Aminex Share Discussion Threads

[theunluckyone] 16/5/2016 10:21

Anybody smell a rat ?

So lets get a bit of history to this deal.
Canyon Oil and Gas UK Ltd was incorporated on 5th April 2011 with a Share Capital of 2 shares giving each shareholder 50% of the Company.These shareholders were :-

Jay (actually Jayanta) Bhattacherjee with a date of birth 1/11/1977 and
William Arthur Philip Thompson with a date of birth 21/3/1960

From official Companies House records Canyon was dormant ( did nothing ) for the period from incorporation to 30th April 2013.
Other than these official documents virtually all records of Canyon Oil and Gas have mysteriously disappeared apart from a horror story posted on 8th November 2013.Citing a "Corporate Presentation" dated August 2013 on the official Canyon website - no longer in existence - it stated that Canyon intended to " Conduct exploration works in Moldova looking for gas and shale oil using hydraulic fracturing technology. " This explains the Moldovan's shock and horror at the plans.Take a note of the date of the presentation as whilst reading the article you will see that Canyon claimed to have already invested $1 million in Moldova and drilled two wells.So official declarations show that the Company was dormant up to April 2013 and yet in this "report" they claim to have not only drilled two wells but also proved them up and indeed got them into production in less than SIX MONTHS !!!
REMIND ME HOW LONG HAVE WE BEEN WAITING TO DRILL JUST ONE WELL IN TANZANIA ?
Even more unbelievably the report states that the first well had been producing since FEBRUARY.
PRODUCING AND YET NO FINANCIAL DETAILS SENT TO COMPANIES HOUSE OR THE TAX MAN ?
I can see why Bhattacherjee and Thompson were hailed as experienced and successful businessman at Canyon as they produced 2,500 barrels of oil at a net cost of $70 a barrel - WOW !!!
NOW REMIND ME WHAT IS THE CURRENT PRICE OF OIL ?
Interestingly US oil futures prices at the end of May 2013 were around the $90 a barrel level and we all know what direction they were heading in.
Also note in the report that Aminex originally stated their intention to acquire Canyon Oil and Gas in October 2013 - in actual fact 29th August 2013 - when according to official Companies House documents the Company had barely awoken.
So what could Aminex see in Canyon that nobody else could ?





MORE TO FOLLOW

[warbaby43] 14/5/2016 07:50

240 MW Kinyerezi II, which has just started construction, is with two Japanese banks funding and Sumitomo as contractor and they have been casting around for funding for Kinyerezi III but there is no mention this morning in the Tanzanian press of the Koyo story. New power supply would usually be headlines, so let's hope they are just slow especially as Kinyerezi III is the big one, 600MW, scheduled for 2020.

The only Tanzanian media power supply story this morning is of Symbion who also claim they are owed mega bucks by Tanesco :

[warbaby43] 13/5/2016 15:34

With regard to the 139.25m options grant to "Directors and staff", am I getting my sums wrong?

Totting up those allocated to directors gets me to 112m leaving 27.25m apparently for staff. If that's right, just who, I wonder is deemed so core and susceptible to such incentives.

[bunbooster2] 13/5/2016 10:45

Wentworth Q1 results - hXXp://www.newsweb.no/newsweb/attachment.do?name=Q1+2016+MDA.pdf&attId=149373

If I'm reading that correctly they received 3 million dollars in Q1 from TPDC for their 32% share in deliverying about 50 mmcfd of gas (which they expect to rise to 80 then 130).

They give an average of 48mmfcd which rose to 65 on 31st March. So say 17mmfcd to Wentworth.

Aminex have 50% of Kiliwani which should produce at between 25-35 mmfcd. So we should be looking at a similar income.

This section is of interest :

"The oil and gas industry in Tanzania has not been spared from the negative consequences of falling oil and
gas prices globally. Minimal oil and gas exploration is expected to occur in Tanzania in 2016. Certain
onshore operators are seeking farm-in partners before advancing exploration activities. The offshore deep
water concessionaires are expected to focus on advancing their implementation and commercial
agreements with the Government of Tanzania before conducting any further exploration. "

[thecynical1] 13/5/2016 09:11

have they also given the kumquats options? : )

[lfdkmp] 13/5/2016 06:26

Kumquat - haven't a few of those just awarded themselves some very generous options?

[edgar222] 12/5/2016 23:44

BunThats a Kumquat

[bunbooster2] 12/5/2016 23:06

Um no, I think you will find an ilk is a small deer native to the Peruvian highlands.

[blackgold00] 12/5/2016 12:40

"are of the same ilk", that is, of having the same characteristics.

[bunbooster2] 12/5/2016 11:12

All directors at all companies are ilks?

[ngms27] 12/5/2016 09:58

I don't give any Director the time of day, they are all of the same ilk.

[blackgold00] 12/5/2016 09:30

ngms, will you be going to the AGM, i'm sure they'll be really pleased to see you.

[thecynical1] 11/5/2016 16:47

warbaby - it is a good deal for them..........stinks pretty seriously badly for the shareholders..........when is the AGM?

[dunderheed] 11/5/2016 16:18

Agree ngms saw this just after the RNS had gone out yesterday and wondered why there wasn't quicker reaction. Very cheeky indeed - hope our resident director takes this feed-back back to the board!!

[ngms27] 11/5/2016 16:05

What people are missing is that they are actually rewarding total abject failure.
This is so cynical and scummy.

The BOD and renumeration committee should be hung, drawn and quartered figuratively.

[thecynical1] 11/5/2016 11:37

that is putting it mildly

[warbaby43] 11/5/2016 10:52

So while ordinary shareholders get yet more dilution, they divi out between themselves £1.5m for every penny the share price rises (if ever!) This, after the self destruction of the company's credibility has driven the share price down to its present sorry level. It stinks

[greyingsurfer] 11/5/2016 10:18

It does seem a staggeringly large issue of options. Options currently held by directors in post are about 7m. So 139m is quite a step. Of course the existing options were issued at much higher prices, and with much fewer shares in issue, so in terms of % of the company the difference is not so stark.

I hope and expect that there will be some much fuller explanation and justification for the grants at the AGM, but I would have liked to see at least a bit more in the way of justification in the RNS.

By comparison with many other junior O&G companies remuneration has not been large in the past few years, to a large extent forced on the company by cash flow issues, and it may be that a reasonable case can be made that the company is moving into a new phase and the grants reflect that. I won't be at the AGM, but I await with interest any feedback from what is said on the issue there.

Peter

[blackgold00] 11/5/2016 09:52

ngms "They know full well just getting a rig to Ruvuma would double / treble the share price"

i like the sound of that ngms. actually i think you'll find that the rig is being stored at the N-1 site now, at no cost to Aminex. so all we need is the agreements for funding in place which i believe is waiting on the KN-1 well test results, that will determine the wells optimal production rate .

[ngms27] 11/5/2016 09:46

They know full well just getting a rig to Ruvuma would double / treble the share price enabling them to cash into free money.

[gerryjames] 11/5/2016 09:07

A director recently sold stock to buy the cheaper options. Didn't affect the share price A great way to average down. So as for having to pay, there're ways around it depending on price. It's a large issue.