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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What a volume day today was.

Very high volume. Looking forward to next week........... :)

MACD just turning up, extreme volume, weight buys to sells average goes strongly positive.......

Songo Songo anyone ? Or, well, must be something apart from the Wilcox drill driving this..........



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A newer and more informative article on the goings on at Songo Songo/Orca etc...

Perhaps Orca or someone is interested not only in taking KEY's stake in the project, but whilst they are buying KEY's stake (which is up for sale), they are also looking at buying the Aminex stake as well ? That would be worth a considerable lump sum of money........... Might be worth a potential buyer looking at taking both KEY and AEX's share as opposed to just buying the KEY share.

Anyway, all very interesting, something appears to he happening behind the scenes and its far too early for the Wilcox to be the news.


http://www.ippmedia.com/frontend/index.php?l=18868

Songo-Songo - Dar natural gas pipeline for expansion
By The guardian reporter

17th July 2010

Capacity of the natural gas pipeline connecting Songo Songo gas fields to users in Dar es Salaam is to be expanded by about 40 per cent, the foreign company Orca Exploration Group has announced from Houston Texas this week.

Orca have cited the recent growth of gas markets in East Africa and potential demand from the electric power sector as driving the expansion project, describing midstream systems as the bottleneck to further development of the regions gas resources, the Oil and Gas Journal reported Tuesday.

Capacity of the current pipeline carrying Songo Songo gas to Dar es Salaam is 90 MMcfd. Pipeline owner Songas Ltd. plans to expand throughput to a peak of 140 MMcfd by January 2013. Orcas planned expansion would be required shortly afterwards, the company said.

Expansion would involve twinning the existing 207-km pipeline from Somanga Funga, where the marine pipeline from the offshore Songo Songo gas field makes landfall, to its terminus at Dar es Salaam.

Orca has undertaken preliminary engineering studies for the project and envisions future extension of the pipeline along the coast: north to Mombasa and south to Mtwara near the border with Mozambique and the 756 sq km Mnazi Bay gas discovery, operated by Maurel & Prom, Paris.

Orca Exploration Group announced July 13 the creation of EastCoast Transmission & Marketing as its new infrastructure division in Tanzania. ECTM will initially focus on expanding the onshore natural gas pipeline system transporting Songo Songo field gas to Dar es Salaam.

Orca intends to drill its Songo Songo West prospect in 2011, while ExxonMobil Exploration & Production Tanzania Ltd. agreed in March to take a 35% interest in deepwater Block 2 off Tanzania from operator Statoil Tanzania AS. A 3D seismic survey of the block was completed in February (OGJ Online, Mar. 31, 2010).

Maurel & Prom and Cove Energy PLC agreed to shoot 600 sq km of 3D seismic and drill two appraisal wells on the Mnazi Bay discovery in 2011.

The Mnazi Bay gas deposit lies on a block held by Oslo-listed Artumas Group Inc (AGIC.OL). Artumas estimates the gas potential at 3 trillion cubic feet.

At present natural gas from Mnazi Bay is used to generate about 12 MW of power, which is distributed in Mtwara.

Artumas Tanzania has put on hold plans for a 300 MW power plant due to the global economic crisis, which made it harder to access financing.

"The markets for natural gas are opening up in East Africa and there is significant potential demand from the power sector. However infrastructure remains a bottleneck that urgently needs to be addressed," said David Lyons, Orca's chairman and CEO in the statement.

Orca said it was discussing with potential pipeline expansion partners and was keen to have a significant East Africa finance component as part of the infrastructure project.

It added that cash flow from its operations in Tanzania and anticipated funding from the company's recently announced rights issue will also help finance the infrastructure project.

Demand for power is rising in east Africa's second largest economy and Tanzania is expected to save billions of dollars over the next 20 years using natural gas instead of oil imports.

Orca operates the Tanzanian project via its wholly-owned subsidiary PanAfrican Energy and in cooperation with power company Songas, a consortium including state-run Tanzania Petroleum Development Corporation and Bermuda-based Globeleq.

It supplies the gas to 35 industrial customers and for power generation for the national grid by Songas and state-run Tanzania Electric Supply Company.

The east African economy has proven natural gas deposits of about 3.3 trillion cubic feet and is trying to use it to blunt the effects of high international fuel prices.

Of course, you can always go back to this from June.


http://www.ft.com/cms/s/2/a5cec7d6-7aff-11df-8935-00144feabdc0,dwp_uuid=e8477cc4-c820-11db-b0dc-000b5df10621.html

.........Two other Tanzania-based players, Aminex and Orca Exploration, are also seen as attractive takeover targets in the short-to medium term. Again, both companies have neighboring assets.

Aminex was also pointed out by two bankers as a potential target. UK and Irish-listed Aminex has a current market cap in the range of GBP 30.95m, with a share price of around 7.50p. Its brokerages equity house, however, said the companys net asset value would be reflected in a 26p per share price.

In the next year, the company might need to look to raise funds for the development of its Ruvuma license in Tanzania, it was said. A farm-out agreement could be a logical option, it was added. The company could not be reached for an immediate comment.................

And a Wilcox strike would further improve the NAV to around 35p a share IMO.

Edit - Double post.

According to the FT its about Tanzanian gas approval. That would be a major event if it were to be the case.


From http://www.ft.com/cms/s/0/ebdcd912-9624-11df-96a2-00144feab49a.html?ftcamp=rss

"..........Aminex rose 11.4 per cent to 8p to amid hopes that it would soon gain consent from the Tanzanian government to begin production at its Kiliwani North gas discovery.........."

People are asking what is Tanzania gas worth ? To part answer that......

The 2 slides below are from a Bounty Oil Presentation. Remembering Bounty have 5% of Nyuni and Aminex have 50%, the 0.07A$ IEV value for Bounty's 5% would equate in Aminex terms to 57p a share for Aminex on the same IEV basis.

So in those terms, a few appraisal wells and potentially on an NAV basis Nyuni is worth up to 57p a share.

But in the shorter term its worth a lot of much needed cash flow should they be able to move to commercial sales on the gas already discovered.




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Excellent start to the week again, will we hit double figures today ?

Strong buying again.

On line limits strong. We could be moving up again more this afternoon.

Can sell Max 250K at above mid price (9.13p)

are you their house broker as no one seems to be following you!!??

cynic, who cares who is following me. I am happy to make money if others do not :) !

quite right too! ..... i get that feeling with WPP and even XEL

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this one doesn't tempt me ..... illiquid (batches of <2500 only) and MM stock .... God help you if all does not come up trumps as MMs have you by the balls

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cynic, its SETSMM, so you can easily place your own orders without MM's.

Buy and Sell presently you can deal in 250K lumps (thats 20K pounds) online.

Its also main market and not AIM, so you can ISA it.

oh - perhaps i misread L2 then

L2 showing 8.5 / 9.25


Actual on line you can

Sell Max 250K at 8.9p (above mid)

Buy Max 250K at 9.15p


Appears to be underlying buy orders to be filled, this appears just to be a consolidation period after the recent rises to get a few short terms to profit take and sell, IMO.