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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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.

I have been buying in for the last two days on the dips and now v excited by the potential here - will top up further if this is forced down again

4 target zones...would be mighty unlucky if one did not come right...only problem is that it could be gas instead of oil....very promising though this is !.

1p by Evil...http://uk-analyst.com/shop/page-article/action-article.show/id-130002537

Thats SOLO and in fact its all wrong to suggest the SOLO price should rise as AEX has. AEX has Shoats Creek and Nyuni, both of which are potentially on their own worth far more than the current SP.

So the Likonde-1 well in which they share an interest in SOLO really has no bearing in relation to AEX and SOLO prices.

Which is why AEX is rising and SOLO not.

A reminder as we should have spudding news soon from the US :

Aminex Prepares To Spud Wells In Southwest LA.

Monday, January 04, 2010


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.

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Taken from an earlier post, this next Shoats Creek well is targeting the 8 million barrels of prospective resources believed to be in the shallow levels.

http://www.aminex-plc.com/files/Aminex_Oilbarrel_Conference_Wed_28th_Oct_2009.pdf

At $10/bbl : 8*10/(412*1.6) = 12p a share
At $15/bbl : 8*15/(412*1.6) = 18p a share


So forgetting Likonde-1 and SOLO and all that...... other things are exciting in the weeks ahead.

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Yes, some big buys in there and moving up nicely.

Consolidation period over ? Lets hope so, and a move up to nearer 20p would be nice.

One of the best performers in the market today....rns soon, with either USA or Tanzania update.

For anyone interested, Aminex are doing a presentation at Proactive 121 Forum next week.


http://www.proactiveinvestors.co.uk/eventregistration.php

Proactive Investors One2One Forums

The directors of Gulf Keystone Petroleum (AIM: GKP) and Aminex (LSE: AEX) will be presenting:

Tuesday the 2nd February 2010

Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapand wine reception. Details on the presenting companies can be fou...........

worrying, we should hear by now about USA movements....

anyone going to this presentation ?

i went and thought aex looks like a good punt. how ever only concern is involvment with north korea. someone mentioned sanctions from USA againt aex. considering primary business for aex is USA?????

i went and thought aex looks like a good punt. how ever only concern is involvment with north korea. someone mentioned sanctions from USA againt aex. considering primary business for aex is USA?????

i went and thought aex looks like a good punt. how ever only concern is involvment with north korea. someone mentioned sanctions from USA againt aex. considering primary business for aex is USA?????

thanks kuzemko, did they mention USA activities? For me north korea in current situation was only far far future, matter of years probably not months. I think potential of this company is in USA and Africa.

yes i'll write more in detail over next few days. i must say from observations around the room lot of people were imprested with Brian inc Me. if the price falls to around 11p i'll consider buying. more interestingly i found this on bloomberg today. may be north korea isnt so bad!!! and brian had made defensive points for involvment in NK.
North Korea has been reliant on outside handouts to feed its 24 million people since the mid-1990s when famine caused by floods, drought and economic mismanagement is estimated to have killed about 2 million people.

Currency Revaluation

The North Korean government in December revalued its non- convertible currency for the first time in 17 years, targeting a black market that has challenged the ruling partys control. Laws have also been changed to favor foreign investors, officials told a U.S. business delegation when they also asked for economic contributions and investment.

Kim ordered a state development bank be set up to attract funds from overseas to finance government projects, KCNA said Jan. 21. The cabinet earlier this month upgraded the status of the northeastern city of Rason, which was named a free economic zone in 1991 and ordered by Kim last month to be developed into a center for foreign trade.

Removing UN sanctions is key to luring foreign aid and investment. The U.S. delegation told North Korean officials in December any investment could come only after the sanctions were lifted, Charles Boyd, president of Business Executives for National Security, said in a Dec. 24 interview.

Stumbling Block

North Koreas Foreign Ministry said Jan. 18 removing the UN sanctions is a prerequisite to returning to the six-nation talks on its nuclear weapons program. Such demands pose a stumbling block to resolving the nuclear impasse, Hyun said.

By making such claims that defy the expectations of the international community, it seems to be stepping further away from the denuclearization, he said. We cannot stop raising a fundamental question on its commitment to denuclearize itself.

North Korea left the door open for a possible return to the disarmament negotiations after direct talks with U.S. envoy Stephen Bosworth in December. The communist country in April vowed never to return to the forum with China, Japan, Russia, South Korea and the U.S., which last met in December 2008.

hmmmmm, we shall see, I don't believe in Kim's good intentions....

http://www.investegate.co.uk/Article.aspx?id=201002030700085816G

RNS Number : 5816G
Aminex PLC
03 February 2010

INVESTOR PRESENTATION

Aminex PLC ("Aminex" or the "Company") made an investor presentation in London yesterday evening arranged by ProActive Investors and a copy of the presentation can be found on the Company's website www.aminex-plc.com or via the following link http://www.aminex-plc.com/files/100202_Investors_Presentation_Feb_2010.pdf


A new report on Aminex by Omni Investment Research has just been released and can also be found on the Company's site or via the following link http://www.aminex-plc.com/files/100202_Aminex_Omni_Update2_v4.pdf


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