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

This baby is on the up, your thoughts?

My thoughts about it are that I'm too late.

It went up about 50% since Oct 1st.

I wish I had bought it on Oct 1st.

Maybe it is just hype & the oil price driving it or perhaps some real news coming.

This item may explain the sudden rush to buy today. 'Petrom' are AEX partner in Tanzania. OMV is an integrated oil company and the BP of Austria

From another BB:

This is the newsclip I found, which seems to have only been reported in Bucharest so far !

SOUTHEAST EUROPE AND BALKANS | ROMANIA

OMV To Participate With EUR 830,6 M to Petrom Capital Increase

10 November 2004 | 20:20 | FOCUS News Agency


Bucharest. Austrian group OMV will subscribe in order to get 51% of Petrom shares, a number of 5,8 billion shares summing up EUR 830,6 million., as indicate the data provided by the issuing company, SNP Petrom, reported Romanian agency Mediafax.
For OMV, the highest share number that had to be subscribed was decided on by Petrom stockholders at 16.3 billion shares, which meant a total value of EUR 856,19 million, higher by EUR 26 million than the present sum.

We are due an RNS concerning the Nyuni prospect. Aminex has to act before the end of November.

Aminex PLC
23 September 2004
Interim Results for the six months ended 30 June 2004

TANZANIA
The Nyuni-1 well was the first well to have been drilled offshore Tanzania for
over twelve years. The well took longer and cost more than forecast and the
outcome was frustrating but provided confidence for the future, with shows of
crude oil from a widespread Upper Jurassic source. This upgrades the
prospectivity of the region, frequently written-off over the years as a purely
gas area. We are still working on the analysis of this complex well, the
reservoir section in which was both deeper and thicker than anticipated.
Despite shows of oil in the drill cuttings and on the surface of the mud tanks
and some very high quality inter-fingered sands, this well failed to flow oil on
test, due we believe to mechanical rather than reservoir problems. As announced
to shareholders in July, the Tanzanian authorities have granted us a 'stand
still' period of six months to review data and plan the next phase of
exploration work. We are urgently working on this and simultaneously seeking
drilling partners to share the future burden.


Aminex PLC
16 July 2004
TANZANIA UPDATE - 16 JULY 2004
Aminex PLC, the oil and gas company listed in London and Dublin, announces
further developments associated with its Nyuni Licence, offshore Tanzania.

....Aminex is pleased to announce that the Government has therefore agreed to extend the Licence into its second exploration phase and is additionally allowing the joint venture until 30 November 2004 to finalise a work programme and complete a re-appraisal of the licence in order to select acreage to be retained inaccordance with statutory requirements.

I've been trawling through the AEX website, which is informative (and in some places a bit out of date). However, I've had another look at that Vinton Dome announcement and noticed that AEX still seems keen on their Tanzanian oil prospects.

"The Aminex Group will continue, following the Disposal, to act as operator on many of its significant licences in the USA and, in particular, on its Nyuni exploration programme, offshore Tanzania. As previously announced, Aminex has recently signed an agreement with Liquefied Natural Gas Ltd. of Australia ("LNG") whereby Aminex will develop and procure East African gas reserves for liquefication and transport by LNG. Aminex has also entered into a major exploration agreement with North Korea (DPRK) and is evaluating new opportunities in Egypt."

That should be good for a bullish RNS by the end of this month.
...............

Press Release - 3 November 2004

Proposed Disposal of Interests in the Vinton Dome Oil Field

Aminex PLC ("Aminex"), the oil and gas company listed on the London and Irish Stock Exchanges, today announces that it has entered into a conditional agreement to dispose of its interests in the Vinton Dome Oil Field to Orion Oil & Gas Louisiana Holdings LLC (Orion), for a total gross cash consideration of US$5.0 million ('the Disposal').

INFORMATION ON THE DISPOSAL
The assets which are the subject of the Disposal comprise Aminex's lease holding (held through Aminex USA) in respect of 714 acres of the Vinton Dome Oil Field in southwest Louisiana, USA, on which there are 36 active wells producing approximately 180 bopd net to Aminex after royalties. In addition to the leasehold interests, the transaction includes the disposal of all producing and non-producing oil and gas wells on the field, all disposal wells together with all surface and down hole equipment, well files for each well, the related office building and certain specified machinery and equipment.

Proved and Probable Reserves attributable to Aminex's Vinton Dome interests amounted to approximately 700,000 barrels of oil as at 31 December, 2003. Total turnover generated by the Assets in the year ended 31 December, 2003 (being the last fiscal year for which Aminex has published audited financial information) was US$2.3 million providing a net contribution (after operating costs and capital expenditure but before depreciation) of US$0.6 million. The net book value attributed to Vinton Dome at 30 June, 2004 was US$4.8 million.

USE OF PROCEEDS
Net cash proceeds after expenses of sale will amount to approximately US$4.8 million. There will be an adjustment for a proportion of the net cash generated by Vinton Dome in the period from 1 July, 2004 until completion of the transaction.

