Aminex Share Discussion Threads

[jacks13] 08/5/2015 15:52

Don't forget Argo, apart from being a creditor, do have their own stake in the company. They'll want their pound of flesh but they're unlikely to send the company under whilst their investment remains likely to prove profitable. Only if the gsa doesn't materialise and/or the licenses are revoked because of non-performance is their assessment likely to change; in my opinion that is!

2013 HALF-YEARLY FINANCIAL REPORT (29 August 2013 page 21 of 22):

'On 17 January 2013, the Company agreed a US$8 million loan facility with a fund managed by Argo Capital Management (Cyprus) Ltd which was fully drawn down in the period. The loan facility carries a 12.5% coupon for the period (rising to 15% from 1 July 2013) and a repayment premium rising from 103% to 120% depending on the date of repayment. The loan is repayable from the proceeds of the sale of the Group’s US assets in the first instance. Under the terms of the loan, the Company will seek new equity to repay the loan if disposals of assets have not repaid it by the end of the current year. It is secured by fixed charges over certain of the Group’s subsidiary companies and a floating charge over the Group’s assets.
The Company granted warrants to the lender representing 5% of the existing share capital of the Company at a price of Euro 0.06. The cost of these warrants falls within the scope of IFRS 2 Share-based Payment and is recognised over the term of the facility. All warrants will be exercisable until 31 December 2015.
The warrants are subject to anti-dilution rights at the same exercise price. The Company has calculated the fair value of the warrants at the date of grant at US$1.37 million using the Black Scholes model which has been included in a Share warrant reserve in the Condensed Consolidated Statement of Equity at 30 June 2013, with a corresponding amount offset against the initial value of the loan. The key assumptions used to value the warrants include a volatility rate of 60% and a risk free rate of 0.33%.'

[foolsandcows] 08/5/2015 15:37

Interesting times ahead.

My prediction. Within two weeks transformational news out.



Good luck all.. ;)

[warbaby43] 08/5/2015 15:30

Just a reminder for those holding via nominees that the AGM date, 20th May, approaches so anyone wishing to vote will need to make contact with their nominees within the next few days.

For matters to be determined, herewith the Form of Proxy:



With Brian Hall up for re-election, that should be among the interesting results to look for post the AGM.

[ngms27] 08/5/2015 15:01

Yes I got the dates the wrong way round.
June the 30th is the deadline to drill the Ntorya Appraisal so failure to do so risks losing the Ruvuma license.

[haggismchaggis] 08/5/2015 14:13

Well done blackgold for correcting his mistake, although one would expect him to know this already as he's been actively following this stock for so long.

[blackgold00] 08/5/2015 14:05

ngms27 "June 30th they have to pay back $8m and they don't have it."

"the final repayment date of 31 July 2015"

Final Results

"The agreement for a disposal of 6.5% of the KNDL since the year end gives the purchaser an option to acquire a further 6.5% for $3.5 million within thirty days of the GSA being signed. Although Aminex's interest in the KNDL would be reduced to 52%, the exercise of this option would enable further substantial corporate debt repayment prior to the final repayment date of 31 July 2015"

[haggismchaggis] 08/5/2015 14:01

Is there a leak? GSA news? Connection to Kiliwani completed?

[larsson 2] 08/5/2015 14:00

Covenants can always be renegotiated with a penalty particularly if light can be seen at the end of this dark tunnel.
Thanks for the comments however I shall bail as soon as this hits 3p I will take take profits and run to easier and quicker returns if it ever gets that high of course.

[ngms27] 08/5/2015 13:54

If they don't run out of cash and breach banking covenants first.
June 30th they have to pay back $8m and they don't have it.

[clunes100] 08/5/2015 13:44

Larsson, I am probably going to sit on these AEX this time because sooner or later these are really going to run, I am already in profit from this morning following 6.6% rise as I bought sub 1.9p after costs. If you want to play safe and are happy with say 20% - take it and maybe you will get another chance. Selling will depend on news and timescales and essentially gut feeling, so I cannot offer expert advice. Although I did pick some winners recently, Centrica, Admiral, lamprell, BTG and small positions with some odds and sods that have paid off PMG, Tan and FPM, but having accumulated more VOG (top sliced at 88.25p) and bought back, I cannot understand why they are not performing better with revenues in excess of $60m p.a. and soon to add customers and drill 2 wells which will also hopefully secure supply and new reserves, not bad for an AIM oiler!

I have been in and out of AEX for years, basically trading to recover some long ago AEX losses, but I do get nervous of AEX, when things take to long, especially RNS's relating to well results, but now they have reserves that will soon get to market, I am not so stressy.

