Share Name Share Symbol Market Type Share ISIN Share Description
Aminex Plc LSE:AEX London Ordinary Share IE0003073255 ORD EUR0.001
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.475 12,369,093 00:00:00
Bid Price Offer Price High Price Low Price Open Price
0.40 0.55 0.475 0.475 0.475
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.48 -38.04 -1.04 17
Last Trade Time Trade Type Trade Size Trade Price Currency
16:15:11 O 98,669 0.413 GBX

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Aminex Daily Update: Aminex Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker AEX. The last closing price for Aminex was 0.48p.
Aminex Plc has a 4 week average price of 0.38p and a 12 week average price of 0.38p.
The 1 year high share price is 1.65p while the 1 year low share price is currently 0.38p.
There are currently 3,643,458,062 shares in issue and the average daily traded volume is 6,996,074 shares. The market capitalisation of Aminex Plc is £17,306,425.79.
hardnose: I think they’re screwed... they know it, so they’re rinsing their salaries in anticipation of their industry being decimated and not being able to get another high paid job for a very long time. Please, please - prove me wrong. Where’s the communication to assure investors otherwise? What is the contingency for not meeting the June deadline which now seems like a very real prospect? What are the alternative arrangements for the Tanzanian meeting to discuss overdue payments (hint - have you seen Zoom’s share price)? Are the executive team in good health? What is being done reduce costs, freeze/reduce salaries to protect the company at this time? What is Aminex’s strategy in the face of a global pandemic and the worst economic shock in history?
dunderheed: SW it was actually afternoon when you posted unless you were in different time zone?! How r u doing - I hope a bit better than the old AEX share price, ahem I'll get me coat.
haggismchaggis: Based on the current MCap of each company, it would be 4.4 SOLO shares per AEX share, which is never going to be value for money for either company's shareholders.
dunderheed: BG all very well and good buddy and I have seen BC's response over on LSE already and will reply back soon (just a little busy at the mmt) but what about the MM conspiracy theory - 100's of posts were made over on the LSE site (aka mental central) by the "respected" posters who slated me for taking the mick, regarding MM conspiracy theory. Surely this is the real reason why the share price is weak? Come on buddy I'm throwing you a bone here!
dunderheed: I think, based upon a lot of previous posts on lse (when the share price was significantly higher than now) by well "respected" long-term holders they should contact the fsa about "mm conspiracy theory" because this is obviously the real reason the share price is so low? Following that "logic" the mm's obviously won in their strategy as the share price has continued to drop since then? Constructive comments please?
edgar222: FWIW an e mail sent to my friends about recent Aminex news further to the one in October. I am not intending to give anyone any advice. Two bit of news and a massive amount of information since my last e mail (below). First the circular for the EGM arrived last Friday. It is 96 pages long and packed with dense detail and information. It is a long read and I would suggest a geology dictionary might be useful! It includes the new CPR which is the independent estimate for gas in place and target sizes. The headlines (for me) are: · No licence yet, still waiting on the Tanzanian ministry (there are various licences awaited, extensions to exploration licences and a 25 year development licence). The level of detail and forward planning to commercial development and further exploration that is evidenced in the circular actually makes me understand the delay a bit better. But (as per my earlier e mail) the licences have lapsed and if not renewed then Aminex has nothing. That is a major risk for the market. But they have not breached any licence obligation, have done everything they should have done and (as I understand it) I believe there is an obligation on the Govt to renew/extend/grant. Add into the mix the historic relationship between the Company and the authorities, Aminex being the first in-country. This is one of those classic risk situations where a private investor who wants to take a risk for a reward can beat the market. Banks and institutions are unlikely to buy Aminex shares until the licence position is clarified. · The next drill CH1 (used to be N3) has been put back. They are now talking about Q2 2019. Given that this was supposed to be back to back with the last drill this is seriously annoying. The market hates delay and given that Aminex has many private investors (not banks) the share is disproportionately hit by such news. It should also be said that the market generally is currently down and difficult. It is obvious to me that this is at least partly as a result of Brexit but you all know not to get me started on that one! · However. The numbers for CH1 have (almost) doubled. The drill will target the N2 Cretaceous discovery in the same channel. That (as I understand it) is appraisal not exploration because they know it is there, so a high chance of success and low risk. But the primary target for CH1 is actually lower in the Jurassic. This is unexplored and is therefore higher risk. But it is enormous. The Company tweeted on Friday “New CPR attributes additional Jurassic exploration upside of 1.3 TCF 2U (P50) GIIP (gross)”. Terms like “P50” and “GIIP” are very important. This translates to an estimate in unexplored reservoirs. If you were risk averse you would say it might be sand or water down there and you would have a point. But they know the geology of this basin very well, probably about as well as you can know a basin. Until the drill bit goes into the jurassic level we will not know it if it gas or oil or water. But it is not wildcat-first drill in a region-type risk. It is more certain than that. That 1.3 TCF number is in addition to the 1.8-ish TCF estimated for the Cretaceous level. We are into world class size numbers now. · The Company are rightly cagey about the chance of oil in the Jurassic target. The circular says this: “The primary hydrocarbon anticipated to be gas although oil the