Aminex Share Discussion Threads

[skinwalker] 30/6/2021 21:21

Well if that's so whopper, we can presumably look forward to a significant jump in the share price in the morning ?

[whoppy] 30/6/2021 20:12

The funding issue sorted is a biggie. Without dilution.

[888icb] 30/6/2021 20:05

A short delay but double the gas. Not a bad result as we have waited so long already but a much bigger reward.

[kingfisher14] 30/6/2021 19:51

6 month delay to drilling

[blackgold00] 30/6/2021 19:47

end of 2024 King.

[kingfisher14] 30/6/2021 19:42

Nice jam but no income for years

[whoppy] 30/6/2021 19:31

All shares are jam tomorrow by their very nature. Look at HE1. No commercial helium actually found and reports at drill site suggest it's escaped to surface and the gas they have on seismic turns out to be coal bed methane.

[skinwalker] 30/6/2021 19:24

More jam tomorrow ?

[whoppy] 30/6/2021 19:14

The trouble Aminex had was funding. This has now been addressed with $1.7m being provided by partner ARA. The fear was there would be a placing at 0.5p, hence the drop in share price This has now gone.

[bigsi2] 30/6/2021 19:10

Oh dearMore delays - market hates delay..35p I'm due course I'd suspect It is expected that acquisition will now commence later in the third quarter of 2021. The Chikumbi-1 exploration and appraisal well is now expected to commence drilling early in the third quarter of 2022

[whoppy] 30/6/2021 18:57

The 3D seismic should be interesting. With more definition, it could double estimates again +5Tcf due to the increase in surface area to 454Km2 as opposed to 200km2 2D area. ARA sound excited about their interpretation and are bullish with their increase in reserves. I bet they can't wait for the 3D. Approval of contractor to carry out the seismic is with the Tanzanian authority. Expect news on this.

[haggismchaggis] 30/6/2021 18:55

Farm out agreement 11 July 2018:

"Acquire, process and interpret 3D seismic over a minimum of 200 km(2) within the Ntorya area, which is understood to be the first time 3D seismic has been acquired onshore Tanzania"

"The Company will retain a 25% interest in the Ruvuma PSA which includes Ntorya's 1.87 TCF (311 million boe) Pmean gas initially in place (2017 RPS Energy Consultants Limited report) and which is expected to be developed without the need for new funding by Aminex."


Ruvuma updates today:

"3D seismic acquisition over 454 km(2) on the Ntorya location, under the Ruvuma PSA, expected to commence third quarter of 2021 and continued progression of well planning activities for the Chikumbi-1 exploration and appraisal well, for which Aminex is fully carried under the terms of the Farm-Out Agreement"

"In addition, APT has performed a re-interpretation of the existing 2D seismic dataset and considers the Ntorya gas reservoir to be the product of a stacked, high-energy, channelised sand system. Moreover, their revised mapping and internal management estimates suggest a mean risked gas in place ("GIIP") for the Ntorya accumulation of 3,024 Bcf, in multiple lobes to be tested and a mean risked recoverable gas resource of 1,990 Bcf, which will be appraised by the planned seismic and drilling programme."


So, we may have got another delay, but our target looks way bigger than it did! And still the potential for oil to be trapped in this huge area in one of the levels.

[888icb] 30/6/2021 18:18

That estimated gas in place increase from 1.8 to 3.0 is massive and should increase the value of AEX in proportion. Looks like ARA got a very good deal. That figure could of course increase further as the 3D seismic is undertaken. Let’s hope this gets reflected in the share price of AEX.

[whoppy] 30/6/2021 17:51

ARA estimate gas in place of 3Tcf. That's up from 1.8Tcf. Chikumbi targeting 1.9Tcf. Wow!



Aminex provides the following operational update on activities on the Ruvuma PSA, onshore Tanzania.

ARA Petroleum Tanzania Limited ("APT"), Operator of the Ruvuma PSA following completion of the Farm Out in late 2020, has provided an operational update on the work programme for the Ntorya Location on the Mtwara Licence containing the Ntorya gas discovery.

The tendering for the acquisition of 454 km2 3D seismic has been completed and the Operator awaits approval from the Tanzanian authorities for the issue of the seismic acquisition contract. It is expected that acquisition will now commence later in the third quarter of 2021. The Chikumbi-1 exploration and appraisal well is now expected to commence drilling early in the third quarter of 2022. Assuming a successful outcome from the drilling of the Chikumbi-1 well, first gas from the project is anticipated to occur by the end of 2024.