[clunes100] 08/5/2015 08:39

Just added a few but shown as a sell, I think this ready to spike again and I have traded the last two spikes successfully, the spudding will assist this.

[vike1] 07/5/2015 22:23

Northcote article today, which is of mild interest to us AEX PIs. Notable point is at the end where is states that Shoats Creek well is due to spud in next 10 days. Suggests is economic at today's prices, which would support CF owed to us.

[...]

[larsson 2] 07/5/2015 11:29

More of a minute spike than a tumescent rise but Ill take anything blue at present with AEX. If the share price starts to hover around 2p this week that may be worth getting a tad excited about but the volume certainly needs to pick up.

[bunbooster2] 07/5/2015 11:00

Has any noticed the tumescent rise this morning?

[1775] 06/5/2015 17:00

Nice buy at full price in auction at end of day.

[blackgold00] 06/5/2015 16:23

you won't get that Vike1, they'll need to prove up Ruvuma Ntorya first before a GSA could be granted, but it will certainly not take as long as these first GSA's of Wentworths Orca's and Aminex, of which Orca's is not yet agreed and Wentworth's has not had their payment protection terms confirmed yet.

[vike1] 06/5/2015 16:12

Really hope this GSA covers Ruvuma as well, so we don't have to go through this again in a year's time.

[blackgold00] 06/5/2015 11:49

warbaby43, yes agree, and ngms27, well i'm going to stick my neck out and say GSA in less than a month. They need the KN gas for the testing and Commissioning of the new Songo Songo gas treatment plant and its only the KN well that has been tied into the new plant.

So without our gas the new Songo Songo gas treatment plant will not be up and running. Do you think that the Tanzania authorities could afford (political as well as monetary) to have such a large and important investment lying idle for no good reason?

[warbaby43] 06/5/2015 11:49

Regarding Orca, in a recent Citizen piece on the fall of the shilling, there were extensive quotes from the Governor of the Bank of Tanzania on some of the underlying causes. There was also this sentence:

"He said the central bank has used its forex to pay about $660 million for the import of train engines and wagons as well as clear Tanesco debts. He said much of the payments were done in March and April."

For those interested, here is the full piece which naturally also features rent-a-gob, now with his own party after being expelled from Chadema and set to run for President in October (if such elections do actually take place)

[warbaby43] 06/5/2015 11:23

The context in which this Daily News piece should be read is not our little GSA but the kerfuffle stoked up a few months back by a lefty Western gang called African Arguments (our own dear Guardian to the fore, naturally) over the terms of a 2007 Statoil PSA.

The bretheren may then recall the CEO of TPDC being arrested on the orders of rent-a-gob Kabwe, then chairman of the Parliamentary Accounts Committee, for a refusal, on the grounds of confidentiality of contract, to hand over to him and make public the PSA contracts. Then bretheren may also recall the immediate release from custody of the TPDC boss and Kabwe being given a flea in his ear by the then Energy Minister Sospeter Muhongo who made clear that confidential contracts were just that, confidential.

Nevertheless the incident did leave its mark by heightening suspicions of large scale Western oilie corruption which, unfortunately, was all too believable for Tanzanians given the endemic corruption at the top of their own political tree.

The context in which, I believe, this piece should be viewed is, therefore, not our farting little GSA but the determination of the large PSA tenders from the majors received by the Tanzanian government last year. A tendering process incidentally, if I recall correctly, which did not match the Tanzanians' expectations in terms of both interest and response.

Plainly, however, this time round at least, by involving Uncle Tom Cobley and all in the process, the government is seeking to appear beyond reproach and suspicion.

[ngms27] 06/5/2015 11:03

It could be seen as delaying AEX's GSA by another 12 months as well.

[blackgold00] 06/5/2015 10:57

i think the setting up of this new team is in response of past closed door deels/corruptions. deels must now be seen as open and democratic. especially when you are after IMF funds etc. if the allready negotiated GSA agreements are fair then no need for further negotiations they can agree and signe it off.

“Ideally, our negotiators need to prepare for a highly skilful bargaining exercise aimed at striking a mutually acceptable balance between the interests of the Government on the one hand, and the interests of the IOCs on the other.”

[greyingsurfer] 06/5/2015 10:34

might explane why the GSA has not occurred yet.

God, I hope not! If they've just set up a new team they'll probably want to start from scratch and it'll take ages.

Peter

[marnewton] 06/5/2015 09:41

Is that a positive post?

M