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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OPERATIONS as at 27th Sept 2007


Tanzania - Nyuni/East Songo-Songo PSA

Delays in delivery of the Caroil-6 due to mechanical problems have set back our
drilling project at Nyuni by over three months but we currently anticipate the
rig will be ready for hand over to us in mid-October. All other materials and
services are in place for spudding Kiliwani-1 as soon as the rig has been
mobilised to our site, on the small island of Kiliwani about one kilometre south
of Songo-Songo island. The second well is due to be drilled at a location known
as Kiliwani North but we are keeping our options open as we have yet to test the
capabilities of the Caroil-6 rig in its upgraded state.

Partners in this licence are now Ndovu Resources Ltd. (wholly-owned Aminex
subsidiary) 39%, RAK Gas Commission 25%, Key Petroleum Ltd. 20%, East Africa Exploration Ltd. 10% and Bounty Oil & Gas Ltd. 6%. RAK Gas and Key Petroleum farmed into the licence during the period and East Africa Exploration has acquired its interest through funding seismic acquisition. Farm-out talks with
Orca Exploration (formerly East Coast Energy) announced some time back have not been concluded. Aminex operates this PSA.

Tanzania - Ruvuma

The Ruvuma PSA comprises two licences known as Lindi and Mtwara, jointly
covering approximately 12,000 square kilometres and split 80% onshore and 20%
offshore. Marine 2D seismic has already been carried out in late 2005 and
acquisition of approximately 400 kms of new onshore seismic is currently in
progress and being carried out by BGP of China. Results of the seismic will
determine drilling locations and two wells are currently planned for 2008,
possibly stretching into 2009. Several sizeable oil and gas prospects have
already been identified and Aminex regards the Ruvuma PSA as a key part of its
East African exploration portfolio. Partners in Ruvuma are Ndovu Resources Ltd.
(wholly-owned Aminex subsidiary) 50% and Tullow Oil 50%. Aminex operates this
PSA.

Madagascar - Manja

The Manja PSA, Block 3108, covers 10,750 square kilometres onshore Madagascar and adjoins the southerly part of the island's western shore line. Although close to the coast, Manja is remote and access is difficult. Furthermore our licence is in an area of environmental sensitivity and great care is needed
during operations. Six wells have been drilled on Manja in the past including a
well which flowed gas in the 1950's but which was never developed for prevailing
economic reasons at that time. Acquisition of approximately 500 kms of new
onshore seismic is currently being carried out by BGP of China. Results of this
seismic will determine whether the licence is extended into a second period at
the end of this year, in which case there will be an obligation to drill one
exploration well before end 2009. The licence holder in Manja is Amicoh
Resources Ltd., a joint venture company owned 50-50 by Aminex and Mocoh
Resources Ltd. Aminex operates this PSA on behalf of Amicoh Resources Ltd.

Egypt - WEEM

Drilling is due to commence on the West esh el Mellahah Block 2 ("WEEM") permit in the onshore Gulf of Suez region of Egypt in November. WEEM contains numerous prospects including some which adjoin Lukoil's significant oil production on WEEM Block 1. The main prospects are defined by 3D seismic. Partners in WEEM are First Energy, Sinopex, Groundstar Resources, FS International and Aminex. Aminex has a carried interest in drilling until first commercial production.
Aminex is the operator of record and day to day operations are shared with
Sinopex.

North Korea - DPRK

Aminex has a 20 year Petroleum Agreement with the government of North Korea or " DPRK" which became effective in 2004. There has only been very limited activity in DPRK during the period under review as the country has experienced some major political changes which appear to have resulted in an accord with the USA and a treaty to dismantle nuclear weapons-building capability in return for economic support from foreign powers. Aminex's principal area of interest is now the East Sea where we believe the exploration potential to be high. It is our
intention to finalise a new PSA for the East Sea and to introduce industry
partners for a major exploration initiative. However, clearly we need to be
sure that the political environment is stable and that treaties currently being
negotiated are firmly concluded before embarking on such a significant project.

Kenya

After a number of setbacks negotiations are now at an advanced stage on a PSA
for near-shore blocks L17 and L18.

USA

Aminex USA, Inc. operates or participates in four main areas, being (1) the
Somerset leases in Texas which provide stable income from stripper production
but with only limited upside, (2) the South Weslaco gas field in Texas where a
drilling programme is in progress, (3) the Alta Loma lease in Texas where a deep
exploration well is planned and (4) the producing Shoats Creek field in
Louisiana which is thought to have considerable potential for further
development.

