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

Stringy Hi,

I bet you wish you hadn't mentioned it now ....

Cheers,
PM


Hundreds feared dead as US declares: 'This is our tsunami'
By Tim Reid
Thousands are left homeless as flood waters submerged New Orleans and hit Gulf Coast

HUNDREDS were feared dead last night, tens of thousands were homeless and flood waters submerged most of New Orleans after much of the US Gulf Coast was destroyed by Hurricane Katrina, set to become the costliest storm to have hit the US.

As President Bush declared major disaster areas in Mississippi, Louisiana and Alabama, low-lying New Orleans faced catastrophic destruction, with flood waters pouring into the city through levees breached by the storm. More than 80 per cent of the city was submerged last night, with the mayor talking of bodies floating in the streets and the authorities declaring martial law.

Haley Barbour, the Governor of Mississippi, said that the death toll in just one Mississippi county was as high as 80, after a massive surge of sea water swept through the coastal town of Biloxi. More than 30 were killed after a beachside apartment was destroyed, while the towns Grand Casino was swept across the US 90 highway.

A. J. Holloway, the Mayor of Biloxi said: This is our tsunami. Between Gulfport and Biloxi, streets and homes were flooded six miles inland.

Thousands of devastated homes and communities remained cut off from rescue workers, who spent the day using axes and even shotguns to smash their way into attics to pull terrified residents to safety. Officials said that hundreds of people were missing, and predicted that the death toll could climb quickly.

There were two deaths confirmed in Alabama, as rescuers across the region used boats and helicopters to ferry people to safety.

The devastation down there is just enormous, Mr Barbour added. We know there is a lot of coast that we have not been able to get to. It looks like it is a very bad disaster in terms of human life.

The American Red Cross said that it was starting the largest relief operation in its history, as across the Gulf Coast, hit by Katrina and its 150mph winds on Monday morning, people clung to rooftops, thousands of trees lay uprooted and cars and sailboats sat crumpled, having been flung about like toys.

In Mobile, Alabama, where much of the business district lay submerged, an offshore oil drilling rig was ripped from its mooring and sat embedded in a road bridge.

Marty Evans, the American Red Cross president, said that 75,000 people were being housed in nearly 240 shelters across the region. Michael Brown, director of the Federal Emergency Management Agency, said that it was preparing to house at least tens of thousands of victims for literally months on end. He said that veteran agency officials were reporting some of the worst destruction they had seen.

More than 1.3 million people in Mississippi, Louisiana and Alabama were without power last night. The authorities said that it could be two months before electricity is restored to everyone. Early estimates by insurers put the property and casualty costs of Katrina at anything up to $26 billion, (15 billion) which would make it more expensive than the previous record-setting storm, Hurricane Andrew, which caused $21 billion in insured losses in 1992.

The White House said that Mr Bush would cut short his summer holiday and return to Washington from his Texas ranch today to help to monitor efforts to assist Katrinas victims. He had been scheduled to return to the capital on Friday night.

This morning, our hearts and prayers are with our fellow citizens along the Gulf Coast, Mr Bush said. We know that many are anxious to return to their homes. Its not possible at this moment. We have a lot of work to do.

Thad Cochran, Republican chairman of the Senate Appropriations Committee, which will oversee the disbursement of relief funds, said: This is going to be the most expensive natural disaster thats hit the United States in history. Its really quite phenomenal. Were going to do whatever is needed to help the people and local governments recover from this catastrophic event.

The Pentagon activated thousands of National Guardsmen in Louisiana, Mississippi and Alabama, and dispatched emergency co-ordinators to provide communications equipment, search and rescue operations, and medical teams.

In Biloxi, Harvey Jackson described the harrowing moment that he lost grip of his wife, whom he fears dead.

With his house splitting in two, and flood waters rising, Mr Jackson said: I held her hand as tight as I could. She told me, You cant hold me. She told me to take care of the kids and grandkids . . . we aint got nowhere to go. Im lost. Thats all I had.

Officials in Biloxi and New Orleans said that looting was a major problem. In Gulfport the storm swept boats on to the citys streets. The tidal surge caused by the hurricane destroyed major road bridges to three coastal counties.

Rodney McGilvary, Biloxis assistant police chief, said: We will be trying to determine a total fatality count, if we ever have one.

HOW IT HAPPENED

MONDAY

6.10am (local time) Hurricane Katrina comes ashore as a Category 4 storm at the Louisiana bayou town of Buras

7.40am Most of the windows on the north side of the New Orleans Hyatt are blown out 2pm Many eastern districts of New Orleans reported to have been flooded under six feet of water. Local television stations show footage of looting

10pm Search and rescue operation boats launched 11pm Mayor Ray Nagin tells WWL-TV: Our city is in a state of devastation. Its almost like a nightmare that I hope we wake up from

TUESDAY

1:30am A levee on the 17th Street Canal, which connects into Lake Pontchartrain, has a breach as wide as two city blocks

10.27am Governor Kathleen Blanco says that her office expects the loss of life to be high

10.30am New Orleans is under martial law

10.45am The Coast Guard closes all ports and waterways into New Orleans

11.04am New Orleans police say that looting is out of control

11.50am President Bush cuts short his holiday by two days to monitor the rescue operation

I knew it would be no joyride!

