Aminex Share Discussion Threads

[edgar222] 19/5/2017 22:06

Oilandgas1

Excellent thank you.

Is there a typo. You say Argo hold 30% and have technical experience. I think you mean Zubair. Argo are the loan.

That should not detract from my thanks.

[vike1] 19/5/2017 22:00

Excellent update. Thanks oilandgas1.

[kryptonsnake] 19/5/2017 20:34

Good post from MajorPaul on LSE:

It was standing room only at the AGM, and there was some news.
Jay reminded us that, unlike SOLO, Aminex is bound by strict LSE rules - "Neil has his own style of reporting, I have mine," he said. He reminded us that Aminex can only report absolute facts, and can not engage in speculation.
There was some hard questioning, especially in relation to reducing gas flows; he stated that they are unsure why the flow is restricted, this is being investigated but he (reluctantly) allowed that the life expectancy of the field has still to reach it's peak. It was interesting to watch the rest of the board as Jay chose his words with very great care: they were all staring at him intensely, suggesting some concern that he would say the wrong thing or let something slip. Why?
All questions regarding timelines (25 yr licence, consolidation, drilling chedules, etc) were kicked to touch, suggesting a degree of indecision on the Board.
Although ready to commence drilling, the drill which is currently in place may not be the right drill for the seismic work the company hopes to do; do not be surprised if a different drill is hired with attendant delays.
Jay highlighted the Chinese investment in the region.
He (reluctantly) indicated a partial timeline for the 25 year licence: the draft will be delivered to the Tanzanian government in September, so let's not be holding our breath on that one.
A question regarding the KPMG Auditors Report was hastily shot down; however the Report clearly states that there is "significant risk" to the Going Concern status of the company, but Brian Hall and Jay rushed to downplay this, and the auditor, who was present, failed to respond or comment. This point is interesting, as regarding cash flows, it came as a surprise to hear that the Tanz govt can be up to 60 days late paying for the gas we deliver.
On consolidation, the only indication was this might take place in 6 months or even 12 months, but once again, don't hold your breath. No good reason for delaying consolidation was given, while excellent reasons were proposed, particularly the upside for institutional investors, but the indecision on this was palpable.
The most positive comment in the entire AGM was from the ARA representative, who stated clearly that if they could buy more shares, they would (they are limited to their current holding of 29.9% by stock exchange rules).
This resulted from a question asking if they would be selling any of their holding in the near future, and Jay indicated that there is an agreement on holding their shares for a minimum of 24 months.

The Major.

[dan_the_epic] 19/5/2017 20:33

So right LFDKMP, the market was clearly delighted by the AGM. I've never seen such price and volume action with such conviction this afternoon!

Haggis has been bang on with this one. Choo choo!

[haggismchaggis] 19/5/2017 20:30

I'm sure you've put enough hours to get honorary status :-D

[lfdkmp] 19/5/2017 20:26

So the AGM was such a success that it has propelled our guru-disciples to ever more creative reading between lines.

Guess I'll have to stick around for another few years to achieve this elevated status.

[haggismchaggis] 19/5/2017 20:07

Re post 64113.

"Songo Songo gas field contains petrogenic gas and associated liquids in a Lower Cretaceous sandstone reservoir."

"At Wingayongo in the Rufiji basin, 160 km inland from the coast, there is an oil seep associated with bitumen-stained Lower Cretaceous sandstones."

"The Upper Cretaceous is expected to be mature for hydrocarbons throughout the area, mostly for oil with some gas generation in the deeper tracts. Jurassic and older formations are mostly in the gas window or spent. Preliminary burial history and maturation modeling of the MDOB confirms that Maastrichtian/Campanian-aged potential source formations have been hydrocarbon generative since the early Miocene through to the present day (Fig. 6)."






Here's the company that provided the data on the Ruvuma Cretaceous play mentioned on slide 11 of the AGM presentation. 

[blackgold00] 19/5/2017 20:06

yep, but hopefully Dan those bad old pi$$ taking days are behind us

[dan_the_epic] 19/5/2017 19:41

Yep, they certainly did a good deal when charging 15%. The ROI on that loan must have been incredible

Hat firmed tipped in their direction

[haggismchaggis] 19/5/2017 19:35

Vindicated again! Thanks to Mickalonius on LSE BB.MickaloniusRE: Very positiveToday 17:36"Tarry, the board were also in agreement that Argo, who were/are also shareholders are unlikely to dump all shares in the market (although it is there right), but they seem to think it was very unlikely and in the words of Brian 'not their style'."So exactly what I said on the day that ARGO exercised their Warrants! As I said at the time, they are intelligent Institutional investors, they have funds to put the stock into, they are not just a company that offers loans.

[dan_the_epic] 19/5/2017 17:24

Actually there probably isn't anyone he hasn't filtered, never mind. He probably sees this board as one big monologue

[dan_the_epic] 19/5/2017 17:23

Christ almighty, drop the oil ploy already. Can someone he can actually see tell him that?

[haggismchaggis] 19/5/2017 17:16

I'm wondering if the rig dilemma is: 1) Because of the thickness of the two targets at N3, do we need a more substantial rig that can withstand even higher pressures than those at N2 or L1? 2) Do we need a rig that's better suited to drilling for oil?

[greyingsurfer] 19/5/2017 16:59

The biggest short term question is will, when N3?I'm hopeful that when the AGM attendees have finished checking the quality of the Guinness, and sobered up a bit, we may get some feedback on what sort of response was given to questions on that - as I'm sure there must have been!Peter

[canigou2] 19/5/2017 16:46

The biggest short term question is will, when N3?

[dan_the_epic] 19/5/2017 16:37

Not even oil in place. I'm sure a lot of rocks generated oil back in the day. Doesn't mean there is any there.

Clutching at straws dear Haggis, the shortest straws ever seen

[haggismchaggis] 19/5/2017 16:29

Ruvuma, page/slide 11"The regional Cretaceous source rocks are estimated to have generated between 4.8 - 8.1 billion bbls of hydrocarbons"Roll on N3!

[edgar222] 19/5/2017 15:06

Not had time to check but are the numbers for "channel" pmean targets not new and bigger?

[greyingsurfer] 19/5/2017 15:02

Would be interesting to hear from anyone who heard, and understood, the description of slides 11 & 12.

Overall a perfectly straightforward and apparently clear presentation. No whizz bang news - but AGM dates don't always map those schedules - and nor should either be fiddled to try to make it like that.

Evidence that this is a "weak" presentation is effectively nil.

In the meantime we still wait for news on N3 - on what they are looking for in the analysis, and when it's likely. Did anyone attend and get any further feeling on that?

Peter

[lowflow] 19/5/2017 14:30

The 167m warrants which were exercised for stock earlier this week will be admitted for trading on Monday.
With this weak AGM presentation on the back and with Solo intentions to farm down Nt, I think we will see Aminex sub 4p in the next weeks.

[slepy] 19/5/2017 14:15

N3 surface complete & ready to be drilled.

[lowflow] 19/5/2017 14:15

What a weak presentation:

1. Nothing new on Nt-3
2. Nothing new on the development of the field.
3. Nothing new on the development license work.
4. Kiliwani North production is still only 15 mmscf/d, or half of the target production rate.