Likonde-1 well and minor condensate was encountered from the Ntorya-1 well test. In Ntorya-2, black oil was encountered across the shakers at the top of the reservoir section”. Now large pinch of salt for this bit from me. But I read this as saying they are hoping for oil in the Jurassic. They think it is gas but it might be liquids. When you add that to the statement of Neil Ritson (Solo) just after the N2 results to the effect that “…it is an oil play but I should not say that…” (I am paraphrasing) this is exciting. Oil changes everything. This would be the first oil discovered in East Africa. Serious geologists believe it is somewhere and it might be in CH1’s jurassic layer. But if not, we are left with the compensation of the enormous gas estimates for CH1 (above). · The production / development plans are very advanced. There is a definite plan A that will be put into place in any event. That is simply to produce from the 2 wells already drilled (N1 and N2) and from CH1 when drilled. The cost will be covered by the terms of the Farmout with the Zubair corporation paying it. The cost will not eat up all of Aminex’ entitlement to development funds under the farmout. In other words, the Plan A will cost Aminex nothing and get them to very significant production, sales and cash generation. Plan B depends on the results of CH1 and is only a possible plan. For my part I do not believe that a Major like the Zubairs will be interested in plan A only and will want more. Plan B is 8 further wells and 11 wells in total on production. This might involve further processing plants, hooking up to the pipeline already built but will be enormous in terms of cash generation. The other serious point about Plan B is that they are talking about doing it incredibly quickly (if they do it at all). Plan B will not be fully covered by the Farmout but (I think) most of it will be. But the joy of this is Aminex can self-fund any shortfall without issuing any further shares or raising money because they will be receiving cash from the Plan A production. To get to 11 producing wells without further dilution really is a gold-dust type deal for a Company like Aminex. · The circular talks about the other leads available. These are other drill targets, the biggest being called Namisange. This has never been drilled and is exploration and high risk. But again, it is enormous. The estimated numbers are in the same ball-park as the starting estimates for Ntorya (pre-drilling). The Ntorya estimates have increased exponentially as they have drilled more wells and analysed the data from the drilling. The Namisange numbers as estimates are where Ntorya was at the start of the programme. On that basis, if Namisange turns out to be anything like the size of Ntorya (ie. doubling the hydrocarbons the Company has) then the share price is anyone’s guess but it is many, many multiples of today’s price. The plan is to undertake proper seismic over this lead so as to decide if it is worth drilling. · There are other leads discussed and (as before) I am not even touching on the separate Nyuni licence which also has enormous amounts of possible gas. That remains dormant but they have plans to undertake seismic there if the farmout goes through. The second bit of news is this morning confirming the successful fixing of the faulty valve at KN1. Hopefully this will lead to production resuming there and an income stream starting up again. In terms of the size of targets discussed KN1 is very small but it is an important stop-gap income stream to tide the Company over. There is a dispute with the Tanzanian authorities about money owed by Aminex to the Govt. The Company have said that there is no merit in the claim by the Govt and I believe them. The Govt have long-struggled to actually pay for the gas they “purchase̶1; and this is classic cash-flow management by a cash-strapped developing country. It is not good news for the Company but if the farmout plans go through at the EGM this will matter less. My own view is that this issue will quietly disappear as we go forward and Aminex will get their money. I am partially fortified in this optimistic view by the way the authorities have dealt with other companies in terms of their payments and cash-management. I would recommend having a read of the circular, on the company’s website. You will not understand all of the geology but as a detailed plan going forward it is impressive. Given that there are at least 4 parties involved in the plans (Aminex, Zubair, Solo and the Government) this is really complex legal documentation and has to be got right. I think the complexity and detail of future plans (as well as current geology) does explain the time taken to an extent, which reassures me that there is nothing fundamentally wrong and nothing more to read into the delay. As I have said several times, if you believe the licences will not be extended then you believe Aminex has nothing and you are selling and running away. The final issue is buyout. It is possible that Zubair will simply buy (takeover) Aminex. This is guesswork and I do not know. But one part of Zubair already owns 29% of Aminex and the other part is farming into the Ntorya development. I think the obvious time for a buyout is after CH1 is drilled. Assuming positive results there that is when the decision to go from Plan A to Plan B will be taken. I do not believe Aminex will be allowed have 25% of 11 producing wells for (almost) a free carry. A takeover is good news if the purchase price is at the right level. It is bad news if the buyer can get the company on the cheap. Either way, a sniff of a takeover is dynamite to a share price. As I say, this is now very speculative on my part. Finally, I am not going to guess share prices. See my earlier e mail. I can see a series of positive share price catalysts in the not too-distant future as news hits but anything might happen. The timescale to look out for now is the EGM (early January) approving the farmout followed by the CH1 drill (Q2 2019). Then work to production and cash. I remain frustrated with the time taken but am more understanding of it than I was before the circular. I have already (almost) doubled my holding since N2 and feel fully loaded in Aminex for now. But if the market is going to play silly games I will buy more as the share drops. Good luck all.
