.

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All being well we could have an update from Nyuni anywhere from mid-month to end of this month.

Worth a read :

http://www.cnbc.com/id/44038676

Market Indicator with Perfect Record Just Signaled 'Buy'

Published: Friday, 5 Aug 2011

.........................

Sunday August 07, 2011

Gas sector expansion will need private investments:

http://www.dailynews.co.tz/feature/?n=22556

..........

Got another 50K @ 5.21p this morning.

If people are going to sell them at silly prices I will buy up their silly sales, even though I hold too many of these already now.

All that is happening now is the "margin" is getting taken out of the market. All those CFD traders, T-Traders, Spread Betters and the like are getting closed out leaving the market only with real people with real cash in it - but lower also due to lots of those taking cash out as well.

Did think this might happen, if you read the post on TMF back on 6th May.

http://boards.fool.co.uk/sentiment-dont-you-just-love-it-12250382.aspx?sort=whole


This is the bad week needed to get people to accept QE3, and a rally is coming soon - just need to be patient and the rewards and a big move upwards is coming very soon - in the meantime the margin boys are going to be slaughtered again for another day.

After the day of capitulation today I do think the AIM index will be at its low and from there its back upwards into late 2011 and early 2012, a repeat of the 2006 fall and then rise into 2007.

QE3 and ECB action will be the catalyst for this, and the rise in oil up to 150US$ in 2012.



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My market "bottom" prediction in the previous post was pretty much spot on. :)

And as far as Nyuni-2 goes, we would hear news anytime from mid August onwards, so perhaps from 22nd August ?

Upside from activity in Q4-2011 and Q1-2012

Three companies stick out in the biggest way (and do not forget Aminex).



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Its worth remembering.

The ongoing Nyuni-2 well is targeting 1.5TCF of GIP (circa 250 MMBOE) of which hopes are 880BCF are recoverable (circa 146 MMBOE).

Aminex have 65% of this and are operator.

So thats possible net to AEX of 572 BCF of gas (circa 94.9 Million barrels of oil equivalent).

Which is why you can see why Nyuni-2 is a high impact well for a small 50 Million market cap company.

For comparison people are screaming RKH is cheap at 562M market cap, with now perhaps 200MMBO. Simple (and incorrect) division of the market cap by 2 for the barrels of oil equivalent means AEX could be moving to being a 280M market cap company, or say the share price rising by a multiple of 6 on this one well result, if its top end good results - and that would still be "cheap". Its rough and ready calculations but given isolated oil in the NFB compared to easy to develop gas at this location - I think its fair.

6p to 36p in real terms.

For Goldman Sachs it would show present target price of 16p being multiplied upwards.

Ndovu Resources is owned by Aminex - finally movement on developing their existing gas, and hopefully their future gas finds as well.

http://www.thecitizen.co.tz/component/content/article/37-tanzania-top-news-story/13746-cautious-bunge-nod-for-new-power-plan.html


Cautious Bunge nod for new power plan

Saturday, 13 August 2011 22:05

By Tom Mosoba

..........In his speech, Minister Ngeleja said the firms monopoly of the sub-sector was over and a new company, Ndovu Resources, would be allowed to invest in gas infrastructure. MPs John Mnyika (Ubungo-Chadema), Ms Jenister Mhagama (Perhamio-CCM) and Mr Habib Mnyaa (Mkanyageni-CUF) said it was time the country addressed long term projects to avoid recurrent shortages..............


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You can see why Nyuni-2 is potentially so big in terms of recoverable gas, all the red and orange area is what its going for...........



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The news appears to be sinking in about Ndovu (Aminex) being able to build their own infrastructure for gas development.............

http://uk.finance.yahoo.com/news/Oil-Shares-To-Buy-In-A-Brutal-foolcouk-1534578328.html?x=0&.v=1


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Certainly looking stronger.......



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Ndovu Resources is wholly owned by Aminex, for those who do not know.....more good news...........

http://www.dailynews.co.tz/bunge/?n=22830


............Mr Malima said that due to high power demand in the country, Tanzania Petroleum Development Corporation (TPDC) in collaboration with other companies, were working on other natural gas sources, efforts which he said were meant to satisfy the power demand which was on the increase.

The companies which were working collaboratively with TPDC were Maurel and Prom, Ndovu Resources and BG Company. ..................


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http://www.upstreamonline.com/live/article272751.ece

Total in Tanzania win

Tanzania has awarded oil and gas exploration rights for the northern side of Lake Tanganyika to French supermajor.

Aleya Begum 16 August 2011 11:39 GMT


The Tanzania Petroleum Development Corporation (TPDC) said Total, one of nine bidders for the acreage, beat eight other applicants.

"Total has shown to be able to comply with the minimum work commitment and has superior technical as well as a financial capability over the other bidders to undertake exploration in the Lake Tanganyika north area," TPDC said.

Kosmos, Beach and Ophir were amongst the final four bidders. Meanwhile Aminex, ERHC, Fort Calgary Resources, Swala Energy and Lake Tanganyika also made initial applications.

TPDC has divided the Tanzanian side of Lake Tanganyika into two blocks, with the southern portion awarded to Australia's Beach Energy in 2008.

Brazils Petrobras will launch its first exploration foray off Tanzania next month as recent finds have fuelled interest among oil majors in the East African countrys largely unexplored offshore play.

Tanzania's government puts the country's proven natural gas reserves at 7.5 trillion cubic feet.

Three recent offshore gas discoveries by Perth-based Ophir Energy have galvanised exploration interest off Tanzania.

Tanzania has handed licences to at least 17 international companies for both offshore and onshore exploration plays.

Among other companies that hold exploration blocks in Tanzania are Oslo-listed Artumas Group, France's Maurel & Prom, Norway's Statoil, Shell and Aminex.

Published: 16 August 2011 11:39 GMT | Last updated: 16 August 2011 11:42 GMT

Stable and blue today, one of not many blue on the market.

O&G Price Monitor.

http://www.mediafire.com/?m2j17nh6m33gu8k

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More good news !


http://www.dailynews.co.tz/bunge/?n=23067

Wednesday August 24, 2011

From the Parliament

From DAILY NEWS Reporters in Dodoma

THE government has decided to construct and own by 100 per cent a major natural gas pipeline to connect Mnazi Bay, Songo Songo, Kiliwani/Nyuni, Mkuranga and a deep sea gas reserves discovered recently.

The Deputy Minister for Energy and Minerals, Mr Adam Malima, told legislators on Tuesday that upon completion the project would go a long way into realising government's resolve to speed up de.......................................

Aminex Aminex............the unloved stock.

When you take into account Davy Research's 1p per 23 BCF net to AEX, then it shows how lively things could get with Nyuni-2.

If you take top line figures :

Nyuni-2 GIP of 2500BCF (P10)

Recovery at 83% = 2,075 BCF recoverable.

AEX 65% share = 1348 BCF recoverable AEX share

1348 divided by 23 BCF (1p a share) = 58 pence upside to AEX price if Nyuni-2 is jackpot level.



If you take P50 level of 1500BCF GIP

Conservative 73% recoverable = 1095 BCF recoverable.

AEX 65% share = 711 BCF

711 divided by 23 BCF (1p a share) = 31 pence upside to AEX price if Nyuni-2 is mid level potential.


31 pence a share upside on moderate good news, 58 pence per share upside on jackpot news - and the share price now is just 6p for everything, including USA assets, Kiliwani and of course the onshore oil area to be drilled in Q4.

Low risk, due to present low market cap, but very significant potential upside, greater perhaps than any other small cap oil/gas share, and of course its main market listed so you can ISA it as well.



Davy Research


You are here: Home > Davy Research > Davy Research Report
Aminex (AEX ID)

Nyuni licence extension
14 April 2011

Caren Crowley Closing Price: 9c Rating: Outperform 30/06/09


FACTS: Aminex has received a six-month extension to the Nyuni licence offshore Tanzania. The extension will accommodate the drilling and completion of the Nyuni-2 well which is due to spud in the next month and a half. Aminex has 65% of the Nyuni licence which it also operates.

ANALYSIS: The Nyuni-2 well will test a Neocomian age gas prospect. Estimated prospective resources for gas initially in place are as much as 2,500 BCF (P10). Aminex considers that a 73-83% recovery factor is applicable to the gas in place. Nyuni-2 has potential for significant value creation. A measure of this potential is possible if one considers our 1p per share valuation of Aminex's share of the neighbouring Kiliwani North gas discovery. Aminex's share of the Kiliwani North Discovery is an estimated 23 BCF.

Terms for a new and expanded licence to replace the expiring Nyuni licence have been agreed and are expected to be formally concluded in due course. In its FY 2010 preliminary results, Aminex commented that the new licence agreement may include additional acreage.

DAVY VIEW: We believe that Aminex's primary attraction will be its drilling activity in Tanzania. In this context, the Nyuni licence extension and the imminent spudding of Nyuni-2 unwinds risk and is good news for investors.

http://www.bloomberg.com/news/2011-08-21/chart-fears-make-gold-expensive-versus-oil.html


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http://www.fundweb.co.uk/1036679.article?cmpid=14001

Oil companies will not stay undervalued, says expert

24 August 2011 | By Henry Brennan
The undervaluation of the oil companies cannot continue for much longer, according to the Junior Oils Trust.

Angelos Damaskos

The recent weaknesses in the global markets, including the free-fall in August have contributed to the dislocation of share prices from the price of oil.

Companies are therefore undervalued, and this dislocation cannot continue for long, says Angelos Damaskos, the fund advisor for the Junior Oils Trust.

Having positioned the portfolio defensively since the beginning of the year, taking out significant cash positions alongside a 14% weighting to corporate bonds, the fund is moving back into equities to take advantage of what is being seen as a strong buying opportunity.

We have been selectively investing available cash reserves into equities since May and are finding many attractive companies with sound fundamentals are trading at extraordinarily cheap valuations.

Even within a slowing global economy, demand for energy will likely continue to grow, albeit at a reduced rate, as demonstrated by Chinas increasing rate of oil imports.

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There are no delays.

Well is presently at week 9 and expectation was 9 to 10 weeks. So no delays as yet.

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See post 25.

Its all going ahead now.........

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Its been held up by government red tape, all articles now suggest on line in 2012, so not long to go now it seems.

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The interim results are due out next week, should be more detail in them on everything.

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400 metres to go.

http://www.asx.com.au/asxpdf/20110826/pdf/420ndw9yk874fk.pdf

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Looks like Aminex (Ndovu Resources) will get Kiliwani on line through the Orca pipeline.


Page 32 of the Orca Q2 results.

http://www.orcaexploration.com/2011/2011_Q2_OrcaExploration_FULL.pdf


Access to infrastructure

Ndovu Resources Limited, with support from TPDC and the Ministry of Energy, has indicated that they wish to tie into the gas processing plant on Songo Songo Island and sell up to 10 MMcfd from their Kiliwani North field. The Company is currently in discussions with Ndovu to agree appropriate commercial terms

Could fly past 10p on a good result...

Indeed it could.

If the median estimates for Nyuni-2 come in, it puts 30p a share on.

If its top range for Nyuni-2 it adds 50p a share.

So depending on what level of success, IF ANY, then it could easily fly through many levels much higher than where the share price is now.

Starting to liven up a little now.

Bought in here for the prospects news over the next 12 months somwhat swayed by the level of director buying a few months ago, and which ones were buying.

That alone told a story.

have in the last week bought in to these looking for big jump over the next 6 months

For those saying Nyuni is isolated and will take many years to bring on line, well, it does not look that way now...... snippets below with link :


http://dailynews.co.tz/home/?n=23312&cat=home

By ALVAR MWAKYUSA, 1st September 2011 @ 14:36,

CONSTRUCTION of a US$700 million (about 1.12trl/-) natural gas pipeline from Mtwara to Dar es Salaam will be implemented for one year and not three as earlier planned.

The Director General of Tanzania Petroleum Development Corporation (TPDC), Mr Yona Kilagane, said in an interview that the project will be fast-tracked................

............The pipeline is expected to connect Mnazi Bay, Songo Songo, Kiliwani/Nyuni, Mkuranga and a deep sea gas reserves in the country.

The Chinese government is expected to fund the multibillion project. Three teams from China have visited Tanzania on separate occasions to discuss implementation of the mission...............

This weeks Oil and Gas price monitor from Merchant Securities :

http://www.mediafire.com/?ddmh1qawrnb9w3e

.

AEX is a main market listed stock, so you can ISA it !!

(general reminder for newbies as many people think its an AIM stock and not ISA'ble)

As stand alone wells, Nyuni-2 top end result is worth more than a Ntorya-1 good result (50p per share upside Nyuni v 40p a share upside Ntorya-1), however, what it means for the future and other potentials is of course that success at Ntorya-1 will not only add a lot to the share price short term, but it also validates a lot of other leads and is worth a lot lot more over the longer term.

The question is, apart from will Nyuni-2 be good or not, how will the market respond to a good result given that at 6p there is nothing in the price for ongoing Nyuni-2 well and also nothing in the price for the upcoming Ntorya-1 well.



Oilbarrel article about Solo talking about Ruvuma:

http://oilbarrel.com/news/solo-oil-sees-progress-in-canada-and-looks-ahead-to-high-profile-spud-of-ruvuma-wildcat

"...............Solo has a 12.5 per cent interest in the Mtwara Block, part of the Tullow Oil-operated Ruvuma PSA in Tanzania. This, as regular readers will know, is part of the exciting surge of exploration now taking place across sub-Saharan Africa in the wake of major finds in landlocked Uganda (by Tullow) and the deepwaters offshore Tanzania and Mozambique.

The Ruvuma PSA is a huge - more than 12,000 sq km - tract of exploration acreage, largely onshore, in southeast Tanzania. The co-venturers, which comprise Tullow with 50 per cent and Aminex with 37.5 per cent, are hopeful of the prospectivity here in the wake of recent finds in the deep offshore; BGs deepwater licence directly adjoins the Ruvuma PSA.

