The UK is a very small highly populated island with a vast degree of regulation and public opinion. Tanzania has vast open areas, much less regulation and the need for wealth. Although you wouldn't believe it with the timetake to get our GSA signed lol. Gaining permission just to drill a well in the UK is a huge task !
Clearly a bit of a subjective question, however here's my opinion. The HH discovery is in its infancy. They have not even discussed how this oil is to be extracted and a flow test has not been carried out. Yes there is something down there but whether it can be extracted viably and within current drilling restrictions remains to be seen. So there's a suggestion of something big but it could be years off production. Tanzania on the other hand is a completely different scenario. This is a conventional drilling program on proven pedigree acreage. We have already proven more than 200bcf exists on our land which has a project sale value of circa $250m. However, this is just the tip of the iceberg. There is evidence that nearly 12TCF could exist on our blocks, plus condensate and probably oil. The surrounding huge discoveries by multinationals only helps to strengthen our case. We will be soon going into production at Nyuni, helping to fund further growth and a farmout of Ruvuma followed by a well being drilled before the end of this year.
So to answer your question in short. HH would be a very good asset if it were proven to be possible but currently is full of ifs, buts and maybes. Solo also only has a very small proportion of that project. Tanzania is a conventional program with proven near term production and expansive exploration with vast potential reserves. There is also a very real possibility that our acreage could be targeted for a takeover in the interim. Gas is a much more environmentally friendly energy and will be fuel for our future. Point to note....... 12 tcf is equal to around 2 billion barrels of oil !!!!
Just an observation re HH in the UK, wait until the wealthy local residents mobilise against this, supported by the green party and every other out of work, full time environmental activist. That coupled with the find being in clay so not viable for fracing will make this a difficult find to bring to market IMHO. This could get tied up in the courts for years.
Could the number crunchers please answer this for me. The find at Horse Hill v our assets in Tanzania ,which has the largest capital value, which is the most viable, and which is the easiest to get to market. Even though we are waiting for our full CPR there must be an answer out there, sorry if this is a silly question but would like to know
Irish - it was I that received the call from YJ following a terse email to Jay and I was much reassured!
Following on from the lack of an explanatory RNS or update from Aminex reference the Hoifu disposal I fired off another polite but insistent email that I have not received a reply too which leads me to believe that there may be a news "lockdown" with the next and imminent RNS being a very important one in the life of Aminex ...... one way or the other!!
I believe next week could be very interesting indeed!
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