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

North Korea is attracting more and more investors attention
UK group to launch $50m N Korea fund
http://news.ft.com/cms/s/eac2632a-22f3-11da-86cc-00000e2511c8.html
full article is available as subscription only

A London-based fund is offering adventurous investors the chance to participate in one of the last frontiers of global finance, through the soon-to-be launched $50m Chosun Development and Investment Fund dedicated to North Korea.
What does this say for AEX?

Kays Hi,

I saw another fund launched last week, although I don't remember if it was North or South related, they claimed it would offer huge growth better than many Asian countries ....

I wouldn't be too bothered either way by these funds, because the potential for AEX really is massive, we just need that non-nuclear proliferation treaty signed, do some seismic and drilling, get a few big oil companies as partners, and were made :)

Cheers,
PM

Hi Paul,

Precisely my point! Why invest in these so called funds when you can do your own research and invest in a company like AEX when you know rewards can be enormous.
The setting up of these funds basically means that the market is looking at the huge benefit N Korea has to offer.

I'm topping up again as we speak, nicely wrapped under the ISA umbrella.

How long are the talks starting today, expected to last?

Hi Paul - I do like your posting :-

" we JUST need that non nuclear proliferation treaty signed, DO some seismic AND drilling, GET a FEW big oil companies as partners , and were made"

No problems then - all by when ? - next Tuesday??

I do like this company - and I do like your research - and i do like optimism - but !!!

.......

Baza (tongue in cheek)

Baza Hi,

All that will be in place by end of next year :o)

Could make AEX a 1 year 10 bagger ....

Cheers,
PM

Reuters reporting....US delegate at 6 party talks dismessed NK's demands to be allowed a civilian atomic energy plan.....one of the most important elements is a very significant conventional energy proposal, which would get DPRK electricity at a very early date. South Korea has offered to supply the North with 2000 megawatts of electricity, roughly total north's power output, if it scraps nuclear plans. The talks are open-ended and Chung (S Korea minister) has said "we need to seize this historic opportunity"

Latest news from DPRK ....


Talks deadlocked on light water reactor
Sep 14, 2005, 17:42 GMT

BEIJING, China (UPI) -- The first full day of six party talks ended Wednesday with North Korea insisting on its right to nuclear energy and renewed demands for a light water reactor.

Early Wednesday state-run Chinese media gave its interpretation of the main participants` positions in the talks which resumed Tuesday after a break of nearly five weeks.

The China Daily said 'the Democratic People`s Republic of Korea regards peaceful nuclear activities as one of its rights, and a key sector for its economic development. The U.S. should reverse its insistence the DPRK give up all nuclear activities. The DPRK will never waive its right to conduct peaceful nuclear activities.'

The newspaper said the United States 'rejects Pyongyang`s insistence it can use nuclear energy for peaceful purposes. The DPRK must dismantle its nuclear weapons in a complete, verifiable and irreversible manner.'

It added that 'Pyongyang`s demand for a civilian reactor is not considered a major stumbling block' however this statement proved not to be the case after the first day of negotiations.

Top U.S. negotiator Christopher Hill told reporters late Wednesday that the day consisted of bilateral meetings with all the other delegations. He said the encounter with North Korea was lengthy, but one in which 'we did not make a lot of progress.'

'The DPRK is quite insistent that they want to include in the agreement a light water reactor,' Hill said. 'It`s very clear that they wanted to spend today as a sort of 'light water reactor day' I hope this does not become light water reactor week because there are not too many other ways I know how to say no,' he added.

The envoy noted the American position was based on a draft that the Chinese delegation had circulated a few days before the talks closed for recess in early August. 'The fourth draft does not discuss a light water reactor, so I spent a considerable amount of time explaining to the DPRK delegation that the U.S., nor any other participant in the six party process, is prepared to fund a light water reactor.'

Hill reiterated the proposals in the Chinese document: a conventional energy proposal, security guarantees, economic assistance, and recognition ideas for the establishment of relations. The envoy said he tried to make clear to his North Korean interlocutors 'this is a pretty comprehensive approach...I think it would be in the DPRK`s interest to study (the draft) hard and get a yes on it.'

