Aminex Share Discussion Threads

[blackgold00] 04/6/2015 10:54

ngms27, yes so you see why Argo would not have had any issues with extending the loan. I don't know why you thought it would had been one, yes Argo have done very nicely from Aminex, but it looks like now, we have a new (substantial financial group) that are interested in the Ruvuma story.

[studentinvestor13] 04/6/2015 10:46

I think duxy owes me an apology for being a dimwit before.

....

Bal Sht says that at 31st Dec loans were $10.2m. - $3.4m net repayment is $6.8m bare minimum but probably back to $7.2m+ and the cash will have gone down too.

Running with ice skates is what aminex are doing. ice could crack any second.

Post 52616.

[bunbooster2] 04/6/2015 10:32

ngms27 - no wonga are a different company.

[ngms27] 04/6/2015 10:29

I think what todays RNS points out is that they in fact now owe $7.6m rather than the original $8m

Thus the $3.5m from SOLO has effectively only paid down $0.4m of Capital with $3.1m being accrued interest...

Are Argo part of Wonga?

[market sniper1] 04/6/2015 10:25

2.5p target, first stop.

[blackgold00] 04/6/2015 10:14

not much time to breath Bun, got the Ntorya-2 well to drill.

from the IMS
"The Company is planning to drill the Ntorya-2 appraisal well in late 2015 subject to available finance or acceptable farm-out offer."

and from todays RNS my brackets

"The Company is currently in discussions with a substantial financial group which has indicated a willingness in principle to make loan finance available to Aminex which will allow the Company to pay down its existing loan obligations and continue to develop its Tanzanian licences, especially the Ruvuma PSA. While there can be no certainty that these discussions will conclude satisfactorily, (the Board of the Company has a reasonable expectation that an initial part of such a facility would be available prior to the commencement of production and will not be conditional on signature of the GSA in Tanzania or commencement of production.)"

so will it be the (Caroil #2 drilling rig) is it man enough? according to Wentworth they should have finished drilling the MB-4 development well in June, so where will it go then?

[bunbooster2] 04/6/2015 09:59

Some nice breathing room.

[gerryjames] 04/6/2015 09:16

It's getting paid via this new culture of third party payment what is the issue or "Tanzania". Obviously a bit painful for them. Fat foreign sofa locked punters want their day too!!!

[duxy786] 04/6/2015 09:11

Some weak holders flushed out. Onwards and upwards

[dfgo] 04/6/2015 09:09

I Have added my take on the RNS in between the paragraphs


LOAN EXTENSION AND UPDATE
Aminex PLC ("Aminex" or the "Company"), an oil and gas company listed on the London and Irish Stock Exchanges is pleased to announce a six month extension to the repayment date of its corporate loan facility.

X 6 month breathing space.

As previously announced, the Company expects to produce first gas from Kiliwani North into the new Tanzanian regional pipeline in mid-2015 based on advice received from the Tanzanian authorities.

X Still aiming for mid 2015.


First production is dependent on final commissioning of the new pipeline and completion of the processing plant on Songo-Songo Island, which is currently on schedule, and the signing of the Kiliwani North Gas Sales Agreement ("GSA").
The GSA is complete except for the finalisation of the payment protection clauses and guarantees.


X AEX say The GSA is complete except for the finalisation of the payment protection clauses and guarantees.

X So only the finalisation of the payment protection clauses and guarantees holding it up now.



Although there is uncertainty over the exact timing of a signed GSA, with first production expected mid-2015, the Company has successfully negotiated a six-month extension until 31 January 2016 of its $7.6 million corporate loan facility to enable the completion of ongoing repayment and re-financing discussions.



The Company is currently in discussions with a substantial financial group which has indicated a willingness in principle to make loan finance available to Aminex which will allow the Company to pay down its existing loan obligations and continue to develop its Tanzanian licences, especially the Ruvuma PSA.



X The substantial financial group in above paragraph appears to be willing to
loan finnance to support Tanzanian licences, especially the Ruvuma PSA.



While there can be no certainty that these discussions will conclude satisfactorily, the Board of the Company has a reasonable expectation that an initial part of such a facility would be available prior to the commencement of production and will not be conditional on signature of the GSA in Tanzania or commencement of production.

