Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Directors showing some confidence with some chunky buys!
Good news!
Aminex is pleased to announce that the Ruvuma joint venture has received an extension to its licence under the Ruvuma PSA from the Ministry of Energy of Tanzania.
The operator, ARA Petroleum Tanzania Limited ("APT") secured the extension, which is valid for two years from 15 August 2021, and allows for the completion of the following:
· Acquisition of 200 square kilometres (surface coverage) of 3D seismic data
· Drilling of the Chikumbi-1 well
· Conclusion of negotiations of the Gas Terms for the Ruvuma PSA.
As announced by the Company on 30 June 2021, tendering for the acquisition of 3D seismic has been completed and APT awaits approval from the Tanzanian authorities for the issue of the seismic acquisition contract. It is still expected that acquisition will commence in the third quarter of 2021. Drilling of the Chikumbi-1 exploration and appraisal well is expected to commence early in the third quarter of 2022.
As also previously announced, following technical work by APT earlier this year, their revised mapping and internal management estimates suggest a mean risked gas in place ("GIIP") for the Ntorya accumulation of 3,024 Bcf, in multiple lobes to be tested and a mean risked recoverable gas resource of 1,990 Bcf, which will be appraised by the planned seismic and drilling programme.
Under the Farm-Out agreement completed with APT in October 2021, Aminex is carried for its share of the associated field development costs up to US$35 million, equivalent to gross development expenditure of US$140 million.
Charlie Santos, Executive Chairman of Aminex commented:
"We are delighted to receive the extension to the licence and appreciate the Ministry of Energy's steadfast support. We are also thankful for APT's diligent efforts to secure the extension and look forward to updating shareholders on further progress in due course."
RNS just been released, licence extended for 2 years.
Tom Reynolds, CEO at Solo Oil, comments: "We are delighted Aminex and ARA Petroleum have succeeded in obtaining the final Government approvals for the completion of their transaction. This milestone indicates an improving operating environment in Tanzania and emphasises the commitment of the incoming operator to move forward with the development and unlock the value from this high-quality onshore gas asset ideally situated to provide domestic gas into existing infrastructure and with a ready market for commercialisation.
From our perspective, this is a key milestone for our sales process as it provides clarity and certainty on the development of the project. We continue to have strong engagement for our sales process, and with this news today, we hope to move those discussions forward with a view to realising value for our shareholders and setting us on our stated growth path."
Out now.
Ruvuma Farm-Out - Government Approval Received
Aminex is delighted to announce that its wholly owned subsidiary, Ndovu Resources Limited, has received approval from the Tanzanian Government for the transfer of a 50% interest in, and operatorship of, the Ruvuma PSA to ARA Petroleum Tanzania Limited ("APT"). With receipt of such approval, the Company anticipates completion of the Farm-Out within the next few days.
Robert Ambrose, Chief Executive of Aminex commented:
"We are delighted to finally receive Government approval of the Farm-Out and would like to thank all agencies of the Tanzanian Government that were involved in the process. We would also like to thank ARA Petroleum for its invaluable assistance and support in securing Government approval of the Farm-Out and in advancing $5m to the Company over the past 12 months. We now look forward to completing the transaction within the next few days and handing operatorship over to APT."
Just received a notification
Ah ok....apologies. I seem to have jumped the gun.
Taken from MNRG RNS:
UK Oil & Gas - HofT Agreement:
MetalNRG has entered into an agreement, the HofT Agreement, with a UK based, privately owned Oil & Gas operator. The transaction has the objective of transferring 100% of the equity capital from the Vendors to a Joint Venture (JV) composed of MetalNRG and a number of Private Investors ("PIs"), who will become the management team of the operating company. MetalNRG will retain control over the operations of the Joint Venture with the PI's.
MetalNRG has spent over two months on the initial appraisal and negotiation of this transaction and has to date completed: i) desk based research, ii) site visit (within the constraints and in full accordance with lockdown restrictions), iii) review of available technical, financial and operational data, iv) preparation of preliminary operation and development plans.
As a result of the initial appraisal, the Company has entered into the HofT Agreement with the Vendors which also provides exclusivity terms. The HofT Agreement outlines the commercial elements of the transaction, including the relevant warranty and indemnity conditions to be satisfied by the Vendors. The key terms of the envisaged transaction are as follows:
Partnership:
The acquisition will be made by Special Purpose Vehicle ("SPV"), a newly incorporated company which will eventually be jointly owned (50/50) by MetalNRG and the PIs (together, the "Purchasers"). MetalNRG will have two Board representatives, as will the PIs, with MetalNRG having a casting vote in the event of impasse.
Consideration:
In consideration for 100% of the equity of the Oil & Gas operator, at conclusion the SPV will pay to the Vendors an all-inclusive price with appropriately deferred consideration to suit the agreed warranty and indemnity arrangements.
Aminex announces that all parties to the previously announced Ruvuma farm-out agreement ("Farm-Out") intend to extend the longstop date to 31 October 2019 should it be required. Whilst acknowledging that completion of the Farm-Out is taking longer than anticipated, due to an ongoing review of active Production Sharing Agreements by Tanzania's Attorney General's Office, the Company and ARA Petroleum Tanzania Limited ("APT") remain actively engaged with the Government of Tanzania to close out the remaining conditions. The Company will make a further announcement if or when the longstop date has been formally extended.
The principal conditions of the Farm-Out still to be met are the extension of the Mtwara Licence and approval by the Tanzanian Government of the transfer of the interest and operatorship.
Tom Mackay, Chief Executive of Aminex PLC, said:
"Aminex and APT have received, and continue to receive, positive feedback regarding the Ruvuma Farm-Out and the licence extension and look forward to a close-out of the remaining conditions which will facilitate the progression of the Ntorya Development and, specifically, the drilling of the Chikumbi-1 well."
Sultan Al-Ghaithi, Chief Executive of Ara Petroleum LLC, said:
"We are similarly disappointed in the time it is taking to obtain approvals but continue to be encouraged by the positive response by the Tanzanian authorities to our future involvement in the Ntorya project and content to further extend the longstop date to the Ruvuma farm-out agreement, should it be required"
The FAQ section on the website has been updated.
Maybe then Drewky you should have another read of the 'List' which you posted numerous times in the last 6 months and see what has actually transpired.
I, like TB et al, am a LTH and very frustrated at the lack of progress & poor communication from the BOD while they continue to bleed the company dry with over-inflated salaries.
Btw I'm not contradicting their factual posts just sick of seeing them repeated daily with no other purpose than to mislead potential investors. Which it has done
Also from the same article:
“I know some of you have not tried the Tanzanian market before, but I assure you that you will not regret investing here. No company has operated at a loss in this country as the market is huge and the business environment is conducive,” the minister said.
Really?
So TIPTOP and Pyjamaboy start posting on this BB again and the SP rises....coincidence? Yeah most probably.
It's so quiet on here this morning I thought for a moment I was on the WRL BB.
Have there really been no posts or is there a problem with my feed? (last visible post Sunday at 20:39)