BH was broadly optimistic. He felt that the initial drilling would be very focused and targeted. He was optimistic that the information from this would be v positive and would facilitate attracting and bringing in additional partners.
Notwithstanding that, a timely GSA might make this irrelevant. Regarding the GSA, once everything up and running, BH told meeting that this should result in a minimum annual cash flow of $10million for Aminex on a net-net-net basis.
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
Aminex is pleased to notify shareholders that the Tanzanian authorities have agreed to the deferral of a two well drilling commitment on the Nyuni Area PSA, which was due to be completed by the end of October 2015, into the four-year First Extension which expires October 2019. The deferral is conditional on an Environmental Impact Assessment, which has already commenced, and the eventual acquisition of 3D in the deep water which will be subject to completion of a tendering process.
The Nyuni Area licence ("Licence") covers onshore, transition zone, offshore continental shelf and deep water acreage. Previous exploration on the Licence area has concentrated on the shelf and included the Kiliwani North-1 gas discovery which is due to start commercial production into new gas infrastructure in the first half of the year.
So not the Ruvuma licence. I think finding a farm in partner is our best option, someone that has the financial muscle and resources to get four wells drilled.
Just like to thank everyone for their input on this forum on Aminex , for good or bad , we are now in a new phase , I will be looking here as usual but won't post until we break the 3p+ barrier , until then see you later guys .
Joe, your response to lucky tells me that he was bang on the money where you are concerned. You are coming across as very unpleasant and arrogant individual. No doubt I will now get similar abuse, best check my spelling quickly. :)
Yeah, thanks for your advice, coming from the poster who said this was rocketing yesterday. None of your business really. Before you invest in shares I suggest you enroll yourself on an adult education class in English, then perhaps you could post properly, read research material properly and learn how to comprehend it.
Is a very cautious character and nothing is promised until it is set in stone. We have many options available but until such things as the GSA arrive, which are out of our control, then the final decisions will not be made. Unfortunately we just have to await the newsflow but a major highlight for me will be the drill plans for Ntorya 2. The chances of finding gas are very high, the chances of discovering more gas and condensate than we can imagine is a real possibility.
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