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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Creeping up again.....in up to my neck here.....I have 4 times as much invested than in the Falklands...

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A little bit more....

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Keep going...I'll come back tomorrow and you still won't be near it...

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I half expected it.....another well later....

The sp will recover...good time to buy if you like AEX...not sure about Solo...that might have had it...

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No oil flowing but the second well will be drilled...plus all their other assets....sp should be 20p....and I reckon it will go up to 15p again very soon...perhaps up to the higher teens .....

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Patience, this is a good one.....this will be up above 15p....soon...perhaps it might take a month or so, perhaps a couple of weeks...but a penny is a lot for this stock.

Plus : oil and gas prices rising...

I'm ranting on here...because I'm a fan of this stock...North Korea is also on the horizon...AEX is going to have to the pick of the best drilling sites out there as long as no diplomatic rows start again....so this little gem has big, big potential....

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Excellent results, news and a good show at Likonde-1 as well. Cannot complain too much.

For a wildcat well (in all effect as its the first ever in the area) they hit reservoir with traces of oil and gas, so it was there at sometime.

Case now of rechecking the seismic, checking migrations paths and well number 2 should hit a decent amount of oil fingers crossed.

Other news on Shoats farm in potential, North Korea and Tanzania gas is good, and even WEEM is positive.

All in all very good and we should see some buying of AEX after the holiday weekend.



Broker comments on Drill and Results :

http://www.davy.ie/Generic?page=MorningNews2

http://www.davy.ie/Generic?page=MorningNews5

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I get the feeling that a lot of people are selling for tax year end lots of stocks and now are going to spend at least 30 days talking the stocks down before they jump back in........... LOL :)

Same with AEX, they sold today to lock in the profits from the rise from 6p to 7p and some will spend time on the BB's now talking AEX down - as they want to buy back in 30 days.

NAV on the US assets alone is well over the current price, and everything else is in for free.

Merrill have added 10p a share on to the NAV for Tullow following Likonde-1 result and its implications for the Rovuma licenses.




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Update from Davy (www.davy.ie). 21p per share "risked valuation" and they agree with Merrill's view on Tullow, that the Likonde-1 results add value :


Likonde-1 well bodes well for oil in Rovuma Basin

The news that residual oil was found in the Likonde-1 well in the Rovuma Basin onshore Tanzania is a major and significant outcome for Aminex in particular and East African exploration in general.

Aminex has a net 37.5% stake in Likonde and has been an active participant in East Africa for some time. While the result is not conclusive, it points to the presence of oil in the Rovuma Basin.

Data will now be re-interpreted, with the next well likely to be in early 2011.
Results for year show progress in most areas

In 2009, Aminex financed and set up its participation in drilling programmes in East Africa, Egypt and in the US. It raised $15.3m to finance its activities.

It was also active at the corporate level, increasing its stake in the Nyuni licence (+10%) offshore Tanzania and reenergising
its involvement in North Korea.

Fiscally, the group recorded revenues of $7.8m and a pretax loss a shade under $3m. Year-end cash was $11.7m. Valuation remains unchanged

We value the group at 21p per share with the risked valuation of the Rovuma campaign accounting for 7.7p per share. This is unchanged. If anything, the exploration
proposition has been improved.

Elsewhere, the group continues to make steady progress too. Value catalysts include the commercialisation of its Nyuni licence gas discovery offshore Tanzania and further
progress in the US.

Aminex is a pure exploration company with the inevitable share price volatility that goes with this mantle. But it has stuck to its guns in East Africa and could be close to making a major breakthrough in valuation.