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% 0.75 4,711,098 08:00:22
Bid Price Offer Price High Price Low Price Open Price
0.70 0.80 0.75 0.75 0.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.27 -11.48 -0.31 27
Last Trade Time Trade Type Trade Size Trade Price Currency
15:57:04 O 350,000 0.746 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 0.75p.
Aminex Plc has a 4 week average price of 0.75p and a 12 week average price of 0.75p.
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 1,927,433 shares. The market capitalisation of Aminex Plc is £27,325,935.47.
dunderheed: I "believe" according to certain "research" done on LSE - (UWE / Tanzania etc.) that share price estimates as high as 10p have been mooted post drilling campaign. I am buying more, more and more!! All imho, dyor and no investment advice intended!
emptyend: No problem. There are long and (in some cases, at least) good explanations on some of your points, much of which comes down to context and factors beyond company control. But I'm not going to debate the past. I just simply state as a fact that the company organisation changed materially about 8-9 years ago and has evolved materially since. Prior to that point, the situation was nearer to your scenario (and, fwiw, the share price was much higher). rgds
dunderheed: I doubt it as the issuance of the LTIPs would have been in conflict with inside information at the time, as one of the kpi's was specifically bench marked as share price comparison? I'd "imagine" it is simply an asset swap? (Probably a pooh one after his remarks about having no cash as well lol) but will probably not reduce share price below what the Omanis originally invested in AEX? I don't particularly rate this ceo as saw him as a safe pair of admin hands (only) - but after this "strange" "interview" my own estimation has dropped further - but again - what difference does that make! All imho and dyor.
blackgold00: well yes, whichever way this might go, if the tie-up is done right and given the Ruvuma up-side then potentially we could be looking at a very sound business, the CEO did seem rather excited, but I was surprised he said the things he said, that Aminex being "cash strapped " seems not the way to enter into a negotiation, (showing your cards) or going with a begging bowl. so I am of the opinion that the tie-up nigotiations is all but complete and both company's valuations/share prices assessed, and so maybe, our dear CEO didn't want AEX share price getting ahead of its self just yet, or of whats been perceived in any agreement, that is before any announcement. there now that's Idle speculation.
haggismchaggis: CORPORATE UPDATE .Aminex is pleased to provide a corporate update further to our announcement on 27 April 2020 regarding the Company's measures to reduce costs through directors' salary and fees sacrifice and proposed issue of share options in compensation and the PDMR notifications on 1 May 2020. .The COVID-19 impact and oil price plunge has introduced huge uncertainty and is unprecedented in the Energy sector. The Board had decided that the Company and shareholders would be well served by conserving cash whilst maintaining capability for the planned upcoming Ruvuma work programme in Tanzania and the next phase. The Board has therefore implemented measures to reduce Board remuneration by approaching 90% compared with a year ago.  Total Board remuneration is now under £100,000 per annum i.e. £8,000 per month. .All directors are sacrificing significant remuneration:.· Effective 1 April 2020, Chairman John Bell has irrevocably waived his annual fees of £100,000 for the next 12 months. .· Since becoming CEO on 27 April 2020, Robert Ambrose has accepted an annual salary of £60,000; a 67% reduction from the previous CEO (£180,000 per annum salary) and a 80% reduction from the CEO before that (£300,000 per annum salary)..· Effective 1 April 2020, the senior independent non-executive director (and Chair of the Audit & Risk and Remuneration Committees) (SID), Linda Beal, has irrevocably waived her annual fees of £35,000 for the next 12 months. .· The Chairman and SID have waived contingent additional fee awards of £175,000 in total awarded in 2019 expected to become payable over the coming year to save cash costs..· No fees will be paid to directors for significant additional working days over the last few months or for the next year, caused by the significant reduction in Board numbers which in itself has saved circa US$900,000 compared with early 2019. .The share options granted to directors and set out in the PDMR notifications of 1 May 2020 will vest over two years and have performance conditions based on share price growth aligned with the Company's strategic objectives so that the directors' interests are aligned with shareholders' interests. 40% will vest over two years (in 24 equal monthly instalments); 20% will vest on the later of 30 April 2021 and the share price of the Company having been at least 1.5 pence for a minimum of 20 consecutive business days; 20% will vest on the later of 31 October 2021 and the share price of the Company having been at least 2.5 pence for a minimum of 20 consecutive business days; 20% will vest on the later of 30 April 2022 and the share price of the Company having been at least 3.5 pence for a minimum of 20 consecutive business days. .Since 20 April 2020, the Company's senior employees have also agreed to accept between 20-40% temporary salary reductions during a period of intense workload for both the Board and many employees in return for options (which will be granted on the same or similar terms and conditions as the options granted to directors) as Aminex closes in on completing the Ruvuma Farm-Out and other essential activities. Paying its directors and senior management for the days that they work will increase the Company's costs significantly and so the Board considers that it is in the best interests of the Company to maintain an adequate level of capability with current staff and director levels, not to pay for additional days' work, reduce cash remuneration, and reward such staff and directors with share options.
jotoha2: For sure , options are good as long they are at the current share price , am sure they will confirm the strike price some time soon, lets hope they don't settle for .004 being the low point recently.!! I to will be very happy if the share price goes to 5p , everyone wins.
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.
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: 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?
Aminex share price data is direct from the London Stock Exchange
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