From the latest company's drilling update....17 Feb

http://moneyam.uk-wire.com/cgi-bin/articles/200402170700084897V.html

Can anyone with mining knowledge explain these terms....

What does sidetracking mean? Approx how ong will that take?
Approx. how long will it take to correct a deviated section?
Is 'crude oil in shale samples' a good indication that there is oil?
Is 'Gas-bearing porous sands being logged' a good indication that there is gas?
Basically what does logging involve ?

Any views re AEX potential??

Regards
Stephen

Hi All,

advfn say ....
Market Cap. 8.63 m
Shares In Issue 90.86 m

But, as pointed out in the offer document .... "Following admission the total number of Ordinary Shares in issue is expected to be 156,882,094"

So as we all know .... advfn is kak !

Cheers,
PM

Mrs Lords,
Good purchase last friday, or you would have paid more for it today. Keep watching it has started slowly but surely on its way up!
Diana

A few sellers coming in now, probably still choking on their lunch when they came back to find the BID at 10.25

Peanuts compared to the buys.

10.375 looks like an important level to break on the 1 year chart, so a finish on or above it would be ideal.

I am beginning to like pennyshares now - Any other tips???

Hi All,

Up 11.8% to 10.625 .... nice :)

Above Adam's 10.375, and looking good for some press/tipster coverage I would hope :)

Cheers,
PM

Mrs Lords,

Did you look at SEO and my website on them ?

Cheers,
PM

Hi All,

Interesting collection .... http://www.koreapetrexco.com/pub.html

Cheers,

PM

Luvvvly jubbbly Rodney :)

West Korea Bay, Exploration area, 18,600 sq. km
The basement made of thick carbonate rocks (5,000 m) of the Late Proterozoic and Early Paleozoic is overlain by the Mesozoic (6,000 -10,000 m) and Cenozoic (4,000 - 5,000 m) sediments. Source rocks are the Jurassic black shale (3,000 m or more), Cretace ous black shale (1,000 - 2,000 m), and pre-Mesozoic carbonates (several thousand meters) as well. Reservoir rocks are the esozoic-Cenozoic sandstone with high porosity and pre-Mesozoic fractured carbonate rocks.

Petroleum traps are anticline, fault-sealed, buried hills and stratigraphic types. Existing exploration data: 4,500 km of integrated geophysical surveys with grid of 2 x 4 km. Seven wells have been drilled, recovering oil and gas from several wells and hydrocarbon shows from all of the wells.
 
Korea East Sea, exploration area, 30,000 sq. km.
Pre-Mesozoic gneiss and carbonate rocks are overlain by the Mesozoic and Cenozoic sediments, 6,000 - 7,000 m in thickness. A source rock is the Tertiary thick marine shale (1,500 to 2,000 m) and underlying Mesozoic? rocks. Reservoir rocks are Tertiary sandstone of a good reservoir physical property and fractured carbonate rocks which constitute the basement. Trap structures - anticline, fault-sealed, buried hill, facies-sealed, stratigraphic types and reefs.

Existing exploration data - Integrated geophysical surveys with a grid of 10 x 20 km throughout the basin, with a grid of 2 x 2 km over some parts. Two wells drilled, oil and gas shows found from both wells.
 


http://www.kimsoft.com/korea/nk-oil2.htm
 


Aminex have already been given all this seismic data, and more !

Cheers,

PM

Hi All,

Moving up again :)

Cheers,
PM

Im in finally got some cash liquidated.....Im raging I didnt get in when I wanted to last week but think this is a one way bet at the moment.....

cheers PM for your research

Blackbelt Hi,

Welcome :)

Price is still going up, so I hope your into a profit real soon !

Cheers,
PM

paulmasterson1. well going well. and lots more to come relax.cfe will rise soon .

Tanker Hi,

Whats the story ?

Cheers,
PM

told you last week .cert.

i never go into detail . trust me thanks.

THIS IS FROM OILBARREL.COM TODAY (GLAD TO SEE THE INDUSTRY WEBSITE FINALLY CATCHING ON TO THIS !!)

09.08.2005
Aminex Signs Up To Explore Most Of North Koreas Oil And Gas Territories In Groundbreaking Production Sharing Agreement
Aminex plc has scored a real first with the signing of a formal production sharing agreement for a large tranche of exploration acreage in the Democratic Peoples Republic of Korea. Shares in the company climbed 1.625p to 9.5p on the news.