edgar222: I sent an e mail to the friends (none of them full-time investors) that ask me about Aminex at 7:37 am on the morning of the day it went up 30%. Posting it here in case it is of any use. Just my thoughts. And yes, I am blatantly claiming credit for the rise that day!! "I have been asked whether I have any thoughts on why the Aminex share price is tanking and thought it is probably time for an update. Lots of news since the last time I e-mailed. The share price is tanking because the income stream from the KN1 well has dried up. There is a problem with the pressure in the well and the gas stopped flowing. They thought that it was because of compartmentalisation (the gas is in a pocket in the reservoir) but they now think this is because of a faulty valve and are fixing it. They are also going back into the drill hole to re-perforate (punch holes into) a different part of the drill to allow gas to produce from a different area in the well. This remedial work has been delayed. We can guess at why the delay has happened but what we now know is that Bounty Oil (owner of about 8%) of the KN1 well could not pay their way. Aminex have recently announced Bounty are in breach of their obligations and have absorbed Bounty’s 8% of the licence into their own licence (effectively kicking Bounty out). That has undoubtedly delayed remediation. When the market sees the income stream restored it will mark the shares up. The other reason for the tanking price (I believe) is the really gross delay at Ntroya in Ruvuma. This is incredibly frustrating, even for a believer like me. If you remember on this licence they drilled Ntorya 2 (N2) in March 2017. The share price went up ten times (from the lows) and hit over 7p. N2 discovered an enormous amount of gas. The changed geological data as a result of that drill updated the basin model and the estimates for how much gas they have were also updated. The estimates are a CPR (Competent Persons Report). The numbers for N2 with N1 are now at approximately 2 Trillion Cubic Feet of Gas Pmean GIIP (not proved) and about 800 Billion Cubic Feet (C2 from memory or in other words more established/proved). Those numbers are enormous. In the North Sea 200 BCF is described as enormous and very valuable and Aminex have multiples of that. The next drill was meant to be back to back with N2 and was the one I was waiting for. It is called CH-1. It was not back to back and we are still waiting. Why this is so is unknown. I suspect it comes down to licence extensions, funding and other reasons. I do not believe it is the Directors fault though many do if you read the bulletin boards. My suspicion is that our main partner Solo could not pay for their 25% of the next drill. In the meantime the Major Oil Company that owns 29% of Aminex shares is Zubair. (NB. 29% is the most you can own in a UK company before you are forced by rules to buy the whole company, which triggers at 30%). Zubair not only own 29% of Aminex directly but they have farmed into the Ruvuma licence (which covers N1, N2 and CH-1). Farm into means buy a proportion of the licence. They have taken 50% off Aminex, whose share is now 25%. In order to buy that they will pay $5m cash. They will also free carry Aminex (pay for everything) up to approximately $110m. They will pay for the seismic data collection, the next drill, the cost of infrastructure (building pipelines etc) up to $110m. By the time that Farmout carry is exhausted there will have been multiple wells drilled and production to the tune of millions of dollars to Aminex. The net effect of all that is that Aminex does not have to pay for a thing until they are receiving from gas sales a very large sum of money. That sort of deal is gold-dust to a small company like Aminex. To have raised $110m in the market on their own would have been impossible and if it was possible would have involved the issuing of billions of shares, diluting us original shareholders immensely. Because Aminex are now debt free and do not have to raise money for their main project (Ruvuma) they are “safe”. A few years back they looked like they might go bust. They have cash in the bank (a few million) and are about to fix their KN1 income stream and receive $5m from Zubair. Compared to the risk profile of the Company when we all bought they are a completely different proposition. Not only is the balance sheet improved with debt paid off but the discovered gas at Ntorya (under the CPR numbers) is enormous. The next problem the market does not like is the licence situation. On one view (it is not straightforward) the Ruvuma licence has lapsed and Aminex own nothing. But they have met all their commitments under their licence obligations and that being so, the Tanzanian authorities are legally obliged to extend the licence. My understanding is that the licence applied for is for a 25 year development/production licence. With that amount of gas, such a licence is very valuable. There is endless debate around about why the licence has not been renewed. Conspiracy theories abound and the market hates uncertainty. Experience suggests things take ages in Tanzania (you might remember the gas sales agreement delay for KN1). The two Tanzanian gas authorities have already approved the licence application and it is with the ministry awaiting sign off. We now have a clue about when that might take place. The Farmout requires an Extraordinary General Meeting to