The JVs first well here, Likonde-1, drilled in 2010, intersected two sandstone intervals with a combined thickness of over 250 metres with evidence of residual oil and gas but was terminated due to high gas influx. The follow-up well, Ntorya-1, will drill in Q4 some 14 km to the south of Likonde-1, to a planned total depth of 2,020 metres. It will target the same high quality Lower Tertiary reservoir sands encountered in the Likonde-1 well with the hope of intersecting a potential mean recoverable resource potential of 100 million barrels oil equivalent............."

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http://www.investegate.co.uk/Article.aspx?id=201109080700098413N

Excellent news.

Obviously for Tullow it just does not make operational sense to have a set up for Tanzania and get involved in all those costs, when Aminex are busy with Kiliwani, Nyuni and can easily handle operational matters at Ruvuma, given that Ruvuma is the only interest of Tullow in Tanzania.

Tullow now save the costs (and hassle) of being operator but still retain a 25% interest in the area, allowing Aminex, who are busy in Tanzania anyway, to get on with being operator of the Ruvuma license area.

http://www.proactiveinvestors.co.uk/companies/news/32877/update-aminex-becomes-operator-of-ruvuma-basin-in-deal-brokered-with-tullow-32877.html

UPDATE: Aminex becomes operator of Ruvuma Basin in deal brokered with Tullow

Thu 12:59 pm by Ian Lyall and Sergei Balashov

Later this year with the Ntorya-1 well, south of Likonde, will be drilled to 2,020 metres and is expected to take 25 days to reach its target depth

Adds comments from Shore Capital...

Aminex (LON:AEX) will become the majority owner and operator of the Ruvuma Basin production sharing agreement in Tanzania under a deal brokered with Tullow Oil (LON:TLW).

Tullow has assigned an 18.75 per cent stake to Aminex, which takes its holding to 56.75 per cent, while Solo Oil (LON:SOLO) receives a 6.25 per cent boost from the FTSE 100 explorer, giving it 18.75 per cent of the PSA.

It leaves Tullow with 25 per cent of Ruvuma, which is an on-shore and offshore prospect.

The re-organisation was described as a logical and practical move because Aminex already operates a well in Tanzania, where Tullow doesnt.

Therefore there will be operating efficiencies with Aminex in charge of the drilling programme.

Last year the partners drilled the Likonde-1 well on the permit, which while not a commercial discovery, provided strong evidence of both oil and gas in the area.

Later this year with the Ntorya-1 well, south of Likonde, will be drilled to 2,020 metres and is expected to take 25 days to reach its target depth.

The Caroil-6 rig is being mobilised to Ruvuma from the Aminex-operated Nyuni-2 well, where results are expected imminently.

Chairman Brian Hall said: "We are looking forward to drilling the exciting Ntorya prospect at Ruvuma, in one of the last major under-explored deltaic basins in Africa.

The PSA was originally awarded 100 per cent to Aminex in 2005 and we acquired the original seismic data before passing operatorship to Tullow in 2008 after they had joined the joint venture.

We are very grateful for the good work done by Tullow on this project and much appreciate the opportunity to increase our interest and reassume operatorship.

We are fully anticipating Tullow's continued support and assistance."

Broker Shore Capital welcomed the update, calling the transfer of operatorship to Aminex a very logical outcome which should expedite the work programme and lead to operational efficiencies, also noting the increase of Solos interest in Ruvuma.

We think that this is good news which provides (Solo and Aminex) with additional leverage to drilling success in this exciting basin, said Shore Capital analyst Craig Howie.

No news is good news - very possible today.

Today is possibly bad news dumping day, so I shall even be positive to see no news released today.

If they really have no gas, they should have finished and logged by now, as drilling with no gas is much faster than drilling into a gas filled reservoir.

So fingers crossed for no bad news today, then we can all get exciting about next week.

Bought a few more.....calculated risk....could jump past 10p on a good result....and guess what ?...it comes up as a sell ???...nuts....

rf why has TLW pulled out of this project?

They haven't...reduced to 25% on the ruvuma.....it's the nuyuni gas drill that could be the one to get this going....results due any moment now...

Suggest in the coming 6 to 9 months markets are going to be strong (ignoring the short term rumour dominated volatility).

http://www.bloomberg.com/news/2011-09-08/insider-buying-highest-since-2008-in-europe-chart-of-the-day.html

Insider Buying Highest Since 2008 in Europe: Chart of the Day

By Adam Haigh and Tim Barwell - Sep 9, 2011 6:00 AM GMT+0700


More executives at European companies are buying their stock than at any time since the worst period of the financial crisis in 2008.

The CHART OF THE DAY shows that insider buying of shares climbed in August to its highest level since October 2008, according to data compiled by Citigroup Inc. That preceded a 84 percent jump in the benchmark Stoxx Europe 600 Index from March 2009 to the gauges peak this year on Feb. 17.

Directors have a good ability in timing the market, Chris Montagu, a London-based quantitative strategist at Citigroup, wrote in a report dated Sept. 6. One can conclude that, at this juncture, directors see current valuations as an attractive entry point.

The benchmark Stoxx Europe 600 Index slumped 16 percent from the end of July through Sept. 6 when the gauge reached its lowest level since July 2009. Equities tumbled amid concern that global economic growth is slowing as the European sovereign-debt crisis spreads. The indexs valuation slid to 9.1 times the estimated profits of its constituent companies during August, the lowest price-earnings ratio since March 2009, according to data compiled by Bloomberg.

More good news.

http://www.investegate.co.uk/Article.aspx?id=201109130700120987O

Aminex PLC
Acreage Swap in Tanzania
RNS Number : 0987O
Aminex PLC
13 September 2011

ACREAGE SWAP IN TANZANIA

Aminex announces the following further reorganisation of its Tanzanian exploration portfolio:

Aminex and Key Petroleum Ltd. ('Key') currently participate 50-50 in the West Songo-Songo Production Sharing Agreement ('PSA') in Tanzania, with Key as the operating partner. Progress has been slow to date and the work programme is behind schedule, creating uncertainty about the future of the PSA. As a consequence, Aminex has agreed with Key that it will withdraw from the PSA, transferring its 50% interest to Key which will then hold 100%. In exchange, Key will relinquish its 5% interest in the new 'Nyuni Area PSA' in favour of Aminex. The West Songo-Songo transfer is being submitted to the Tanzanian authorities for formal approval but the practical aspects of the transfer will be implemented immediately.

The 'Nyuni Area PSA' will replace the existing 'Nyuni-East Songo-Songo PSA', operated by Aminex's wholly-owned subsidiary, Ndovu Resources Ltd., which is now time-expired and where work obligations have been fulfilled, with two gas discoveries recorded. The new Nyuni Area PSA has already been initialled by both Aminex and the Tanzanian authorities, as previously announced, and will be formally executed by the Minister of Energy and Minerals at an appropriate time. The Nyuni Area PSA will be materially larger than the earlier one and will comprise 4 additional blocks directly to the north, as well as the area covered by the existing Nyuni-East Songo-Songo PSA. Key will retain a 5% working interest in the Kiliwani North gas development licence, which was carved out from the Nyuni PSA earlier this year. Interest holdings will now be as follows:

Nyuni Area PSA

(1,690 km, including 338km making up the 4 additional blocks)

Ndovu Resources (Aminex) 70%
RAK Gas 25%
Bounty Oil 5%


Kiliwani North Development Licence

(85 km)

Ndovu Resources (Aminex) 65%
RAK Gas 25%
Bounty Oil 5%
Key Petroleum 5%

Aminex considers that the new acreage included in the Nyuni Area PSA will provide greater scope for establishing a new play fairway on the continental shelf which could share similarities to some of the recent deep water drilling successes.

Aminex Chairman Brian Hall commented: "Although West Songo-Songo is potentially promising acreage, we believe that our strategy of increasing our interest and acreage in the Nyuni PSA area together with our recently announced increase in our percentage interest in the Ruvuma Basin will be more effective and valuable than our existing portfolio mix."

West Songo Songo (WSS) is possibly 1 TCF of gas and Aminex wanted to buy out the KEY 50%.

This has now changed and AEX have sold their 50% of WSS to KEY in return for 5% of Nyuni.

Given how WSS was supposed to be 1TCF GIP and Aminex wanted to buy the additional 50%, it would suggest they now value 5% of Nyuni much higher.


Says to me Nyuni is a decent sized find !

To clear up any confusion the deal is :

KEY keep their 5% interest in Nyuni-2.

KEY give up their 5% interest in anything in the new Nyuni PSA (future exploration) and give to AEX

AEX give up their 50% interest in WSS and give to KEY



It was confusing, but this has been clarified by a poster who was in contact with AEX as per post on The Fool. People were wondering why KEY would give up 5% of the current drill, when in fact they have not, they keep it, and give up 5% of any future exploration in the new Nyuni PSA area.

Thanks to "DearLeader" from elsewhere. As per the AEX interims it does look like Sunny Ernst No 2 is going to make a significant contribution to revenues now.......


http://www.stockopedia.co.uk/content/usa-30799/

"The Activa newsletter has just come out. It's not on their site yet so here's the relevant paragraph:"

"The Sunny Ernst No. 2, in the Loma Field in southern Texas on which we reported last time continues to perform strongly. Since the recompletion in the main pay zone in May the well has been producing at daily rates between 5 and 8 MMCF plus between 250 and 360 BOPD. Current daily production is at 6.7 MCFD and 260 BOPD. This represents an 8-fold increase vs. prior production levels from the lower pay zone which already returned 3 to 1 over the original investment."


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After the good USA news now some mixed news on RNS.

Nyuni-2 needs a sidetrack due to junk in the well. So a delay for a couple of weeks for that result.

But, pipework has been ordered to connect Kiliwani and get it into production.


So an annoying delay at Nyuni-2 and the end of an annoying delay at Kiliwani-1

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No, but the fact that finally its going ahead is good enough for me, with the good news on USA production and now Kiliwani due to go into production as well soon, things are looking good on the revenue outlook now.

Just need a positive Nyuni-2 result in a couple of weeks, and lets be honest, they were logging and must have seen something of interest in order to decide to go ahead and sidetrack now.

http://www.proactiveinvestors.co.uk/companies/news/33223/shore-capital-remains-upbeat-on-aminex-prospects-comfortable-with-nyuni-setback-33223.html

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Looks like sales from Nyuni-1 (and hopefully Nyuni-2) will commence December 2012.

And of course Mtwara is also right where the Ntorya-1 well is, so even if Ntorya-1 is gas and not oil, its possible commercial with this pipeline !


http://www.ippmedia.com/frontend/index.php?l=33463

Battle for $1bn deal
BY FLORIAN KAIJAGE

18th September 2011

Why Minister Ngeleja ditched Songas

Alarmed by the recent cartel by fuel dealers and a monopoly in gas business, the government has finally decided to construct the $1.01 billion gas pipeline from Mtwara to Dar es Salaam, causing panic in the boardrooms of Pan African Energy and Songas companies.

The lucrative deal that involves the construction of processing plants at a cost of $300 million at Mnazi Bay, will be financed by a loan from the Chinese government, The Guardian on Sunday has learnt.

Completion of the project is expected to lower the gas delivery price by up to 200 percent as it would enable more suppliers including Ndovu Resources to compete with Songas, which is currently dominating the market.

The proposed gas pipeline has the capacity to supply gas that is enough to produce up to 2,000 megawatts of electricity including the 300 megawatts plant at Manzi Bay, according to details gathered by The Guardian on Sunday.

The move would reduce the cost of producing thermo electricity from the current $0.34 cents to $0.12 cents per megawatts according to cost analysts from power generating companies.

However as two cabinet ministers, Finance Minister Mustafa Mkullo and Energy and Minerals minister William Ngeleja prepare to sign the loan agreement in Beijing next week, Songas and Pan African Energy have been struggling with lobbying in Dar es Salaam to block the project.

Currently the key players in the gas business are Songas, a subsidiary company of UKs Globeleq (exploration and infrastructure development) and Pan African Energy, a subsidiary firm of a British Virgin Island based company, Orca Exploration, which operated all Songas-owned gas infrastructure on agreed business terms.

In partnership with the government, it controls business on the gas distribution network to industries, commercial institutions and for domestic use.

The duo have dominated the lucrative gas business in the country, enjoying monopoly for years, since the existing pipeline became operational in July 2004.

The pipeline, built by a Sh440 billion ($265 million) loan obtained by the government from the World Bank, was in substance loaned to Songas under specific terms.

With the government deciding to ditch the duo after it was irked by the dilly-dallying by Songas and Pan African Energy, the two key players are lobbying to regain the lucrative deal but their efforts have hit a snag after the government decided to go ahead with its Chinese financing option.

The proposed gas pipeline would constitute a 24-30-inches pipe compared to the 12-16-inch existing one, with intent to increase the quantity of gas transported, which eventually would contribute to easing the power crisis, costly to the national economy.

According to the details gathered by The Guardian on Sunday, project implementation would be effected under the Chinese assistance in terms of financing and technical aspects after the government agreed in principle with the Chinese authorities to acquire a substantial amount of money on a soft loan basis.

Contacted for clarification this week, minister Ngeleja said, This is a must project for the future of this countrywe have secured financing from the Chinese and the agreement will be signed next week.

Some people have been misleading the public by saying the Chinese own this project, but the truth is that its government ownedThe Chinese are financiers and the project will boost gas supply as well as reducing or ending the power supply problem in the country, the minister told The Guardian on Sunday this week.

Defending the government decision, the Minister added, Neither do we intend to operate nor control gas business...what we are doing as building the modern and capable infrastructure to enable both players including Songas to transport more gas to Dar es Salaam .

So far we are forced to depend on expensive fuel based electricity because the existing infrastructure cant allow the pumping of more gas as required by independent power producers Said the Minister.