'I have made it very clear, and I think the other delegates made it clear, that nobody is prepared to fund a light water reactor and they should rather focus on the elements that are on the table and understand that those elements would be very beneficial,' Hill said.

The six party talks are a diplomatic initiative sponsored and hosted by China involving the U.S., the two Koreas, Japan and Russia. Negotiations began in August 2003 with the aim of diffusing tensions arising out of North Korea`s development of nuclear weapon programs. Four previous rounds of discussions have failed to come up with a joint statement of principles on how to denuclearize the Korean peninsula.

:(

Don't be sad! Next week could easily bring a rise to the 20's. Small volume too.

Latest from Google:

China proposes new draft at North Korea talks
16 Sep 2005 08:58:04 GMT

Source: Reuters

Background CRISIS PROFILE: Death and displacement in Chechnya


MORE
BEIJING, Sept 16 (Reuters) - China proposed a revised draft statement to delegates at talks on North Korea's nuclear programmes on Friday and asked for a response before Saturday afternoon, a South Korean official said.

China made the proposal at a meeting of all the six countries at the talks, which group the two Koreas, the United States, Japan, Russia and host China. No details were available.

In four rounds of inconclusive negotiations that began in 2003, the parties have been unable to agree to any joint statement although they say they agree in principle to a nuclear-free Korean peninsula.

Signing any joint statement would be a seen as a breakthrough, but the session in Beijing that opened on Tuesday has seen sharp disagreement between North Korea and the United States over Pyongyang's demands for a civilian nuclear energy programme.

Is that whats depressing the share?

Rob Hi,

I think the RNS of a big shareholder having sold(2nd big seller in a short while) has pushed the price down, but they probably have very good reasons for cashing in, and nothing to do with the value of AEX, maybe the risk, but not the value.

It's risen very well from when I suggested buying at 7.875p, and no share goes up in a straight line. We all know what will happen when seismic is announced for Tanzania and DPRK, and then when drilling starts in Tanzania and especially DPRK.

This share has a long way to go, so don't go getting impatient :)

Stick them in the bottom drawer, set up RNS alerts to your e-mail, and just have a look when each one comes in :)

Cheers,
PM

Hi Rob,

Paul is right, two recent big shareholders sale and the fact no positive news from the six party talks has had some effect on the share price. I expect it to go down a bit on the short term. My original 100,000 purchase was at 8p. Since then I have topped up three times every time it drops a bit, last time unfortunately at 16p. I will be topping up again. Once we get some positive RNS on the six party talks or seismic results the SP will jump up. I am hoping this will be our SOCO. I never invested in SOCO, people who bought SOCO at 30p have become very.......very.....rich. Mind you, to make the same kind of money we will need to be very brave and have patience. To get there we will be going through some roller coaster rides. I am confident about Aminex potential, one day we will be congratulating each other on this board.

North Korea reject Chinas proposal.
http://abcnews.go.com/US/wireStory?id=1132301

MOSCOW (Reuters) - Russia's Interfax news agency quoted a North Korean source on Friday as saying China's draft declaration for talks on its nuclear program was unacceptable and "practically repeats the position of the United States."

More available on:
http://www.nytimes.com/2005/09/16/international/asia/16cnd-korea.html:

North Korea issued a strongly worded statement late in the day in which it insisted that it must receive a new light-water nuclear reactor before it abandons its nuclear weapons program, a sequence the United States has repeatedly dismissed as unacceptable.

"The U.S. is demanding that we give up our nuclear deterrent facilities first. I think this is such a nae request," the North Korea spokesman, Hyun Hak Bong, said, reading a prepared text. "Our response is: Don't even dream about it."

Mr. Hyun said North Korea requires nuclear weapons because it has to defend itself against the United States, which he said has targeted his country for a "pre-emptive strike."