Aminex also confirms that the option granted to Solo Oil plc to acquire an additional 6.5% interest in the Kiliwani North Development Licence remains in force. Net proceeds from the sale would be used to reduce any corporate loans and potentially assist in developing the Ruvuma assets.

Re-financing options have been assisted by the results of the recently completed Competent Persons Report, which attributed 28 BCF (gross) Contingent Resource to Kiliwani North gas field and 70 BCF (gross) Contingent Resource to the Ntorya gas discovery.

The Company expects to book reserves for Kiliwani North on signing a GSA and the commencement of production.

[edgein] 04/6/2015 08:58

Good to see AEX getting all its ducks lined up for further progress to be made. Putting this little loan back to beyond production start-up and booking of reserves at KN is a pretty significant move. By the time they get around to Jan 16 they should be producing up to 2500boepd and have received the payment from SOLO. All they need now is to sort out this new financing deal that wipes out the small loan and gets them past the Ntorya farmout. Hopefully they'll get a deal with a cash rich company like AEY, SQZ or SEY all of whom have cash mountains and looking for acquisitions of appraisal or development assets.

Regards,
Ed.

[warbaby43] 04/6/2015 08:42

"loan finance available to Aminex which will allow the Company to pay down its existing loan obligations and continue to develop its Tanzanian licences, especially the Ruvuma PSA" - to just drill Ntorya-2 or something larger? That would be gobsmackingly surprising, but it always made no sense to me to do just one drill at a time given the disproportionate logistics cost of getting a drill on site in Tanzania. In current market conditions, one drill for $10m, two for $16-17m?

Even if there is a Licence variation on the way to extend Ntorya-2 obligation and change 4 explos for 4 appraisals/explos, I can't think there will be any change in deadline of Dec 2016 nor in incremental penalties up to 15% of Kiliwani.

[duxy786_2] 04/6/2015 08:37

Thecynjcal1...am more than relaxed. In fact, am very happy to have added 15% of my PF here at 2p and am now sitting profit a month later. Its you who needs to relax....you will get your money back here....patience is a virtue. Out of interest, at What price did you buy?

[skinwalker] 04/6/2015 08:35

A brain surgeon here would be helpful. We have lots in need of brain surgery, and lots more in need of a brain

[thecynical1] 04/6/2015 08:33

relentless buying......duxy.....about 40k worth of shares have traded.....relax! : )

ngms....."don't need a brain surgeon".......hilarious given that we have the pleasure of haggis' company! : )

[ngms27] 04/6/2015 08:31

We all know it will only go to 3p on material news such as the signed GSA.
Doesn't need a Brain Surgeon to work that one out.

[thecynical1] 04/6/2015 08:31

Solo have an option.............they do not have an obligation..........and they will use their funds to their bedt advantage presumably.........no guarantee that they take up their option.......all contingent on GSA which has still not been completed........

[duxy786] 04/6/2015 08:30

Relentless buying as this goes to 3p in coming week or two. Doubt some of you will admid it but its looks like I called it spot on here

[lfdkmp] 04/6/2015 08:27

All this "stay of execution".....better than no stay of execution.

As someone said... " I don't want to get old", whereupon the retort was "Consider the alternative"

[duxy786] 04/6/2015 08:26

Yes SOLO do good for what is right for them but there is no doubt they will take up the offer here. Its a no brainer for them. We simply benefit to pay off debt. HH has nothing to do with Aminex and so this suspension has nothing to do with us.

[duxy786] 04/6/2015 08:18

Hapless. Lol....somd kf us are in profit fella.....and as you can ses from the buying today, most people see it my was. When it says "complete" .... its done. Its just figure to finalise. Minor details....did say this eould start perking up up in 12 months not 12 years as cynical Jack woukd have you believe. Did also say an RNS expected today and guess what...they drop one. Daily Trades, volume and charts tell you more here than any moniker can (including me).

[thecynical1] 04/6/2015 08:12

65jack......looks like you have uncovered another hapless AS sufferer.......it eventually affects the ability to read "complete"sentences! : )