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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.

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

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

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Thai-Chinese investor in AEX.

+

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

=5

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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...........


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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.......


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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.

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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.

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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 ,

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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