The net proceeds will be used primarily for general working capital purposes and in particular to repay outstanding creditors in respect of Nyuni, pending an outcome of the ongoing litigation with Petrom SA ("Petrom").

TIMETABLE
The Disposal is conditional on the approval of shareholders of Aminex and an Extraordinary General Meeting will be convened for this purpose. A circular will shortly be sent to shareholders setting out the details of the Disposal along with an explanation of the reasons for the Disposal and why the Directors believe that the Disposal is in the interests of shareholders as a whole. It is expected that the completion of the Disposal will be effected by the end of December, 2004.

POST- DISPOSAL
The Aminex Group will continue, following the Disposal, to act as operator on many of its significant licences in the USA and, in particular, on its Nyuni exploration programme, offshore Tanzania. As previously announced, Aminex has recently signed an agreement with Liquefied Natural Gas Ltd. of Australia ("LNG") whereby Aminex will develop and procure East African gas reserves for liquefication and transport by LNG. Aminex has also entered into a major exploration agreement with North Korea (DPRK) and is evaluating new opportunities in Egypt.

Aminex continues to pursue its litigation (at present subject to proceedings in the English High Court) against Petrom for the outstanding portion of Petrom's share of the Nyuni drilling costs.

Commenting on the Disposal, Aminex Chief Executive Brian Hall said,

"The Board considers that the disposal of Vinton Dome will provide an effective and timely means by which to strengthen the continuing Aminex Group's balance sheet to enable the Group to concentrate on furthering its various projects."

It would seem we are due several RNS over the coming weeks including the following developments:

A TANZANIA UPDATE: 30 November 2004, the point at which AEX had to finalise a work programme and complete a re-appraisal of the licence in order to select acreage to be retained inaccordance with statutory requirements.

DANBURY DOME, USA: An Extraordinary General Meeting of the Company to be held
at The Shelbourne Hotel, 27 St. Stephen's Green, Dublin 2, Ireland at 11.00 a.m.
on 6 December, 2004 ('the EGM') at which the resolution to approve completion
of the Disposal will be considered and voted on.

News concerning Red Sea Petroleum and their bid on Egyptian concessions.

Apart from the recent RNS concerning the sale of Vinton Dome, the rest of their USA exploration and production areas seem to get very little comment. There was however a mention of further drilling to be carried out in 2005.

03/11/04 14:36
LONDON (AFX) - Aminex PLC, the oil and gas company listed on the London and Irish Stock Exchanges, is to sell its interests in the Vinton Dome oil field to Orion Oil & Gas Louisiana Holdings LLC for 5.0 mln usd.

USA

During the period the Group has benefited from higher oil and gas prices.

The Alta Loma gas producing well, Sunny-Ernst-1, is made up of a number of
producible formations, only one of which has so far been placed on production.
Production from this first zone has declined during the period and we are
currently waiting on equipment to recomplete the next zone in the formation.

We have also seen natural decline in gas production from the Sabine Lake property and anticipate installation of a compressor in the near future aimed at
restoring production to previous levels by the end of this year.

We have now completed a nine-well recompletion programme on the Vinton Field which has maintained oil production at optimum levels.

At the time of our annual results for 2003 we anticipated drilling a further well on Alta Loma and a well on our South Weslaco property in 2004.

It is now likely that both these projects will be delayed until 2005.

From LNGL's qurterly Report issued friday !

LIQUEFIED NATURAL GAS LIMITED A.B.N 19 101 676 779 26 October 2004 QUARTERLY REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2004

The Company has an memorandum of understanding with Aminex Plc, an independent oil and gas company listed on the London and Irish Stock Exchanges. Pursuant to the memorandum the parties agree to negotiate in good faith a Collaboration Agreement in relation to gasfield and LNG production plant development opportunites. Aminex is working with the Company in the review of stranded gas discoveries which would be suitable as feedstock for the Companys proposed LNG production plant developments. Aminex has also expressed interest, as part of the proposed broader Collaboration Agreement, to consider the direct investment in selected gas discoveries to assist in the timely financing of gasfield development programs." .... full report here .... http://www.lngtheenergylink.com.au/pdfs/Quarterly_Report_Sept%2004.pdf

This meeting takes place on 6 December 2004. RNS to follow.

Aminex PLC
19 November 2004
Aminex PLC
('Aminex' or 'the Company')

Aminex Announces the Publication of a Circular to Shareholders and Document
Availability in Connection with the Proposed Disposal of the Interests in the
Vinton Dome Oil Field ('the Disposal')

Further to the announcement on 3 November, 2004 of the conditional agreement
entered into by Aminex to sell its Interests in the Vinton Dome Oil Field, the
Board of Aminex has today posted to shareholders a Circular providing details of
the proposed transaction (the 'Circular').

The Circular convenes an Extraordinary General Meeting of the Company to be held
at The Shelbourne Hotel, 27 St. Stephen's Green, Dublin 2, Ireland at 11.00 a.m.
on 6 December, 2004 ("the EGM") at which the resolution to approve completion
of the Disposal will be considered and voted on.