Saw a picture of her around midnight.......that size of storm and with those windspeads heading square on into the mainland could only have had one result. Big area, lots of momentum and lots of rain. Scary. My thoughts that night were more with those in Katrina's path than the price of oil.

Think we might just see a pull back on this one short term. I'm a bit more cautious now in my old age I would like to sell and buy back but its extremely hard to time might wait and top up after the dip

Hi All,

Well the MM's are still calling the shots here, not the investors ....

Trade number 5 today, an MM sell at 15.75, followed by a drop on the bid of .25p, then within a few minutes the bid and ask are both down .5p on the day ....

Easier to read than the beano .... LOL !

Cheers,
PM

Aminex PLC
01 September 2005

AMINEX PLC

Notifiable Interest

Aminex PLC ('the Company') announces that, following the Company's recent
Placing and Open Offer, it was notified yesterday that OAO Zarubezhneft has an
unchanged, beneficial holding in the Company of 8,697,113 Ordinary Shares of
0.06 each. This represents 5.54% of the Company's share capital.

1 September 2005

Enquiries:

Aminex PLC
Max Williams 020 7240 1600
Company Secretary


This information is provided by RNS
The company news service from the London Stock Exchange

The Russian's know there is OIL in DPRK !!!!

The Russian's know there is OIL in DPRK !!!!


Zarubezhneft Restructured As Open Joint Stock Company
MOSCOW. Feb 6 - Russian President Vladimir Putin has signed a decree restructuring the state foreign trade company Zarubezhneft as an open joint stock company and fixing 100% of shares in state ownership.

According to the decree, federally owned shares in OAO RMNTH Nefteotdacha, amounting to not less than 75% of charter capital, will be included in the Zarubezhneft charter capital.

In addition, it has been decided to exclude Nefteotdacha from the list of joint stock companies that produce strategically important products.

In turn, it has been decided to include OAO Zarubezhneft in the list of strategically important companies, after its restructuring.

Zarubezhneft does not produce oil on Russian territory. The company owns production assets off the Vietnamese coast on an equal basis with PetroVietnam, and has a share in the West Qurna project in Iraq.

Hi All,

The RNS today shows that a Russian State Owned oil producing company is willing to pump 3/4 of a million pounds into Aminex, they must have a good idea how much oil is offshore DPRK, from all the historical Russian drilling there.

IMVHO the news will eventually push the price up through the previous high of 17.14p, and up to the support/resistance level of 20p, but the way AEX has been going lately, it could then move up to the next levels at 23.32p then 27p

A 3 year breakout occurs at 25.5p, and within 2 weeks we would likely see a golden cross formation, which would suggest a long bull run. The 200 M.A is already rising nicely, and the 50 M.A is heading straight for it :)

Cheers,
PM

Hi PM

May be a stupid question, but supposing AEX strike it rich in DPRK then what cut of the oil that is extracted can we expect to see going the way of the company coffers. Bought in at around 12.5p and haven't yet heard this discussed much.

Your views as always will be greatly appreciated.

Gary Hi and thanks :)

They say the PSA is standard for the oil industry, so I think they would likely get 5% to 10% of anything they don't have the licence for, so maybe 20% to 30% of anything they do have the licence for .... which just happens to be ALL the prospective areas .... LOL !

If anyone knows better, feel free to let us know !

I have E-Mailed Edison Research again, to find out when their note is expected(that may shed some light !), and to discuss the Russian shareholder .... LOL !

Cheers,
PM

Tanzania, from our partners Bounty Oil & Gas, says new Seismic 'soon' and another well next year, also is very positive about the oil shows from Nyuni-1 ....

http://www.gtp.com.au/gtp/icommerce4/story/viewStory.jsp?owner=bountyoil&id=7138

Many thanks PM

I appreciate its still early days but its good to have some ballpark figures to throw around. Keep up the good work. :)

PM 1: Thanks for all the info on Zaruba, it's saved me a lot of research on the web.
Topped up my ISA with another 50k shares this afternoon, just as they narrowed the spread and got them @ 15.75. Much easier buy than it was on Friday- presumably has been some profit taking which improved liquidity.
sd.

Squidd Hi,

Here's a bit more for you :)

Cheers,
PM

http://www.nestro.ru/www/nestroweb.nsf/main_eng

Zarubezhneft is the leading foreign economic enterprise in the oil and gas industry of Russia, which has a long and rich work history.

Our priority fields of activities have always laid in development and implementation of complex oil and gas programs and projects abroad, covering all stages from exploration to facilitation of oil fields on land and offshore.

Thanks to the high professionalism of its employees, use of extensive experience, gained during the years of work, coupled with the latest scientific achievements in the oil and gas sector, the enterprise has won a reputation of a reliable partner in the market.