The Guardian on Sunday has established that a team of Tanzanian government officials involving key technical financial and legal experts flew to China last Wednesday to finalise the project document, before the deal is sealed next week.
Mr Mkulo flew to Beijing last Monday while Mr Ngeleja was expected to join the joint ministerial delegation mid next week.
This visit follows the one by Chinese teams in the country in two phases towards the end of July and twice last month, the first of which involved engineers for the processing plant.

The second team of experts was made of pipeline engineers and the third comprised of experts on material procurement and market surveys, Energy ministry sources indicated.

The Guardian on Sunday has further been informed that the project which would be implemented by Chinese National Petroleum Corporation (CNPC) through its subsidiary, the China Petroleum and Technology Development Company (CPTDC), in partnership with the Tanzania Petroleum Development Corporation (TPDC) would cost $1.058 billion (Sh1.6 trillion) to be acquired as a loan and repaid in 10 years at a reasonable rate of less than 5 percent interest liability per annum.

The source unveiled further that the project would be implemented under arrangement known as Engineering design, Procurement and Construction (EPC) where all key components of the project are handled by a single company. The projects operational date is set for December 2012.

Pan African Energy and Songas have been irked by the governments move to construct the billion dollar project, which is bigger than theirs, seeing it as a threat to their lucrative business as it would enable competitors to invest in gas the business.

Previously potential investors in gas business failed to invest because they couldnt use the existing pipeline dominated and controlled by Songas.

Now with the Sh1.6 trillion pipeline to be built from Mnazi Bay, Mtwara to Dar es Salaam, also expected to be connected to the Songosongo fields at Somanga Fungu, the sector is set to attract more investors.

The Guardian on Sunday understands that top officials from the two companies (Songas and Pan African Energy) have been consistently working against the governments project, illustrating how far their business worries have risen.

It is reported that mid last week a top executive from the gas companies met President Jakaya Kikwete at the State House in Dar es Salaam to express their displeasure with the governments new gas pipeline project but the President referred them to the minister.

Minister Ngeleja confirmed to this paper this week about the meeting with officials from Songas and Pan African Energy, where he told them that there was no way the government would halt its project.

It is a fact. I met them and said expressly no one can stop us (government) from implementing the project under the Chinese technical and financial assistance, whose initial cost is $778 million. We queried them (Songas) over their source of finance, they said they could borrow from world financial institutions such as the World Bank, an answer which was not possible for the government to rely on, the minister intoned.

The Guardian on Sunday is aware that whereas Songas and Pan African Energy could transport a maximum of 172 million cubic feet of gas a day by expanding its processing plant at Songosongo, the project under the Chinese technical and financial assistance could process and transmit 420 million cubic feet of gas every day.

According to an engineer at TPDC, 420 million cubic feet could generate more than 2,000 megawatts of power, but since a small portion of the said amount of gas was projected for increased industrial and domestic use.

About 1,700 megawatts of power are projected to be generated through different power projects including private firms and the Tanzania Electric Supply Company (TANESCO).

National power requirements during high demand hours stand at 833 megawatts as per statistics provided by Tanesco in March 2011.

Currently the power produced from gas stands at 328 megawatts, from the 102 million cubic feet transported a day under Songas infrastructure. This remains a major reason for several power generating plants to use costly diesel, Heavy Fuel Oil (HFO) and Jet A1 oil.

Natural gas is by far cheaper compared to imported fuel, whose prices keep fluctuating.
Reliable sources close to Pan African Energy and Songas told this paper that although the companies were different entities, they operated cooperatively in virtually all aspects on gas business and remain dependent on one another.
Songas owns the gas infrastructure including the processing plant and the pipeline but all infrastructures are operated by Pan African on behalf of Songas.

This implies that any adverse effect on either of the companys operations would definitely extend to the other as they are inter-dependent, thus they view their business as affected by the major Chinese-TPDC pipeline project, the sources noted.
The well placed sources added: Take a case of Pan Africa Energy which under the existing agreement with TPDC enjoys a monopoly of gas business by selling it to production industries, commercial and other government institutions at a rate $8 per Giga Joule (GJ). Thus it is worried if potential competitors push down prices by increasing the supply, noting further that there is a foreseeable possibility of prices to go down to $3 for the same unit.

About 35 major industries in Dar es Salaam including the cement factory, Portland (Twiga Cement), food processing industries belonged to S.S Bakhresa group and Murza Mills are among those which frequently use gas powered machinery.

And the companies efforts which seem to be going nowhere emerged three months after Songas obtained government approval to expand its gas processing plant at Songosongo.

The expansion proposal, which was approved last May was twice rejected by the Energy and Water Utilities Regulatory Authority (EWURA) in 2008 and 2009 as the regulator was convinced that the project costs were not realistic and could have negative effects on the power produced and eventually sold to Tanesco.

While the Songas proposal indicated that the project would cost about $68 million Ewura argued the total genuine cost would not exceed $45 million.

Pan African Energys country general manager Andrew Brown said during an interview that he could not comment on the expansion project as the equipment belonged to Songas. He said that in the gas business there was plenty of misrepresentation, but he did not clarify.

Our key objective is to ensure the production of natural gas goes high as much as possible so as to enhance increased power generation. We expect the amount of gas produced and transported to increase up to 200 million cubic feet a day by the end of 2012, the manager projected.

Songas managing director Christopher Ford said: We are not worried at all. We are concentrating on our expansion project, of which we have already floated the tender and now we are arranging the financial aspect under EPC (Engineering design, Procurement and Construction), adding in a timely manner that we have strong government support.
The government project will be additional, resulting in increased gas production and not a threat to our project and business, he emphasised.

Quizzed over alleged Songas request to be commissioned the work to construct the new gas pipeline, Ford said: At no point have we ever requested for that construction work. We entirely focus on our project, but what we have repeatedly told the government is that we are ready to develop gas infrastructure for tapping gas resources wherever they are found.

The new development comes at a time when the Parliamentary select sub-committee for Energy and Minerals last week begun to probe the dealings of Pan African Energy, which among other shortfalls has denied TPDC a chunk of money amounting to $28 million, according to Parliamentary committee chairman January Makamba (Bumbuli-CCM).

The said money, which was supposed to be paid to TPDC resulted from profit/production sharing agreement between TPDC and Pan African Energy, penned in November 2004 in regard to the distribution of gases for manufacturing industries and domestic use and thus was accumulated for five years between 2004 and 2009.

The investors are further accused of deceitful practices by dubiously including all expenses accrued from the project at downstream level, in Dar es Salaam, and deducting the money at profit sharing with TPDC.

The sub-committee, formed of legislators Charles Mwijage (Muleba North-CCM), Diana Kilolo (Special Seats-CCM), Selemani Zedi (Bukene-CCM), David Silinde (Mbozi West-Chadema) Yusuph Nassir (Korogwe Urban-CCM) and Christopher ole Sendeka (Simanjiro-CCM) is tasked with scrutinising documents of Pan African dealings to establish due diligence.

On August 13 minister Ngeleja announced in Parliament that the government had decided to inject a 1.3 trillion shillings package to arrest the power crisis up to December 2012.

However, about 523 billion shillings was budgeted for the same purpose for the period between August and December 2011.

The country has suffered continuous load shedding for nine consecutive months since late last year.

SOURCE: GUARDIAN ON SUNDAY

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News that the loan for the pipeline is agreed.

Should start work this year and in operation by Dec 2012, just like they said it would in those reports.

Nyuni gas on line in Dec 2012 all being well.

http://blogs.ft.com/beyond-brics/2011/09/23/china-draws-tanzania-into-its-african-embrace/#axzz1Yn3jizzh

China draws Tanzania into its embrace
September 23, 2011 12:33 pm by David Keohane

Tanzania is the latest African country to benefit from Chinese largesse Reuters is reporting it has signed a $3bn deal with Chinese mining company Sichuan Hongda (600331:SHH) to mine coal and iron-ore and agreed a $1bn loan deal with the Chinese government to build a desperately-needed gas pipeline...........................

Details of the pipeline, and yes it will be finished in Dec 2012 (meaning Nyuni gas on line from Dec 2012)

http://www.wentworthresources.com/pdf/Wentworth-Resources-Corporate-Presentation-September-2011-Final.pdf

Page 11 of the above presentation (also gives pipe sizes).

Construction of a 24 pipeline from Mtwara to Somanga and a 30 line from Somanga to Dar es Salaam is being fast tracked (target completion Q4 2012)


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Disappointing news.

Nyuni-2 well suspended for now due to ongoing drilling problems.

Rig moves on now to drill Ntorya-1 soon. AEX can return to Nyuni-2 at a later date once they decide the best way forward to complete drilling.

The positive is that they have indeed hit gas.

.......Although geologically complex, the Nyuni prospect remains a prime exploration target and preliminary indications of gases from Neocomian and shallower Cretaceous sands have been encountered, suggesting the same active petroleum system, which was encountered in Nyuni-1. The Nyuni-2 well bore remains available for re-entry at a later date.

Once work is complete at Nyuni Island, the rig will be mobilised to the onshore Ruvuma Basin in southern Tanzania where Aminex expects to spud the Ntorya-1 well towards the end of this year......

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.

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No revenue was associated with Nyuni in 2012, as there is no pipeline. So there is no downside to revenue projections.

The new pipeline offering the chance to get Nyuni-1 and any successful Nyuni-2 on to production will be complete in Dec 2012.

So they have a year to get a rig back to Nyuni-2 and now take this proven gas (we know that today its gas bearing both zones) to be proven commercial gas we hope by re-entering the well.

Thats the end result of today, the existence of gas is proven, the schedule is moved back and the well is suspended and will be re-entered in 2012.

Markets are purely sentiment and today many people are in "slash wrists" mode but that will calm down and the price will recover into the Ntorya-1 drill, due to spud early December now it looks like.

Sorry to all holders.

%!---*$----@xxxx....,damn......

Bounty talk of "significant gas" in their press release :)

http://www.asx.com.au/asxpdf/20111006/pdf/421lfgpwrgpvrt.pdf

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Well.....bought some more broken AEX lawn-mower machines...sub 3p...amazing discount.....there such demand for them that I just had to have some more.....

Did you ask permission, to Moneyless ( Proselenes )?
Everything he touches turns to dust and ashes
could be the real thing this days


May his rigor mortis touch strike the heart of his nearest imitator
in the dance of the dastardly in our Stock Market fortune

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mnamreh, I got another 500K this morning, sub 3p price. Very nice.

Overhang at the moment, RENA is offloading whoever it is, all the other MM's are up on 3.5p.

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This looks real bad.

this looks doomed. I'm out.

mnamreh

the only thing you have to ignore is your bad timing, on choosing the wrong company and the other influences


re -Still, may be better in 2012.

allways hopping, but the Portfolio if you have any will not be any happy
management seems have come up with disaster after disaster

as it happens I have choosing the right stock this week, something I can not say for you
Ignore me at your peril they would say
ITQ 164.50p +24.50p, bought at 135p last Tuesday and is on the board as a proof.

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mnamreh, thanks for the heads up, Master RSI back again under another different name. Keeps getting banned but like a bad penny keeps coming back.

Hopefully admin on Moneyam will ban his new user name and get rid of him again.

And hopefully you at the same time.

KEEP an EYE

2.90p ( 2.80 / 3p ) though there is an order for 2.90p at bid side

strong order book on the bid side ( 2.5M at 2.90p ) and wanting to move higher lately, a very small spread

order book
DEPTH 2.9M v 645K

Lots of buyng since and WINS goes into the bid 3p

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mnamreh

re - We can all see what is happening.

Tell me more as you said nothing

I already said my say yesterday "keep an eye" 2 large orders to buy on "order book" never being done yesterday, only one today for 1M

There is constant buying today and willing to pay over 3p now that is moving higher at both sides

spread 2.95 / 3.10p

It looks like MMs are ready to let it go better finally


reason
3 MMs have gone into the bid 3p, the last 2 just now ( 10.58am ) without any trade showing

spread 3 / 3.10p +0.125p

Could soon move higher as the offer is now hold by only 1 Market Maker
3 at bid + WINS at plus market

5 Stocks for Cashing In on East Africa's Energy Boom
By Aimee Duffy -- October 22, 2011

If September was the month for oil announcements out of West Africa, October is the month for East Africa, as several major oil and gas companies have announced discoveries of the southeastern coast of the continent.

Gas!
Historically, Eni (NYSE: E ) and other drillers have placed emphasis on oil and gas exploration on the northern and western sides of the continent. That tune may change now that Eni, Africa's largest oil and gas producer, has announced a discovery of 15 Tcf of natural gas off of the coast of Mozambique.

At the end of August, Anadarko Petroleum (NYSE: APC ) also discovered natural gas off the coast of Mozambique. Two weeks ago, the company upped its recoverable-gas estimate from 6 Tcf to 10 Tcf. How much gas does that equate to? It's enough to power France, Germany, Italy, and the United Kingdom for a year.

Past production
The discovery of gas in such plentiful amounts is a big deal in this region. Though the Energy Information Administration doesn't have production numbers for 2010, you can see that in 2009 there was virtually no energy being produced in East Africa.

Country Past Production
Mozambique No oil, 124 Bcf gas exported in 2009
Kenya No oil, no gas
Tanzania No oil, 23 Bcf gas exported in 2009
Madagascar No oil, no gas
Source: Energy Information Administration.

Discoveries by Eni and Anadarko will break production and export records, notablly at a time when Asia and Europe are clamoring for natural gas.

Other players
Anadarko and Eni aren't the only oil and gas outfits looking to cash in on East Africa plays. Here is a breakdown of ongoing activity in the region:

Royal Dutch Shell (NYSE: RDS-A ) is parterning with Brazil's Petrobras to explore off the coast of Tanzania.
Total SA (NYSE: TOT ) is joining Anadarko in an effort to explore offshore of Kenya. And of course, you can't talk about natural-gas discoveries without bringing up LNG.
Anadarko is in talks with KBR (NYSE: KBR ) about developing a liquefied natural gas facility if actual production amounts to anything near estimates.
Risk
The political risk for oil and gas operations in this region is high. Somalia is unstable, there are pirates off the coast, and the economies of these countries are very poor. Mozambique, for example, is one of the poorest countries in the world. It is likely that oil and gas drillers will face similar problems on the east side of the continent as they do on the west, where governments have done a poor job distributing wealth generated from oil, often resulting in frustrated citizens who loot and damage drill sites.

