Epic : AEX

Aminex PLC is an established upstream oil and gas company, listed on the London and Irish Stock Exchanges, which has operated internationally since 1991.

Aminex produces oil and gas in the USA and has ongoing exploration activity in Tanzania, North Korea. Madagascar, Kenya and Egypt. Aminex also owns AMOSSCO Ltd, an international oilfield service, supply and logistics company.


Main Web Site : http://www.aminex-plc.com

Amossoco Web Site : http://www.amossco.com/

Dec 2007 Company Presentation : Link to PDF File



Sept 07 - Operations Detail & Update : In post 2

28th Sept 07 - Oil Barrel Write Up : In post 6

North Korea Info : In post 3

Planned Drilling :

Commencing late Oct 07 (or early Nov) - Kiliwani-1 - Tanzania
to be followed by second Tanzania well.

Commencing Nov 07 - West esh el Mellahah Block 2 - Egypt



* Note : AEX is fully listed (not AIM) and so can be ISA'd


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Latest operations update and detail in post 2 now.

Moving up nicely this morning.

L2 all blue and 1 v 1 @22.25/22.5

North Korea oil exploration still an idea - Seoul
Mon Oct 8, 2007 8:34am BST
By Yoo Choonsik

It said an Irish company obtained the right to produce and distribute oil in North Korea in 2005, including sea territories, but has not released any achievement since. It named the company as Aminex but did not provide further information on the company.

Aminex's Web site shows it is an upstream oil and gas firm listed on the London and Irish stock exchanges, which has operated internationally since 1991, and has produced oil and gas in the United States, with ongoing exploration works in Tanzania, North Korea, Madagascar Egypt and Kenya

http://uk.reuters.com/article/oilRpt/idUKSEO15687320071008

Nice to see that mention NabCom, will make Aminex known to a wider audience.

Nice rise (so far) today.

With the drilling programme in Africa scheduled over the next few months this could be quite a lively minnow !!!

Well, Tanzania drill one might happen late this month (or early next) and Egypt planned for November start, certainly is going to be lively.

Still looking lively. Underlying production and other assets should see this at around 30p levels..........and from there the drilling can give significant upside.

Whilst it remains below 30p, it remains undervalued presently, pending potential upside from three coming drills.

On the move again.

250K MM buy in there just now.

Another decent day, and another step towards 30p, which is fair value if you take exploration potential as nothing.............in other words 30p is still cheap imv.

A good site for getting information on Tanzania oil and gas.

http://www.tpdc-tz.com/exploration.htm



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Added the North Korea presentation to post 3 information on NK.

http://www.aminex-plc.com/Resources/c_DPRK_Summary.pdf



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Thanks to a post on TMF for highlighting it.

Artumas Group Inc. are Aminex's 'neighbours' in terms of locations being explored in Tanzania. ( http://www.artumas.com/html/tanzania.php )

Artumas have just issued an update on the Mnazi Bay Concession in Tanzania which reads well, and perhaps offers an insight to the potential in the Aminex area.


The report is a PDF document, you can download at the link below :


http://hugin.info/136496/R/1159490/224673.pdf


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From the Davy note in March 2007, if you allow for higher oil prices now, you can say that the US 2P reserves are worth around 20p a share, if not more. From this, you can see that the present price allows little for the other assets, which is why AEX at its present price offers so much upside for very little risk, imv. :

http://www.rte.ie/business/2007/morningrep/download/0305davy.pdf

5th March 2007

"OPC, an independent oil and gas engineering firm, has concluded from an analysis of Aminexs US interests that its net 2P reserves total 5.4 mmboe. This is more than double the number used in our valuation model and from which our NAV of 37p per share is derived. Aminex values its 2P reserves at $84m versus our valuation of $45m for all of its US assets (2P reserves + P3 resources).
Aminexs market cap is currently some 30m. Its valuation of its US reserves suggests that its market cap should be closer to 45m, even before adjusting for the price of an option on its exploration portfolio. This simple comparison suggestsat least 50% upside in the current share price.
Drilling and 3D seismic acquisition is planned for Aminexs US properties over the coming months."

Turkey seems a new driver for higher oil prices, along with the US data etc......bring on 100$ a barrel soon I hope :)

http://www.resourceinvestor.com/pebble.asp?relid=36518

...................................................Crude oil prices have shot up to levels above $83 per barrel as other discerning news emerged at the same time. Turkish threats to start a major military operation in Iraqs Kurdistan, largely to destroy the military bases of the Turkish-Kurdish rebels of the Kurdistan Workers Party (PKK), could result in a major destabilization of the whole region.

Turkish military operations have been halted the last two years, as the U.S.-led coalition in Iraq has prevented this to happen. PKK forces have been able to feel rather safe in Iraqs Kurdistan, which has become a defacto independent region, ruled by Kurdish parties that are still part of the Baghdad government. American officials have warned that they will not allow Turkish forces to enter Iraq to quell PKK operations the next months.

