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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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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http://www.oilbarrel.com


January 06, 2010

Aminex Starts 2010 With A Bang As Likonde-1 Readies To Spud This Week


Backers of Aminex plc now have just days to wait until the long-awaited first well on its highly prospective Ruvuma PSA in Tanzania. The company had hoped to spud this well in Q3 2009 but delays ensued after new operator, Tullow Oil, undertook a technical review of the seismic and switched the well location from the Mikindani prospect to the Likonde prospect.
The delay worked in Aminex’s favour, not only turning up a robust prospect that excites the Tullow team – good news given that company’s run of exploration success elsewhere in Africa – but also providing additional time for London-listed Aminex to strike farm-out terms. Although Aminex had the funds available to fund its share of the drilling costs, the Q4 farm-out to Solo Oil, reducing its equity from 50 per cent to 37.5 per cent, is a sensible risk management tactic and will help conserve cash going forward. The deal will see Solo earn a 12.5 per cent interest in the well in return for paying 12.5 per cent of Aminex’s back costs (about US$1.25 million) and 18.75 per cent of the Likonde-1 drill costs (US$3.4 million).

This is important because Aminex has a busy work programme lined up and every dollar will be useful. First, there is the Likonde-1 well, which is now due to spud on January 7. It will drill to a total depth of 3,200 metres and should take about two months to complete. The Likonde prospect is described as a “robust faulted rollover structure” with targets in the Tertiary, Cretaceous and Permo-Trias Karoo formations. It has the potential to hold 500 million barrels of oil in place with estimated P10 recoverable reserves of more than 150 million barrels. Aminex gives the drill a one in four chance of success.

Next up will be drilling in the US, on the company’s promising Shoats Creek field in Louisiana, which has low risk targets in the shallow Frio and Cockfield sands (less than 10,000 feet) and high impact but difficult-to-drill deep exploration targets in the Wilcox formation. Aminex is gearing up to drill its first two development wells in the Frio and Cockfield sands, with the first well, targeting the Cockfield sands, due to spud in late January. The Frio well will most likely be spudded in March, pending regulatory approvals and weather conditions in this wetlands area. These two wells are targeting proved undeveloped reserves and could be quickly brought into production as existing pipelines cross Aminex’s property.

The company is seeking farm-in partners to drill the deep Wilcox play and hopes to conclude these negotiations in order to drill later this year. The deep Wilcox sands have proven to be prolific producers elsewhere and could be a material addition to the Aminex portfolio.

Elsewhere in the US, the company plans to drill Sunny Ernst-3 on the Alta Loma field in Texas, either in spring or summer. It will drill up proved reserves and is a logical follow-on from the company’s successful Sunny Ernst-2 well, which proved so successful in 2008, finding 60 feet of reservoir in the S sand. A recent workover on Sunny Ernst-1, a much older well with limited production, has proved unsuccessful and the well has been temporarily suspended.

In Egypt, further newsflow is due from the West esh el Mellaha-2 concession, where the company is participating in the South Malak-1 well. This well was difficult to drill with the very tight rocks failing to flow hydrocarbons despite high gas readings and oil shows. The formations are in the process of being hydraulically fractured but this is turning out to be a lengthy process and there is no guarantee it will result in commercial production. Aminex is a 10 per cent carried partner in this project with its costs fully carried through to commercial production so this is a no-risk project.

Can sell half a million on line, so strong buying demand is there.......


On Line Limits

Buy Max = 37.5K @ 12.75p

Sell Max = 500K @ 12.5p

Can sell half a million on line, so strong buying demand is there.......


On Line Limits

Buy Max = 37.5K @ 12.75p

Sell Max = 500K @ 12.5p

For those who have not seen it :

Aminex on iBall.


http://iball.iii.co.uk/2010/01/07/aminex-aex


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Very strong at the moment, you can sell over 250K at near 12.9p and buy just a few K at full 13p offer.

Should be bouncing up before too long.

I see Proselenes you are really enjoying this ride:):) Reaction of the market seems to be more optimistic than I was hoping for. And it is only because of the news about drilling and testing to come...

SD, yes, its a very nice ride, but also one that was always going to happen. Nyuni itself could well be worth triple the current price and yet the current price probably fairly values just the US assets.

And so the exploration work on oil wells and the basin, and also North Korea is all in for free really.

I think even without any news from Nyuni we may witness some amazing movements if they'll finally agree songo-songo pipeline deal. I think Korea is still far future...

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Not if they hit a target....the sp will go up and down by a few pennies as drilling progresses but I would like to think that the sp in the upper teens will be like a minimum regardless of any strike in this latest well.....there is plenty to fall back on....a discovery of many hundred million barrels will send the sp up to the thirties if not beyond.

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Looks like JP Morgan are still buying more.

Shivers at London bourse with high prospects of striking oil in Tanzania

By The guardian reporter

15th January 2010

Oil well at Likonde-1

Prospects for the discovery of oil in the southern parts of Tanzania sent shivers in the London Stock Exchange early this week.

Aminex, a British oil exploration firm, started drilling for oil at the Likonde-1 oil prospecting area in Ruvuma Region on January 9, and the London Stock Exchange responded in kind.

