Aminex Share Discussion Threads

[edgar222] 12/3/2015 12:12

Solo and Wentworth at oilbarrel today.

Anyone going and willing to let us have the heads up?

[gerryjames] 11/3/2015 11:10

Talking of organised crime and tax.


"The draft order addressed to Cairn's subsidiary, Cairn UK Holdings Limited, is in respect of fiscal year 2006/7 to the amount of $1.6 billion plus any applicable interest and penalties.

Ouch! And Cairn Energy just happen to have not far off that in cash. I'm sure they'll settle for a few 100 million or so less which is about their MC after yesterday's bomb shell from India.

[gerryjames] 11/3/2015 08:28

Morning Skin, just doubled my holding. Showing as a sell, MMs playing games, typical. Yes, more of a reference to the Orc raids.

[skinwalker] 11/3/2015 08:17

Top of the Morning Gerry!
I don't think organised crime has quite got its head around declaring earnings and paying tax just yet. Not in this neck of the woods anyway.

[gerryjames] 10/3/2015 15:44

It's the bottom line now BG. A year or so trading Tanzanian gas to Tanzanians will tell all. In the meantime.....a little excitement from external enthuasim. I'm sure "organised crime" has some part to play in assulting a stock or two, now and then. It's a funny old game and as long as they're paying tax, who really cares. The Tax Man rules, especially this time of year.

[blackgold00] 10/3/2015 14:39

yep, one of these days we'll get some good news and the share price will actually go up.

[skinwalker] 10/3/2015 13:33

Well whatever it may mean, the Market is not exactly wetting itself with excitement

[blackgold00] 10/3/2015 13:06

and i think BH comments here mean the same as what greyingsurfer is saying "without financial exposure to primary exploration risk"



Commenting on the announcement Aminex Chief Executive Brian Hall said: "We are
very pleased to welcome Groundstar as a partner in the WEEM concession. The
arrangements with our fellow founding shareholders in APEL leave Aminex with a
carried interest in a highly prospective area for exploration without financial
exposure to primary exploration risk. There is existing 3D seismic over the
WEEM concession and drilling is anticipated to commence in 2007."

[blackgold00] 10/3/2015 12:44

yep, thanks fore that greyingsurfer. and yes "Oil and gas pipelines with surplus capacity are situated close to WEEM"



"The WEEM licence covers 1,328 sq. kilometres and lies in the southern portion of
the well-established Gulf of Suez petroleum basin. Five producing fields are
located on the adjacent block to the south-east, operated by Lukoil Overseas and
currently producing approximately 12,000 barrels per day in aggregate. Oil and
gas pipelines with surplus capacity are situated close to WEEM."

[greyingsurfer] 10/3/2015 12:10

its not exactly free of any financial commitment or a carried 10% interest, if the funding partners have to use our 10% of production to pay for what would be our cost.

It's a standard carried interest. The carrier gets to reclaim their costs, in case of success, once production starts. I've no idea how big the recoverable costs are, but, yes, it does mean that the first year's production (or so - finger in the air stuff here) will not result in cash flow for AEX.

What I found more interesting today was the quote here: hxxp://www.gulfoilandgas.com/webpro1/main/mainnews.asp?id=42257

Commercial production of the new discovery is planned to commence in the second quarter of this year, along with increasing production rates where a plan for the development of the new discovery will be implemented by drilling 7 new wells.

Seems very quick for production to start, but I don't know what the local infrastructure is, they could perhaps be in a position to link up for some early production. But also that a further 7 wells appear to be planned - so they are clearly looking for significantly higher overall production that the 430bopd from the discovery well.

Good news. I'd always regarded WEEM as something of no immediate value that might just produce something worthwhile in future. Even though AEX won't have any cash flowing in very soon from there, it clearly now has significant value that I didn't credit it with a few days ago.

Peter

[warbaby43] 10/3/2015 12:06

Variation on a theme and not a scandal involving the power sector for a change but brings to mind a World Bank report BB2 linked to some months back which indicated that out of Mtwara District's 834km of roads only 36km were paved. This helps to explain why:

[blackgold00] 10/3/2015 10:45

Northcote Energy set to drill new Shoats Creek well

[...]< did any one see it, i think it was the cyberlink eating monster

director Randall Connally highlighted.