A major political confrontation already has been brewing between Ankara and Washington, as Turkish generals have been preparing to invade Iraq openly. At the same time, a U.S. House of Representatives vote on the Armenian issue has ended in a declaration that the killings of hundreds of thousands of Armenians by Turkey at the end of World War I was genocide, putting additional oil on the fire.

The coming months will continue to be volatile, as crude oil does not seem to be heading to a slowdown. Price levels will keep high, as market fundamentals only show a tendency for further constraints.

From the Key Petroleum presentation just out, it says the rig to drill Tanzania will be on site week three of October 2007.

Should be up and drilling the first Tanzania well for all partners (inc. AEX) fairly soon then :)


Presentation link (PDF file) is below :

http://www.asx.com.au/asxpdf/20071017/pdf/3155q6vfyn2r8b.pdf


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From a post on TMF, sone details on the potentials of Tanzania from Artumas, the exciting line being ;

"Our geologists and partners describe the Rovuma Delta Basin as the last great undrilled Tertiary basin in the world, with geology and hydrocarbon potential similar to the Niger Delta and the Gulf of Mexico" :

***********************************************

http://www.abnnewswire.net/press/en/43154/Artumas.html


Artumas Group Work Program

Calgary, Alberta, Norway, Oct 18, 2007 - (Hugin via Asia Business News) - Artumas Group Inc. ("Artumas") (OSE:AGI) announces the next stage of its exploration and development program in Tanzania and Mozambique, which will launch Artumas into high impact crude oil exploration in Mozambique, and move the company closer to commercializing its gas resource base in Tanzania.

...
Artumas' Chief Operating Officer, Douglas Purcell states, "Our geologists and partners describe the Rovuma Delta Basin as the last great undrilled Tertiary basin in the world, with geology and hydrocarbon potential similar to the Niger Delta and the Gulf of Mexico. Contract terms in Mozambique are attractive. Based on my experience in frontier exploration and development around the world, including West Africa, commercial thresholds and development costs will be low and the economic potential of an oil discovery will be substantial."

Certaily sounds like awesome possibilities!

Out of interest.......


http://www.telegraph.co.uk/money/main.jhtml;?xml=/money/2007/10/21/cnburren121.xml

Korea sets sights on Burren Energy

By Sylvia Pfeifer

Last Updated: 11:59pm BST 20/10/2007

Korea's state oil giant, Korean National Oil Company, has emerged as one of the mystery suitors for Burren Energy, the London-listed oil and gas explorer being circled by predators.


Surging energy requirements are making oil and gas independents takeover targets


KNOC has hired Jefferies, the boutique investment bank, to advise it on a bid. The Koreans are understood to have tabled an indicative offer of 11 a share a few weeks ago, valuing Burren at 1.5bn.

Burren's board rejected the offer but last night industry sources said KNOC could still return with an improved bid.

Burren has also rebuffed a rival offer from ENI, the Italian energy giant. In a statement to the stock exchange earlier this month, ENI said its 10.50 per share offer had been rejected but added it remained in talks with the board and shareholders.

The announcement forced Burren to reveal it had been the subject of a numb..........................................

From a post on TMF the following information below - wonder if Aminex will want more exposure to exploration in Tanzania. First well should be spudding in the next few weeks for AEX in Tanzania.


http://uk.reuters.com/article/oilRpt/idUKL2236768020071022

NAIROBI, Oct 22 (Reuters) - Tanzania has invited energy explorers to bid for six blocks in the east African nation that is fast becoming a new frontier in the hunt for oil and gas.

According to a statement by the Tanzania Petroleum Development Corporation seen by Reuters on Monday, the six blocks are all inland and stretch from the southeast of the country to the northwest.

Bidders have until December 3 to submit their documents.

So, from the Mozambique border across to the Rift Valley then northwards?

And, for those wanting more:

More information on the Tanzanian offer can be found at http://www.tpdc-tz.com/index.htm

Current activity map, as of August, here:
http://www.tpdc-tz.com/activity_August_2007.htm

And the open areas here:
http://www.tpdc-tz.com/new/activitymap.htm

From a post on AFN :

From Davy Stockbrokers this morning:

"Price 31c Target: 45.0c

Aminex has successfully converted its technical evaluation agreement (TEA) for Kenyan Blocks L17 and L18 to a production sharing contract (PSC). The two blocks are located mostly off-shore in relatively shallow water close to a significant energy market at Mombasa. They contain a number of known leads in an area of just under 5,000 square kilometres. Aminex is the nominated operator of the PSC with a 25% share.

In 2006, Aminex acquired 2D marine seismic of the area and carried out sea-bed core sampling which revealed encouraging shows of hydrocarbons. The PSC lasts for seven years, with an obligation to acquire seismic in an initial two-year period and drilling commitments in subsequent periods. This is the first time that a Kenyan TEA has been converted to PSC status, and also the first time that a Kenyan company has embarked on frontier exploration in the country (partner SomKen has a 35% interest)."