Copies of the following documents have been submitted to the Irish Stock
Exchange and to the UK Listing Authority, and will shortly be available for
inspection at the locations detailed below:

The Circular; and

Form of Proxy for use in connection with the EGM.

Company Announcements Office
Irish Stock Exchange
28 Anglesea Street
Dublin 2
Ireland
Tel: + 353 1 617 4200

With the Vinton Dome meeting taking place on 6 December 2004, it will provide an opportunity for the management to update folk on the company's plans, including their intentions in the USA, Tanzania, Korea and Egypt. The RNS that follows should make an interesting read. Only 5 days to go.

so is this a good buy now??

NOW IS THE TIME TO GET IN BEFORE THE SHARES ROCKET



North Korea's Upcoming Oil Boom

--------------------------------------------------------------------------------
North Korea has been touting its enormous oil reserves for several years but until recently, the international oil community has ignored Pyongyang's claims as sheer propaganda and fiction.
Late last year, North Korea published veritable geological data made by North Korean and refutable Western oil engineers. Several multi-national giants (including S Korea's Daewoo and US Stanton) are eager to move in. North Korea plans to form a KEDO-like international consortium to bring up its black gold.

In early October of 1997, North Korea and Japanese promoters organized a seminar on the hydrocarbon exploration opportunities in North Korea in Tokyo. Dr. Dong R. Choi, a Korean geologist, based in Australia and a technical adviser for Petrex Co. Ltd., Tokyo, presented a summary of the massive survey logs on North Korea's oil formations.

Petrex Co. LTD is the sole agent of the Ministry of Oil Industry of North Korea. Its offices are at: 1-12-1, Imai, Chuo-ku, Chiba City 260, Japan, Tel. +81-43-265-1666, Fax. +81-43-266-1204 and 1-1-25-401, Seishin-cho, Edogawa-ku, Tokyo, Japan, Tel. & Fax. +81-3-3680-5763

4.3 Billion Barrels! - Dr. Choe
West Korea Bay, Exploration area, 18,600 sq. km
The basement made of thick carbonate rocks (5,000 m) of the Late Proterozoic and Early Paleozoic is overlain by the Mesozoic (6,000 -10,000 m) and Cenozoic (4,000 - 5,000 m) sediments. Source rocks are the Jurassic black shale (3,000 m or more), Cretaceous black shale (1,000 - 2,000 m), and pre-Mesozoic carbonates (several thousand meters) as well. Reservoir rocks are the Mesozoic-Cenozoic sandstone with high porosity and pre-Mesozoic fractured carbonate rocks. Petroleum traps are anticline, fault-sealed, buried hills and stratigraphic types.

Existing exploration data: 4,500 km of integrated geophysical surveys with grid of 2 x 4 km. Seven wells have been drilled, recovering oil and gas from several wells and hydrocarbon shows from all of the wells.
Korea East Sea, exploration area, 30,000 sq. km
Pre-Mesozoic gneiss and carbonate rocks are overlain by the Mesozoic and Cenozoic sediments, 6,000 - 7,000 m in thickness. A source rock is the Tertiary thick marine shales (1,500 to 2,000 m) and underlying Mesozoic? rocks. Reservoir rocks are Tertiary sandstone of a good reservoir physical property and fractured carbonate rocks which constitute the basement. Trap structures - anticline, fault-sealed, buried hill, facies-sealed, stratigraphic types and reefs.

Existing exploration data - Integrated geophysical surveys with a grid of 10 x 20 km throughout the basin, with a grid of 2 x 2 km over some parts. Two wells drilled, oil and gas shows found from both wells.
Miyakawa Jun - A Japanese Promoter of Korean Oil
Miyakawa Jun, a Japanese, imports North Korean books (Rainbow Trading). He is one of the Japanese minority who genuinely desire close ties with Korea. He maintains neighborly contacts with both Koreas. In view of the interest in the oil field development expressed by South Korean Chaebuls, Miyakawa gave an exclusive interview with Sisa Journal reporters on October 31, 1997 in Seoul. Subsequently Sisa Journal published a "positive" review of the bright potential of North Korean oil fields.
Miyakawa, who has an inside track in the North Korean Oil Ministry, told Sisa Journal that North Korea would not oppose S Korea's participation in its oil business and that Pyongyang desires a multi-national joint development regimen similar to that of Vietnam.

The second exploratory seminar will be held on December 3, 1997 in Tokyo, the third seminar in Australia in March of 1998, the fourth in Singapore in September of 1998 and a grand finale in Pyongyang late in 1998. Meanwhile, North Korea is stepping up oil promotions internationally.

Geophysical Surveys
The first extensive geophysical exploration was done jointly with China during 1965-1980. In 1967, North Korea conducted a joint geological study with the former USSR in the Tuman estuary. In addition, North Korean scientists conducted their own geophysical studies along the coastal seabed of the East and West Seas.
These preliminary studies indicated that further studies would be justified and North Korea employed Western oil experts:

Geco (Norway) was contracted in 1980 to survey Blocks 1, 2 and 3. Exploratory drilling was started in 1977 with some positive results.
Leeward Petroleum (Great Britain) was contracted in 1987 for exploration projects.
Taurus Petroleum (Sweden) was contracted in 1993 for exploration and performed sonic surveys in 1997.
Beach Petroleum (Australia) was contracted in 1997 for exploration works in the East Sea.
Four test wells in the West Sea (Yellow Sea) have been completed. One of them produced 430 barrels a day. North Korea believes that this area is ready for a large scale production drilling.