Aminex and partners have now drilled three wells at South Weslaco and the third,
known as GU#37, was drilled some time ago but has only now been completed for
production. This well was drilled to a greater depth than the earlier ones to
test a deeper and potentially more prolific zone in the Frio sand. The well
encountered multiple gas bearing sands in both shallower and deeper horizons but
the deeper zone proved very hard to make flow. Had the deeper zone been plugged off and abandoned gas could have been produced from the shallower horizons but we would then have been unable to return to the deeper zone in the future. Accordingly we have persevered with the deeper zone, finally taking the risk of a powerful fracture of the deep formation. This has paid off and the well is
now producing gas and has proved up the potential of the deeper zone. The
reserves in this well were not included in a reserves report published earlier
this year which valued our US properties at over $84 million.

At Alta Loma a deep gas exploration well is expected to commence in early 2008,
adjacent to but separate from Aminex's existing gas well on the property. The
operator of these leases is Peoples Energy which has recently been acquired by
El Paso Corporation. The process of the sale of Peoples Energy has served to
slow down progress but we are confident that the arrival of El Paso will now
accelerate this project.

At Shoats Creek Forest Oil is conducting a survey over our leases and the
adjacent area and we will be entitled to receive their data on our properties so
that, for the first time, we shall have a clear picture of this field which we
believe to have great potential but which has always been hard to understand.
The survey has been temporarily delayed by rains and flooding but is due to
recommence shortly.

North Korea Information :

Presentation in PDF format : http://www.aminex-plc.com/Resources/c_DPRK_Summary.pdf

North Korea

In 2004, Aminex signed an exclusive 20-year Petroleum Agreement for co-operation with the Government of North Korea or DPRK (Democratic Peoples Republic of Korea) in all the countrys onshore and offshore potentially hydrocarbon-bearing basins.

Under the terms of this agreement Aminex has first right to select areas for exploration and additionally will be entitled to receive royalty and earn carried working interest on licences awarded to other foreign companies. In return, Aminex provides wide-ranging technical and commercial services to the DPRK.

In January 2005 Aminex signed a further agreement in the DPRK to acquire 10% of Kobril Ltd in exchange for the issue of new Aminex shares, a resources arm of the DPRK government.

In August 2005, Aminex signed a Production Sharing Agreement with the authorities of DPRK covering approximately 66,000 sq km.

Aminex is currently reprocessing existing data and preparing to acquire new 2D and 3D seismic.

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http://www.investegate.co.uk/article.aspx?id=200508040700037105P

Aminex PLC
04 August 2005

AMINEX PLC ('the Company')

Signing of Production Sharing Agreement in North Korea

Aminex PLC today announces that The Company and its wholly-owned subsidiary
Korex Ltd. (together 'Aminex') have signed a formal Production Sharing Agreement
('PSA') with the authorities in the Democratic Peoples Republic of Korea ('DPRK
') covering the West Sea offshore basin, a part of the East Sea offshore basin,
the onshore Anju basin, the onshore Jaeryong basin and the onshore Pyongyang
basin. The total area of the PSA is approximately 66,000 square kilometres and
includes the greater part of the country's onshore and offshore territory
considered prospective for oil and gas.

The term of the PSA is nine years divided into three periods of three years
each. The structure which has been negotiated is intended to provide a fair
return to both the host government and to the contractor, generally in line with
a well-established international format. The work obligation in the first
period consists of new seismic acquisition and one new exploration well.

Aminex announced an exclusive twenty-year Petroleum Agreement with the DPRK in September 2004 under which it undertook to carry out certain work and provide technical assistance aimed at advancing petroleum exploration in the country. This is now well-advanced and Aminex, together with Korean specialists, has made rapid progress during 2004/5 in extensively analysing existing technical data.

In exchange for carrying out this work, Aminex received (1) rights to a royalty
on hydrocarbons to be produced from any new drilling in the country by third
parties (2) entitlement to a carried interest in any new wells drilled by other
incoming companies and (3) prior rights to apply for specific licences and
explore in its own name anywhere in the contract area.

By signing the PSA Aminex has now exercised these prior rights over most of the
contract area and will now commence a full exploration programme, including
conducting new seismic surveys and exploration drilling.

The Aminex PSA, which is made under Swiss law, is far more comprehensive than
any other exploration agreement previously signed in DPRK and is an important
step for Aminex and for the exciting oil and gas potential of the country.
Intermittent exploration has taken place over a thirty-year period and oil has
already been discovered in the West Sea but never exploited due to lack of
resources. The West Sea basin is adjacent to and thought to be an analogue of
Bohai Bay, China's largest indigenous source of oil and gas and the scene of
recent major discoveries.