Foolish takeaway
Now that East Africa is on its way to becoming an established gas play, midstream development needs to follow. China has already expressed interest in building a pipeline in Tanzania, and South African officials hope the new gas discoveries will help mitigate its energy shortage. Interested investors should keep an eye on pipeline and LNG development in the region.

http://oilbarrel.com/news/its-dj-vu-for-aminex-in-tanzania-as-nyuni-2-is-suspended-without-testing


October 18, 2011

Its DVu For Aminex In Tanzania As Nyuni-2 Is Suspended Without Testing


Followers of Aminex plc must have felt an unwelcome sense of dvu earlier this month when the London-listed E&P announced the suspension of the Nyuni-2 well offshore Tanzania. The news prompted a sharp sell off in the shares, which this week were trading at just over 3 pence


The well was a long-anticipated follow-up to the Nyuni-1 well of 2004, which seasoned investors will remember as a difficult and budget-busting drill that almost broke the London company. While Nyuni-1 failed to deliver the much-hoped-for commercial strike, it did find gas-bearing reservoirs in the Aptian/Albian sandstones that independent consultants later reckoned to hold some 233 BCF of gas-in-place on a Pmean contingent resource basis.Seven years on and Aminex was keen to revisit this highly promising prospect.

Some things have changed in the intervening years: Aminex has already made one gas discovery on the Nyuni licence, the 45 BCF Kiliwani North find of 2008, and Tanzania is now part of one of the hottest exploration plays in the industry: back in 2004, Nyuni-1 was the first well in the country for well over a decade. Aminex itself has also changed: theres a new chief executive, former Sibir Energy boss Stuart Detmer, at the helm with long-standing boss

Brian Hall now Executive Chairman, and theres a better mix of frontier exploration (Tanzania) and stable production (the USA).But some things are very familiar, including the tight funding position and, disappointingly, the results from the latest Nyuni well. Nyuni-2 was drilled from the same surface location on the small Nyuni Island some 30 km off the mainland and was designed to test the same Neocomian sandstones that form the reservoirs in the nearby producing Songo-Songo gas field and Aminexs Kiliwani North gas discovery as well as the Aptian/Albian sandstone reservoir encountered in Nyuni-1. The deviated Nyuni-2 well reached a depth of 3,450 metres and was cased to 2,945 metres but logging was unsuccessful due to obstructions near the base of the well bore. Repeated attempts to drill out the obstructions or to sidetrack round the problem section were also unsuccessful and the drillbit was irretrievably jammed in the well bore, leading to the suspension of the well.

This means the geologically complex Nyuni prospect remains elusive. There were preliminary indications of gases from Neocomian and shallower Cretaceous sands, suggesting the same active petroleum system encountered in Nyuni-1, but this is very far from the material gas strike investors were looking for to justify the expense of the companys long-running commitment to Tanzania (although it does have the Kiliwani North-1 gas discovery, which lies within a couple of miles of existing infrastructure and is slowly moving towards commercialisation via the nearby Songo-Songo processing facilities).

Aminex has a 65 per cent interest in the Nyuni-2 well, alongside RAK Gas with 25 per cent, Bounty Oil with five per cent and Key Petroleum with five per cent. Decisions now need to be made about what next for the project: the wellbore remains valid for re-entry but investor appetite to put another chunk of change behind such a cash-draining business venture is likely to be muted given the results of the first two wells. The licence is home to other prospects and leads that add up to a prospective resource tally of 2.5 TCF on a Pmean basis. These include Okuza at 862 bcf and Fanjove with 377 bcf.

The company does have another project in Tanzania the upcoming Ntorya-1 well alongside Tullow Oil on the onshore Ruvuma PSA in the south of the country and long-suffering investors must be hoping this one delivers some success to trigger a recovery in the share price. Certainly this will be an intriguing drill as there are hopes this well could find the crude oil that has so far proved elusive on the gas-prone East Coast. The well is expected to spud before year-end.

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mnamreh

everything is a buying thing at its right price, not 5.375p not 3.75p but 2.90p or 3p offer was mine.

Just notice my "TIMING" and then you will see who is well informed of went the shares are ready to move higher.
It was only last Wednesday 19th when I said " KEEP an EYE" @ 2.90p

already ahead to 3.15p +0.075p on a small spread and steady buying today

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re - buying at 3.01p recently and sold at 3.05p.

You must be a "nutter", no idea of nothing like the other one, cos one could sell ( you are so stupid to do that ( now that is starting a new trend ) at 3.12p during the last 30 minutes

I know the reason why you are not a millonaire, you are buying most of the time the wrong share, wrong price and on top investing max 500, at this rate you will not have enough money to buy your own BOX.

and that is a ROTFL

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Stupid Things From "mnamreh" That Makes You Laugh

OMG - LOL                                        EVIL " mnamreh "                                               ROFL

                                                  

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The chap above told me a secret
He managed to bite your neck and that is how he lost the TOOTH, there was no blood just bones he reckons.

PS .. I am not a "cow " like you ( it seems you are talking at face book too aften and think all the posters are Bitches" ) as it happens I got a penis to make love to ladys not a "third sex" like you.

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re - Torerated

in your household maybe, I did not know that you have LESBIAN ideas to make public.

and I thought you were just an old SPINSTER, just wating for a "dick" on the post

Have you lot finished ?.....you are ruining the thread !.

re -have fun

is that what you are missing " mnamreh "?

the "Panda and a hooker joke" will be right for you ............

A panda escapes from the zoo, and he's walking around town, and he thinks "I could really do with a shag!"
So off he goes down to the local bar to try and pick up a girl.

So he's at the bar, and this girl (a prostitute) slides up to him and starts hitting on him. Panda thinks "Ello...I'm on here."

So they end up back at her place and the Panda says "I'm really hungry, do you have any food?"

The prostitute gives him some food, and then they get down to it.

Afterwards, the panda gets up and starts to leave. Now the whore doesn't like this and she says,
"Where are you going, where's my money?"

Panda says, "Money? What are you on about?"

Prostitute says, "I'm a prostitute for pete's sake!!"

Panda says, "What's a prostitute?"

She throws him a dictionary and says, "Look it up!!"

Panda looks it up: "PROSTITUTE - A woman who has sex for money."
Panda throws the dictionary back at her and says "So what. I'm a panda."

Prostitute says, "So."

Panda says, "Look it up."

So she looks it up, and reads out aloud: "PANDA - Eats shoots and leaves" so the panda walks out

required field

have fun at " mnamreh " expenses
nothing is happening yet ( share price wise ) though the buys are continuing and at this point with larger size.

although that was not the idea, as you know, mabe something positive comes out of the earlier posting .........
At other places are using this tactic to keep the thread at the TOP so posters are aware of the rising share and looking into the company chart

.

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the bitch is back and is bad news BOOM BOOM

lyrics

Boom boom boom boom
I wanna double boom

Boom boom boom boom
I want you out of my room

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.

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New PSA signed :) So news soon.

http://michuzijr.blogspot.com/2011/10/hotuba-ya-waziri-wa-nishati-na-madini.html

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RNS today confirming new PSA.

Bounty have released their Annual Report on the ASX, which has mention of the Nyuni drills and prospects, link below to PDF.

http://www.asx.com.au/asxpdf/20111031/pdf/4226fvs31rj871.pdf

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This is a great map.

http://www.ophirenergy.com/UserDir/News/OEC-P-4415%20OEplc%20-%20East%20Pande%202011-04-07137.pdf

Especially when you put the next well, being Ntorya-1, slap bang in the middle of Likonde-1 well oil shows and the Mikindani oil seeps.

So if the oil has migrated through and had seeps, its very likely that Ntorya-1 might have some of the stuff trapped in it.

P10 is 160 MMBO recoverable.

Very interesting.

http://issamichuzi.blogspot.com/2011/11/panafrican-energy-tanzania-to-double.html

....Brown confirmed that the company had set aside USD130m for investment in both Songo Songo main field with the drilling of two new wells, and for increasing production from a third well. The drilling rig Sakson PR5 is currently being transported to arrive at Songo Songo in mid-November. The first of the new wells is expected to begin drilling in late November/early December.......


Wonder if AEX can use this Sakson PR5 rig for the Nyuni-2 re-entry ? Could be some negotiations going on for that.

Could be Santa Claus is alive and well :)

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And now I have a machine gun.....

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Welcome to the party ptholden !......

No...of course not....

Aminex shares worth considering ahead of key operational milestones, says ShoreCap
12:09 pm by Jamie Ashcroft

This part of East Africa is becoming a hotspot for exploration, with several major discoveries being made
The hotly anticipated Ntorya exploration well can help investors in Aminex (LON:AEX) get over the disappointing outcome of the Nyuni-2 well, according to Shore Capital analyst Craig Howie.

The groups shares have fallen 45 per cent in the past month since the Nyuni-2 well was suspended.

The exploration well was drilled diagonally from a small island to test offshore targets in Tanzania. A technical problem meant that Aminex could not assess the target reservoirs.

In a note to clients Shore Capitals Craig Howie says that Aminex shares are very worthy of consideration following the recent fall.

Although the Nyuni-2 outcome was undeniably disappointing the groups oil reserves in the United States limit the downside to the shares from here, Howie said. Furthermore he reckons there is good scope for the share price to rise if Aminex can deliver good news in the coming months.

The good news may come from two assets in Tanzania, he explains.

The Ntorya well in the onshore Rovuma PSA is the next key milestone and the Kiliwani North gas field could begin production not long after that.

Howie expects Aminex to spud the exploration well early next month and the results to be ready in the New Year. Ntorya is a joint venture with Tullow Oil (LON:TLW) and Solo Oil (LON:SOLO), which own 25 and 18.75 per cent stakes respectively.

Ntorya-1 is targeting an estimated 100 million barrels of oil equivalent and it is said to have a 20 per cent chance of success. It will test the same high-quality Lower Tertiary reservoir sands that the Likonde-1 well encountered 14 kilometres to the north.

Although Likonde-1 was not a flowing, commercial discovery, the hydrocarbon shows and potential net reservoir thickness provided lots of encouragement ahead of drilling of a second exploration well, Howie said.

Additionally the ShoreCap analyst points to Anadarko Petroleums Ironclad well, which was drilled offshore in 2010, as evidence of liquid hydrocarbons in the basin. Indeed Iron is one of several nearby discoveries made in the past eighteen months or so.

The Ntorya well will cost around US$5 million, according to Howie. He explains that this is considerably less than the Nyuni-2. The well is cheaper because of it will be drilled to a shallower depth and it will be simpler vertical well.

Following the completion of the Ntorya well attention is likely to turn to the Kiliwani North gas field. Aminex received a production licence for the project earlier this year after the discovery area was carved out of the licence area belonging to the Nyuni PSA.

The Kiliwani North discovery was made back in 2008. Now Aminex is preparing to commercialise the gas field which is near existing infrastructure at the Songo-Songo gas field.

Despite past delays, we understand that the Tanzanian authorities are now very keen to see this project commercialised due to local gas shortages, Howie said.

Aminex is confident that it can achieve first gas in the second quarter of 2012.

He added: In addition to the engineering and procurement of equipment to tie Kiliwani North into existing gas processing facilities, final negotiation of a gas sales agreement is currently underway, and we now have sufficient confidence to factor Kiliwani North into our production forecasts for next year.

source .. http://bit.ly/vr7o3J

Investors eye Tanzania gas industry

MONDAY, 07 NOVEMBER 2011 12:35 JOHN MSANGI
DAR ES SALAAM, TANZANIA

- Discovery of oil in Uganda and natural gas in Mozambique close to the Tanzania border, has sparked interests by major oil and gas prospectors to scramble for acquisitions of oil blocks in this country.
The Tanzania Government last week signed two 'Production Sharing Agreements' (PSA) with Aminex Plc and Heritage Oil Plc to explore for oil and gas in Lake Rukwa in south western Tanzania and Nyuni-Songosongo in south eastern Tanzania.
According to the Minister for Energy and Minerals, Mr William Ngeleja, Aminex Plc will undertake oil and gas exploration at Nyuni-East Songosongo and about US$75.3 million will be injected in the project while Heritage will explore for oil and gas in Lake Rukwa block where the firm is expected to invest $66.5 million in the project.

"The terms of the PSAs cover eleven years which are divided into three sub-periods," said the Minister.
The signing of the agreements with Aminex Plc and Heritage Oil Plc brings the number of exploration companies already on the ground to 17, the highest number since exploration of oil and gas started in the country in the 1950s.
Most of the exploration companies that are currently investing in exploration for oil and natural gas in the country originate from Australia, United Kingdom, France, Brazil, Norway, USA, Canada and UAE.
Ngeleja said though Tanzania has yet to produce a commercially viable oil find, investors should be confident of high likelihood to discover oil because of an assuring geodata.

"Tanzania has similar geographical structure with Uganda and Mozambique where discovery of oil has been made; therefore exploration firms should be confident that there is a possibility that Tanzania has oil," said Ngeleja.
He said the Government is in new talks for six more 'Production Sharing Agreements' (PSAs) with international exploration companies to undertake oil and gas in different prime places of the country.
He said that discussions are at different stages and if successfully concluded, these PSAs will cover Deep-sea Block 8, Lake Tanganyika area (northern area), Kyela, Ruhuhu, Mikumi and Pangani.
"The Government is committed to continue promoting exploration for oil and gas in the country.