The signing of an exploration agreement with the secretive North Korean regime - a member of US President George W Bushs infamous axis of evil - marks a real coup for the London-headquartered oil junior. In September 2004 the company signed a twenty-year petroleum agreement with the DPRK, which is anxious to develop its indigenous oil industry. The impoverished country, which is run along a strict communist ideology based on the concept of juche or self reliance, has seen its economy run into real problems, resulting in famine and prolonged power blackouts. It depends on coal and hydropower and imports what oil it uses, around 86,000 barrels per day.

Under the terms of the 2004 deal, Aminex agreed to provide technical and legal expertise to help the DPRK authorities get to grips with their domestic resource base and attract inward investment. In return the British oil company receives a royalty on any new production, a carried interest in any new wells drilled by incoming companies and the right to explore anywhere in the country. Aminex later cemented its relationship with the DPRK by agreeing to take a stake in Kobril, an international natural resource vehicle controlled by the pariah regime.

Since then Aminex has worked hard to get to grips with the existing seismic and well data covering the country and has helped draft a model production sharing agreement. The PSA, made under Swiss law, runs for nine years, divided into three three-year periods, with the work commitments in the first phase including seismic acquisition and the drilling of one exploration well.

At 66,000 sq km, Aminexs PSA covers the greater part of the countrys on and offshore oil and gas prospective territories, including the West Sea offshore basin, a part of the East Sea offshore basin, the onshore Anju basin, the onshore Jaeryong basin and the onshore Pyongyang basin.

This can rightly be considered frontier territory. There has been sporadic exploration in the country over the past 30 years, resulting in some undeveloped discoveries. The West Sea acreage is thought to offer the best near-term production potential. Speaking to oilbarrel.com recently, Aminexs chief executive Brian Hall described the area as an offshoot of the Bohai Bay in China, that countrys largest indigenous source of oil and gas and the scene of recent major discoveries.

The East Sea acreage could also prove very interesting. Its geology is not dissimilar from that of Sakhalin Island, said Hall, referring to the oil and gas rich Russian territory that has attracted multi-billion dollar investments from the worlds supermajors.

PM - THE GHOST OF MY ORIGINAL PURCHASE AT 660P IN 1987 IS APPROACHING EXORCISM !!

Excellent call everyone! Thank you Diana. I wish I bought a lot. I only bought 50000. By the way Diana let us know if you hear anymore tips from your husbands friend.
PM will look into SEO, thanks for your tip.

Supermono Hi,

Glad to see my efforts not going to waste .... I E-Mailed Stewart Dalby at Oilbarrel.com on Sunday, to ask why I couldn't find the Aminex news on the PSA, I also added some of my own info, which is in that note :)

Cheers,
PM

Thank you Mrs Lords, I am glad too see our friend was right. I will let you know if I get any more tips from him.
Diana

Hi All,

This note just out from KBC Peel Hunt, says that oil is going to be in even shorter supply, so places where Aminex excels, the one's that are underexplored, and very likely to have large amounts of Gas and Oil, like Tanzania and especially DPRK, will be the places where a lot of big oil companies will start looking, and in DPRK they will all have to partner Aminex, because Aminex have all the most prospective areas under PSA licence !

Also check out the 'risked exploration value' of the small cap oil companies that KBC cover, because currently Aminex have none of Tanzania, or DPRK priced in. Also check the NAV of thoe companies, and think what one oil well in DPRK or Tanzania will do to the NAV of Aminex.

http://www.peelhunt.com/pdfs/mmeetings/NEOilGas9Aug05.pdf

9 August 2005

News Extra

Oil & Gas Sector Update

Oil prices heading for $100?

Having returned from a summer break in the Rocky Mountains, and having covered 3000 miles in a gasguzzling Jeep and two transatlantic flights, I have done my bit of profligate oil consumption. Included in my holiday reading was Matt Simmons excellent analysis of the current state of the Saudi oil fields: Twilight in the Desert. It therefore comes as no surprise to me to see the crude oil price at over $60 per barrel. The thesis of this book is essentially that far from having ample spare capacity, the Saudis are in danger of having overproduced their giant oil fields to the extent that a significant decline is inevitable at some point in the not too distant future. Such idle capacity that exists and such undeveloped reserves as there are will at best offset thedeclines from the older wells. That being the case, the world cannot continue increasing oil consumption at current rates as the supply capacity will shortly run out. If Simmons reading of the situation is remotely correct, $60 crude will look like a bargain and in a few years time, routine long distance flights will once again be the preserve of the rich and famous.

My take on the supply situation is not necessarily as pessimistic as Simmons but it is clear that my oil pricing scenarios, with $50 as a upside case, are already looking rather conservative.