In addition, APT has performed a re-interpretation of the existing 2D seismic dataset and considers the Ntorya gas reservoir to be the product of a stacked, high-energy, channelised sand system. Moreover, their revised mapping and internal management estimates suggest a mean risked gas in place ("GIIP") for the Ntorya accumulation of 3,024 Bcf, in multiple lobes to be tested and a mean risked recoverable gas resource of 1,990 Bcf, which will be appraised by the planned seismic and drilling programme.

Charles Santos, Executive Chairman of Aminex, commented:

"APT, having taken over operatorship, has been actively progressing the Ntorya discovery towards a significant work programme in 2021/22. As part of this process, APT has independently mapped the Ntorya structure and share our excitement in the ultimate resource potential of the gas accumulation.

The 3D seismic will be essential in optimally locating the Chikumbi-1 well to derive the most value in determining both reserve and development potential. We believe that APT's operational strategy will optimise the potential of the asset and, with the new seismic, further verify the significant additional reserve potential identified by the Operator.

We eagerly await receipt of the 3D seismic dataset and to updating shareholders on further progress in due course."

[whoppy] 30/6/2021 17:48

Outlook:

• 3D seismic acquisition over 454 km2 on the Ntorya location, under the Ruvuma PSA, expected to commence third quarter of 2021 and continued progression of well planning activities for the Chikumbi-1 exploration and appraisal well, for which Aminex is fully carried under the terms of the Farm-Out Agreement

• Chikumbi-1 drilling now planned for third quarter of 2022 awaiting results of 3D seismic to refine target location

• Funding agreed with ARA Petroleum LLC for US$1.7 million to assist with working capital requirements of the Group

• Further gross administrative running cost reductions expected for 2021 of 30%; gross general and administrative expenditure (before one-off costs and exceptional items) anticipated to be less than £1 million per annum by 2022, representing a 75% reduction from 2018 levels

[whoppy] 30/6/2021 17:47

$1.7m funding agreed with ARA.

[rangenoresources] 30/6/2021 17:23

No wonder the share price dipped. Never good sign to bury news after trading.

[mynameiskhan] 30/6/2021 17:21

Operational Update (RNS)3D seismic acquisition in late Q3, and C1 drill in early Q3, 2022.

[888icb] 30/6/2021 17:12

The Outlook section from the Chairman’s Statement in the accounts. The rest of the statement is just repeating what we already know from that year:
Outlook
With the Ruvuma Farm-Out concluded Aminex has no debt, with all existing liabilities to ARA cleared. The Company continues to rely on nearly US$2 million in payments due from ARA upon Completion of the Farm-Out.
Even with the COVID crisis, there remains a significant and rising energy supply deficit in Tanzania, mainly when considered against growing demand, highlighting the importance of assets at different life cycles of their development like Kiliwani North, Ntorya and Nyuni. We would also note to shareholders that we are likely to be supplying gas domestically and are therefore less directly impacted by global commodity price weakness once in production.
We have seen positive signs that the Tanzanian Government is working with producers in-country to support Tanzania’s power demands which outstrip the current supply. We, therefore, remain highly optimistic about the future of this project and what it will mean to the people and Government of Tanzania.
I remain optimistic about your Company’s future as we have valuable assets in Tanzania. We have the financing to advance the Ntorya project and an outstanding partner in APT, which will help drive real growth in-country. We believe that Tanzania’s gas sector is unlocking, with the Government working hard to deliver prosperity for its citizens.
I would remind shareholders that we will be fully funded, as per the terms of the Ruvuma Farm-Out Agreement, for these activities. I want to thank shareholders for their continued support and all the staff of Aminex and its subsidiaries. They continue to endure and work hard on delivering value from our portfolio.
I look forward to providing further positive news on our activities throughout 2021.

[malc5] 30/6/2021 16:57

Accounts on website

[rangenoresources] 30/6/2021 13:30

8.7% down. Market probably had a leak of news before average punters.Doesn't look great.

[haideralifool] 30/6/2021 12:54

Save.l investors expected the worst when the Co released results on a fri pm after market close on the last day possible. A few days later the announced the purchase of some Exxon assets in west Africa. So timing not always a cause for concern.

[888icb] 30/6/2021 12:24

I am intrigued as to what great revelations the obsessive derampers are expecting from the release of the accounts. We know the financial and commercial situation of AEX and if there were any material changes they would have to be released by RNS when they occurred. Move along nothing to see here other than mm’s taking the opportunity to make a little money.

[rangenoresources] 30/6/2021 08:59

The debts and directors with the noses in the trough will.

[skinwalker] 30/6/2021 08:06

Their income won't take long to calculate...