30.05.13 - ... received a letter of consent from Tanzanian Petroleum Development Corporation ("TPDC"), the state oil company of Tanzania, permitting it to vary the terms of its Ruvuma Production Sharing Agreement ('PSA'). This variation will allow drilling which is due to be completed in the current first extension period, expiring later this year, to be deferred until the second extension period which expires in late 2016. 08.07.13 - ... pleased to announce that its application for an Appraisal Licence at its Ntorya-1 discovery well in Tanzania has been approved for gazettal by the Tanzanian authorities. The appraisal programme will comprise a further seismic survey to delineate the extent of the Ntorya discovery and drilling of an appraisal well and the Appraisal Licence area consists of nine contiguous five minute by five minute graticular blocks around the Ntorya-1 discovery from a total of 72 blocks in the PSA area. The Appraisal Licence is granted for a period of two years with options to extend at the discretion of the Minister for Energy & Minerals. 19.08.13 - An appraisal licence (or "Location") was issued by the Tanzanian Government for the Ntorya gas discovery, as announced on 8 July, and has been formally gazetted. This 760km² licence will require the acquisition of additional seismic data, planned for later in 2013, prior to appraisal drilling. Once appraisal is complete, a development plan will be prepared prior to negotiating a long-term development licence. Exploration drilling must be completed by late 2016 when the remainder of the PSA, outside designated appraisal, development or production licences, is due to be relinquished. 29.08.13 - Exploration drilling must be completed by late 2016 when the remainder of the PSA, outside designated appraisal, development or production licences, is due to be relinquished. 03.02.14 - Aminex PLC ("Aminex" or the "Company") is pleased to announce that a formal Addendum to the Ruvuma Production Sharing Agreement has been signed with the Tanzanian Minister of Energy and Mines. The Addendum allows for the remaining obligations under the First Extension Period to be completed in the Second Extension Period, as previously announced by the company on 30 May 2013. The amended agreement requires four wells to be drilled by the end of 2016. In conjunction with the amended obligations to the Ruvuma PSA, the Company has granted TPDC (Tanzanian Petroleum Development Corporation) and the Government certain securities over Kiliwani North Development Licence on a sliding scale basis. As each of the wells is drilled the security reduces and when all four wells are drilled the Government and TPDC will no longer have any further security over the Kiliwani North Development Licence.
29.08.13 - Also in August 2013 in Dar es Salaam we were in intensive gas sales negotiations with the Tanzanian Petroleum Development Corporation ('TPDC') which are expected to reach a satisfactory conclusion in the near future. Detailed gas sales negotiations and engineering co-operation meetings are currently in progress with the Tanzanian Petroleum Development Corporation which will manage the new pipeline and the Company is confident that fair and economically viable terms, together with a reliable delivery mechanism to market, will be established in the near future. 31.10.13 - Aminex PLC ("Aminex" or the "Company") announces that gas sales negotiations between its Tanzanian subsidiary Ndovu Resources Ltd. ("Ndovu") and the Tanzanian Petroleum Development Corporation ('TPDC') for its Kiliwani North Field in Tanzania are at an advanced stage and expected to be concluded prior to year end. 12.11.14 - The Company is also pleased to report that a Gas Sales Agreement is largely complete for KNDL, with no further negotiations expected, and is currently awaiting final approval from TPDC and the Ministry of Energy. 17.12.14 - Construction of a 2 km pipeline from the KN1 wellhead to the new Songo Songo processing plant is expected to be completed by the end of this month. The Company is also pleased to report that a Gas Sales Agreement for KNDL is expected to be completed prior to the commissioning of the 2 km pipeline and the Songo Songo processing plant in early 2015.
Good post joe. Some people need a reality check. While the future for aex does look good the very nature of penny oil and gas shares can be unpredictable to say the least. I am not that heavily invested here compared to some but everything is relative. I intend to hold on with everything crossed until 8-10p.
Joe, thanks for your words of wisdom,yes I know the risks and have many fingers in many pies, this here at AEX is the icing on the cake (I trust) . Maybe my exposer here is high but I am well covered and as always if it does go belly up, so be it it wont crash me, buy the way last time I looked it.s guy
I am no financial advisor but you seem like a good guy or girl so I was just a bit concerned when you said this was a large part of your pension plan. It just sound a bit risky. To make anyone share is, but particularly and oil and gas share. I know Aminex is not aim, but it does act like it sometime. For all our sakes I hope this comes good, but there is still quite a bit of risk involved. Of course, you could make a fortune with this, but the opposite could also be true. We still need to find a partner to help us drill four wells by the end of next year or we lose not only the Ruvuma psa, but also some or all of Kiliwani. Jay May have this in hand, and I really hope he does, but there are no guarantees....
Hope it works out for you anyway. Not intending to put a downer on your investment, just my view, which is no more important than yours! Cheers, Joe.
No intention of selling,I will be here until buy out or first set of dividend's this is a large part of my pension plan, just want some news, I know it will arrive when it is ready, just rather impatient that's all.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.