The East Sea (See of Japan) area is less promising due to its deeper depth and thicker dome overhangs. Some exploratory work was done near Wonsan with mixed results. However, it is believed that the entire East Sea basin, including Japanese territorial waters, is oil-bearing, and further seismic studies are planned.

LINK THIS WITH THE ABOVE INFORMATION FOR THE TRUE POTENTIAL OF AMINEX

Aminex PLC
20 September 2004

Aminex PLC

Aminex Signs 20-Year Agreement to Develop North Korea's Petroleum Industry

Aminex PLC, the oil and gas company listed in London and Dublin, announces that
it has signed a Petroleum Agreement with the Government of North Korea ('DPRK')
to assist in the development of the petroleum industry in that country, onshore
and offshore.

HIGHLIGHTS

Agreement valid for 20 years

The country is considered highly prospective for new discoveries

Aminex will:

- have limited financial exposure

- initially provide technical assistance

- receive a royalty on hydrocarbons produced from any new drilling in
the country

- be entitled to a carried interest in any wells drilled by incoming
companies

- have a prior right to explore in its own name anywhere in the country


The Agreement is part of North Korea's drive to develop an indigenous energy
industry. Signing took place on 30 June 2004 in Pyongyang in the presence of the
British Ambassador but was subject to certain closing conditions which have now
been satisfactorily fulfilled.

DPRK has an existing petroleum industry and several wells have been drilled
onshore and offshore over a 25 year period, resulting in limited discoveries of
oil. Aminex believes that the country is highly prospective for new discoveries
but lack of resources has so far restricted progress.

Under the terms of the Agreement, Aminex will initially provide technical
assistance to the DPRK through assessing existing data, obtaining new data,
assisting with drawing up a framework for licensing exploration areas and for
marketing the country's potential to the international oil industry.

In return, Aminex will receive a royalty on hydrocarbons produced from new
drilling anywhere in the DPRK, onshore or offshore, and be entitled to a carried
working interest in any wells drilled by incoming companies.

Importantly, Aminex will have a prior right to explore in its own name, either
alone or with international industry partners, anywhere in the territory covered
by the Agreement.

The Agreement represents only limited financial exposure for Aminex at this
stage with the option to expand the operation through exploration and
development drilling under appropriate circumstances.

Brian Hall, Chief Executive of Aminex, said:

'This Agreement is the culmination of a long term effort. Aminex has been
reviewing North Korea for several years and first visited the country in 2001.
At present relations between North Korea and the outside world are strained but
the important relationship with South Korea appears to be improving and
commercial co-operation is on the increase. An expanding energy industry may
possibly help to build bridges between DPRK and the outside world.'


20th September 2004
Enquiries:

Aminex plc
Brian Hall 020 7240 1600

College Hill
Jim Joseph/Ben Brewerton 020 7457 2020



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

Glad i bought into these a couple of weeks ago,they are really moving on announcement of out of court settlement

it looks like these are on a roll now, i`m glad i bought in this morning.IMO it is blue skys now for a while.
dexter

keep your eyes on ros this week ,something about to be announced together with pci

Hi All,

I think these are nearly ready to start going back up again, DPRK is in 6 nation talks, it is very likely that an agreement will be made, where DPRK will agree to stop it's nuclear ambitions.

South Korea has offered DPRK enough electricity to run the whole country, so long as DPRK stop their nuclear plans. DPRK would be daft not to take such an offer.

Aminex are currently worth 7m !!!! absolutely mad, when you look at the valuation of PET and other non-producing companies, and Aminex has possibly 10Bn barrels in Bohai Bay.

Bohai Bay Reserves !!!!
http://www.chinadaily.com.cn/english/doc/2004-12/23/content_402814.htm


A very good interview with the CEO by a South Korean news website
http://www.korea-is-one.org/article.php3?id_article=1449

A Proven High Impact Oil & Gas Explorer Without the Froth

By Stephen Clayson
12 Jun 2005 at 01:45 PM EDT


LONDON (ResourceInvestor.com) -- Aminex plc [LSE:AEX] is that rarest
of things, a junior oil & gas prospector with a proven record of
exploration success and interesting new prospects in its portfolio,
plus a small production base to help sustain its current programme.
Most notably, the company is currently in prime position to gain
access to North Korea's highly prospective offshore exploration
acreage.

Provenance

Previously, Aminex has successfully developed hydrocarbon assets in
the former Soviet Union, the divestment of which began in 2001, when
the company sold its Russian interests to Lukoil for $38.5m, resulting
in a payout to shareholders of $7.5m. This was followed in 2004 by the
sale of the company's interests in Tatarstan, a Russian autonomous
internal republic, to Tatneft.

