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

Alternatively, an investment in companies where the underlying resource may not be so popular now is another option. For example, .... Aminex (LSE: AEX) -- an oil exploration company. While attention is on Uranium, companies involved in other commodities may offer better value.

http://www.fool.co.uk/news/investing/investing-strategy/2006/12/18/the-folly-of-backing-yesterdays-winners.aspx

Indeed.

Aminex: No shortage of acreage
By: Edward Roberts

In the past few years majors have been slowly pulling out of the mature North Sea in an effort to seek big oil elsewhere. The reasonably new focus of the majors is offshore Africa in the hunt for elephant-sized oil fields. Its not just the majors that are hunting these elephant fields offshore Africa; they have been joined by some ambitious juniors such as Afren, Global Petroleum and Aminex.

The real focus of the company is onshore and offshore Africa, mainly Tanzania and Egypt. They have a number of interesting concession areas that have a good chance of containing large prospects. So far they have managed to get farm-in partners to carry most of the cost burden of seismic acquisition. Some of these wells will be approaching drill ready status; especially the onshore prospects, which are likely to be first of the exploration targets. Prospects in the range of 100mmbbls of oil are certainly in the company transforming bracket to AEX.

http://www.proactiveinvestors.co.uk/articles/article.asp?AEX

But AEX's chart is looking far from promising

.

The update certainly does not boost confidence in AEX, mentioning about delays and high costs. It is on a steep decline. SELL.

Oops...sliding

I've sold all my stock this morning and pleased to say I'm out while I have profits. Hindsight is always 20:20 but I should have sold that day they hit 50p.

This is not over yet.

Keep an eye, something in the wind I think!

Bit of press activity........

NKorea nuclear weapons capability poses 'threat' to Russia - negotiator UPDATE
AFX


(Updates with more info including negotiator saying NKorea may face tough steps)

MOSCOW (AFX) - North Korea's nuclear weapons capability poses a threat to Russian interests, Interfax news service cited Alexander Losyukov, the chief Russian negotiator at international talks with Pyongyang, as saying.

'If the absence of a nuclear weapon on the Korean peninsula is in our interests, and one of the countries located there declares that it has become a nuclear power, it means that our interests are put under threat,' Losyukov was quoted as saying.

He cautioned North Korea against a repeat of last October's atomic bomb test, saying: 'I think a very negative reaction would follow another test and that tougher measures would probably be taken.'

Losyukov, who is due in Beijing for six-nation talks on Feb 8 over North Korea's nuclear programme -- involving China, Japan, South and North Korea, Russia and the US -- said the process is not yielding the results the international community wants.

He said that although 'concrete' results are unlikely at the Beijing talks, 'it could be possible to lay out quite precisely the route toward achieving them.'

Losyukov said that both North Korea and the US, the two countries most at loggerheads, are 'now coming out with the biggest optimism.'

He added: 'I personally think that this (weapon) test very much complicated the situation in the region and set back the process of the six-sided talks. The result is that we lose time and the process of nuclearisation on the peninsula goes further.'

South Korea's negotiator to the six-nation talks, Deputy Minister Chun Young-Woo, is due to meet with Losyukov in Moscow tomorrow to discuss a 'road map' plan for resolving the standoff with North Korea, ITAR-TASS reported.

Russian Foreign Minister Sergei Lavrov has met his South Korean counterpart Song Min-Soon in Moscow to discuss 'resolving the nuclear problem on the Korean peninsula,' Interfax reported.

Farm out an interest in the Nyuni East Songo Songo licence ('Nyuni') to Key Petroleum

N.Korea seeks oil for halting nuclear reactor

Aminex PLC
05 March 2007

US ACTIVITY UPDATE

Aminex PLC, the oil and gas company listed in London and Dublin, offers the
following update on its US activities:


An independent report has now been finalised by Offshore Production Consultants Ltd. ('OPC') on oil and gas properties held by the Company's wholly-owned subsidiary Aminex USA, Inc. OPC is a recognised oil and gas reserves engineering firm based in London and Houston. The report is the first full re-evaluation of Aminex's US properties to be undertaken for three years and was commissioned by Aminex following participation in joint venture drilling at South Weslaco, Texas, engineering and enhancement work at the Shoats Creek field, Louisiana, and geological work in preparation for further drilling at Alta Loma, Texas. The re-evaluation reflects the effects of new drilling activity and a strong overall improvement in commodity prices.

Using a discount factor of 10% and commodity prices going forward from 2010 not exceeding $61.12/barrel for crude oil and $7.53/mcf for natural gas, the combined value of all the US properties for Proved and Probable (2P case) is $84,516,500.

http://www.investegate.co.uk/Article.aspx?id=200703050701432879S

From Davy Stockbrokers on 5th March - 50% upside and more:

http://www.rte.ie/business/2007/morningrep/download/0305davy.pdf

"OPC, an independent oil and gas engineering firm, has concluded from an analysis of Aminexs US interests that its net 2P reserves total 5.4 mmboe. This is more than double the number used in our valuation model and from which our NAV of 37p per share is derived. Aminex values its 2P reserves at $84m versus our valuation of $45m for all of its US assets (2P reserves + P3 resources).

