocene formations but failed to find an economic reservoir
and as a result the well has been plugged and abandoned."

"With the drilling of Kifaru-1 to the final total depth, the consortium
led by Anadarko has satisfied all of its drilling obligations under the
terms of the Exploration and Production Concession Contract for the
Onshore Rovuma Block in Northern Mozambique"

[blackgold00] 23/2/2015 16:34

thats a lot for Wentworth

[888icb] 23/2/2015 16:20

Some activity at Wentworth this pm UP 8.5% with volume over 2 Million.