Aminex Share Discussion Threads

[greyingsurfer] 08/7/2016 17:08

Read the prospectus. They cannot use the cash on anything other that NT-2 and NT-3.

You're making stuff up again. The prospectus isn't due to be published until the 11th.

From the RNS:

Net proceeds of the fundraising to be used principally to finance the drilling of the Ntorya-2 appraisal well and the Ntorya-3 exploration well

The Prospectus is expected to be published on 11 July 2016

[ngms27] 08/7/2016 16:12

I don't know if anyone else has also noticed the first payment for Gas is now also overdue given it was invoiced prior to 6th June and we were assured payments would be 1 month in arrears. Or does this only apply once all the testing etc has completed? Surely that must also be close?

[blackgold00] 08/7/2016 15:49

what's he like

[ngms27] 08/7/2016 15:32

Maybe the BOD know there is no market for the gas at present?

[clunes100] 08/7/2016 15:30

The BoD simply could not wait for the first receipts to come in from the sale of gas, really annoying.

[ngms27] 08/7/2016 15:22

I wonder where Mr 2p has gone ;)

Bad timing or what, or was that a final push to pump the shares prior to the placing?

[vike1] 08/7/2016 15:15

This co will live and die with Ruvuma drilling success. There will be volatility in s/t and will prob be flat for the summer.

The difference here is the placing is via a strategic investor that won't be trading shares (admittedly I don't know details of big/ukog deals).

AEX has traded at a huge discount due to financing worries. Hopefully this removes part of that.

[ngms27] 08/7/2016 15:11

Peter,

Read the prospectus. They cannot use the cash on anything other that NT-2 and NT-3.

I still ask why not raise enough to drill NT-2, then in the success case raise more as this would have avoided dilution.

What this now means if NT-2 fails we are again up shoats creek without a paddle

[greyingsurfer] 08/7/2016 15:06

Good, funding secured. We can move forward.

I'm not sure why anyone is surprised or upset by this. Funding was needed, and has been for a while. They should now have enough cash to move Ntorya forward, as well probably as work on some other prospects. The discount is small.

Any other approach to fundraising would have had costs. Farm ins would have involved dilution too. Loans would probably have been at significant rates of interest, and involved increasing risk.

This may not be where anyone would have hoped to be a couple of years back, but starting the in the real world, where we are, it's a reasonable outcome.

Peter

[kevjones2] 08/7/2016 15:02

Vike, Im not sure why you think a floor has been created for the share price Vog and Ukog have sunk well below placing prices.NOT saying that will happen here but I wouldnt be surprised if it did.

[oilretire] 08/7/2016 14:54

Irrespective of the history, it's not a bad proposal if you look at it in isolation.

Little discount & existing holders get the chance to participate rather than diluted out of existence by the big boys (or assets swiped by bond holders as has happened in several other cases)

Having said that, would have still preferred a farm out, but the industry is in lock down at the moment regarding Capex.

[dan_the_epic] 08/7/2016 14:46

If this BOD had an ounce of credibility and were proud of the deal, they wouldn't try to push this through during lunch hour on a Friday

[ngms27] 08/7/2016 14:41

What's next, they admit they are losing 15% of KN-1 for failure to meet drilling obligations once the Government sign off the Ruvuma changes?

[ngms27] 08/7/2016 14:39

It essentially means that all other options failed.
They couldn't get anyone to farm-in
They couldn't get finance just like I said they wouldn't as they have nothing as security

This is from the BOD that I believe promised NOT TO dilute further.

Now surely they should have drilled the NT-1 Appraisal using a smaller placing and then raised more monies on success IF they were putting shareholders first?

Another awful decision from an awful BOD

[tradingmyplan] 08/7/2016 14:35

ngms27 - you were also warning that Lindi wasn't being extended and that it was clear they'd have to give it up. Not the case at all.

Now, no doubt you have been correct to be negative on AEX but sometimes that negativity can also be as wrong as the bulls.

[clunes100] 08/7/2016 14:33

I was pulled in by this lot once and lost a shed load, had another go but I am now out, might buy back when the price tanks and if I don't then there are plenty of other fish in the sea.

ou only have to look at VOG after their massive dilution, their share price still has not recovered and they are producing.

[joestalin] 08/7/2016 14:33

Why release it on a Friday afternoon though? Were they anticipating a sell off?

I would have expected them to release it on Monday morning.

[vike1] 08/7/2016 14:31

Puts a floor on the share price Funding sorted. Limits blue sky upside, but now being cash rich, adds financial stability. Onto drilling!

[kevjones2] 08/7/2016 14:17

Expected a placing but sometime later. Chronic dilution. JB has been spending too much time with Ritson.

[ngms27] 08/7/2016 14:15

Now that's what I call dilution. Don't say I didn't warn you.

[cervelo] 08/7/2016 14:10

looks like the funding is sorted then.

[blackgold00] 08/7/2016 14:09

i bloody knew it

[joestalin] 08/7/2016 14:02

RNS out - another placing - extract from it:

Ruvuma

Aminex and its partners through the processing and interpretation of seismic data have identified two drillable prospects in the Ntorya Appraisal Area. The first well, Ntorya-2, is a step out appraisal well from the Ntorya-1 discovery well, the locations are 1,500 metres apart. Aminex and its partners expect to spud the Ntorya-2 well in the second half of 2016 to satisfy appraisal drilling obligations and then to apply for a 25-year development licence subject to its success. The Ntorya-2 well and the second well (Ntorya-3), which is an exploration well, will be drilled in the main channel of the Ntorya Appraisal Area. Aminex has contracted a drilling contractor to prepare the well plan and manage the tendering process for the Ntorya-2 well. The Senergy (GB) Limited report dated May 2015 indicated a 60% chance of a commercial development for the Ntorya discovery. Conditional on the success of Ntorya-2 and Ntorya-3, the Director's will assess the appropriateness of testing the wells taking into consideration the Company's ability to prudently finance such capital expenditure at that time.


Under the terms of the Ruvuma PSA, Aminex and its partners are required to obtain any geological and geophysical surveys which they consider necessary and to drill four exploration wells by the end of the current extension period which is due to end on 8 December 2016 (two wells on the Mtwara Licence and two wells on the Lindi licence). In addition, Aminex and its partner were required to drill one appraisal well on the Ntorya Appraisal Area by June 2016. Aminex has therefore applied for a one-year extension to the Mtwara Licence to enable the appraisal work programme to be completed. The one year extension has been approved by TPDC and the Company is awaiting formal approval and signature by the Minister of Energy & Mines. Furthermore, the Company has completed discussions with the TPDC with regards to transferring the drilling obligations in the northern Lindi Licence into the southern Mtwara Licence, which includes the appraisal area for the Ntorya discovery. With the support of the TPDC, the transfer of the Lindi drilling obligations to the Mtwara licence area is also being processed for approval and signature by the Minister of Energy & Mines. The Directors confirm that, other than Ntorya-2 and Ntorya-3, the Company will not undertake the spudding of any exploration wells within the 12-month period from the date of this Prospectus unless alternative additional financing is secured.