Its value of shares jumped by 15 per cent in London trading early this week after the start of drilling of a new oil well at Likonde-1, media reports have said. Aminex said it had been advised by Tullow Oil Plc, operator of the Ruvuma PSA, that drilling began at the site on January 9.

Tanzania's hopes of discovering oil are in the meantime high and already turning into a politically charged issue. Zanzibaris believe there is oil in the Isles and have made it clear they will not share it with the Mainland once drilled. Mainlanders are equally optimistic that a discovery will one day be made on the mainland.

Aminex announced earlier last week that the Likonde-1 well, the first in the basin, would be drilled to a programmed depth of 3,200 metres in two months.

The Likonde-1 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), risked by Aminex at a 1:4 chance of success.

UK-based Tullow Oil is operating Likonde-1 with 50 per cent, while Aminex holds 37.5 per cent equity in the well and Solo Oil holds 12.5 per cent.

The Ruvuma PSA covers approximately 12,000 sq kms in the extreme southeast part of the country of which roughly 80 per cent is onshore and 20 per cent offshore. Within the PSA are two specific, adjoining licence areas namely Lindi and Mtwara.

The media recently quoted Solo chairman David Lenigas as saying "Solo is pleased that the final hurdles have now been completed on this exciting farm-in opportunity with Aminex and Tullow on the Likonde-1 well in Tanzania and we look forward to spudding the hole in early January."

Information released late last year indicated that the total drilling costs would run to USD1.25m (6.29/-bn). However, an agreement was reached for Solo Oil to reimburse Aminex USD3.4m (4.5/-bn), being 18.75 per cent of the drilling cost of Likonde-1.

Before the commencement of the work, Solo Oil was also expected to spend USD10.7m (14.2/-bn) to fund a buyout agreed with Aminex for a 12.5 per cent interest in the Likonde-1 well.

The transaction will see Tullow Oil owning 50 per cent of Likonde-1, Aminex 37.5 per cent and Solo Oil 12.5 per cent. Likonde-1 is the first well scheduled to be drilled under the Ruvuma Production Sharing Agreement in Tanzania, reports have said.

Lenigas said last November that the farm-out agreement is subject to formal approval from the government and the passing of the relevant resolutions at the company's general meeting.

"This exciting farm-in opportunity with Aminex and Tullow is the first oil and gas deal undertaken by the (Solo Oil) company since it changed its investment strategy in July this year. Likonde-1 is the first well being drilled in one of the last unexplored major onshore basins in Africa," Lenigas is quoted to have said.

The drilling started two months after Energy and Minerals minister William Ngeleja announced that the government was optimistic that oil could be discovered in the near future following intensive exploration activities in the country.

At least 13 internationally famous companies from France, England, Australia, Brazil, Canada, Norway and the Middle East have been engaged in oil and gas exploration in the country since the 1950, the minister said.

He was speaking soon after opening a two-day seminar on good governance in the petroleum sub-sector organised by the Norwegian embassy in Tanzania for MPs.

He said if there were no prospects for oil, the internationally acclaimed companies would not have been in the country.

"We are yet to discover oil, but we have high expectations that we will finally have oil discovered in the country," said Ngeleja.

Abundant natural gas has already been discovered in several parts of the country.

A confirmation of the data now being acquired in offshore Tanzania has shown that it is possible that commercial production of petroleum oil and gas could be achieved as early as 2012.

Dr Philip Nelson, the Director E&P, Petrodel Resources Limited (PRL) with licences in Latham and Kimbiji said sometime last year that there have been signs of ‘flat spots’ and ‘bright spots’ which are widespread in the seismic data from Nigeria's Niger Delta, where they are fundamental to the discovery, development, and production of oil and gas. By then Petrodel Resources Limited had already started its 2D seismic survey in the coastal waters of Tanzania.

Data gathering began on February 17, 2008 as the specialist survey ship Geo Mariner sailed from Dar es Salaam towards the southern zone of PRL’s Latham License.

Nelson said then that more than 900 kms’ new 2D reflection seismic data was targeted to be acquired in the survey, the first to be conducted in this area for over 20 years. He said as the survey progresses, the ship will traverse northwards towards PRL’s contiguous Kimbiji License in which approximately one third of the new data will be acquired.

Aminex plc, which has been operating internationally since 1991, has built a portfolio of frontier exploration positions, ranging from the emerging East Africa Margin to undrilled territories in the politically-charged Democratic Peoples Republic of Korea.

The London-listed company boasts of a track record of delivering shareholder value from challenging projects: in 2002, for example, it returned capital to shareholders after a successful and profitable exit from Russia the previous year.

Today the main area of interest in the Aminex portfolio is East Africa, where the firm has interests in Tanzania and Kenya

This regional play is starting to attract interest from some big players in the international oil and gas industry and Aminex has first-mover advantage having secured its properties before East Africa was a fashionable investment destination.

In Tanzania, the company’s activities have included work at the Nyuni area, where numerous leads have been identified with potential for multi-million barrel discoveries.

Drilling of the Nyuni-1 well went to nearly 4,000 metres during 2003/4. There were indications of numerous oil and gas shows in a thick but complex reservoir sequence. There have also been activities at a “near-shore licence in an area of shallow reefs and small islands,” according to information from the firm.


SOURCE: THE GUARDIAN

http://www.ippmedia.com/

Little problem is that it's an Irish company.....along with Tullow oil and Dragon oil.