"We are excited to be delivering on our plans to drill a new well, from which we stand better placed to benefit having secured a doubling of our working interest to 70% from the NAP USA Inc. acquisition,” Connally said in a statement.
“The economics of this initiative are very attractive at today's oil prices, and over the coming weeks we will be using the time ahead of the commencement of drilling to carefully plan for success, utilising the experience of local parties.”

[last throw] 10/3/2015 09:20

Blackgold

Thanks for your research - have you thought of emailing Aminex about your concerns?

I have to say that it seems typical of Aminex that when the rabbit is finally pulled out of the hat it always seems a tad myxomatosised!!!

LT

[blackgold00] 10/3/2015 08:39

hmm, its not exactly free of any financial commitment or a carried 10% interest, if the funding partners have to use our 10% of production to pay for what would be our cost. i think things need to be explained or is it just me and this is the way a carried interest works .

"in view of its carried interest which will generate income only after the funding partners have recovered their cumulative investment",

[blackgold00] 10/3/2015 06:14

yes first time i have seen it as well. i went back and dug this up, i don't know what has changed but here it clearly states that Aminex are ("free of any financial
commitment")



EGYPTIAN FARM-OUT AND INTEREST ASSIGNMENT

4 August 2006


Aminex PLC ("Aminex") announces two separate transactions in connection with its
Block 2, West Esh El Mellaha ("WEEM") concession in the Eastern Desert of Egypt:

(1) Aminex Petroleum Egypt Ltd. ("APEL") has concluded a farm-out of a 20%
interest in WEEM to Groundstar Resources Ltd. ("Groundstar") of Calgary.
Groundstar has committed to fund 40% of the financial obligations under the
WEEM Production Sharing Agreement up to a ceiling of $9 million ($3.6
million net to Groundstar) in order to earn a 20% working interest. In
addition to Aminex, shareholders in APEL are First Energy Pty Ltd. ("First
Energy"), PetroSino Ltd and FS International Corporation.

(2) Under separate arrangements involving the original shareholders of APEL
(formerly known as Red Sea Petroleum Ltd.), First Energy has been acquired
jointly by Volant Petroleum Ltd., an Australian public company and by Karl
Thomson Group of Hong Kong. As part of these arrangements Aminex will
reduce its beneficial shareholding in APEL to 12.5%. Aminex's 12.5% share
of the exploration costs for APEL's 80% interest in WEEM will now be
carried through to first commercial production, free of any financial
commitment. This equates to a carried interest of 10% in the WEEM
concession.

[bunbooster2] 10/3/2015 02:54

So 960k barrels in the ground for Aminex with another drill to follow. That's several million of value from nothing.

First time I have seen the "income only after the funding partners have recovered their cumulative investment" bit but this license looked like it had lapsed and now it's worth a decent sum.

[lfdkmp] 09/3/2015 18:54

Can anyone help me?

I'm struggling to find a few more negatives in today's RNS.

[pj 1] 09/3/2015 18:31

Have we any idea what the 'cumulative investment' to date is.

I can only assume that if it is to take longer than 5 years then currently the asset has no 'carrying' value?

[blackgold00] 09/3/2015 17:36

PJ1, warbaby, yes Hoifu hasn't planed to update Aminex for our benefit, so how long or at what cost will it take before the funding partners have recovered their cumulative investment?


"Aminex PLC ('Aminex' or the 'Company') notes the Ministry of Petroleum of Egypt announcement"

my brackets
"Once the full development plan has been presented and in view of its carried interest which will generate income only after the funding partners have recovered their cumulative investment, Aminex will assess the economic benefit of this discovery to the Company and act accordingly. (The Company continues to receive information only when the operator provides it to the Company.)"

[pj 1] 09/3/2015 16:25

Its unreal

What are the BoD doing if not even checking on their own 'assets'

My initial reaction was that they could hopefully get softer funding against it, but the Co seems totally disinterested in it.

Surreal

[warbaby43] 09/3/2015 16:15

One thing which does seem apparent is that Hoifu don't deign to talk to Aminex or, if they do, Aminex doesn't bother passing on the information to its shareholders. I wonder which it is.

[edgar222] 09/3/2015 16:09

But they could sell this one part of it and keep the rest of their licence?

Funding of Tanzania has to be the top priority, surely?

Luck turning here, at last.

[last throw] 09/3/2015 16:07

Edgar

I really do not want them to sell this extremely interesting asset on this one find alone - don't forget the total acreage of this is close on 1,000 square kilometers!

LT