The company's Chief Executive, Brian Hall, says the decision to sell
out of Russia was partly a strategic one, in anticipation of a
deteriorating operating environment for western companies as their
presence declined in importance to the Russian authorities following
the rise of domestic players.

However, Aminex then ran into trouble in its next primary exploration
area, Romania, after drilling Nyuni-1, the country's first recent
offshore well in conjunction with what was at that time Romania's
state oil firm, Petrom. The latter proved a less than perfect partner,
flatly refusing to pay its full share of the costs of Nyuni-1, which
had in any case escalated beyond expectations due to technical
difficulties. Extensive legal wrangling ensued before Petrom, now
privatised, elected earlier this year to settle the dispute out of
court for a sum in excess of $4m.

The upshot today is that the settlement with Petrom, plus the
fortuitous disposal at the end of last year of an ageing and high cost
oil field in the US for a good price, has transformed Aminex's
financial position, and coupled with the recent placing of over 6m
worth of shares will allow it to move decidedly forward again in
Tanzania, and perhaps most interestingly, in North Korea.

North Korea

Aminex is now preparing to begin exploration in North Korean waters,
and hopes that its advantage as the sole foreign oil & gas company
active the country will allow it to make the first major discovery
there. The company's relationship with the North Korean government
charges it, under a 20 year agreement, with the creation of a
significant oil & gas sector in the country, to be achieved through
the establishment of a regulatory environment conducive to the
involvement of other foreign firms. In return for this, Aminex has the
right to choose the exploration acreage it deems most attractive for
itself.

Any output that might result from the agreement in the future would be
covered by a relatively conventional production sharing arrangement
that the company hopes will soon be finalised, and is described in
essence by Hall as 'fair to both parties' in its terms. Significantly,
Hall expects the production sharing arrangement to grant Aminex the
right to sell output at world prices, and envisages provisions for a
tax holiday and relief from customs duties.

Prospectivity for oil & gas off both the east and west coasts of North
Korea is widely accepted by geologists, but dealings with the pariah
state would likely be too daunting for many and are forbidden to
American companies, both of which partly explain how Aminex has been
able to secure such a potentially lucrative position in the country.

The company works closely with the North Korean cabinet minister
responsible for economic development, and finds the country's
administration to be both competent and sincere to deal with. North
Korea desperately needs to alleviate the dire domestic shortage of
hydrocarbon resources that coupled with a sanctions enforced lack of
trade and hence foreign exchange for imports limits it economically
and militarily, and seemingly realises that the most expeditious way
of doing this is via foreign expertise and investment in the sector.

There are obviously pitfalls to be encountered while operating in a
country as shrouded in secrecy and mystique as North Korea, but on the
whole, the political risk to Aminex of working there is arguably less
than that of most African, Latin American or Central Asian nations.
Indeed, Hall reports little hostility or consternation regarding
political risk from the array of City of London institutions that have
subscribed for shares in Aminex's recent placing.

Much time and effort has been expended by Aminex on the reprocessing
of existing North Korean seismic data, as a precursor to the shooting
of new seismic in order to follow up interesting areas. This could
plausibly be followed by the drilling of an initial exploration well
by the end of 2006.

Ultimately, Aminex will be looking to involve partners in its North
Korean endeavours, there being far too much prospective offshore
acreage off both coastlines for a single company of its size to
handle. The key benefit therefore of Aminex's perseverance in North
Korea over several years, which has culminated in the 20 year
development deal, is the access it hopes to gain to the country's most
attractive acreage, and hence the chance to reap the rewards of this
even as larger European or Asian players become involved.

Tanzania

In Tanzania, Aminex hopes to be able to drill a second exploration
well within 18 months or so. The company has reanalysed the results of
Nyuni-1, which suffered from inadequate flow rates, and come to the
conclusion that they are more encouraging than it had previously
thought. The source rock of the hydrocarbons that were encountered by
the well is now thought to be of Jurassic age, which indicates that
they may in fact be quite widespread, leaving open the possibility of
a substantial discovery in the area.

Despite the logistical difficulties of operating offshore Tanzania,
Hall feels that it is 'only a matter of time' before oil is discovered
there, in addition to the producing natural gas reserves that have
already been discovered in the vicinity by others. To this end, Aminex
will be shooting new seismic over the next few weeks in order to gain
a clearer understanding of the complex geology close to the site of
the Nyuni-1 well, which was drilled atop a tiny coral island in the
Indian Ocean. After interpretation, this should facilitate the
selection of a site for the second well.

The company also has a larger, onshore licence in Tanzania, for which
it is currently looking to bring in partners to help defray the
comparatively high expense of shooting seismic onshore, where
population and other obstacles pose problems not encountered offshore.
According to Hall, several established oil and gas firms may be
interested in a deal regarding shared exploration of this acreage.

Other Activities

Future involvement by Aminex is identified by Hall as a possibility in
Madagascar, Sudan, and in a cooperative venture with a company whose
technology liberates stranded natural gas, should suitable projects
become available.

