Aminex Share Discussion Threads

[dunderheed] 08/2/2019 09:51

Sw gm buddy, ah lol don't know when that mis spelling sneaked in!!

[skinwalker] 08/2/2019 09:38

Morning DH
He's spelt 'Emperor' not 'Emporer' but either way he's a plonker.

[kevjones2] 08/2/2019 08:59

If AEX don't do this work promptly I look forward to pedants twisting the meaning of the word 'accelerate' in any way to defend JB's appalling stewardship of AEX which I have been calling out since 2014. (Remember the 24 occasions in which JB's RNS and/or interview guarantees were wrong? I must dig it out. Btw, those 24 occasions were only over a certain timeframe between 2014/5 and 2015/6, I think - there have been many more since then.) AEX is hanging in there not because of JB but despite him.

Nevertheless, I agree with a point made by Pete: a possibly good thing to come out of this placing is that at least they can now actually work on something - the acceleration of work on Kiliwani.

[gerryjames] 08/2/2019 08:39

Good point BG. They'll steal from anyone. Funny how it's never mentioned or asked about during these PR interviews.

[blackgold00] 08/2/2019 08:12

ngms, its not about Aminex now the relationship now is between the Tanz government and Zubair's. the end is nigh? up Pompeii

[dunderheed] 08/2/2019 08:00

No mate it'll only take a couple of days to fix that valve!!

[blackgold00] 08/2/2019 07:52

i guess the KN-1 has proven to be a lot more problematic than they had first thought 2:25 in

[gerryjames] 08/2/2019 07:45

They stole the KN-1 revenue. It's not just brown envelopes...to be fair.

[ngms27] 07/2/2019 19:26

Is the end nigh? Is this going the way of Frontera?I'm thinking the Tanz government doesn't want them so is blocking. They don't have enough cash now for the brown envelopes, which might explain the issues?

[greyingsurfer] 07/2/2019 17:33

Not the same thing and opens the door for further unexpected funding UNLESS the Tanzanian government get the finger out.

Very much the same thing!

I agree on the second part though. That's no news. AEX is dependent on getting the licence renewed and the FO finalised. If that didn't happen, unlikely, or got much further delayed, more possible, then clearly there are problems. Particularly if APT walk away. That would leave only KN & S and Ntorya, which is why I certainly don't argue with a small placing to maintain some sort of work program there in the interim, and possibly get a bit of revenue flowing.

[blackgold00] 07/2/2019 15:24

"potentially fully carried" compared to "and is intended to give Aminex a full carry"


being intended does not make it definite in my books so the meanings of the two sentences are not that far apart

[kevjones2] 07/2/2019 14:55

I hear what you're saying, onedaysoonmaybe.

Moving on to the worrying change in wording from a definitive fully carry to a "potentially full carry" with regard to Ruvuma only:

From today's RNS:

"The Company continues to progress its farm-out agreement with the Zubair Corporation over its Ruvuma PSA ("the Farm-Out"), where it will be potentially fully carried through to full field development with meaningful cashflow."

From RNS 21/09/2018:{} my brackets

"When completed {the farm-out}, this will accelerate development and is intended to give Aminex a full carry to significant production...."

Not the same thing and opens the door for further unexpected funding UNLESS the Tanzanian government get the finger out. I doubt there's anything more Last Day Jay can do....especially now that they've got their low-ball placing away!

[onedaysoonmaybe] 07/2/2019 13:00

Kev, when I said 'what does it matter' I meant whether 'potentially' referred to whether the farm out would actually happen or whether they would be fully funded if it happened. 'Potentially' applies to both cases so it matters not.

[dunderheed] 07/2/2019 12:46

70649 jodonn.
The Emporer is a poster called dweaky over on lse.

[blackgold00] 07/2/2019 12:29

todays RNS

"Following approval of the Farm-Out by shareholders of the Company on 4 January 2019, the executive management teams of ARA Petroleum Tanzania Limited and Ndovu Resources Limited have met with officials from the Tanzanian Government who reiterated their support for an accelerated development programme to fast track gas production."

from 11 July 2018 Transformational Ruvuma Farm-Out RNS

"Zubair plans to assign its interest in the Farm-Out to ARA Petroleum Tanzania Ltd (a company under formation) ("APT"),"


it would now seem ( ARA Petroleum Tanzania Ltd ) ("APT") is now formed

[jodonnellirl] 07/2/2019 12:25

GS, stating the rather obvious but, given earlier comments here, it needed to be repeated.
Btw, what exactly is this “Emporer”; that keeps cropping up?