Aminexs market cap is currently some 30m. Its valuation of its US reserves suggests that its market cap should be closer to 45m, even before adjusting for the price of an option on its exploration portfolio. This simple comparison suggests at least 50% upside in the current share price.

Drilling and 3D seismic acquisition is planned for Aminexs US properties over the coming months."

Aminex/Ndovu Resources completed the drilling of Nyuni 1 well in the Nyuni Licence and confirmed an active petroleum system in the area evidenced by gas and oil finds.

http://www.ippmedia.com/ipp/observer/2007/03/11/86093.html

Aminex (AEX)
20 March 2007

Preliminary results for the year ended 31 December 2006

Highlights


Net loss reduced to US$2.86 million (2005: loss US$4.98 million)

US production ahead of previous year

Active drilling programme due to commence shortly in Tanzania, Egypt
and USA

Up to date engineering evaluation shows major increase in 2P value
of US properties

Two farm-out agreements concluded on Nyuni licence, Tanzania

Slow but steady progress in North Korea

Seismic completed at Nyuni and further seismic planned for Ruvuma
licence this year

First year programme completed in Madagascar and new seismic planned for 2007



Brian Hall, Chief Executive of Aminex, said:

'During the year, we consolidated our exploration programme in Tanzania and Madagascar and made good progress in our other areas of operation. We are now poised to launch the most active drilling programme in Aminex's history. We have managed the programme in such a way that shareholders stand to benefit from exploration upside, without being unduly exposed to the outcome of any single well.'

http://www.investegate.co.uk/Article.aspx?id=200703200700352613T

21.03.2007
Aminex Pleases Investors With News Of Possible May Spud Date For Songo Songo South Well

Things often move slowly in the oil and gas business, particularly when equipment and personnel are scarce on the ground. Its only when a company publishes its full-year results that it becomes apparent that there has been plenty of work going on behind the scenes. This is the case with Aminex, which has spent the past year laying the ground work for what now promises to be its busiest drilling programme yet.

2006 saw the London-listed firm conclude two farm-out agreements on its acreage in Tanzania, undertake marine and transition zone seismic work in that country, complete seismic and seabed coring in Kenya, sink two successful gas wells on its properties in the US and complete its first year work commitments in Madagascar. This prosaic but useful activity has laid the groundwork for what really excites investors: drilling.

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1174442403&feed=oilbarrel_en

Aminex AEX
21 March 2007

NYUNI / EAST SONGO SONGO PRODUCTION SHARING AGREEMENT, TANZANIA - FARM-OUT

UPDATE

Aminex, the oil and gas company listed on the London and Irish Stock Exchanges, announces that its farm-out of a 20% interest in the Nyuni / East Songo Songo licence in Tanzania to Key Petroleum Ltd. ('Key'), announced to shareholders on 5 February 2007, has been finalised. The two outstanding conditions of the farm-out, being (1) completion of an underwriting agreement for a proposed financing by Key and (2) formal consent from the Government of Tanzania, have now been met.

Aminex also announces that East Africa Exploration has now completed its obligations under a seismic programme on the Nyuni / East Songo Songo PSA at a cost of $2 million and has now earned a 10% working interest in the PSA.

Interest owners are:

Ndovu Resources Ltd. (Aminex subsidiary) 64%

Bounty Oil 6%

Key Petroleum 20%

East Africa Exploration 10%

END

http://moneyam.uk-wire.com/cgi-bin/articles/200703210701073682T.html

Edison Investment Research
Apr 02 2007

Underpinned value

Despite a set of encouraging updates that preceeded the recent results announcement, Aminexs share price continues to fail to reflect the upside potential of its exploration acreage. Having spent 2006 laying the groundwork for an ambitious exploration programme, 2007 looks to be a high impact year for Aminex. Newsflow is expected from drilling programmes in East Africa, Egypt and the US. The current market capitalisation is more than covered by the value of the producing US assets.

http://www.edisoninvestmentresearch.co.uk/research/category/Aminex

Aminex (AEX)
03 April 2007

SIGNING OF RIG CONTRACT

Aminex PLC, the oil and gas company listed in London and Dublin, is pleased to announce that its wholly-owned Tanzanian subsidiary Ndovu Resources Ltd has signed a contract for the use of Maurel & Prom's Caroil-6 land drilling rig for use at Aminex's Nyuni / East Songo Songo licence.

This rig has recently drilled Maurel & Prom's gas discovery well at the nearby Mkuranga licence in Tanzania and will drill a development well in the Songo Songo gas field before delivery to Aminex and partners, anticipated for late May.
Aminex plans two wells at Nyuni, the first of which will be directionally
drilled from the small Killiwani island, which lies one kilometre to the SW of Songo Songo Island. The drilling objective is a prospect known as Songo Songo South.

Brian Hall, Chief Executive of Aminex, commented:

'Securing the Caroil-6 rig is an important milestone in our 2007 drilling
campaign. We are looking forward to commencing operations at Nyuni and will inform shareholders when there is further progress.'

http://www.investegate.co.uk/Article.aspx?id=200704031030022983U