sm,
I guess you spend too much time looking at the past, not at the future, like the prospects in DPRK and Tanzania, the broker certainly does not share your negative opinion, neither does oilbarrel.com and resourceinvestor.com, and Lemming Investor are looking at Aminex right now, and they won't be negative either.
If you were in back then you would have got a nice cut of the money they dished out when they sold the Russian areas ???? does that now make all your stock 'free' ????
Of the 'numerous better oil exploration companies', how many have a deal that gives them revenue on every single drop of oil or gas from AN ENTIRE COUNTRY ???? a country with an estimated 73 BILLION BARRELS OF OIL BENEATH IT ???? then add gas ! .... How many have around 10m in the bank to explore such a country with ???? How many have already been pumped and dumped many times, leaving no P.I willing to risk putting money into them (PET, OILQ, ROS, etc) Aminex has never had that, but no doubt it will when the rampers hear Aminex are drilling in DPRK next year, and Tanzania, and possibly Egypt too, so I suggest buying at 8p and holding until they hit paydirt in DPRK, maybe trading on the inevitable pump n dumps, rather than buying at the much higher prices they will create.
Read the brokers note, just register for free access here ....
http://www.edisoninvestmentresearch.co.uk/members/register.html
An extract below ....
Valuation
We have calculated the company's net asset value, on a fully diluted basis, is 8.2p excluding the cash settlement from Petrom, and 10.6p including the Petrom cash settlement. This means the current share price includes little value for Tanzania, North Korea, and the other areas Aminex is pursuing" (that was from before the placing and open offer raised 5m)
Outlook
Aminex is pursuing a number of exciting prospects in various parts of the world, any one of which is a potential company maker, the share price is underpinned by the 8.2p NAV, most of which is attributable to it's hydrocarbon reserves in the US. This ignores the managements track record for creating value from remote and risky projects, and the recent cash settlement with Petrom.
DPRK Petroleum Resources
The country does not currently have proven hydrocarbon resources. Nevertheless, there are thought to be seven potential oil and gas basins in the country: Pyongyang Basin, West Sea Bay Basin, East Sea Basin, Onchon Basin, Kyongson Basin, Anju Basin, and Kilju Basin. The West Sea Bay Basin could be an extension of China's Bohai Bay. The West Sea Bay and Anju Basins are currently considered the most prospective areas, with the former basin estimated to contain 5 to 40 BILLION BARRELS OF OIL IN PLACE, in the West Sea Bay Basin, eleven exploration wells were drilled in the 80's, two of which flowed light crude oil under limited test.
Cheers,
PM