This being one of the principle objectives of our National Energy Policy which aims at ensuring that the country receives a reliable supply of energy and to all parts of the country at low cost and with due regard to the environment," said Ngeleja.

source ...investors-eye-tanzania-gas-industry

http://www.proactiveinvestors.co.uk/companies/news/35266/aminex-shares-worth-considering-ahead-of-key-operational-milestones-says-shorecap-35266.html

Aminex shares worth considering ahead of key operational milestones, says ShoreCap
Mon 12:09 pm by Jamie Ashcroft

This part of East Africa is becoming a hotspot for exploration, with several major discoveries being made

The hotly anticipated Ntorya exploration well can help investors in Aminex (LON:AEX) get over the disappointing outcome of the Nyuni-2 well, according to Shore Capital analyst Craig Howie.

The groups shares have fallen 45 per cent in the past month since the Nyuni-2 well was suspended.

The exploration well was drilled diagonally from a small island to test offshore targets in Tanzania. A technical problem meant that Aminex could not assess the target reservoirs.

In a note to clients Shore Capitals Craig Howie says that Aminex shares are very worthy of consideration following the recent fall.
Although the Nyuni-2 outcome was undeniably disappointing the groups oil reserves in the United States limit the downside to the shares from here, Howie said. Furthermore he reckons there is good scope for the share price to rise if Aminex can deliver good news in the coming months.

The good news may come from two assets in Tanzania, he explains.

The Ntorya well in the onshore Rovuma PSA is the next key milestone and the Kiliwani North gas field could begin production not long after that.

Howie expects Aminex to spud the exploration well early next month and the results to be ready in the New Year. Ntorya is a joint venture with Tullow Oil (LON:TLW) and Solo Oil (LON:SOLO), which own 25 and 18.75 per cent stakes respectively.
Ntorya-1 is targeting an estimated 100 million barrels of oil equivalent and it is said to have a 20 per cent chance of success. It will test the same high-quality Lower Tertiary reservoir sands that the Likonde-1 well encountered 14 kilometres to the north.

Although Likonde-1 was not a flowing, commercial discovery, the hydrocarbon shows and potential net reservoir thickness provided lots of encouragement ahead of drilling of a second exploration well, Howie said.

Additionally the ShoreCap analyst points to Anadarko Petroleums Ironclad well, which was drilled offshore in 2010, as evidence of liquid hydrocarbons in the basin. Indeed Iron is one of several nearby discoveries made in the past eighteen months or so.
The Ntorya well will cost around US$5 million, according to Howie. He explains that this is considerably less than the Nyuni-2. The well is cheaper because of it will be drilled to a shallower depth and it will be simpler vertical well.

Following the completion of the Ntorya well attention is likely to turn to the Kiliwani North gas field. Aminex received a production licence for the project earlier this year after the discovery area was carved out of the licence area belonging to the Nyuni PSA.

The Kiliwani North discovery was made back in 2008. Now Aminex is preparing to commercialise the gas field which is near existing infrastructure at the Songo-Songo gas field.

Despite past delays, we understand that the Tanzanian authorities are now very keen to see this project commercialised due to local gas shortages, Howie said.
Aminex is confident that it can achieve first gas in the second quarter of 2012.
He added: In addition to the engineering and procurement of equipment to tie Kiliwani North into existing gas processing facilities, final negotiation of a gas sales agreement is currently underway, and we now have sufficient confidence to factor Kiliwani North into our production forecasts for next year.

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What a piece of " brown cigar " maybe that is what you are " mnamreh "
and it rhymes

it was only a repeat of " machoman " post 130 one hour earlier


Tittle-tattle bettween two nasties gossip or chatter is the thing

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http://www.aminex-plc.com/files/111104_Shore_Capital_Company_Update.pdf

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Two nasties on the " brown sauce " salsa as AEX takes a tumble

and

Murdoch, Murderer, Mafia and Mnamreh
how strange all starting with "M"

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It seems is an old COW on top ...........

and as share price is dropping , no money for the grave


mnamreh - 22 Nov 2011 16:11 - 17 of 24
mk - correct, after Herman Munster one of our cats who died in the late 60'

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Specially for " mnamreh " the frustated COW with no BULL

THE "COW'S BULL JOKE

A man takes his wife to the stock show.
They start heading down the alley that had the bulls.
They come up to the first bull and his sign stated:
This bull mated 50 times last year.
The wife turns to her husband and says,
He mated 50 times in a year,
you could learn from him.

They proceed to the next bull and his sign stated:
This bull mated 65 times last year.
The wife turns to her husband and says,
This one mated 65 times last year.
That is over 5 times a month.
You can learn from this one, also.

They proceeded to the last bull and his sign said:
This bull mated 365 times last year.
The wifes mouth drops open and says,
WOW! He mated 365 times last year.
That is ONCE A DAY!!! You could really learn from this one.

The man turns to his wife and says,
Go up and see if it was 365 times with the same cow.

.

Solo Oil chief Ritson says success could come in many forms for Ntorya well
8:28 am by Jamie Ashcroft

http://www.proactiveinvestors.co.uk/companies/news/36248/solo-oil-chief-ritson-says-success-could-come-in-many-forms-for-ntorya-well--36248.html


While the Tanzanian assets provide a great deal of excitement, in Canada the Ausable Reef field is another potentially lucrative asset.

Success could come in many forms for the upcoming Ntorya exploration well in Tanzania, according to Solo Oil (LON:SOLO) executive director Neil Ritson.
Solo has an 18.75 per cent stake in the frontier exploration well. The operator, Aminex, is expected to spud Ntorya-1 at some point in December.

It is being drilled in an onshore location in the Rovuma basin, which has already provided other explorers with a great deal of success offshore.
Ritson explained that while the well could have a big impact for Solo, it is by no means an all or nothing proposition.

We are of course looking for commercial hydrocarbons, but whether Ntorya-1 locates those or not it will make a significant impact on our geological understanding as we continue to explore the onshore portion of Rovuma Basin, Ritson said.
A discovery at Ntorya-1 would lead to an immediate re-rating since the removal of risk on a 100 million barrel discovery would have major value implications.
But this is an exploration well in a new frontier basin so success may take many forms.

The well follows the Likonde well, which encountered non-commercial volumes of hydrocarbons in April last year.

Solo believes that Ntorya-1 has a one-in-four chance of success. If successful, a discovery is likely to be in the order of 100 million barrels of oil, or 600 million cubic feet of gas.

He added: Offshore discoveries so far have been in the multiple tcf range, but drilling and development costs offshore are far higher than they would be at Ntorya, so our economics are very robust.

Ritson explained an oil discovery could be quickly developed.

With the well location just 35 kilometres to the coast, early production could potentially be trucked for export. Laying a pipeline later could be relatively simple and cheap, Ritson added.

Meanwhile, large gas infrastructure projects are already being planned nearby by Anadarko and BG as they commercialise their massive gas offshore discoveries. This has obvious benefits for a possible development of Ntorya if a gas discovery was made.
Ritson also says Solo is currently looking at several opportunities to expand its interests in East Africa. And the firm will continue to prefer under-explored onshore basins, he added.

East Africa has a great deal of remaining potential and the further development of infrastructure will certainly see the process of exploration and development spread further in proven areas and also into other, so far underexplored, areas. This is a region with considerable further growth potential for the oil industry and Solo expects to play a part in that.

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Very interesting if BP is looking to get into East Africa by starting buying assets in Tanzania.

http://www.telegraph.co.uk/finance/markets/marketreport/8959580/BP-rumoured-to-be-talking-to-Ophir-Energy.html


Come on Aminex, get some oil or gas with the next drill, spudding very soon.

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kim jong ill dying could do some good to their nk assests?

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That 1M buy at 3.25p looks possibly like another director purchase RNS might be coming.

Order book looks strong, will we fill that gap back up to 5p before Ntorya-1 results come out in January ?

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nice.

Certainly illustrates the upside potential, if they strike good on the next drill, that gap to 5p needs filling IMO, in the coming weeks one hopes.

Another director share purchase reported :) More to come perhaps before Ntorya-1 spuds.

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On line limits strong.

Max BUY only 15K at 3.29p

Max SELL is now 500K at 3.28p


Its going up more........

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Another director buy announced after close.

1.35 million shares purchased.

Good bit of consolidation today after the hefty rises of late.

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On line limits are strong :

Max BUY just 75K @ 3.49p

Max SELL 250K @ 3.43p

L2 is 4 v 1 @ 3.4/3.5

Tis looking like things are much more balanced now and AEX is ready to move up strong and hard if buying demand comes in. You could say its poised now.....

The big drop was on no volume, the big sell came later on and now it looks like the overhang is clear, IMO. Ready to roll on up and close that gap to 5p during January.



.

Spudded Ntorya-1.

http://www.investegate.co.uk/Article.aspx?id=201112230935015773U

Come back for results in circa 30 days.

P50 "100 MMBO" recoverable if oil, P50 "600 BCF" if gas.

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tucked a few away into my ISA at 3.41p. have held previously but ended selling at a small loss.[around the 11p mark if i remember correctly] i agree it seems like it cant go much lower[without going bust obviously] and only way should be up. DYOR GLA etc.
Alex

Might even get some positives from North Korea but I wouldn't bet on it.....

.

i heard they renamed KIM JONG ILL to KIM JONG DEAD in light of recent events.

VALUATION TIME FOR OIL AT NTORYA-1

P10 = 160 MMBO of recoverable oil

Aminex Share is 56.25% = 90 million barrels

90 million barrels valued at a lowly 6 US$ in the ground (low valuation to allow for dilution, should be higher as this is only 30km from a port where oil could be trucked in the first instance for quick sales).


90,000,000 x 6 = 540,000,000 US$ = 346,000,000 pounds.

Aminex shares in issue = 780,000,000


Ntorya-1 strike at P10 level valued at 6 US% a barrel in the ground = 44.35p per share to Aminex.

-------------------------------

P50 = 100 MMBO of recoverable oil

Aminex Share is 56.25% = 56.25 million barrels

56.25 million barrels valued at a lowly 6 US$ in the ground (low valuation to allow for dilution, should be higher as this is only 30km from a port where oil could be trucked in the first instance for quick sales).


56,250,000 x 6 = 337,500,000 US$ = 216,000,000 pounds.

Aminex shares in issue = 780,000,000


Ntorya-1 strike at P50 level valued at 6 US% a barrel in the ground = 27.69p per share to Aminex.

.

VALUATION TIME FOR GAS AT NTORYA-1

P10 = 960 BCF of recoverable gas

Aminex Share is 56.25% = 540 BCF

DAVY RESEARCH use a figure of 1p to AEX for each 23 BCF of gas in Tanzania.

540 / 23 = 23.47p

Ntorya-1 GAS strike at P10 level = 23.47p per share to Aminex.

-------------------------------

P50 = 600 BCF of recoverable gas

Aminex Share is 56.25% = 337.5 BCF

DAVY RESEARCH use a figure of 1p to AEX for each 23 BCF of gas in Tanzania.

337.5 / 23 = 14.67p

Ntorya-1 GAS strike at P50 level = 14.67p per share to Aminex.

So fingers crossed its OIL ahead of GAS.

Much bigger upside.

Late RNS.

Raised money at 5p a share !!! Well above todays price.

Prospect of a new JV as well.

Merry Christmas, what a nice present.

http://www.investegate.co.uk/Article.aspx?id=201112231317026219U

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Following that quick fund raising ( http://www.investegate.co.uk/Article.aspx?id=201112231317026219U ) at above the current share price, let me know redo the sums with the new shares in issue levels.



VALUATION TIME FOR GAS AT NTORYA-1

P10 = 960 BCF of recoverable gas

Aminex Share is 56.25% = 540 BCF

Using a figure of 1p to AEX for each 24.5 BCF of gas in Tanzania.

540 / 24.5 = 22.04p

Ntorya-1 GAS strike at P10 level = 22.04p per share to Aminex.

-------------------------------

P50 = 600 BCF of recoverable gas

Aminex Share is 56.25% = 337.5 BCF

Using a figure of 1p to AEX for each 24.5 BCF of gas in Tanzania.

337.5 / 24.5 = 13.77p

Ntorya-1 GAS strike at P50 level = 13.77p per share to Aminex.

-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------

VALUATION TIME FOR OIL AT NTORYA-1

P10 = 160 MMBO of recoverable oil

Aminex Share is 56.25% = 90 million barrels

90 million barrels valued at a lowly 6 US$ in the ground (low valuation to allow for dilution, should be higher as this is only 30km from a port where oil could be trucked in the first instance for quick sales).


90,000,000 x 6 = 540,000,000 US$ = 346,000,000 pounds.

Aminex shares in issue = 819,000,000


Ntorya-1 strike at P10 level valued at 6 US% a barrel in the ground = 42.24p per share to Aminex.

-------------------------------

P50 = 100 MMBO of recoverable oil

Aminex Share is 56.25% = 56.25 million barrels

56.25 million barrels valued at a lowly 6 US$ in the ground (low valuation to allow for dilution, should be higher as this is only 30km from a port where oil could be trucked in the first instance for quick sales).


56,250,000 x 6 = 337,500,000 US$ = 216,000,000 pounds.

Aminex shares in issue = 819,000,000


Ntorya-1 strike at P50 level valued at 6 US% a barrel in the ground = 26.37p per share to Aminex.

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Yes, lets have more of them !!!

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Yep, who cares :)


Stuard sums it up well.........

..........Aminex Chief Executive Stuard Detmer commented: "We are pleased to welcome Empire Asia and Dr. Chanchai Ruayrungruang of the Reignwood Group as investors in Aminex. Today's investment, made at a 45% premium to yesterday's close, is a strong vote of confidence in the Company as a vehicle for growth in African oil and gas projects. At a time when Asian companies are increasing their activity in African natural resource plays, we are pleased to have an important Asian investment consortium as a strategic investor in Aminex."....

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PAR VALUE is 5p - as per the RNS today.

That means no shares can be issued below 5p. Thats what a Par value of a share means.

Now AEX have investors willing to pay at least 5p, it means very likely there will never be a placing below the current 5p par value.

Price to rocket to 5p very soon ? (well, holidays permitting).

.

:)

Have a good Christmas mnamreh and all.

Point to note on the director buys.