The strategic area covered by the PSA is very large and offers the potential for
high-impact petroleum exploration. With the PSA in place Aminex will commence
new seismic surveys shortly.

Brian Hall, Chief Executive of Aminex, commented
'The agreement is the culmination of our work since we signed a Petroleum
Agreement last year for cooperation with the DPRK. This extensive PSA of 66,000
square kilometres includes several distinct basins and presents a rare
opportunity for an independent company to gain exclusive access to a potentially
important new petroleum province. The proceeds of a recent successful share
placing and open offer to existing shareholders will be partly used in the
initial work envisaged by the PSA'.


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http://www.investegate.co.uk/Article.aspx?id=200501050700090021H

Aminex PLC
05 January 2005

Acquisition of Interest in North Korean Natural Resources Vehicle

Aminex PLC today announces that it has signed a share exchange agreement to
acquire 10% of the issued share capital of Kobril Ltd. ('Kobril'), an
international company controlled by the authorities of the Democratic Peoples
Republic of Korea ('DPRK').

Under the Agreement, Aminex will receive 10 shares, being 10% of the issued
share capital of Kobril, and Kobril will receive new shares in Aminex to the
value of 200,000 payable in two instalments, together with a 5% net revenue
interest in Aminex's future earnings from oil and gas discoveries in the DPRK.
The first instalment of 833,333 shares, worth 100,000 at a price of 12 pence,
will be issued immediately. The second instalment, also worth 100,000, will be
issued upon the earlier of (1) the signing of a licence or production sharing
agreement between Aminex and the Government of DPRK for a specific block or
blocks within DPRK jurisdiction or (2) the signing of a licence or production
sharing agreement between another oil company or joint venture and the DPRK for
a specific licence in which Aminex will be entitled to benefit from a royalty or
carried working interest under the terms of the Petroleum Agreement signed
earlier this year. The second instalment of shares will be issued at the market
price of the Company's shares at the time of issue. Aminex may elect to pay the
second instalment in cash rather than through issue of further shares.

Aminex has therefore today made application to the Irish Stock Exchange and to
the UK Listing Authority for 833,333 Ordinary Shares of nominal value 0.06 each
in the capital of Aminex to be admitted to the Official List of the Irish Stock
Exchange and to the Official List of the Listing Authority and application has
also been made to the London Stock Exchange for these shares to be admitted to
trading. Such admission is expected to become effective and dealings to
commence in these Shares at the start of business on 11 January 2005.

Kobril has been specifically set up by the DPRK, under power of attorney from
the DPRK cabinet, as its vehicle for international co-operation in the
development of many areas of natural resources, including not only oil and gas
but also gold, coal, iron ore and coal-bed methane. Kobril is already one of
the parties to the twenty-year Petroleum Agreement between Aminex and the DPRK, which was announced on 20 September 2004.

Brian Hall, Chief Executive of Aminex, said:

'This agreement cements our excellent and constructive relations with the DPRK
and represents a broadening of our existing advisory role in connection with the
creation of an international petroleum law for the country.

It also gives Aminex access to involvement in and the benefits from a broader
base of the DPRK's potential natural resources.'

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http://www.ft.com/cms/s/0/bad53dba-5f88-11d9-8cca-00000e2511c8.html

Aminex in North Korea deal By Rebecca Bream

Published: January 6 2005 02:00 | Last updated: January 6 2005 02:00

Aminex, the oil and gas exploration company, has agreed to buy 10 per cent of Kobril, North Korea's state-controlled natural resources company.

The deal marks a rare foray for a western business into the reclusive communist regime and reflects the country's growing desire to develop its oil, gas and mining assets.

For its 10 per cent stake in Kobril, Aminex said it had agreed to pay new shares worth 200,000 to the North Korean government. Aminex would also pay a 5 per cent royalty on revenues from future oil and gas discoveries in the country.

The first tranche of shares, worth 100,000, would be issued immediately at 12p each, Aminex said. The second 100,000 instalment, to be paid in cash or shares, would be issued after a licence or production sharing agreement is signed.

Aminex said Kobril was North Korea's "vehicle for international co-operation in the development of many areas of natural resources, including not only oil and gas but also gold, coal, iron ore and coal-bed methane".

Brian Hall, chief executive of Aminex, said: "This agreement cements our excellent and constructive relations with the Democratic People's Republic of Korea and represents a broadening of our existing advisory role in connection with the creation of an international petroleum law for the country."

