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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Presently the market is going through the normal year end selling, as people take profits and money off of the table ahead of the holiday period.

For AEX, well, things will liven up in January for sure, I would expect AEX to be over 10p to buy end of Jan and higher than that come end Feb.

Shoats news is due, as is news on seismic, and of course, the big drill spud due late Jan.

Around 7th of Jan it is for spudding then.


RNS Number : 1052E
Solo Oil Plc
15 December 2009

COMPLETION OF FARM-IN WITH AMINEX PLC IN TANZANIA

Solo Oil Plc ("Solo") announces that the conditions for completion of its farm-in with Aminex PLC("Aminex") for a 12.5% interest in the Likonde-1 well on Aminex's Ruvuma Basin PSA in southern Tanzania have now been met and the farm-in is therefore formally confirmed.

Likonde-1, in which the partners are Tullow Oil PLC (50% - operator), Aminex (37.5%) and Solo (12.5%) is likely to be spudded on or around 7 January 2010. A further announcement will be made when spudding has actually occurred.


Information on the Ruvuma PSA

The Ruvuma PSA covers approximately 12.000 sq Kilometres in the extreme south-east of Tanzania of which roughly 80% is onshore and 20% offshore. Within the PSA are two specific, adjoining licence areas, known as Lindi and Mtwara. The first well to be drilled under the Ruvuma PSA will be on the Likonde prospect, an anticlinal structure associated with a strike slip fault. The Likonde-1 well is targeted to be drilled to a depth of approximately 3,200 metres to test multiple targets throughout the Tertiary, Cretaceous, Jurassic and Permo-Trias Karoo intervals. Aminex have reported that "the Likonde prospect is thought to have the potential for up to 500 million barrels of oil in place."

Using the Macquarie figures below, based on TLW with 804m shares and 50% and then AEX with 413m shares and 37.5%, it makes the unrisked upside figure for Aminex on this well at 68.3p a share.

Not bad upside from circa 8p a share is it, especially when at the present price the other assets are worth more than 8p excluding this big African well potential.


"Macquarie :

Aminex (AEX LN) has completed the farm-out of 12.5% WI in the Likonde-1 Well, Ruvuma Basin PSA, Southern Tanzania to Solo Oil (SOLO LN) (Source: Company press release). AEX retains 37.5% WI with Tullow Oil (TLW LN,1290p, O, TP 1400p, Brendan Warn) having the remaining 50% WI. The well is expected to spud in early January. We carry a 125mmboe prospect at 4.4p risked at 10% CoS, 46.8p unrisked for TLW."

Interesting. RAK becoming involved with some projects might be of interest and benefit to AEX (particularly Natural Gas projects and developments).


http://www.ameinfo.com/219804.html

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3.3 million buy at 9p.

Looks like the overhang is getting taken up now, should do, lots of news due soon and spudding of the big well on top of the other news.

Buy orders building up, I think someone is going to clear out this overhang now, which means we could be on for a test of 10p.

finally :):)

Out of interest on line limits suggest strong demand is there.


Max Buy = 50K at 9.5p

Max Sell = 375K at 9.18p



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Max Buy = 10K at 9.5p

Max Sell = 375K at 9.35p

Unrisked 160p a share.

Risked 27p a share.

Well worthy of an investment when its presently undervalued, and you have a large upside potential well about to spud in the coming days.

Given the strength of the past recent days I am half expecting a strong surge past 10p in early January, might even be next week.




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Worth remembering as it appears many forget, Aminex is a fully listed company (its not on AIM) and therefore you can put it into an ISA.

For those who avoid AIM companies, you have no worried with Aminex in that respect.

Nice update today, some strong points in there.

http://www.investegate.co.uk/Article.aspx?id=201001040700089271E


RNS Number : 9271E
Aminex PLC
04 January 2010

DRILLING AND OPERATIONS UPDATE

Summary Drilling Programme

Aminex is planning an active drilling programme in 2010 and the following is a provisional drilling schedule. Precise timing of drilling is always subject to operational issues and cannot be guaranteed.

Q1 well starts

Likonde-1, Ruvuma basin, Tanzania (7 January)
Cockfield well at Shoats Creek, Louisiana (15-31 January)
Frio well at Shoats Creek, Louisiana (mid-end March)


Q2 well starts

Sunny Ernst-3, Alta Loma, Texas (mid-June)


Q3 well starts

Wilcox well at Shoats Creek (subject to farm-out)
Possible further Cockfield/Frio drilling at Shoats Creek


Q4 well starts

Provisional follow-up well at Ruvuma
Nyuni follow-up well (or early 2011)



Tanzania

Ruvuma PSA: Likonde-1, the first well to be drilled on the Ruvuma PSA, is due to be spudded on 7 January 2010 and drilled to a programmed total depth of 3,200 metres. Drilling time is estimated to be around two months, subject to any operational delays which can occur in a remote frontier area.

