Aminex Share Discussion Threads

[blackgold00] 14/5/2015 16:44

‘imminent̵7;, i haven't heard that for a while, it might just mean what it says by now.

[mycr0ft] 14/5/2015 16:23

Aminex chief: Gas sales agreement ‘imminent̵7;
ProactiveInvestors Stocktube
ProactiveInvestors Stocktube
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Published on 14 May 2015

Jay Bhattacherjee, the chief executive of Aminex (LON:AEX), says the gas sales agreement in Tanzania is ‘for all intents and purposes complete’, with the signing expected ‘imminently217;. It comes as Aminex and joint venture partner Solo Oil (LON:SOLO) unveiled an independent assessment, identifying a potential 4.7 trillion cubic feet (tcf) of gas within the Ruvuma project, onshore Tanzania. Today’s competent person’s report also defined 44 billion cubic feet (bcf) of gas at the Kiliwani North Development Licence, where the partners are currently advancing to first production.

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[blackgold00] 14/5/2015 15:14

thats an old interview is'nt it, hmm maybe not, but im at work and cant get the sound

[proactivest] 14/5/2015 15:00

Video interview with CEO Bhattacherjee



Jay Bhattacherjee, the chief executive of Aminex (LON:AEX), says the gas sales agreement in Tanzania is ‘for all intents and purposes complete’, with the signing expected ‘imminently’.
It comes as Aminex and joint venture partner Solo Oil (LON:SOLO) unveiled an independent assessment, identifying a potential 4.7 trillion cubic feet (tcf) of gas within the Ruvuma project, onshore Tanzania. Today’s competent person’s report also defined 44 billion cubic feet (bcf) of gas at the Kiliwani North Development Licence, where the partners are currently advancing to first production.

[vike1] 14/5/2015 12:54

Agree w Mycr0ft. GSA holdup relates to financial assurances. It seems there is some activity there at least.

As for today, looks like a pre-AGM olive branch that gives mgmt something to say. We're in a 'show me the money' environment now though. Only GSA or Farmout news will re-rate this stock.

[mycr0ft] 14/5/2015 10:56

The GSA hinges on payment protection. I reckon it is ready to be signed but until there is proper financial risk mitigation controls in place, it would surely be nonsensical for AEX to sign it.

[blackgold00] 14/5/2015 10:53

we already knew, we found out from our yellow jumper friends, so more pretty pictures for us to look at next week.

"The Company would like to inform shareholders that an updated corporate presentation will be presented at its forthcoming AGM on May 20(th) which will incorporate the new resource numbers."

[larsson 2] 14/5/2015 10:33

But who would want to get involved with the Tanzanian Govt if the predecessors go bust due to delay after delay due to red tape and what was a troubled authority? Investors are more likely to be wary and look elsewhere until processes are speeded up somewhat.

[pj 1] 14/5/2015 10:29

If AEX goes bust then would not the seismic surveys pass to ARGO who I assume would auction to the highest bidder via Tanz involvement?

No doubt the Tanz authorities would insist on a fully funded bid including prospective drilling.

Im probably way off the mark......yet again....

[warbaby43] 14/5/2015 10:22

"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."

RNS of 8th July 2013 but as I recall the Licence was gazetted on 13th June 2013.

Meanwhile with a hat tip to gone fishin on iii:

[blackgold00] 14/5/2015 10:00

"Cash, or lack of it, talks" and so does our seismic serveys and the drill-bit

[cervelo] 14/5/2015 09:58

Any Wentworth holders recall how long it took to get theirs signed off?

[pj 1] 14/5/2015 09:48

IMO they do not know the exact position with the GSA, hence previous (unproven) references to their excellent relationship with the Tanz authorities.

This is Business, cold hard fact. Anyone who has been in Business knows previous un-monitised relationships are worth NIL.

Cash, or lack of it, talks

[larsson 2] 14/5/2015 09:30

Im hoping this will spike to 5p after this great wait and the volume of shares traded will be a record breaker for sure. However the Management are indeed not really forthcoming I think as to where and why the GSA has taken soooo long in coming.
Is it really because the Tanz Govt are slow in processing or what?

[ngms27] 14/5/2015 09:26

duxy786,

I'm in and sitting on a 50% plus profit as I think getting a GSA will propel the shares to around 4p.

TBH I'm really p1ssed with the new Management as well as the old Management for continual failure to deliver shareholder value.

[duxy786] 14/5/2015 09:20

I dont know what nmgs is saying but I csn bet everything I own its subtle deramps to get you onside. Buy hold add wait.Exciting times ahead for sure.

[blackgold00] 14/5/2015 09:20

of course its all a bit of a guessing game but at this point in time the CPR is confident to assign "28bcf of booked contingent resources which upon receipt of a gas sales agreement, from the Tanzanian authorities, are expected to upgraded to reserves" but as you say as time and production goes by, it could be increased?

[ngms27] 14/5/2015 09:09

Here is the definition of Contingent Resources:
Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent resources may include, for example, projects for which there are no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality.

So tell me why 16 BCF is not Contingent and 28 BCF is?
The best case would be that they require months of Production History, the worst case is another drill.

Perhaps this puts into context why there is no signed GSA as Aminex perhaps want to produce 20mmscfpd but the Tanz authorities don't think they have that capability?

[blackgold00] 14/5/2015 09:00

i think you got it the wrong way round ngms27,

[...] from proactiveinvester, it wont let me put a link up

"Today’s CPR also defined 44bcf of gas at the Kiliwani North Development Licence, where the partners are currently advancing to first production.
Kiliwani also now has some 28bcf of booked contingent resources which upon receipt of a gas sales agreement, from the Tanzanian authorities, are expected to upgraded to reserves."

[larsson 2] 14/5/2015 08:55

I think you have made your point ngms27 and it is clear AEX is struggling despite all these reserves that at present cannot be made into profit until this elusive GSA is signed.
The forthcoming AGM will certainly highlight where the problem lies as someone must ask the obvious question. Where is the GSA?

[ngms27] 14/5/2015 08:45

So KN-1 downgraded from 45 BCF to 16 BCF plus 28 BCF 2C. i.e. will need the drillbit to prove up and produce the 28 BCF portion
Nytorya-1 downgraded from 119 BCF to 83 BCF plus 70 BCF 2C requiring an additional well to prove / produce the 70 BCF portion

Still no GSA, H1 2015 is nearly over.

$8m Argo loan needs repayment by 31st July 2015 and they don't have the cash
Ntorya-1 Appraisal required to be drilled by 30th June 2015 to meet licence commitment. This isn't going to happen. Will the Tanz authorities take back the asset given the new regime in place for Oil and Gas?

Management continue to promise the Earth and deliver nothing.

[pj 1] 14/5/2015 08:34

Subtle change of phraseology, ''should''? not ''will''

'Combined with the commencement of production at Kiliwani North, which should allow the Company to book its first Tanzania gas reserves, we are entering into a very exciting time for Aminex'

[blackgold00] 14/5/2015 08:30

yes it seems it was



"The Caroil-6 rig has now been released from the Ntorya-1 well and will be demobilised to make way for the rigless testing equipment that has been mobilised and is due to arrive on-site in the coming weeks. A production string has been run in the well, and a Christmas tree installed in preparation for the planned test sequence."

[blackgold00] 14/5/2015 08:07

haggismchaggis, i think the well was finished off as a producer