Valentin Bodişteanu Director Valiexchimp, company that operates oil and gas fields in the south, says he knows nothing about a possible oil law. "Nobody asked my opinion, but I think we need more clarity in the field. We have shown that in the south of Moldova there are oil and gas reserves. But to make exploring the deeper and more extensive land is needed technologies and financial resources, "said the manager. Costs about 80 million dollars Previously, Valeriu Lazar claimed that the concession law examines two alternatives for the exploration and exploitation of energy resources in the Republic of Moldova. "The first would be to give the concession whole process, from exploration to extraction, and the second - to do research with its own forces and announce international tenders after we have concrete results," said Minister of Economy. According to preliminary estimates, prospects would need to initially spending 60-80 million dollars. Experts in the field say the country needs serious exploration to find out what resources hold. Especially since just a few kilometers away, in Vaslui in Romania, the U.S. giant Chevron wells installed first shale gas exploration. Also a map showing areas of interest in Eastern Europe appears Chevron South of Moldova. 10 million tons. These would be oil reserves in the basement of Moldova, according to estimates from the Soviet period.
In August, the British firm Canyon Oil and Gas Ltd. announced that it has two hydrocarbon blocks south of Moldova and plans to conduct exploration work of shale gas and oil through hydraulic fracturing. In a presentation on the company's website, people from Canyon claimed even that would work with the Ministry of Geology (which does not exist in Moldova) the preparation of a preliminary study for "a better understanding of the system of oil shale." It also said that the company would invest about one million only in activities in the south and should be obtained about 2,500 barrels of oil from a well, between February and August, at a net cost of $ 70 for barrel. Later some of the information has disappeared from the portal, and in September 2013 the company announced that Canyon Oil was taken over AMINEX Group Plc, working especially in Africa. Americans will land and prospecting license In early November 2013, already Steve Nicandros, president of oil company Frontera Resources, Houston, USA, has written to Prime Minister Leanca announcing about "intention to expand business in Moldova in the oil and gas" . It also refers to a promise that it would be done in 2011 former Prime Minister Vlad Filat on "providing a ground for exploration of oil and gas resources, and a license to work in the field", a promise that would be followed to be honored at the beginning of this year. However, they require an audience Nicandros chief executive, noting that such conduct in Georgia, Armenia, Ukraine and Azerbaijan. John Wheat, energy adviser to Prime Minister Leanca, told us that the application for the license and providing land for exploration can not be met because it lacks the necessary legal framework. "Unfortunately, the current Code contains specific provisions for underground quarries, not for oil and gas deposits. It should be a law to clearly stipulate the conditions under which land may be offered for exploration and what safeguards would get companies that would handle such an investigation, to recover investments, "said the councilor. We have an oil law Authorities have reactivated this year and a government working group coordinated by the Ministry of Environment, which had been created since 2012 to develop the necessary legislation on the exploitation of hydrocarbon deposits. Andrei Juraveli, director of the Agency for Geology and Mineral Resources, told us that he was already prepared a draft oil law, which is now at the stage of approval, after which it will be published for public discussion. "It contains provisions on how to be determined and allocated to oil exploration perimeters. The same conditions are stipulated and extraction licenses, "added the head of the agency. The official could not say when the project will be published and, especially, when it could be adopted.
If you're getting some XMas spirit in, look out for these excellent products! (yes I have a small number of shares in the company, but they really are excellent products, the picture is of my order that arrived today!)
Blavod Black Vodka Blackwoods Vintage Gin. Blackwoods Premium Nordic Botanical Vodka. Redleg Spiced Rum
At least they never gave the US assets away though, the US oil/gas market is pretty flooded at present so market rather flat. Aminex has very little debt for the assets held, so with production on the horizon we would be much better off leveraging against our gas sales agreement. Aminex management have been on the ground in Tanzania recently trying to push progress forward. Gas sales agreement, new debt facility and 2014 work programme all due soon.
same here, I always thought this will come very good. But lost bit of faith since AEX is unable to sell US assets. As I was of opinion that US money will enable to pay off loan and will help AEX to carry on seismic and finally farm out.
I try my best , but its been a very difficult few years . I have an almost deluded belief this will come good whilst fearing on occasions I could loose all . Obviously at current sp the market thinks there is very significant risk attached with a high probability of failure . the next few RNS,s could transform this and we will see a very rapped sp increase . Just need to bridge the gap until meaningful production starts then the future is assured . it feels so close but yet so far away .
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