All the buys have been Non Executive Directors (NED's) so they would have not been party to the negotiations with the new investors - no Executive Directors (who would have been party) purchased any shares this week.

So the NED buying is purely ahead of the Ntorya-1 well spud, nothing to do with the 5p placing.

pp yet another good ramp!

Given the Chinese involvement now in Tanzania and all of Africa, its nice to now have the 5th richest person in China a supporter and investor in Aminex :) I think 2012 is going to be a very good year.

Some more on our new investor Dr Chanchai Ruayrungruang aka Yan Bin, apparently the joint 5th richest person in China: http://lifeisreallybeautiful.com/tag/chanchai-ruayrungruang/


"......Fifth of the list is a tie between Robin Li Yanhong with search engine company Baidu Inc. and Yan Bin of Ruoy Chai International Group, whose brands include Red Bull energy drinks...

...Yan Bin has grown his fortune on the back of a strong performance in sales of Red Bull energy drinks in China, which are expected to hit US$800 million this year. Fifty-six year old Yan started his business in Thailand and is also known by his Thai name of Chanchai Ruayrungruang. Apart from Red Bull, Yan owns the luxury Reignwood Group, which includes the best-known golf club in Beijing.........."

Hope so...I've been in this for ages.....not with much success either...

A few more links with info about Dr. Chanchai Ruayrungruang aka Yan Bin ;

http://www.luxury-insider.com/luxury-news/2009/10/hurun-report-seven-new-faces-in-top-10-chinese-billionaires

http://stockzmarket.info/1299-reignwood-pledges-16-enrg.html

http://www.reignwood.com/aboutUs_HistoryFormation.asp

http://www.cnbc.com/id/44530244/China_s_10_Wealthiest_Billionaires

4. Yan Bin, 57

Fortune: $7.8 billion
Company: Reignwood Group

Yan Bin, also known by his Thai name Chanchai Ruayrungruang, is the second drink maker among the top five richest people in China. The business tycoon has made the top five list for the past decade, but last year he tied for fifth with online search engine Baidu’s founder Robin Li Yanhong.

Some people are asking why a man worth 8 billion dollars is investing in Aminex.

Well, Tanzanian PSA's allow for exploration companies to claim back ALL explo spending ANYWHERE in Tanzania, its not ring fenced. So everything Aminex has spent on exploration in Tanzania is accrued and can be claimed back from future production. For anyone looking to buyout Aminex, that is worth quite a lot on its own compared to the present market cap. So it would make a good start to build something on.

The more interesting question is "Is Africa really the focus of the Chinese Billionaire" - it could be, given the massive influence China now has in Africa, this man will know many powerful government figures in Beijing and will be able to pull strings there, which will pull strings in Africa.

Or is this Billionaire interested in North Korea, now the new guy is in charge. Again China has massive influence with North Korea and Aminex is one of the (if not the only) companies with a valid PSA in terms of their 50% ownership of Korex. So is he getting his stake of AEX now and getting ready for North Korea to open up and allow Korex to drill ?

The "world" has prevented North Korea from exploring for oil, simply they do not want mad men to have access to easy money to build more nukes, but if the "world powers" consider the new guy to be the man who should have the money and expose North Koreans to cash (the same way they opened up China when they deemed the time was right and the new leaders educated enough) and change North Korea for ever into a new wealthy country - then Aminex will benefit from this is a massive way as finally North Korea will be allowed to drill its potential oil reserves - but AEX would need to have very rich partners in tow.

Now, they have one of those in tow, a man worth nearly 8 billion dollars is investing in Aminex.

http://www.proactiveinvestors.co.uk/companies/news/37295/emerging-oil-and-gas-frontiers-attract-attention-37295.html

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Loverly...

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Nice day that was. Hopefully our Chinese Billionaire will come out to play in the new year and start buying from the market then.

Davy update today :

Aminex (AEX ID)

Equity investment at premium completes
Job Langbroek

J & E Davy Stockbrokers

FACTS: Aminex has announced the admission to the official list of the Irish Stock Exchange and the UK listing authority of shares issued under a share subscription agreement entered into on December 23rd. The subscription was for 40m shares and
was completed at par value of 6c or 5p. The shares will be held in equal measure by Empire Asia, a Thailand-based investment company, and Dr Chanchai Ruayrungruang, the Chairman of the Reignwood Group – a major China-based investment company.

The new shares represent some 4.76% of the enlarged equity. Separately, Aminex is
also in preliminary talks with both parties to the agreement to establish a broader strategic alliance to finance the acquisition and development of oil and gas projects in the African continent.

ANALYSIS: The subscription was completed at a price some 45% higher than the pre-close market price. The funds will be applied to general business activities in the group. Importantly, the statement holds out the possibility that the further
investment may flow from much the same source.

While early days yet, is a clear possibility that Aminex will become a route for Asian funds into African resource exploration and development. If such funds were to become available, this would open up considerably more potential to develop its asset base.

Separately, the group also announced just before Christmas that the Ntorya-1 well had spudded. Management believes that this well has a 20% chance of success and is targeting 100m barrels in a Tertiary and Upper Cretaceous section.

DAVY VIEW: This is a very positive development for the group and while it is not yet clear how it will evolve, the addition of a very strong shareholder to the list will be of benefit to all. The advent of the Ntorya-1 well is also good news and opens up the
group to a potentially value-transforming event. We value the group at 14.0p in total, with Ntorya making up 4.0p per share of this on a pre-drill risked basis but over 20p per share if the well is successful, a multiple of the current share price.

March 2012 for Kiliwani to be connected, at the rate up to 45 MMcf per day, but initially commencing at 14 MMcf per day from maybe April (after connection in March) it seems. The pipeline is 3.5km from Kiliwani to the Songas gas cleaning plant.

Sorry, you will need to translate from Swahili to read it :

http://www.parliament.go.tz/POLIS/PAMS/Docs/HS-5-9-2011.pdf


Taking these figures you get :

So 14 MMcfd x 2.7 US$ per Mcf for say 90 days in H1 = 14,000 x 2.7 = 37,800 US$/day x 90 = 3.4 million US$ for H1.

If they can get 45MMcfd per day in H2 then its :

45,000 x 2.7 x 180 days = 21.8 million US$ for H2 2012.

Total revenue from Kiliwani could therefore be over 25 million US$ in 2012, and do not forget that tax breaks are in effect whilst they claim back exploration costs.

Lets hope the March 2012 connection is kept and production is on from April.
.

So NAV at 14p a share (with 4p of that being Ntorya-1).

If Ntorya-1 fails NAV goes down to 10p a share.

If Ntorya-1 is good and gas NAV goes to circa 25p a share.

if Ntorya-1 is good and oil NAV goes to circa 50p a share.

US production is such that the company is cash flow positive excluding exploration.

With Kiliwani coming on line they will be cash flow positive and able to do some exploration work as well.


You can see why with all these snippets of info why the Asian investors were happy to pay 5p a share to buy a stake in AEX.

Ramp over...... :) Sorry, I mentioned downside of Ntorya-1 so its not a pure ramp then.......... ;) LOL

are these worth a gamble.

Yes, even if the latest drilling turns out to be a duster, it will not matter....as the sp is so low and in the event of a strike...and it could be gas not oil so anything could happen...a tripling of the sp is a possibility but that is probably too much to hope for....the good thing is that there is only temporary downside....and it is isable.

thanks i will look monday busy this weekend

RF

Nothing to stop the SP losing 30-50% on the next duster and therefore half of your investment. Just because the SP is already low doesn't mean it cannot go a lot lower. This is a trap many newbies get sucked into with penny shares, a belief the SP is already so crap it can't become any crapper and that a doubling from 1p to 2p is a mathematical exercise rather than a doubling of the market cap.
Apart from that any share being pumped by the board ramper carries a massive health warning!

I like them and have a small bet.

The gas they are pumping in the USA plus offshore Tanzania development should maintain the sp...but like you say : another duster on the Mozambique border would knock the shares a bit but only temporarily in my view...probably back to 3p....but no lower before returning to 4p later.....blinkin' gamble this, but I won't panick in the event of a hydrocarbon no show....

I am going to dip in for a punt .

http://www.davy.ie/LR?id=2655


Aminex

(AEX ID)
Tanzanian drilling update
10 January 2012
Job Langbroek
Closing Price: 5c Rating: Outperform 30/06/09

FACTS: Aminex has announced (January 10th) that following top hole casing programmes, the Ntorya-1 well in the Ruvuma Basin onshore Tanzania is now drilling ahead at 620 metres compared to a total well depth of 1,800-1,900 metres. Aminex has an operated 56.25% stake in the well. Its partners are Tullow Oil with 25% and Solo Oil with 18.75%.

ANALYSIS: The Ntorya-1 well is expected to reach its target depth at the end of January and is focussed on the same base Tertiary and upper Cretaceous sand package that the Likonde well encountered some 14 km to the north. The Likonde well established the presence of hydrocarbons in the Rovuma basin although it was not a commercial discovery. The current well is clearly important to the group given its significant equity stake, the scale of the target at 100m barrels and the pre-drill likelihood of success (20%).

DAVY VIEW: Our group valuation is 14p per share with Ntorya making up 4p of this. However, this is a risk-weighted valuation and in the event of success, the well would add over 20p per share.

Looking good this pm with a couple of 4.5p .

Decent bit of buying.

News could be next week, if not then the week after.

time to buy.

Drill results soon. Could be this week, more likely next week.

Duster means below 2p.

Gas should be over 10p

Oil could get up over 30p.


Good luck all, keep them fingers crossed.

A reminder of why Ntorya-1 was selected as the next drill target. From the Shore Cap note of late last year....



..........Likonde-1 targeted multiple reservoirs, including Tertiary and Cretaceous intervals, to a planned total vertical depth of 3,200m. This was primarily an oil prospect, with upside resource potential estimated at 153mmboe (million barrels of oil equivalent) and an estimated one in four chance of success.

Results from Likonde-1 were reported in April 2010 after a powerful gas influx halted drilling at an extended total depth of 3,650m. Results from drilling, logging and coring showed that the well had intersected two sandstone intervals with a combined thickness of over 820 feet (250m), and evidence of residual oil and gas. High gas readings were recorded through most of the well bore, with drill cuttings and sidewall cores providing evidence of crude oil.

Although Likonde-1 was not a flowing, commercial discovery, the hydrocarbon shows and potential net reservoir thickness provided lots of encouragement ahead of drilling of a second exploration well. Residual hydrocarbons demonstrate that there is a working petroleum system, although the oil appears to have migrated beyond the cap rock overlaying the reservoir. Anadarko‟s Ironclad well, drilled offshore in 2010, seems to support this theory, providing documented evidence of liquid hydrocarbons elsewhere in the basin.

The priority for the partners was therefore to find a structure with an effective trapping mechanism and, following evaluation of new data acquired during drilling of Likonde-1, Ntorya-1 was selected as the next drilling location. Ntorya-1 is scheduled for spudding in early December 2011, at an estimated cost of US$10-11m (100%). Drilling will fulfil the partners‟ work commitments for the current exploration phase, which will expire shortly.

Ntorya-1 will target the same high-quality Lower Tertiary reservoir sands encountered in the Likonde-1 well, and will be drilled about 14 kilometres south of that well‟s location, to a planned total depth of approximately 2,000m. The shallower depth means that Ntorya-1 will be cheaper to drill than the first exploration well. Mid-case recoverable resource potential of 100mmboe is estimated by the operator, with a 20% probability of success.

Aminex announced on 8th September 2011 that it had agreed to assume operatorship and increase its stake to 56.25% at Ruvuma, with Solo simultaneously announcing that it was to take its interest to 18.75%. Given Aminex‟s existing presence and operating capability in Tanzania, we think that this is a very logical outcome that should expedite the work programme, lead to operational efficiencies and reduce costs. Tullow retains a 25% stake.......

III rumour.

freakonomics
14:35
AEX Source in Dublin says they hit the black stuff!!!

Buys are building...........ummmmmm.

Wild rampy rumour from III ?

Or some truth in it.


Casing at the weekend, if they finished Saturday they could be entering the target zone now....... a little early imo, but then, we do not know where they are.

Its plausible they are into the target zone now.

If we get a 20% rise today it might force an update to come out tomorrow morning to clarify the reason (or not) for the rise ?

Let me drag up my valuations for oil and gas at Ntorya-1 (just in case this rumour has some legs).


VALUATION TIME FOR GAS AT NTORYA-1

P10 = 960 BCF of recoverable gas

Aminex Share is 56.25% = 540 BCF

Using a figure of 1p to AEX for each 24.5 BCF of gas in Tanzania.

540 / 24.5 = 22.04p

Ntorya-1 GAS strike at P10 level = 22.04p per share to Aminex.

-------------------------------

P50 = 600 BCF of recoverable gas

Aminex Share is 56.25% = 337.5 BCF

Using a figure of 1p to AEX for each 24.5 BCF of gas in Tanzania.

337.5 / 24.5 = 13.77p

Ntorya-1 GAS strike at P50 level = 13.77p per share to Aminex.

-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------

VALUATION TIME FOR OIL AT NTORYA-1

P10 = 160 MMBO of recoverable oil

Aminex Share is 56.25% = 90 million barrels

90 million barrels valued at a lowly 6 US$ in the ground (low valuation to allow for dilution, should be higher as this is only 30km from a port where oil could be trucked in the first instance for quick sales).


90,000,000 x 6 = 540,000,000 US$ = 346,000,000 pounds.

Aminex shares in issue = 819,000,000


Ntorya-1 strike at P10 level valued at 6 US% a barrel in the ground = 42.24p per share to Aminex.

-------------------------------

P50 = 100 MMBO of recoverable oil

Aminex Share is 56.25% = 56.25 million barrels

56.25 million barrels valued at a lowly 6 US$ in the ground (low valuation to allow for dilution, should be higher as this is only 30km from a port where oil could be trucked in the first instance for quick sales).


56,250,000 x 6 = 337,500,000 US$ = 216,000,000 pounds.