Meanwhile, production is being largely maintained and some
expansionary investment made in Aminex's US interests, though there is
scant possibility of any extraordinary growth being derived from this
area of its business. The company's US operations provide a solid,
moderate revenue stream, but being in a mature hydrocarbon province do
not merit a core development focus when higher impact projects are
available.

From an Investment Perspective

Aminex has been devoid of the hype that has surrounded many companies
in the junior oil & gas sector in recent months, and ergo has been
much less affected by the recent share price boom, albeit followed by
a subsequent decline in many cases, that has been exhibited by others.

Indeed, lack of near term excitement has contributed to a significant
decline in Aminex's share price since October of last year, when it
stood at just over 17p shortly after the announcement that the 20 year
deal had been signed with the government of North Korea, and today the
shares are level at approximately 9p.

While the news that really gets the market excited, that of drilling,
is not due from Aminex until 2006, given the high prospectivity of its
ground in North Korea and Tanzania, and the likelihood that today's
prevailing buoyant oil price will remain so, at least in the medium
term, then in the same term, shares in the company may have a lot of
growth potential.

http://www.resourceinvestor.com/pebble.asp?relid=10516



http://www.kimsoft.com/korea/nk-oil.htm

North Korea has published three documents on its hydrocarbon reserves:

General Information on North Korean Oil Fields
East Sea (See of Japan) Reserves
West Sea (Yellow Sea) Reserves
These documents indicate oil reserves of 8-10 billion tons. This
information was released at Rajin-Sonbong seminars held in Japan and
reported by Sankei-Shinbun, a major Japanese newspaper. Jo-Chong-Ryon
(General Association of Koreans Resident in Japa n) has published a
lower figure of 6 billion tons.

A Japanese petroleum engineer has examined samples provided by North
Korea at a Rajin oilfield and determined the crude to be of high
grade. North Korea is looking to joint-venture with major oil
exploration companies to co-develop its hydrocarbon reserves as part
of the Rajin-Sonbong Free Trade Zone.

====================================================
http://www.rmfdevelopment.com/political/NorthKoreaOil.htm

North Korea has significant, but quite unmeasured reserves of offshore
oil. Many countries have lined up to help them extract it but little
oil drilling has yet to be done. The official DOE summary of North
Korean oil is probably out of date. The kimsoft.com estimate talks
about 10 billion tons. A ton contains 7.33 barrels of oil so 7.33 * 10
billion = 73 billion barrels. For a country about the size of
Pennsylvania, this counts as a lot.

====================================================

http://www.oilbarrel.com/home.html

Search news and articles on Aminex

15.06.2005
Pioneering Aminex Picks Its Spot In North Korea Where It Aims To Shoot
Seismic Later This Year
Aminex plc could be on the ground and shooting seismic in the
Democratic People's Republic of Korea as early as the end of this
year. The London and Dublin-listed company has submitted an
application for an exploration licence in the West Sea and hopes to
get approval in the next couple of months.

"We see it as an offshoot of the Bohai Bay in China, which has tens of
billions of barrels, so it's very prospective," said chief executive
Brian Hall. "The water depths are 50 to 80 metres, so it's nice
jack-up country, there are no terrible storm seasons and it's
reasonably good working conditions."

The signing of an exploration agreement with the secretive North
Korean regime - a member of US President George W Bush's infamous
"axis of evil" - will mark a real coup for the London-headquartered
oil junior. Hall reports that even the North Korean ambassador in
London is unsure how to respond when his foreign ministry asks why
Aminex is being afforded first-mover advantage and not a BP or Shell?
Hall told oilbarrel.com that he has advised the ambassador to ask
where were BP and Shell when the country was looking to develop its
oil industry?

That remark refers, of course, to the twenty-year petroleum agreement
between Aminex and the Democratic People's Republic of Korea, signed
in September 2004. That agreement aims to develop the impoverished
country's indigenous oil industry by drawing on the British firm's
technical and legal expertise. In return Aminex will receive a royalty
on hydrocarbons produced from any new drilling in the country and be
entitled to a carried interest in any new wells drilled by incoming
companies. Aminex was also granted the right to explore anywhere in
the country: it has picked the West Sea as its first choice. The
British firm later cemented its relationship with the DPRK by agreeing
to take a stake in Kobril, an international natural resource vehicle
controlled by the pariah regime.

Since then Aminex has worked hard to get to grips with the existing
seismic and well data covering the country and has helped draft a
model production sharing agreement.

"The PSA is simple and workable, about 20 pages long," said Hall.
"They've accepted it and the only changes now are cosmetic ones."

If Aminex's application for the West Sea acreage is accepted, then the
company will be the first to sign up to the new PSA terms. It would
hope to shoot seismic in the fourth quarter of this year, with
drilling pencilled in for the following year.

Aminex's survey of North Korea's prospective oil areas identified
three main basins: the West Sea, near China's Bohai Bay; the onshore
Pyongyang Basin, where there have been oil shows and surface seeps;
and the East Sea on the Japanese side.