Earlier in the day, after a series of meetings with the North Koreans and the Chinese, the chief American negotiator, Christopher Hill, sounded a more optimistic note. He suggested that China had pushed the North Koreans to soften their position. But he warned that the negotiations were so far inconclusive.

"At this point, I don't know where this will lead," Mr. Hill said. "We're still in business."

Mr. Hill declined to comment on the talks late today after he spent the evening on the phone with Washington.

Well as Mr Hill said "we are still in business" The only plus point as most commentators are saying is that they are still talking "recess" rather than termination. Much may depend on the language of the breakup.

Monday make-or-break day for North Korea talks
Mon Sep 19, 2005 12:07 AM IST

By Teruaki Ueno and Jack Kim

BEIJING (Reuters) - Monday loomed as make-or-break day in prolonged but still deadlocked North Korean nuclear talks after the top U.S. envoy said he would leave Beijing at the end of the day.

Parties at the talks involving the two Koreas, the United States, Japan, Russia and China have been poring over a draft statement presented by China on Sunday.

It was thought to recognise in principle North Korea's right to nuclear energy, a position that Washington, backed by Japan, has up to now been against.

Japanese chief negotiator Kenichiro Sasae said the delegates were studying the draft but he would not give details.

"I believe there is a possibility of reaching an agreement," he told reporters.

"Talks are in the direction of advancing now more than they were yesterday... The Chinese side presented a proposal in line with present views from each country and each country is studying it now."

U.S. chief negotiator Christopher Hill said he expected to fly home from Beijing after a full plenary meeting on Monday morning, yet still held out the possibility of an agreement.

"I can't say at this point how this is going to end up or whether we are optimistic or pessimistic, except to say that I don't think it is going to go much beyond tomorrow morning," he told reporters. "I know that I expect to be leaving tomorrow afternoon."

He described the China draft as an effort to bridge the differences over Communist North Korea, whose official name is the Democratic People's Republic of Korea (DPRK).

"I think it is a good deal for everybody, especially for the DPRK, which does have a long road to travel," Hill said.

WINDING DOWN

A State Department official in Washington said the current round of talks was nearly over. "I think it's winding down as it's not clear whether everyone will be able to agree," he said. "But we are giving it our best shot."

Three previous rounds and a marathon 13-day, fourth-round session have failed to breach an impasse in the crisis that erupted in October 2002 when the United States accused North Korea of possessing a clandestine nuclear programme in violation of international agreements.

North Korea denied the charge, threw out weapons inspectors and withdrew from the Non-Proliferation Treaty. This February it raised the stakes by saying it had nuclear weapons.

Failure to reach an agreement on dismantling North Korea's nuclear weapons programmes in exchange for aid and security guarantees could prompt Washington to take the issue to the U.N. Security Council and press for sanctions.

The North has said sanctions would be tantamount to war.

The latest session of the fourth round, which began last Tuesday, has been overshadowed by North Korea's demand for the right to a light-water nuclear reactor, a demand the United States has rejected.

South Korea, China and Russia appear open to the idea that in principle the North could have atomic energy under strict conditions and after it scraps its nuclear weapons.

North Korea has demanded that aid and security guarantees flow before it dismantles any of its nuclear programmes, but Washington, backed by Tokyo, wants it to verifiably dismantle first.

Not that N.Korea needs oil or anything .... LOL !


Indonesia: Oil Smugglers Buy Low And Sell High

On Aug 27, Indonesian Navy patrol boats cornered and detained a North Korean-flagged ship off the Riau Islands. The vessel, the Mount Tioman, with an Indonesian crew, was carrying more than 18,000 barrels of oil and sailing toward China when it was caught offloading some oil to several smaller vessels. Officials arrested the crews of the boats and confiscated the oil.