In September, Aminex signed a 20-year contract to help develop North Korea's oil industry and modernise its ageing petroleum assets.

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http://news.bbc.co.uk/2/hi/business/3672282.stm

http://www.oilvoice.com/Aminex_Sign_Production_Sharing_Agreement_in_North_Korea/4271.htm

http://www.independent.ie/business/irish/aminex-wins-on-north-korean-deal-243895.html

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http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1190944807&feed=oilbarrel_en&searchterm=aminex

28.09.2007

After Months Of Preparation, Farm-Outs And Frustrating Delays, Aminex Prepares To Excite Investors With Flurry Of Drilling News

There was not much to provoke excitement in Aminexs interim results announcement: that comes later. The first half numbers were pretty much flat year-on-year, with revenues up 14 per cent on the prior year period at US$2.9 million and the net loss edging a little deeper to US$1.6 million. The main activities over the six month period involved fundraising, with a rights issue and institutional placing raising US$29 million, the conclusion of farm-out agreements in Tanzania and some seismic activity in Tanzania and Madagascar. Not much there to get investors hot under the collar.

That looks set to change next month, when the Kiliwani-1 exploration well is due to sink in Tanzania. This will be followed by a second well, Kiliwani North, while November will see the drilling of the first of three wells on the West esh el Mellahah concession in Egypt. Chairman Brian Hall said the coming months will be of great significance in the company's development.

The second half of the year has already yielded some good news for investors, with the South Weslaco GU-37 gas well in Texas now on production from a deep zone. Compared to wildcatting in the exploration frontiers of East Africa, this is pretty staid stuff but increased production and reserves from these onshore properties will certainly help Aminexs case when it comes to raising additional funds for its exploration campaigns in Africa and the Far East.

The South Weslaco GU-37 is the third well drilled by Aminex and its partners on the field and it was drilled deeper than its predecessors. Although drilled some time ago, the well has only now been completed for production as the joint venture struggled to bring the deeper, and potentially more prolific zone into production. The partners took a risk with a powerful fracture of the deep formation, which has paid off with the well flowing over 2.5 million cubic feet per day on test and now in production through a temporary restricted choke at a rate of 1 million cf/d. This is good news for Aminex, which has a 25 per cent interest in the field, as it bulks up the cash flows, opens up the potential of the deeper zones on the field and should lead to a reserves upgrade.

But the big excitement in the Aminex portfolio lies in Tanzania, where the long-awaited follow-up to the companys Nyuni-1 exploration well of 2003/4 itself the first well in Tanzania for over a decade - is set to sink next month. The well will be drilled from the small island of Kiliwani, about 1 km south of Songo-Songo island (home of the producing Songo Songo gas field). Kiliwani-1 will be followed by a well on the Kiliwani North prospect (although this may change pending rig performance). Aminex has a 39 per cent interest in the project.

November will see the first of three planned wells on the West esh el Mellahah (WEEM) Block 2 permit in the onshore Gulf of Suez region. There are a number of prospects here, some of which adjoin Lukoil's producing oilfields in WEEM Block 1. In the event of a successful oil strike, this could add up to a very nice development project, particularly as Aminexs costs are fully carried through to first production.

Looking further ahead, 2008 will see drilling on the companys Alta Loma property in the US, with a deep gas exploration well scheduled for early in the year. And in southern Tanzania, the company holds the Lindi and Mtwara, collectively known as the Ruvuma PSA and covering 12,000 sq km of the onshore and offshore areas near the border with Mozambique, where 400 km of new onshore seismic is now being acquired. This will help determine the locations for two wells planned for 2008/9, designed to test several sizeable oil and gas prospects. Aminex has a 50 per cent interest in the Ruvuma PSA, along with East African hotshot Tullow Oil.

In Madagascar, the company holds the 10,750 sq km Manja PSA, where 500 km of new seismic is being shot. This will be used to determine whether to extend the licence into the next exploration period a decision is due by year-end. This is considered prospective acreage but it is remote and environmentally sensitive place to work Aminex is well used to these kinds of issues from its years of work in Tanzania but is also aware that such issues can also create long, and usually costly, lead-times before drilling work can get underway.

And over the long-term, there is North Korea, where the company has a 20-year exploration agreement covering the bulk of the on and offshore sedimentary basins. This gives Aminex real first-mover advantage in a massive yet little-drilled area of the world but investors should ascribe it little value until such time as the political situation improves.