During the last few years the enterprise achieved much success: the geography of projects became considerably wider, new prospective fields of activities are developing, several new joint ventures were set up. The input of Zarubezhneft into the federal budget increased significantly and remains at the high level of over USD 0.5 billion per year.

Nevertheless, we regard this success only as a start for Zarubezhneft to turn into an enterprise which, without a doubt, will take a worthy place among the leading oil companies of the world.

Director General of "Zarubezhneft"
Nikolay Tokarev


The main objectives of the Company's activities are organization of the effective work in the Russian Federation and abroad in order to satisfy social needs in the Company's activities results and to receive profits, taking into account securing of the state interests of the Russian Federation.



The priority fields of the Company's activities are:

exploration, development and operation of oil and gas fields abroad;

design, construction and operation of oil refineries, tank farms and pipeline systems;

application of advanced Russian technologies for oil field development;

testing and export of modern hi-tech methods for oil recovery enhancement;

export-import operations for technological equipment supply.
In the process of development and implementation of integrated oil and gas projects Zarubezhneft carries out the following operations:

oil and gas field exploration, including engineering, geological and geophysical surveys;
drilling, testing, exploitation, workover operations and abandonment of prospect, exploration, cored, producing and injection wells;
oil and gas field development, including construction of pipelines, oil and gas gathering, separation, measurement and transportation facilities, installations for the injection of water, gas and other working agents as well as construction of production support and general purpose facilities;
oil and gas production, treatment, transportation, storage and marketing
construction of offshore facilities (platforms, units) for well drilling, oil and gas production, water injection and products shipment;
oil refinery construction, upgrading and operation, oil and gas refining and marketing;
design, construction and operation of transportation and pipeline systems;
foreign economic activities, including export-import of hydrocarbons and hydrocarbon products, including the state share of hydrocarbons produced on oilfields developed under PSA terms;
scientific research, design and development works with the view of improving the existing and creating new methods and technological means for oil and gas field exploration, development and production;
preparation of engineering, design and account evaluation documentation for field exploration, construction and development operations, construction and upgrading of production and general purpose facilities; appraisal of projects prepared by contracting organizations;
services for operations security and environmental and subsurface areas protection; environmental condition monitoring;
emergency, security and recovery works;
personnel training, selection and job placement of Russian specialists abroad.

WOW !!!!

PROFILE, Magazine, February 03, 2003

Interview with the General Director of the State Enterprise Russian Foreign Economic Association Zarubezhneft.

By Ekaterina Drankina.


Half a billion US dollars. This is the annual input into the budget made by the state enterprise Zarubezhneft, which is respectably called The wallet of the President. The head of the enterprise Nikolay Tokarev has a reputation of a verny putunets Putins stalwart. He is very careful about what he says on the tricky subject of Iraq (the enterprise has been working there for a long time and is not going to leave this country in spite of everything), but he really enjoys himself, remembering the file, which contains all the materials about the Russian oligarchs, reaching out for Zarubezhneft.

Read the rest of the interview here ....

http://www.nestro.ru/www/nestroweb.nsf/554c7e081b919700c3256c2100282e3c/1781e257660fea9bc3256cdb00389a99?OpenDocument

ready for next jump.

ready for next jump.

ready for next jump.

Bank of England Governor in Oil Cost Warning

----------------------------------------------

Mervyn King, Governor of the Bank of England warned yesterday in an
interview with the Belfast Telegraph that:

"Some of the increases (in the oil price) in the last couple of
weeks are almost certainly temporary but the big increase over the
last year will remain.

"Those increases are the result of strong global demand for oil,
particularly from China, and the price of oil futures shows that the
markets do not expect an early revision to the low oil prices we had
got used to a couple of years ago."

To examine the investment opportunities that we believe now exist
through investing in energy stocks, Investec Asset Management will
be hosting a Global Energy Funds Conference call featuring Tim
Guinness, Manager of Investec's US$1.15bn* Global Energy Funds on:

Wednesday 21st September at 2.30pm (UK time)

To find out more, or to register please visit:

http://www.ProcessRequest.com/apps/redir.asp?link=XcbgiddcCF,ZcbdjibghiEF&oid=UdbggBG&iclitemid=YcdgiaafbCF&tid=WiafbicCE

Kind regards,


David Aird
Managing Director
Investec Fund Managers Limited

Hi All,

Nicely up 5.5% today, still going for more later methinks.

I E-Mailed Edison Research to ask them when the next note would be out, they replied as follows ....

-----------------------------------------------
note has been held up due to the nature of news flow on the company but as you say things are looking good with the support of a strong oil price - need to see how drilling goes in Tanzania.

kind regards,

Fraser Thorne

Managing Director
Edison Investment Research Limited
-----------------------------------------------


Cheers,
PM

Only 280,000 sold so far, and 1,217,821 bought !

It's only going one way still, following the RNS yestaerday, and more MM buying(buy signals ?) this morning ....

Cheers,
PM