What was going on? Officials say the crew was breaking the law by exporting oil out of Indonesia -- one of the perverse consequences of Indonesia's heavy subsidies on petroleum products. Because of the subsidies, refined oil products are sold in Indonesia for about a quarter of international prices. Unleaded gasoline in Jakarta retails for just 25 U.S. cents a liter. "When you have such a huge price gap you leave the door open to arbitrage by oil smugglers," says Anton Gunawan, an economist at Citigroup (C ) in Jakarta. Smugglers can make huge profits by buying petroleum products locally and reselling them elsewhere in the region. In recent weeks nearly a dozen vessels carrying 80,000 barrels of gasoline and kerosene have been detained by Indonesian naval or police patrol boats, and nearly 100 crew members have been arrested. On Aug. 30 police also stopped several military trucks carrying gasoline to East Timor by land. Officials admit most of the smugglers get away scot-free. Indeed, there are charges that some of the profiteers are soldiers, police, and other government officials. In recent weeks seven employees of state oil company Pertamina have been detained for questioning in connection with smuggling. No charges have been filed.

Just how big is smuggling in Indonesia? Estimates vary, but industry insiders say more than 100,000 barrels a day escape the country. Asia's largest exporter of oil six years ago, Indonesia is now a net importer of oil. Production fell from 1.6 million barrels a day in 1998 to 970,000 last month even though the country has estimated reserves of 9 billion barrels.

Much of that imported oil leaves the country soon after it arrives. "The economy is growing at just over 5%, and yet oil consumption -- at a time when prices were rising -- rose 9% over the past year," says Michael Chambers, head of research at CLSA Emerging Markets in Jakarta. "My guess is that almost all the increase in consumption can be traced back to growth in smuggling."

Where is the oil going? Everywhere in Asia. At least half the boats detained in the past month were headed for China or North Korea. President Susilo Bambang Yudhoyono's government is cracking down on all forms of corruption. He has vowed to punish not just smugglers but military and other government personnel who collude with them.

Economists say there's a better solution. Given Indonesia's "17,000 islands, a huge coastline, and very little [police] resources, it is hard...to stop oil smugglers," says Fauzi Ichsan of Standard Chartered Bank in Jakarta. "The way to stop smuggling is to remove the root cause -- the huge subsidies." The government is moving in that direction, but slowly, to avoid social upheaval. That means smugglers are likely to keep smuggling.

N Korea 'to scrap nuclear arms':

http://news.bbc.co.uk/1/hi/world/asia-pacific/4259128.stm

North Korea has agreed to give up all nuclear arms and activities and rejoin the nuclear Non-Proliferation Treaty, according to negotiators in Beijing.
Pyongyang has also agreed to accept inspections by the UN nuclear watchdog.

In return, the US has declared that it has no intention of attacking North Korea and will respect its sovereignty.

The breakthrough came during a fourth round of six-party talks in Beijing aimed at ending a three-year standoff over North Korea's nuclear ambitions.

The six nations involved in the talks will discuss North Korea's request for a light water nuclear reactor at a later date, according to a joint statement.

"This is the most important result since the six-party talks started more than two years ago," said Wu Dawei, China's vice foreign minister.

'Right to energy'

The North "promised to drop all nuclear weapons and current nuclear programmes and to get back to the Non-Proliferation Treaty as soon as possible and to accept inspections" by the International Atomic Energy Agency, the statement said, quoted by the Associated Press.

"The United States affirmed that it has no nuclear weapons on the Korean Peninsula and has no intention to attack or invade (North Korea) with nuclear or conventional weapons."

North Korea "stated that it has the right to peaceful uses of nuclear energy", the statement said, for which the other nations "expressed their respect".

The deal included offers of energy aid to North Korea, and "economic co-operation in the fields of energy, trade and investment".

The statement said the US and North Korea, which President George W Bush included in his "axis of evil", would work to normalise relations over time.

The BBC's Charles Scanlon in Seoul says the statement appears to be a significant step forward in principle, but it is in its implementation that difficulties may arise.

The six parties - North and South Korea, the US, China, Japan and Russia - agreed to meet for a further round of talks in early November in Beijing.

Bema Hi,

Great news, thanks :)

Watch AEX go now !

Cheers,
PM

Buyers back in numbers..........

Again thank you for the work you have put in Paul, I have never been better informed.