[greyingsurfer] 07/2/2019 12:07

A lot of nonsense being talked here!

The RNS of the proposed farm out said:
" Fully carry Aminex for its share of costs up to $35 million in respect of its remaining 25% interest (post-transaction) (the "Aminex Carry"), which implies a potential expenditure during the carry period of up to $105 million for the aggregate 75% working interest held by APT and Aminex"

There is quite clearly a maximum value, and always was. It's assumed that's enough, and I'd suspect it will be but it was never open ended, or ever going to be.

Secondly of course the FO is not finalised yet, and won't be till the licence is. The "potentially" is simply a statement of what should be blindingly obvious to anyone who follows the company. Stating otherwise would have been misleading.

Regarding the placement, I'm sure we'd all (the company most of all) have liked it not to be needed, as the FO initial cash would have been in hand by now. But it isn't and it's clearly better for the company to get on with work it can do, which should produce revenue, some of it possibly near term, than to sit on their hands doing nothing. Something I'm quite sure D and co would have found a suitable target for criticism. Not the best news today, but it's clearly positive in my view.

[dunderheed] 07/2/2019 11:58

Stinky I think u realise my reference buddy lol.
I'll drop you a pm soon.

[kevjones2] 07/2/2019 11:53

It reminds me of Tony Blair repeatedly stating there were WMDs in Iraq. As time went by and it was becoming more and more obvious that there were no WMDs in Iraq, one day during a press conference he said ever so subtly something like: "...and we will continue to look for programs to develop WMDs..." LOL. Not one journalist challenged him on the difference between WMDs and programs to develop WMDs. Words matter.

Anyway, a lack of clarity leads to silly arguments like this one.

[kevjones2] 07/2/2019 11:49

"They are fully funded based on the development plan, but that is based on estimates which are bound to change. It might cost less in which case there is a clause that states Aminex will receive the money from APTs profits (I think 50% of them from memory), or more likely, it will cost more and Aminex will have to stump up any additional costs from their profits. Whether potential referred to the deal going through or being fully funded once/if the deal goes through I don't know and I don't think it really matters does it?"

ondaysoonmaybe, it matters because (if I'm correct which I may not be) they stated they were fully funded. Given the usual vagaries of development etc why didn't they say "potentially" fully funded in the first place?

I've been in and out of Aminex since 2013 and I have been repeatedly dismayed at times with two things: firstly, their RNSs leave an awful lot to be desired in their lack of clarity - words matter, why not use specific, definitive and consistent terms? Secondly, there's always a handful of subservient investors who defend the indefensible.

"Fully funded" versus "potentially fully funded"? Its bewildering to me that any English speaking person can't see the difference.

[stinkypeet] 07/2/2019 11:36

Why didnt they get it away at 1.84 Dunder? Well just look at who is buying it.... why pay 1.84 when you could but 50% more at 1.45 :0)

[pj 1] 07/2/2019 11:36

RNS TRANSLATION SERVICE.

Aminex Chief Executive Jay Bhattacherjee commented:
"We are pleased to receive the continued support of our two largest shareholders in order to accelerate development over Kiliwani, where the Company continues to remediate its Kiliwani North 1 well to bring it back into production, and Nyuni, while we make good progress in closing out the Farm-Out of Ruvuma."


Advise read as:-


''Despite your Company previously reassuring the Market that it was fully funded, I am delighted to receive the continued support of our two largest shareholders as to be honest I cannot give two hoots or another 2 failed farm-outs about the rest of the Companies current shareholders. Whilst all the other Employees have failed to bring the Kiliwani North well back into production and failed to progress the Ruvuma Farm-out, these funds will guarantee my own Remuneration for the next 2 or 3 years irrespective of what may happen at an operational level. Please rest assured that as a contingency I have already started lining up my next prospective supportive shareholders when further funding is required to maintain my lifestyle. Cheers!!''