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I would think it would be based on milestones payments with a certain nominal value upfront on signing the contract.
i wonder how much the lumpsum contract was for, and when that lumpsum has to be paid?
"has been able to take advantage of favourable market conditions securing a lumpsum contract considerably below the joint venture's expected budget for the activity"
AGS
http://www.ag-services.org/
working nights this week, but just came down stairs after waking up, and fantastic news.
Finally some good news- trading should be interesting today.
Good news that it has been negotiated well below budget.
"the joint venture has been able to take advantage of favourable market conditions securing a Lumpsum contract considerably below the joint venture's expected budget for the activity. AGS intends to commence activities in the Ntorya location from October 2021."
Vike - it's $20m development costs for 25%? AEX has $40m as we farmed out 50%.
...or even if it will go anywhere eh BG ?
the other thing is, its difficult to put a value on SCIR 25% prier to the 3D and CH-1, or indeed befor the ("Conclusion of negotiations of the Gas Terms for the Ruvuma PSA") which could make all the difference to values oneway or another.
yes agree vike, maybe a %, but would that suit SCIR, im unsure which way this will go.
WEN doesn’t have the money to do a Ruvuma deal w SCIR. $20MM purchase + $40MM development costs is too rich for them w/o massive equity raise.
Think it’s about time the board gave some answers to the shareholders but they don’t answer the phone or reply to emails .
See Tom Reynolds interview saying Sci have multiple companies interested in their 25%
Fwiw I have not thought (since the farmout) that a merger with WEN makes any sense for Aminex.
WEN and SCIR doing a deal is much more obvious, I believe.
H/Y my brackets
"The Nyuni Area is proximate to the Kiliwani North licence and consequently in an area of existing gas infrastructure. (We see this as another opportunity to reduce risk by pursuing a consolidation with another operator in country or a farm-in partner to assist in the further development upon Completion of the Farm-Out.)"
well yes maybe, "Funding agreed with ARA Petroleum LLC for US$1.7 million to assist with working capital requirements of the Group" or maybe, it could be taken as, IF, there are merger talks going on, then that financial support would let any potential merging partner know, that Aminex with its very valuable assets are not in a desperate negotiating situation.
There is a lot of sense in that, or there was until ARA agreed to bankroll AEX via another loan. My reading is that ARA do not like the idea of sharing more of Ruvuma than they have to, so that possibility is dead. Any coincidence the chap who promoted that idea has left?
what about a merger between AEX and WEN ?
Ha. Typical!
Just written a post that seems to have gone missing. I don't think ARA will allow AEX to sell down Ruvuma, WEN can't afford to develop Nyuni, so it's either Kiliwani South or Scirocco's 25%. Without additional funding, WEN can't afford to buy and develop the full 25%, so if I was them, I'd buy 12.5-15%. That would give a win win, but SCIR may be holding out for a complete sale.
I don't think AEX is looking to sell out of Ruvuma -I don't think ARA would allow it. Which leaves Kiliwani or Nyuni? WEN not rich enough to develop off-shore, but Kiliwani South might be an option. However, if I was WEN, I'd be after Scirocco's 25%. They can't quite just afford $20m plus development costs spread over a couple of years without external finance though. A win win would be to buy 12.5% for $10m. WEN get a portion of a proven resource at affordable cost, SCIR gets a lump sum, enough to pay the development costs to production.
and with Wentworth's Gross 2P Reserves of 90.8 Bcf or approx. 30 Bcf net. its not doing any work to add to future growth sitting where it is.
would the best deal be with AEX or SCIR, which ever it might be, i think the time is approaching when we will find out.
Wentworth Financial Results
"Strong financial position with $21.0 million cash in hand at 2 September 2021 (2 September 2020: $16.7 million) with zero debt"