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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.

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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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