"The East Sea has some quite interesting geology and, even though it's
1,200 miles away, it's not dissimilar to Sakhalin Island," commented
Hall, referring to the oil and gas rich Russian territory that has
attracted multi-billion dollar investments from the world's
supermajors. "It might be the longest shot but it might also be the
most interesting."

Elsewhere, the company is planning to shoot seismic over its acreage
in Tanzania in East Africa. The company will target the area near its
disappointing Nyuni-1 wildcat of 2004 and the acreage near to the
now-producing Songo Songo gas field. "It's almost unimaginable that
Songo Songo doesn't extend into our licence," said Hall. "We are going
to do a little bit of "closeology" and get in close to it."

The seismic shoot was due to be getting underway now but has been
delayed by the weather: it's now slated for the third or fourth
quarter. With two-and-a-half years left to run on its licence, and two
obligation wells still to drill, Aminex can't afford too many more
delays here.

The company's efforts in North Korea and Tanzania will be funded by a
6.6 million share placing now underway: the company has its
commitments from the institutions and the open offer to shareholders
closes on the 28th. Hall described this as a "vital shot in the arm".

Aminex is also set to enjoy a boost from its onshore Texan properties,
where the GU-35 well on the South Weslaco field recently hit
commercial amounts of gas. Aminex has a 25 per cent stake in the
project, which is operated by Stalker Energy. The well has yet to be
completed due to a shortage of completion units in the booming
resources sector of the Lone Star state but Aminex hopes to get it
completed by the end of the month. In total four development wells
will be drilled in Texas this year. This drilling programme should
replace the production lost by the disposal of the Vinton Dome
project, sold in December 2004 for US$5 million.

In the meantime, the company is keeping its eyes open for new
opportunities to add to its small but eclectic portfolio. It has
applications outstanding elsewhere in East Africa and is also keen on
Egypt.
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Cheers,
PM

How prospective does N.Korea sound after reading this ....


Shell to invest $ 400 mm in Chinas Bohai Sea
24-07-02 Shell Exploration China will invest a total of $ 400 mm to develop offshore blocks in China's Bohai Sea, according to a Shell official. He said Shell has decided to start joint development of Blocks 26-2/28 -1 and 13-1 with CNOOC Ltd. following the completion of a one-year geological study of the blocks this month.

Shell and CNOOC Ltd. have identified 600 mm to 700 mm barrels of proven oil reserves and 1 tcf of proven natural gas reserves in the two blocks, which cover a total of 329 sq km. The two blocks are located in water depths of 20-30 meters.
The two companies will supply about 0.4 bn cm of natural gas a year to eastern China's Shandong province when production starts at the blocks, which are located 100 km north of Longkou city in Shandong province. He declined to say when production will start, however. In July, Shell has started conducting 3-D seismic surveys in another block in the Bohai Sea.

The surveys will cover 1,100 sq km at Block 11/26 and will be completed by the end of this year. Block 11/26 covers 3,190 sq km in the southern half of the Bohai Sea. The company also plans to drill two appraisal wells at the block in the last quarter of next year.
According to the contract, CNOOC has the option to participate in development and production once Shell makes an oil and gas find of commercial value in Block 11/26.

North Korea offers to dump nuclear weapons if US normalises ties

http://sg.news.yahoo.com/050727/1/3ts1u.html

North Korea offered to dismantle its nuclear weapons if the United States normalises relations and pledges not to topple the regime on the second day of talks aimed at ending its atomic drive.

The Stalinist state said it was willing to allow any disposal of its weapons to be verified but did not say if this meant International Atomic Energy Agency (IAEA) inspectors could return to the country, according to a source.

The inspectors were thrown out of North Korea in December 2002 after the United States accused the North of running a uranium enrichment program, sparking the three-year standoff.

"In the word-for-word agreement, the DPRK pledges to liquidate its nuclear weapons and nuclear weapons program verifiably if the DPRK and the US normalise relations, build trust and remove the nuclear threat," North Korea's chief delegate Kim Kye-gwan told the talks, according to a source in attendance.

"In return, the United States vows to drop its policy to topple the DPRK system and vows to establish a legal and institutional system for peaceful coexistence," Kim said.

In a keynote address, Kim also spoke of how to compensate the North for economic loss caused by denuclearisation, said the source, who was talking to a small group of reporters.

The Democratic Peoples' Republic of Korea (DPRK) is the North's official name.

The North has long urged Washington to establish diplomatic relations and provide assurances of non-aggression if the deadlock is to be broken. While the US has said it recognises the North Korea's sovereignty and has no intention of attacking it, it has made no commitment to normalising relations.

Impoverished North Korea is anxious to normalise ties in order to access international funds and aid, such as loans from the World Bank, and aid from US allies such as South Korea and Japan, analysts said.

Establishing diplomatic relations with Washington could also signal a greenlight to foreign investors that they can safely pour money in the country.

So far, the main protaganists have adopted a less confrontational tone than in the previous three rounds and China is looking to build on the momentum of two lengthy bilateral contacts between North Korea and the United States.

Chief US envoy Christopher Hill told reporters late Tuesday he had "good discussions" with Kim on the first day of the talks that also involve China, Japan, Russia and South Korea.