approve it. That requires a circular. The circular (I believe) cannot be sent to shareholders until the licence has been granted because until that has been granted there is nothing to farm into or out. The company have said they expect the farmout to be approved by the end of November 2018. Which means the EGM must happen in November which means the circular must come out before that which means the licence must be granted soon. If you believe the licence will not be granted then you have been a seller of the shares. So by the end of November 2018 all that is due to happen. It is not guaranteed to happen and the waiting has been brutal. I am the most frustrated with Aminex I have ever been but putting emotion to one side and on the assumption that they will get their licence Aminex has never been healthier in the (many) years I have held it. Lots of retail investors (individuals not institutions) out there think the Farmout is a bad deal and too much of the licence has been given away. I very much disagree. The history of the 75% holding in Ruvuma was that Aminex always planned to hold 37%. They drilled N1 and Tullow oil walked away from their licence and gave their 37% to Aminex (in effect). Aminex then carried on and discovered all the gas they have. So the 75% holding was almost an accident. The demand for gas and power in Tanzania has grown enormously as industry floods in. They are building a pipeline to Uganda to export their gas. The current production cannot meet the demand. So when production can be put onstream the market is there. The CH-1 drill is targeting (we now know) another 900BCF gas approx. Looking at the geological maps in the presentations on the company’s website I thought it might be more. Aminex have a history (believe it or not) of under promising and over delivering on the gas found by the drill-bit. There is also a chance of oil. Oil would change everything to the upside. We are expecting a new CPR before the farmout and all of the numbers mentioned might increase with that news. Every CPR to date has increased the reserves estimates. With all of that information I have been buying Aminex again from under 2p per share. No one can pick the bottom of a descent of share price and I am not trying to. But in my opinion the shares are ridiculously cheap for what they have on the assumption the licence and farmout are approved. I own millions more than I did and my holding has doubled. My plan is to sell some on the rise towards the CH1 drill results (hopefully that can be spudded before Xmas but that may be unlikely now) and then hold for those results, which on the original plan would have been June 2017. I am trying to resist the temptation to put a share price on it on good news because like everyone else I do not know. But it hit 7p on N2 drill results and that is smaller than CH1 and Aminex were self funding at the time. They own 25% of the licence now not 75% but have a free carry. On production from 3 wells in Ruvuma (N1, N2 and CH1) and with large reserves in the ground booked the share price will be multiples of the current price. If the Zubairs wanted to buyout Aminex on good CH1 news (a distinct possibility) I would be very unhappy at the price being lower than 12p. If Aminex is allowed to remain independent and continue into the future they could be multiples of that. I have not mentioned their other licence Nyuni as it is effectively dormant. However with Ruvuma being paid for and run by Zubair they can re-activate Nyuni which has a 5TCF prospective resources and is very close to the enormous offshore discoveries that have been so famous over the years. It is very expensive to work offshore and Aminex have not yet farmed out Nyuni. But there is one lead (Pande West I think) that we kow about because a major has discovered a lot of gas offshore and the reservoir extends into the Aminex area. Seismic data is the next plan and if Aminex can start proving that up it becomes valuable." GLA
blackgold00: full marks to andy, Dunder keep it over at lse, and I don't think the aex share price is being overly ramped up in recent days, do you?
blackgold00: from Malcy this morning Http:// Aminex "AEX is down this morning after an announcement that has spooked the market regarding gas production from Kiliwani North-1. Following a power outage a few days ago in Dar es Salaam gas demand fell and has reduced flow rates to around 1 mcf/d and their is some technical validity to the thought that the well is draining a compartment within the Greater Kiliwani North structure and ‘exhibiting slow recharge’." "Solutions include installation of compression facilities, which should boost production at minimal cost, in the meantime the current, lower production should have beneficial effects on maximising long term recovery and better reservoir management." "AEX has no debt, cash in the bank and whilst problems at Kiliwani North are irritating, investors should be concentrating more on the Ruvuma PSA where a 25 year development licence has been applied for. It should be noted that the announcement from Solo, who are not the operator, is probably slightly more accurate and that a 20% fall in the AEX share price is way overdone and an opportunity to buy some cheap stock…"
lfdkmp: Ronwilkes Is the AEX share price now subject to antigravity?
Aminex share price data is direct from the London Stock Exchange
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