For the coming months, the focus is going to be firmly on Tanzania, with some attention going to Egypt, as the drillbit provides the white-knuckle thrills that attract investors to Aminex."

I made a nice sum on the last ride up to near 50p, perhaps it's time to be getting back in especially with potential NK developments.

The big one coming up is the Tanzania drill and also Egypt, all in the coming couple of months, although NK and positive sentiment there will not do any harm.

And just in case anyone is questioning, then AEX is fully listed, and so can be put into an ISA. (Its not an AIM stock, its got a full listing)

For the record this was the Shares Mag comment from late August :

Aminex (AEX:AIM) 19.75p

Market Cap: 47.8 million

3-month relative strength: -4.6%, 1-year relative strength: -32.8%

The firms position is supported by its production in the US and it has and the exclusive rights to drill in North Korea. However, of potentially more interest are its plays in East Africa. The management has good experience in the region and the assets are not insignificant. With the area around Tanzania becoming increasingly attractive to the majors, if Aminex is successful with its current drilling programme there is potential for a farm-in with a much larger operator. Edison Investment Research believe that Aminex is already operating at a discount to its NAV, even if its exploration upside is ignored.

The current share price is certainly covered by the US assets. The drilling programme in Africa is of huge potential for the relatively near future. On top of this the apparent thaw in relations between North Korea and the rest of the world could add further huge potential to the share price.

The current share price appears to have Africa and North Korea in for nothing.

And this was the May 2007 Edison comment (when the SP was 23.8p) :


Investment summary: Eastern promise

On 15 May, Aminex announced an intended placing and rights issue to raise a total of 16.8m gross. The fundraising is subject to an EGM in June. On the same day. the company also reported that it had signed a 25% farm out of its Nyuni licence (Offshore Tanzania) to UAE-based Rakgas. We feel that the high level of exploration activity in Tanzania, reduced cost exposure associated with the farm-down, and the near-term commitment to drill makes for an exciting investment opportunity.

Big potential attracts the Majors

Of the 100 new licences granted in Sub-Saharan Africa in 2006, eight were in Tanzania. The only countries that saw a larger uptake of new acreage were the established producing areas of Nigeria (16) and Angola (10). The presence of companies such as Statoil, Shell, Total and Petrobras adds further weight to the view that East Africa and Tanzania, in particular, are seen as having significant exploration potential. If Aminex's current drilling programme proves successful it may provide an opportunity for attractive farm in deals with significantly larger operators.

An opportune proposition

An area seen by the Majors as having high impact potential, a farm-down to reduce the cost exposure of drilling and a commitment to explore in the near term all bode well when analysing the potential for upside in any oil and gas project. With an attractive opportunity identified and a clear plan for "proving up" reserves, the fundraising provides investors with a good balance between exploration risk and an opportunity to quickly achieve high returns on the back of a successful 2007 drilling campaign.

Valuation: Discount to market cap

Our current valuation based on Aminex's US production suggests a NAV of 47.4m, representing a c.7p premium on the current market cap. As per Edison policy, we have placed no value on the exploration assets, but do suggest that opportunities with the potential to make significant immediate returns on E&P projects are at a premium.

Latest operations update and detail in post 2 now.

Moving up nicely this morning.

L2 all blue and 1 v 1 @22.25/22.5

North Korea oil exploration still an idea - Seoul
Mon Oct 8, 2007 8:34am BST
By Yoo Choonsik

It said an Irish company obtained the right to produce and distribute oil in North Korea in 2005, including sea territories, but has not released any achievement since. It named the company as Aminex but did not provide further information on the company.

Aminex's Web site shows it is an upstream oil and gas firm listed on the London and Irish stock exchanges, which has operated internationally since 1991, and has produced oil and gas in the United States, with ongoing exploration works in Tanzania, North Korea, Madagascar Egypt and Kenya

http://uk.reuters.com/article/oilRpt/idUKSEO15687320071008

Nice to see that mention NabCom, will make Aminex known to a wider audience.

Nice rise (so far) today.

With the drilling programme in Africa scheduled over the next few months this could be quite a lively minnow !!!

Well, Tanzania drill one might happen late this month (or early next) and Egypt planned for November start, certainly is going to be lively.

Still looking lively. Underlying production and other assets should see this at around 30p levels..........and from there the drilling can give significant upside.

Whilst it remains below 30p, it remains undervalued presently, pending potential upside from three coming drills.

On the move again.

250K MM buy in there just now.

Another decent day, and another step towards 30p, which is fair value if you take exploration potential as nothing.............in other words 30p is still cheap imv.