Aminex shares in issue = 819,000,000


Ntorya-1 strike at P50 level valued at 6 US% a barrel in the ground = 26.37p per share to Aminex.

Strong strong day.

Look at this.

What??

more north likely tomorrow apparently!!

Before everyone gets too carried away or gets too excited/depressed, its worth going back to the DAVY note on AEX on 6th of Jan.



6th Jan 2012

Aminex (AEX ID)

Equity investment at premium completes
Job Langbroek

J & E Davy Stockbrokers

FACTS: Aminex has announced the admission to the official list of the Irish Stock Exchange and the UK listing authority of shares issued under a share subscription agreement entered into on December 23rd. The subscription was for 40m shares and was completed at par value of 6c or 5p. The shares will be held in equal measure by Empire Asia, a Thailand-based investment company, and Dr Chanchai Ruayrungruang, the Chairman of the Reignwood Group – a major China-based investment company.

The new shares represent some 4.76% of the enlarged equity. Separately, Aminex is also in preliminary talks with both parties to the agreement to establish a broader strategic alliance to finance the acquisition and development of oil and gas projects in the African continent.

ANALYSIS: The subscription was completed at a price some 45% higher than the pre-close market price. The funds will be applied to general business activities in the group. Importantly, the statement holds out the possibility that the further investment may flow from much the same source.

While early days yet, is a clear possibility that Aminex will become a route for Asian funds into African resource exploration and development. If such funds were to become available, this would open up considerably more potential to develop its asset base.

Separately, the group also announced just before Christmas that the Ntorya-1 well had spudded. Management believes that this well has a 20% chance of success and is targeting 100m barrels in a Tertiary and Upper Cretaceous section.

DAVY VIEW: This is a very positive development for the group and while it is not yet clear how it will evolve, the addition of a very strong shareholder to the list will be of benefit to all. The advent of the Ntorya-1 well is also good news and opens up the group to a potentially value-transforming event. We value the group at 14.0p in total, with Ntorya making up 4.0p per share of this on a pre-drill risked basis but over 20p per share if the well is successful, a multiple of the current share price.

.

Worth a read.........

http://boards.fool.co.uk/cov-cove-energy-and-aex-12462848.aspx?sort=whole

.

.

Thai-Chinese investor in AEX.

+

http://www.nationmultimedia.com/business/PTTEP-eyes-E-Africa-but-stays-mum-on-plans-to-bid--30174361.html

=5

.

Pretty much all to timescale really.

Spud RNS says 30 days drilling to get to target zone.

http://www.investegate.co.uk/Article.aspx?id=201112230935015773U

....Ntorya-1 will be drilled as a vertical well to a planned total depth of 2026m, using the Caroil-6 rig and is expected to reach the main target in around 30 days from spud...........


-----------------------------------------

Update RNS says Total Depth (end of drilling) will be late January

http://www.investegate.co.uk/Article.aspx?id=201201101031552848V

........The target interval of the well is approximately 1,800 to 1,900 metres depth. Ntorya-1 is expected to reach total depth in late January 2012.......


---------------------------------------


So spud early evening on 22nd Dec.

30 days to target zone (circa 1800 metres) would be 21st Jan.

We had rumour of oil on 23rd Jan - which would tie in to the schedule if you allow for a bit of delay here and there or seismic processing errors on depth. The lack of any denial about the big price rise perhaps indicates something is there on an oily nature (although until wireline is run nothing can be said of an official nature)

So, TD (Total Depth) reach perhaps Thursday or Friday, pull the drill bit out, run wireline - looks fine for a Monday RNS.


But that is all assumption, and could therefore be wrong totally. Whatever, the sudden volume spike of nearly 23 million shares at just the right time for them to be in the target zone is quite suspicious, nicely suspicious of course, not a nasty suspicious.


Friday for dry, Monday for wet imo.

.

Could be....... but a sudden 23 million volume on Monday kind of points to potentially oil shows......... given how AEX has fallen a few days before bad news each time using this rig and crew.

So a sudden buying spike could suggest that the leaks from on site are positive this time, not negative ones.

Who knows ? Not me.

.

More getting involved in Tanzania

http://allafrica.com/stories/201201250323.html


Tanzania Daily News (Dar es Salaam)

Tanzania: Three Firms Join Search for Oil, Gas

Pius Rugonzibwa

25 January 2012



The government has signed multi-billion shillings production sharing agreements (PSA) with Brazil's Petrobras, Heritage of Britain and India's Motherlands Industries for oil and natural gas exploration in various parts of the country.

The Heritage Managing Director, Mr Julian Hewood, expressed optimism for Tanzania to eventually strike oil in Rukwa and Lake Nyasa basin, saying the areas have geological similarities with Uganda's Lake Albert basin.

"We expect to spend about 15 million US dollars (about 25bn/-) on exploration annually, but we plan to spend more than 10 billion US dollars (about 15tril/-) on oil production if discovered," he said.

The company succeeded to discover oil in the Lake Albert rift basin in Uganda. Officials from Tullow Oil, a sister company Heritage had early this month told local media that the oil reserves discovered so far on the Ugandan side of the Lake Albert rift basin were estimated at 1 billion barrels.

Mr Samuel Miranda of Petrobras and Virendag Kumar Sood of Motherland said they would spend about 500 million US dollars each for five years on exploration and commended various government institutions for giving maximum co-operation.

The representatives of the firms expressed commitment in undertaking environmental friendly exploration in line with the country's law and regulations. The three multi-billion-shilling deals makes the number of licensed companies that have shown interest to undertake gas and oil exploration in the country reach 28.

The Minister for Energy and Minerals, Mr William Ngeleja, said at the signing ceremony at his office in Dar es Salaam, that Petrobras will go for hydrocarbons exploration in Block 8 deep offshore.

He said Heritage will undertake the exploration in Kyela Basin in Mbeya Region and northern and onshore portion of Lake Nyasa in Rukwa Region, while Motherlands will explore in Malagarasi River Basin in Kigoma Region.

The minister urged the firms to hire local people and ensure that their activities were not harmful to the environment. "I would like to stress the importance of local contents in the oil exploration and production as stated in the agreements which implies use of Tanzanian goods and services as well as human resources," he noted.

He said the doors were wide open for other investors to come to Tanzania, particularly in the energy sector. "I wish to invite more local and foreign companies to invest more in exploration for oil and natural gas and establish service companies," he stressed. The signing ceremony was also witnessed by the Brazilian Ambassador, Mr Francisco Carlos Soares Luz.

lud , do not forget tomorrow i am bringing a couple of my girls ,

?

lar . ok i will pay the tab

Looking perky again.

6% up and strong.

lar you have doubled your cash in these i was correct but do not sell
a lot more to come

Still a long way to go

LGO chart shows a classic, leak rise, followed by spike sellers, followed by actual news. Up, retrace, Up.






Will the AEX chart do the same, but with bigger rises on the news ?





.

I see Shares Mag has AEX tipped as a buy today.

Mistake though, they say AEX:AIM

ITS NOT AIM.

ITS MAIN MARKET listed, you can ISA Aminex.

lar next step will be hear soon

Perky again today.

keeping an eye here - shouldnt be long before over 6p imo

Not there yet then......... more to go.

http://www.investegate.co.uk/Article.aspx?id=201201270700152736W

Aminex PLC
NTORYA-1 DRILLING UPDATE
RNS Number : 2736W
Aminex PLC
27 January 2012

NTORYA-1 DRILLING UPDATE

Aminex PLC ('Aminex' or the 'Company'), an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces a further update on drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania.


The well was spudded on the 22 December 2011 and has been drilled to 1,535 metres where an intermediate casing string has been set. The well is now drilling ahead towards the target interval of approximately 1,800 to 1,900 metres depth. Ntorya-1 is expected to reach total depth around the end of January.

The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north. Aminex estimates that the Ntorya Prospect has a probability of success of around 20%, with mean recoverable resource potential of 100 million barrels of oil equivalent.


Partners in the well are:

Ndovu Resources Ltd (Aminex) 56.25% (operator)

Tullow Tanzania B.V. 25%

Solo Oil plc 18.75%

Interesting to read this report.

http://www.firstenergy.com/research/documents/Facts-C-ORC_B-2011-12-14.pdf

So first of all, Orca could lose the Songo Songo PSA (and Aminex might be in pole position to take it over if Orca are ejected from it).

We also have confirmation that the Chinese pipeline being built could bring gas from down south to the capital (and yes so if Ntorya-1 is gas this can connect into this pipeline and so infrastructure is being put into place for by default for a Ntorya-1 gas find - but oil is more valuable of course so oil please but if not then gas).

The potential to take over the Songo Songo PSA might be another reason our Thai/Chinese friends are involved, they put the financial clout behind Aminex so the Tanzanian government know that money is not a problem now, if they were to give the Songo Songo PSA to Aminex then progress would be fast.

proselenes, what do you see as a realistic chance of success at Ntorya ? in the
RNS they state 20% but that is normal in the oil industry.

Around 1 in 4 I say, so 25%.

Thats a good chance when it comes to drilling wildcats, but still 75% chance of failure.

News should be soon, anytime in the coming days IMO.

lar . i will be there at 4.30 tomorrow if the train is on time
see you in meg

Perky perky....... news soon ?

http://www.bloomberg.com/news/2012-01-16/poorest-nations-host-biggest-gas-finds-in-sign-of-deals-energy.html


...........“You’ll see the majors becoming more dominant through acquisitions,” said Stuart Joyner, an oil and gas analyst at Investec Securities in London. “A lot of the independents that really have been the vanguard in terms of opening the new province will sell out as things start to move out of the exploration stage.”................

Think we will get some news this week.

.

Aminex, huh!

Its quite interesting - the wording of the AEX, compared to that of the SOLO RNS.

"Wireline logs and check shot data will now be recorded to determine whether or not to drill further."

"Wireline logs and a seismic check-shot survey are now being recorded in order to evaluate the section already drilled and to determine if additional drilling is worthwhile."

.

Gawd knows!

.

:-)

.

Looks like a dud.....or does it.....I presume ......back to Tanzania offshore and Texas....no luck this company it seems...not a fab update....

.

Sold out what I had above 3.1p - a gain is gain, even if its a small one. Its lucky that this was under 2.8p after Nyuni which allowed some buying at under 3p.

Will be interesting if they deepen to 3200 metres to find gas, but not for me, all out now, no interest anymore.

.

Same here I am out having transferred to SOLO for the drill, minimal loss now, none too sure AEX have it in them to produce anything positive from this, they seem very unlucky or incompetent one of the two. Maybe they need a more competent geologist, this one if it is the same as the precceding wildcats seems to get it too wrong too often.

Off to the next speculative company, me for TRP and Namibia, Uganda does not do it on EA05, so I expect that to be a failure and a buying opportunity before Namibia gets started by Chariot and then Tower, so plenty of time on developments and events to decide how much if any more to invest there and at what price.

No advice intending just writing what I think and I am often, in fact more often than not, wrong.

Another rotten drilling

.

Someones keen.

10 million buy order put on the books at 3p. The Asian investors ?

.

Another Proselenes ramp bites the dust (for at least the second time).

It shouldn't surprise anyone he bailed before making a loss.

LoL

buy garbage and don't be surprised if it turns into slurry ..... penny stocks are generally that way for a reason

.

Cannot see what the complaints are, this was below 2.8p after Nyuni-2, you could sell today for a profit if you purchased then.

Seeing profits where others see failure is what the game is about. Buy low, sell high - or failing that then buy low enough that you can get out on failure with minimal loss or even a small profit.

Tis the name of the game.

Now now children!!!

.

i think this stock makes even that cardboard company pmg look respectable

mnamreh - 08 Feb 2012 07:51 - 280 of 281

poo - is that a ramp?

;>)


Yep!

LOL

Cynic, you're right, although I had some interest in the drill and others, I think the company is a load of crap based on their anteceedents.

Incompetent nincompoops comes to mind.

Hindsight is wonderful as we all know, but as to people investing here being anything other than themselves, well, you pays your money and takes your chance, some you win some you loose.

Another company on the same licenses may well have done an awful lot better, based on whats going on with licenses alongside theirs in Tanzania, I am bloody certain that is the case.

All the best.

.

Indeed, a new target.

http://www.investegate.co.uk/Article.aspx?id=201202101415032266X

.

.

No pun!

And someone just put a 15 million buy order on L2 at 3p.

??

Sh*t or bust time for AEX............

They may as well go on to the next horizon, who knows they may get lucky, keep drilling till they find something, like the underside of the Santos Basin perhaps?

Anway I have had my small SOLO punt back, so sh*t or bust.

I purchased 50K Aminex, just a token gesture in case the rabbit is found in the hat.

We have gas!!!!!!!

NTORYA-1 DRILLING UPDATE





Aminex PLC ('Aminex' or the 'Company'), an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces a further operational update on drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania.



On the 10 February 2012 it was announced that the well would be deepened to test an additional target identified on the seismic data at a depth of approximately 2,750 metres. The well has now been drilled to 2,750 metres, and prior to reaching that depth encountered strong gas shows in a good quality reservoir sand at a depth of approximately 2,660 metres. A logging programme will commence shortly to evaluate the new section drilled below 2,500 metres and a further update will be provided after the logging programme has been completed.



The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north.



Participants in the deepening of the well below 2,500 metres are:



Ndovu Resources Ltd (Aminex) 75% (operator)

Solo Oil plc 25%

Token gesture purchase now looking good !

Mine too, no regrets it had to come good one day!

.

I rememebr Hardman did the same sort of trick with Chinguetti, there was some money made there by being in before the surpirse announcement.

.

well done to all connections.

I'm pretty pissed off......but have some still the same.....but dumped most of them on a negative result and....hey presto !...they pull this out of the hat...nothing but gas everywhere there it seems....Hardman came up with 75000 barrels per day only for it to dwindle to 13000 upon production....

.

Fox Davis

http://www.stockopedia.co.uk/content/fox-davies-capital-update-featuring-anglesey-mining-stratex-international-central-rand-gold-solo-oil-64051/

Davy Research Note

http://www.davy.ie/LR?id=3059

I would take a guess at item 1.

