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$3m "advance", in installments ?
"are being made now"? Maybe but I would suggest not until the $3m "advance" has been received from APT and as of a week ago that hadn't happened...
All preparations such as Chikumbi pre drill are being made now.Time is the nemesis for us whilst we wait for the green light. "Are we there yet?"
Yeah this license issue has gone way too long... but in all fairness to aex... it's done all it can... it's up to the tanz govt to pull its finger out.
Quelle surprise another week goes by and no license.
Nice article but the government wants investors but take far too long to get things agreed and signed off.
I've often wondered whether the withheld $7m has anything to do with the (certain securities) granted by Aminex to TPDC over the Kiliwani North Development Licence back in 2014 ?
https://uk.advfn.com/stock-market/london/aminex-AEX/share-news/Aminex-PLC-FORMAL-ADDENDUM-TO-RUVUMA-PSA/60889813
"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".
Sorry and to be clear it is the hearing of the Investment Policy and ACT communicated as November by the press. This I believe includes the items on tax but is not linked directly to the PSA review.
Ah, now that is interesting CP. I didn’t know the tax bill hearing is this month. Good to know there is some focus on it. Did Aminex announce this? The extra $3m net to Aminex would obviously be extremely helpful
CP, what date is the tax bill hearing?
At the risk of being repetitive and as I have stated before; I do not believe that AEX will do any meaningful work on KN1 until they have received payment for the outstanding invoices and the spurious Tax claim from past payments has been removed. Why spend money (needed for Ntorya) on KN1 remediation only to produce gas that you have no confidence you will get paid for....?
I think the same Ufufuo, tax bill hearing is this Month + they need the psa terms before spending I would have thought.
Agreed BG. The same thought came to mind. Regardless, if they were ordering equipment in August, SURELY by now some progress would have been made by now that they could report on?!
Perhaps they are holding back until such time as the tax dispute is cleared.
maybe the incoming fund might have a barring on progressing the Kiliwani North-1. re-entry
Corporate and Operations Update
" The Company will shortly commence receiving advance payments of up to $3 million against the cash consideration due on completion of the Ruvuma Farm-Out;"
A quarter of a year has passed since the last update on Kiliwani North. On Aug 16th Aminex stated:
“The Company continues to source equipment to perform the re-entry and remedial work on Kiliwani North-1. The re-entry, which has been designed to be carried out at minimal costs, is of value to investigate fluid levels in the well and provide an accurate bottom hole pressure measurement which will provide useful reservoir data for future operations and production and equipment is being ordered. The Company will update shareholders when further progress has been made”
Did the equipment order include a ‘long weight’? Come on Aminex, time for an update.