Aminex Share Discussion Threads

[edgar222] 09/3/2015 15:13

Good find blackgold!

960k barrels to Aminex then. At $10 per barrel in the ground, sell now for $9m?

Don't know if the old $10 per barrel in the ground is still a valid yardstick after the fall in oil price.

[blackgold00] 09/3/2015 14:28

According to te first RNS the second well the Wadi Kofra-1. well will target the same formations.

23 September 2014

Aminex plc

Egyptian Operations Update and Exercise of Warrants

Aminex has been advised by the operator of the West Esh el Mellaha Production Sharing Contract ('WEEM-2 PSC'), onshore Gulf of Suez, Egypt that the South Malak-2 exploration well will spud imminently. South Malak-2 is targeting the prolific Nubia and Matulla sandstones. The Company has also been informed that a second location has been chosen, designated as Wadi Kofra-1. This further well will target the same formations and drilling is expected to begin in late 2014. The WEEM 2 PSC is directly west of Lukoil's WEEM 1 PSC which is producing from the same formations being targeted by South Malak-2 and Wadi Kofra-1.

[blackgold00] 09/3/2015 14:06

better than a poke in the eye, is there a second exploration well still to be drilled? the Wadi Kofra 1 location.

from there last IMS 18/11/2014

"Aminex has been notified by the operator that the South Malak 2 well has commenced drilling and that the Wadi Kofra 1 location is now being prepared. As the Company has a 10% effective interest in this PSC, free-carried through to first commercial production,"

[pj 1] 09/3/2015 14:00

Quick calc £450k per annum to AEX, post recovery costs.??

[ngms27] 09/3/2015 13:57

Why would they sell now when:
a) They don't know the size of the discovery
b) They are carried to Production

One for the back burner me thinks.

[vyke82] 09/3/2015 13:51

They can monetise by selling their interest

[bhoytrader] 09/3/2015 13:47

Yip - 12.5% of APEL's 80% interest.

[last throw] 09/3/2015 13:45

Gerry - 12.5% of 80% is 10% ..... simples!

LT

[thegreatgeraldo] 09/3/2015 13:44

No, it's a 10% interest

[bhoytrader] 09/3/2015 13:43

Better than a kick in the balls.

[gerryjames] 09/3/2015 13:35

Recovering costs first...that'll take a while, then 12.5% of a 10% interest in 430 boe.*

*Thank-you LT, thegreatgerardo....10%. Talking rollocks above.

[blackgold00] 09/3/2015 09:31

I just looked that one up, yes could be.

[gerryjames] 09/3/2015 08:29

Yes, he demonstrates an anal retentive tendency.

[blackgold00] 09/3/2015 07:58

gerryjames, yes sorry I wasn't thinking Bun specifically I was meaning generally (why would any one). yes Bun doesn't like a disorderly board.

[blackgold00] 09/3/2015 07:30

and why would you give the thumbs up for the second post and not the first if it says exactly the same, if you think the second post deserves a thumbs up then sorely the first does as well.

[bunbooster2] 09/3/2015 05:37

Can I please remind everyone to not post the same thing twice. It wastes all our time and DOES NOT get your point across any more forcefully.

[ngms27] 08/3/2015 16:51

Wentworth maybe exciting given TPDC have asked them to fill the pipeline in the next two years.

Solo well what can I say, p1ssing in the wind

[ngms27] 08/3/2015 16:50

Wentworth maybe exciting given TPDC have asked them to fill the pipeline in the next two years.

Solo well what can I say, p1ssing in the wind

[vike1] 08/3/2015 14:54

Anyone attending the Oilbarrel Conference on Thursday? With both Solo and Wentworth presenting, could be insightful for AEX. Admission looks free.
Vike

[blackgold00] 07/3/2015 17:25

i don't think the artical said any thing new regarding Tanesco debt and payments to Orca, other than what was reported by Orca on the 24 Feb. though it has to be good that Tanesco are paying regularly now. i think the date that could make things interesting is 9th April when we should know whether the International Finance Corporation (“IFC”) will get their board approval to provide the funding for the first phase of the songo songo development/workover, I have my doubts as the project looks like it carries quite a bit of risk of not being successful and the costs running away.



As I'm seeing it the Orca and TPDC negotiations re; GSA and the gas field development, under their existing PSA has totally broken down or at least none has taken place for over a year now. it looks like TPDC has left Orca to sink or swim, with them deciding not to participate in the proposed development.

Orca desperately need to arrest the declining production rates of the Songo Songo gas field, several wells have already been suspended because of corrosion and the SS-4 well is now being closely monitored and might also have to be taken off-line. This is going to have direct impact on Orca's production/revenue, as they can only draw from the (additional production), that which is produced over and above the first 45mmcfd (protected production). I sense a bit of politics in play with how Orca is playing their hand.



"In order to fill the existing Songas infrastructure to capacity and provide operational redundancy, the Company is contemplating a first phase of offshore development consisting of working over two existing wells (SS-5 and SS-9) that are currently suspended, working over an existing production well (SS-7) and drilling a new offshore development well (SS-12). The workovers, if successful, will use the existing infrastructure (platform and flow-lines). Should the workovers be deemed unfeasible or prove to be unsuccessful during the workover operation, it is expected that the wells will be either side-tracked or abandoned and new wells drilled to replace the old wells."

"The Company estimates the cost of the first phase of Songo Songo field development to be approximately US$120 million. Additional drilling resulting from unsuccessful workovers could cost from US$20 million to US$40 million depending on whether one or two new wellbores are required."

TANESCO payments
"TANESCO currently owes the Company US$60.3 million of which US$55.9 million is in arrears. Having instituted regular weekly payments in Q2 and Q3 2014, TANESCO made only one payment in Q4 2014. Since the beginning of 2015, TANESCO has made five of six weekly payments of TZsh 3.0 billion (approximately US$1.7 million). The Company currently has approximately US$59 million in cash, of which US$34 million is held outside of Tanzania."