The Likonde prospect is a robust faulted rollover structure with the potential for 500 million barrels of oil in place and estimated P10 recoverable reserves in excess of 150 million barrels of oil, risked by Aminex at a 1 in 4 chance of success. The Likonde-1 well will test multiple targets in the Tertiary, Cretaceous, and Permo-Trias Karoo intervals.

A further announcement will be made to confirm that the well has actually been spudded. Pursuant to a recent farm-out, finalisation of which was announced on 15 December, interests in Likonde-1 are Tullow Oil (operator) 50%, Aminex 37.5% and Solo Oil PLC 12.5%.



Nyuni and Kiliwani North: New seismic acquired in summer 2009 to define the Kiliwani North discovery is being integrated into reprocessed data covering the remainder of the Nyuni licence and the preliminary results of the broader exercise are extremely encouraging for the unexplored prospects on this licence. Aminex increased its interest in Nyuni from 40% to 50% in summer 2009 and the Nyuni Joint Venture has now voted to drill an exploration well in about one year's time.

Aminex is not yet in a position to quantify the Kiliwani North discovery but should be able to do so in the first quarter of 2010. Kiliwani North-1 flowed gas at 40 million cubic feet per day (equivalent to approximately 6,000 barrels of oil per day using the industry standard conversion factor) in 2008 under full production test conditions. Gas commercialisation terms have now been agreed in principle with the Tanzanian authorities and are likely to be finalised early in 2010 while approval for plant upgrading to handle Kiliwani North gas is still awaited. Kiliwani North is still held under an appraisal licence and when appraisal is complete a development licence will be applied for.


Egypt

West esh el Mellaha-2 concession: South Malak-1 well reached a revised total depth of 11,200 feet (3,415 metres) on 21st October 2009. High gas readings were recorded over 950 feet of hole and mud logs indicated oil shows in Eocene Dolomite and Cretaceous Matulla sands as well as in fractured basement rocks. Casing was set to approximately 170 feet above TD with a view to running an open hole test in the fractured basement rocks but this was not successful, possibly because of cement contamination blocking the open fractures.
Subsequently, wireline logged oil-bearing intervals in the Eocene Dolomite and Matulla sands were perforated but the formations were found to be too tight to flow satisfactorily. Currently the formations are in the process of being hydraulically fractured but this is turning out to be a lengthy process and definitive results may still not be received for several weeks while fluids used in the frac are recovered. The fracture treatment may or may not be successful in establishing commercial production but in a highly faulted formation the strong evidence of liquid hydrocarbons in close proximity is very encouraging.

Partners are Aminex Petroleum Egypt Ltd. (80%) and Groundstar Resources Ltd. (20%). Aminex is a 12.5% shareholder in Aminex Petroleum Egypt Ltd. (operator) and is carried by other participants for 10% of exploration costs through to first commercial production. If sub-commercial rates of production are achieved, the carry will continue so long as the drilling programme continues.



U.S.A.

Shoats Creek: Aminex has divided Shoats Creek into a shallow zone (less than 10,000 feet) and a deep zone (more than 10,000 feet) for project purposes. The shallow zone includes multiple Frio and Cockfield sands including proved undeveloped reserves. The deep zone includes exploration prospects in the upper and lower Wilcox sands.

The Company is currently gearing up to drill its first two development wells, in the Frio and Cockfield sands, both in the shallow zone, starting early in the first quarter of 2010. The Cockfield well will be drilled first, with spud currently estimated in late January. The Frio well will most likely be first spudded during March but the selected location is in a designated and weather-sensitive "wetlands" area and also subject to more rigorous regulatory consent.

The aim of these two wells is to convert proved undeveloped reserves into proved producing reserves, so as to increase oil production and revenues as soon as possible. Despite challenging surface conditions, there is a ready market for oil and gas in the area. Both oil and gas pipelines cross Aminex's property and a combination of its high quality oil and proximity to the major refineries in the Mississippi Delta yields a premium to the WTI marker price for Shoats Creek production sold.

Farm-in offers received for the shallower formations have not so far been satisfactory and Aminex has concluded that better value can be extracted from these reserves by funding the wells directly and maintaining a 100% interest. In the deep zone negotiations continue for farming out part of the risk and cost associated with exploration of the deep Wilcox play and Aminex is optimistic that a successful conclusion to these negotiations will be followed by a well later in 2010.


Alta Loma: Production tubing has now been successfully installed at Sunny Ernst-2, Aminex's currently most productive oil and gas well which was drilled and put on stream in 2H 2008 and averaging 3 million cubic feet/day gas production.