"It was very businesslike. We avoided any rhetoric. It was an effort to get all the issues on the table, to make sure we know what is important to each of us, so it was positive in that sense," he said.

The two sides discussed the US proposal put forward in June 2004 that required North Korea to give an up-front pledge to dismantle all its plutonium- and uranium-based weapons programs before receiving any energy or other assistance.

North Korea at the time rejected the US offer and instead wanted a step-by-step approach to dismantling its atomic arms program. This remains a key sticking point.

In an effort to reach a breakthrough, South Korea has offered to provide the North with 500,000 tonnes of rice and some 2,000 megawatts of electricity if it abandons its nuclear ambitions.

Seoul further suggested Wednesday a joint communique should be issued at the conclusion of the talks.

In it, North Korea would pledge to dismantle its nuclear programs while the other nations would promise to normalise ties and offer security guarantees and economic cooperation, said a South Korean government official.

North Korea abandoned the six-party talks last year, complaining of a hostile US policy, and has since claimed it already possesses nuclear weapons.

But a softer US approach, coupled with a threat to take the issue to the United Nations, enticed it back to the negotiating table. Delegates at the talks say the atmosphere is much better than before.

S.Korea offers to trade electricity for nukes


Last Updated(Beijing Time):2005-07-13 09:38


South Korea is willing to provide electricity aid directly to the Democratic People's Republic of Korea (DPRK) if the latter agrees to drop its nuclear program, said South Korean Unification Minister Chung Dong-young on Tuesday.

In a televised press conference held on late Tuesday afternoon, Chung unveiled the main contents of the so-called "important proposal" that South Korea made to the DPRK at an inter-Korean vice-ministerial talks held in late May in an effort to help resolve the nuclear issue on the Korean peninsula.

Chung said if the DPRK agrees to dismantle its nuclear program,South Korea is willing to "provide 2 million kilowatt of electricity annually" to the DPRK by building inter-Korean borderpower line.

Coincidentally with the resolution of the nuclear issue on the Korean peninsula, South Korea will complete construction of the power line "in three years."

Chung told reporters he already explained the proposal to the DPRK's top leader Kim Jong Il when they met in Pyongyang in mid-June.

Local media also reported the US side gave positive reaction when Chung was in Washington to brief the US leadership of his meeting with Kim and the "important proposal" in early July.

In exchange for the power provision, the proposal calls for ending a suspended project to build two light-water reactors in the DPRK, Chung said.

Under a 1994 agreement with the United States, the DPRK was promised two light-water reactors in return for freezing its nuclear facilities. The Korean Peninsula Energy Development Organization (KEDO), a US-led consortium, had worked toward implementing the 4.6 billion-US-dollar project before suspending it in 2003 amid a tension over the nuclear issue on the Korean peninsula.

As a member of the KEDO, South Korea has invested 1.12 billion dollars into the suspended light reactor project.

"In case of the resumption of the light reactor project, it needs South Korea to spend an additional 2.4 billion dollars. The cost for our direct power supply plan will be less than that," Chung explained.

However, the South Korean proposal also raised concern that it will lead to shortage of power in South Korea. The envisioned supply is to reduce the peak-season power reserve rate of South Korea from the current 12 percent, or 6.67 million kilowatts, to around 8 percent.

Chung dismissed such concerns, insisting that the dedication ofadditional atomic power plants in South Korea in the coming years would help the nation maintain its current power reserve rate beyond 2008.

"As soon as the upcoming six-party talks in Beijing produce an agreement on the North (DPRK)'s dismantlement of its nuclear programs, South Korea will start construction of cross-border power line linking Gyeonggi Province's Yangju and the North Korean(DPRK) capital Pyongyang," Chung further explained.

Chung stressed that the timing for beginning of the power supply will be strictly linked to the DPRK's implementation of thenuclear dismantlement.

He estimated that the 200-kilometer-long power supply line between Yangju and Pyongyang would cost about 500 billion won (485million dollars), with an additional 1 trillion won (961.5 milliondollars) to be needed for the construction of power transformer facilities.

The South Korean minister also said there should be progress inthe fourth round of six-party talks.

In a meeting of the National Security Council (NSC) held earlier Tuesday which was presided over by South Korean President Roh Moo-hyun, participants agreed to disclose the content of the "important proposal," as the DPRK had already agreed to rejoin the six-party nuclear talks in the last week of July.

The recent nuclear issue on the Korean peninsula erupted in October 2002. In order to peacefully solve the nuclear issue, China, the DPRK, the United States, Russia, South Korea and Japan have convened three rounds of six-party nuclear talks in Beijing.

However, the fourth round of the multilateral talks failed to be convened as the DPRK refused to attend the talks, citing US hostile policy.

The DPRK announced it would suspend participation in the six-party nuclear talks indefinitely in February.

A recent remark made by the DPRK's top leader Kim Jong Il that "the DPRK is willing to rejoin the six-party talks even in July, if the US respects and recognizes it" brightened the outlook of the multilateral talks.