They have just reached the casing point before entering the potential target at 2750. However, prior to reaching 2750 they have found a good quality reservoir with strong gas shows.

They will log this first and obtain all the necessary data before they start drilling again - just in case the target below 2750 is very high pressure gas and this could mean they would not be able to test this section they are testing now due to well control problems.

So a very good chance, imo, we will see logging results and then a continuation of drilling down into the target seen below 2750 metres.


I think some of you maybe just maybe missing a trick.

The initial thought was that a deeper target existed at 2750m. What if they have incepted gas bearing sands AND haven't yet reached this target given they have stopped drilling at 2750m.

I can think of three reasons why they would stop at 2750m

1) They have encountered the seal of the target at 2750m and wanted to ensure they logged and potentially tested the current gas bearing sands. That might not have been possible if they intersected high pressure gas below 2750m ala Likonde (I'll even speculate that this is the same sands being targeted that had high pressure gas at Likonde).

2) The gas bearing sands encountered are the target thought to have been at 2750m and have now been drilled through giving a maximum thickness of 90m though likely much less.

3) They have encountered gas shows all the way through but well control is starting to get difficult so decided to stop to enable logging and potentially testing.

All three scenarios are potentially game changing for AEX, some could be company making. Imagine 600BCF 75% owned on land.

Now if they do make a major gas discovery I'll wager AEX and Solo get funding in place for a swift appraisal. I also think Likonde would be revisited in this scenario.


JonnyT

AEX on fire.......

My tiny 50K share holding is worth more, much more........ not a lot, but at least its looking more likely it might pay for a nice holiday.....come on AEX, commercial gas find please.

COV sold for 195p a share.

If only AEX can find some onshore commercial gas, I am sure someone would buy them to go with the offshore gas discoveries.

sp rising nicely this morning.

Well I am taking a guess that both LOGP and AEX will have news on Monday morning. Going to be an exciting week ahead.

You still in Pro?

Gas and maybe oil at a lower level.

http://www.moneyam.com/action/news/showArticle?id=4316635

I've just had the a look at today's RNS. Seems very positive.

"Ntorya-1 well has established for the first time the presence of reservoired hydrocarbons onshore. Given current plans to develop major gas infrastructure on the coast just 25 kilometres away, this has the potential for commercial development and opens new possibilities in the underexplored onshore regions of our Ruvuma block PSA."

No, I was out of here late last week.

Interesting.

25M giving 3M net pay. Another 16.5M lower down so perhaps another 2M of net pay.

Total perhaps 5M net pay.

I would say this is more of a holding RNS to keep people attracted while they now test the deeper target and hope for something bigger.

Exciting times.

la thanks for the call you should now look at taking a profit

.

SOLO have issued another gazillion shares!

.

LOL.,.

la see you at 12 in pub

.

That will pay for the deepening of this well at Ntorya-1.

Doing well today!

Oilbarrel,com

March 14, 2012

Aminex Goes On The Acquisition Trail To Create Africa-Focused E&P

When Stuard Detmer took over as chief executive of London-listed Aminex late last year, he embarked on a tour of the company’s assets (although he left out North Korea, for obvious reasons). At the end of this review, it was very clear that the company’s future lies in Africa, where, in Tanzania, it already has a toehold in what Detmer calls a “white hot area”. The ex-Sibir Energy boss is keen to leverage the experience gained in Tanzania, which was stone cold when Aminex made its first investments over a decade ago, and secure further assets in this resource-rich continent.

“We see a lot of opportunity down there,” Detmer tells oilbarrel.com. “The type of opportunities that could quadruple, quintuple, or even make this company ten times more valuable than it is today

Might be a good punt here as with a discovery already under their belt and are now deepening the well, so even if nothing is found I would not expect the sp to tumble much, au contraire the upside could be substantial or a few pennies anyway.

THE INDEPENDENT-BP and Shell fight over African oil find,MARK LEFTLY SUNDAY 18 MARCH 2012
http://www.precogz.com/home/

Just look at the buying here.....news anyone ?.....

Tip sheet out recommending buy AEX, hence the increased volume today.

.

Anybody know why Tullow pulled out?

.

?

.

What would a chartist make of this?

.

.

.

.

run for the hills - plugged well!!!

.

.

Worth a punt sub 4p imo.

Ridiculous drop as the well is a success overall......not the time to sell out as testing on going......this sp never ever gets really going does it !?.....

.

perhaps todays news explains TLW's decision to withdraw.

.

but they don't have either in commercial quantities hence TLW decided not to waste any furthey money.

Still think that it'll be 6p again soon on flow rates....

.

.

.

I was just checking through my list of languishing shares and came across this one – forgotten all about it! Here’s an update of 29 January 2013. Note the March deadline – so we may see some movement soon. I'm not far off being in profit here, amazing!

'Aminex (LON:AEX) has extended the bidding period for its proposed farm-out of an interest in the onshore Ruvuma Basin, Tanzania, where it made a discovery of natural gas and condensate in 2012.

This extension is being made at the request of several interested parties which have already visited the data room.

The bidding process is now likely to be completed in March and the market will be updated in due course.

Aminex has a 75% interest in the Ruvuma production sharing contract and the remaining 25% is held by Solo Oil. Aminex chairman Brian Hall said: "We are very pleased with the strong interest shown in our Ruvuma PSA and have decided to keep the farm-out process open for longer than originally anticipated to accommodate a number of interested parties. I look forward to updating the market in due course." '

I posted this on the solo thread and now here as am shareholder in solo + aex,i think with the potential of the asset a big name may well be farming in shortly.




http://allafrica.com/stories/201302220081.html

BP Oil, a firm that traded in petroleum business for many years in Tanzania, has expressed interest to invest in natural gas exploration and drilling in the country.A delegation of BP senior officers led by their Vice- President in charge of Global Business Development Exploration and Access, Dr Jonathan Evans, presented the request to the Minister for Energy and Minerals, Prof Sospeter Muhongo.Dr Evans said his company has been inspired by the information on availability of natural gas in the country and wish to try their luck.

Prof Muhongo said he welcomed the request, but noted that BP should be ready to compete openly with several others which have already presented their requests. "Our ministry intends to seriously run all of its activities in a fair and transparent manner in a way that anyone who appears to engage in corruption, even though it is just a rumour, will expel himself from the business," he said.

However, Prof Muhongo has commended the firm for its good record, saying it is among few companies with no complaints on selling contaminated oil. He added that such a behaviour add credits for the company to be given a chance of competing with other companies for the opportunity to have a licence for oil and gas exploration in the country.

Prof. Muhongo said the government was prepared in making sure that the sector benefits both sides -- the nation and investors. Giving details, he said, different training programmes on oil and gas have been established in local universities and colleges.He added that scholarships have been granted to Tanzanian students to pursue different courses in oil and gas technology. Prof Muhongo said Brazil's Petrobras Company has offered scholarship for students to study in Brazil and the Chinese government has offered scholarships for students to study in eight universities in their country.This strategy aims to make sure the nation produces enough experts in the oil and gas sub-sector in the country for them to supervise the respective sector.

-------------

Also this is worth a look

http://www.directorstalk.com/investor-appeal-of-oil-gas-in-east-africa/

Oil fund = Proselenes

Tanzania: Gas Legislative Package
24th Feb
http://goo.gl/jQJyE

East Africa: EAC Partner States Assure Petroleum Investors | Directors Talk
http://www.directorstalk.com/east-africa-eac-partner-states-assure-petroleum-investors/

very informative thread..........with most of the top half missing..lol

Yes, very odd Bb ...
Hadn't realised the various aliases for Proselenes - thanks Blackdown.
Anyway, if there's good news one of these days then I'll be happy enough.

I do not use any alias on any boards !

I have stopped posting on all BB's due to idiots like blackdown etc... I now only post on Twitter @Proselenes

The only reason I have posted here is to correct your misinformation.

So all the silly small minded idiots who say any other name is me, are, like I said, small minded idiots who need to grow up, get a life and stop acting like a 2 year old.

Toya - 25 Feb 2013 08:50 - 356 of 356
Yes, very odd Bb ...
Hadn't realised the various aliases for Proselenes - thanks Blackdown.
Anyway, if there's good news one of these days then I'll be happy enough.

:)

That proves it. Definitely the same person.

Blackdown i have only just signed up here so you way off the mark.



Another story on BP in tanzania

http://oilprice.com/Energy/Natural-Gas/BP-Makes-Play-for-Tanzanian-Gas-Assets.html

Tanzania is such a hot place for gas these days that even oil-focused major BP Plc (NYSE: BP) is being lured to the East African country to invest in natural gas exploration.

In late February, BP execs descended on Tanzania with a request to pursue natural gas investments and try their luck in a venue that has become one of the biggest gems in the region.

Tanzania is open to the request, of course, but made it clear that the competition is pretty high. Total SA of France is also in line for Tanzanian gas exploration license. Norway’s Statoil is also shopping in Tanzania.

Recent offshore discoveries of some 33 trillion cubic feet of gas put Tanzania on the map, and the risk is relatively low. Tanzania has a natural gas processing plant on Songo Songo Island, with a 70 million cubic feet/day capacity. It is also planning an LNG terminal.

Tanzania is already using some of its natural gas to produce electricity and to power industries. Between 420 and 450 MW of electricity in the country is generated by natural gas while the actual installed capacity for gas-to-electricity generation stands at 575.5MW.

Tanzania has started putting up the infrastructure for commercial distribution of natural gas, including signing of US$1.2 billion loan agreement with China for construction of a 532km pipeline from Mtwara to Dar es Salaam. The World bank suggests that the gas could boost the country's exports by as much as 3 billion US dollars a year, once the gas comes on stream.

Tanzania is also in the process of restructuring its state-run petroleum regulator and put a gas policy in place soon.

London- based BP Plc (BP/) is doubling exploration drilling this year and is stepping up spending on projects in Angola, the North Sea and the Gulf of Mexico.

Thanks for that update

29 January 2013


Ruvuma Farm-out Update


Aminex PLC, ('Aminex'), a London and Dublin premium-listed oil and gas company with assets in the emerging hydrocarbon province of East Africa, announces that it has extended the bidding period for its proposed farm-out of an interest in the onshore Ruvuma Basin, Tanzania, where it made a discovery of natural gas and condensate in 2012. This extension is being made at the request of several interested parties which have already visited the data room. The bidding process is now likely to be completed in March and the market will be updated in due course. Aminex has a 75% interest in the Ruvuma Production Sharing Contract and the remaining 25% is held by Solo Oil PLC.



Aminex Chairman, Brian Hall, commented: "We are very pleased with the strong interest shown in our Ruvuma PSA and have decided to keep the farm-out process open for longer than originally anticipated to accommodate a number of interested parties. I look forward to updating the market in due course."

Some increased volumes today as we near farmout news

BP interested ?

Up 10% today - and I'm in profit; amazing!

Good news today.
Both companies are financially in a better shape tnow.

On the bounce since yesterday, 5 buyers of 100K keep the MMs on the run not long ago

most concentrated on solo yesterday but missed this

the rns yesterday - solo only have 25% but aex majority @ 75% - aex has a lower market cap

aex missed because everyone concentrating dl at solo

moving now finally and still early
gla

roll on Monday :-)
gla

looking good for more blue here today :-)

On Board..

Aminex has received first payment in relation to gas produced from the Kiliwani North-1 well in Tanzania and supplied to the Tanzania Petroleum Development Corporation.

Gas produced was paid in US dollars and in accordance with the company's gas sales agreement with TPDC. Scheduled future payments will be in accordance with the agreed GSA. The company continues to work with TPDC during the current commissioning period to achieve an optimal rate and during this phase is being paid for all gas produced.

Highlights from their Aug 2016 EGM.

Cornerstone investor in place

Balanced portfolio: strong position
including production, development
and additional growth potential
Kiliwani

North: now in production

Ruvuma appraisal drilling
programme financed and ready to
move ahead

Kiliwani
North Development Licence
•
Aminex
WI 54.575%* (Operator)
•
First Gas April 2016
•
Gas Sales Agreement in place
•
Gas sold at $3.07/
mcf
•
Indexed gas price is not linked to global
commodity markets
•
All gas sold is paid for in USD
•
Pipeline completed and processing plant
now
fully operational
•
28 BCF** (gross 2C
)
expected to be first booked
reserves for Company in Tanzania

if this is LNG, then watch out as there are grave problems with the proposed Lindi development and even doubts that there will be the money for it to be constructed at all

By Malcolm Graham-Wood | Mon, 27th June 2016

More good news today from Aminex (AEX), which is slowly but surely proving the pessimists wrong and building a decent business in Tanzania. It has announced a one-year extension of the Mtwara licence in the Ruvuma PSC, which was due to expire in December this year.

Secondly, the company has, with the support of the Tanzania Petroleum Development Corporation, transferred drilling obligations in North Lindi to the southern Mtwara licence, which contains the Ntorya discovery.

After drilling the Ntorya-2 appraisal well and depending on success, the company plans to apply for a 25-year development licence. Finally, the company has received an 18-month loan extension with no change to its terms

heaven forfend that i should be the harbinger of gloom, and suggest you go to ippmedia.com and search "Lindi"

Well planning and design for the Ntorya-2 and Ntorya-3 wells are being conducted by Norwell Engineering Ltd and operationally the Company remains on track to spud Ntorya-2 during the Q4 2016.

http://www.moneyam.com/action/news/showArticle?id=5402607

Malcy on Aminex

http://www.sharepickers.com/572-malcy-aminex-independent-oil-gas-plus-alan-green-likes-cake/

Back in Looking good..

https://www.youtube.com/watch?v=1hIiqzFFr5Y

Aminex will go deeper to maximise potential at Ruvuma in Tanzania

http://www.proactiveinvestors.co.uk/companies/news/179820

New Web Site

http://aminex-plc.com/ruvuma.aspx