Drilling of Sunny Ernst-3 is proposed for 2010, most likely in the second or third quarter. It will drill up proved reserves and is a logical follow-on from Sunny Ernst-2. Production tubing has now been installed in Sunny Ernst-2 and a completion in the behind-pipe "S" sand is likely to be carried out in 2010.

Sunny Ernst-1, a much older well with limited production, has been subject of a recent workover. This was unsuccessful and the well has now been temporarily suspended.

Pipeline restrictions have now been lifted at Alta Loma.


North Korea

An Aminex delegation to Pyongyang at the end of November was warmly received and the Company has been assured that the stalled process of exploring the East Sea is likely to be permitted to restart. A further announcement will be made at the appropriate time.


For further information:

Aminex PLC +44 (0) 20 7291 3100
Brian Hall - Chairman

Pelham Public Relations +44 (0) 20 7337 1509 or +44 (0)7802 442486
Archie Berens

Nice one, maybe magic 10p will be not our limit any more, if that will go well this company may be a good tip for 2010, but as usual this is a high risk business and we can as well get big fat nothing from all this ventures....

Great start to the new year...along with Max Petroleum.....2 oilies to watch....

By the way : anybody with any news on Andarko drilling on the other side of the fence ?.

From todays RNS it appears JP Morgan have added just under 5m shares.

Strong start, L2 looking strong and moving up.



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http://www.irishtimes.com/newspaper/finance/2010/0105/1224261664782.html

The Irish Times - Tuesday, January 5, 2010
In Short

............'Signs of progress' in Aminex Korea talks

Aminex, an Irish oil producer operating in Africa, Asia and the US, says it has made progress in talks with North Korea over starting exploration in the country.

“There are signs of progress,” according to chairman Brian Hall.

“There was definitely a willingness to do things,” he said yesterday of a visit to the communist state in November, adding that Aminex may have more to report “in the next couple of months”.

The company agreed to explore for oil and gas in North Korea in 2005 after signing a 20-year contract to develop the country’s oil industry a year earlier. The accord, which covers areas of the West Sea, East Sea, Anju, Jaeryong and Pyongyang basins, has been held up as the two sides negotiate terms.

Aminex rose to a 14-month high in London yesterday after publishing its provisional drilling plan for the year.

Aminex shares boost as Tullow begins drilling in Tanzania

By Pat Boyle

http://www.independent.ie/business/irish/aminex-shares-boost-as-tullow-begins-drilling-in-tanzania-1999104.html

Tuesday January 05 2010

TULLOW Oil will this week open a new front in its successful African exploration campaign as it starts drilling on the Likonde prospect in Tanzania.

And interest for Irish investors will be doubled as Tullow is partnered in the Tanzanian project by Dublin-listed Aminex.

Excitement over the new well sent the price of Aminex stock racing ahead and, after opening with an immediate 12pc bounce, the shares closed showing a gain of 19pc on the session. Tullow was marked up 2pc at the finish, helped along by rising oil prices.

Likonde is an onshore prospect, meaning drill costs are lower and while it may be a relatively small scale project for Tullow, it is an entirely new exploration region for the company. The target is located on the Ruvuma licence and is reckoned to have the potential to hold 500 million barrels of oil in place, with estimates of recoverable reserves in excess of 150 million barrels of oil.

The Likonde-1 well will test "multiple targets" at various intervals and Aminex puts the chance of success at one in four.

Drilling is set to get under way on Thursday this week and will take about two months to complete.

Tullow has a 50pc stake in the licence with Aminex holding a further 37.5pc and the remaining stake held by Solo Oil, by way of a recent farm-in.

Separately in Tanzania, Aminex said it has agreed "commercialisation" terms for the production of gas at its Kiliwani North discovery -- even though the company said it is not yet ready to say how big the find is. The original discovery well flow tested 40 million cubic feet per day of gas, equivalent to some 6,000 barrels of oil per day.

Meanwhile, Aminex has not yet given up hope of striking a deal in North Korea, where a few years ago it signed an exclusive deal to explore the East Sea region.

An Aminex delegation to Pyongyang in November was "warmly received" the company said, adding that it has been assured the stalled process of exploring the East Sea is likely to be permitted to restart.

- Pat Boyle

Irish Independent

The 2 slides from the recent Bounty Oil Presentation. Remembering Bounty have 5% of Nyuni and Aminex have 50%, the 0.07A$ IEV value for Bounty's 5% would equate in Aminex terms to 57p a share for Aminex on the same IEV basis.

The US assets pretty much cover the present market cap, you get Nyuni and all other assets for free, basically. Which makes the current drill at Likonde due to spud tomorrow, pretty much risk free for shareholders, as the other assets are worth more than the present market cap.




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