Member Info for blackgold00

what do you expect, until we hear something conclusive buck, that's all we can do. lol

if F/O fails, i think any consideration for funding license work program, would have to be viewed with getting to the EPS ASAP, ie drill CH-1 sort out NT-1 and 2 and do a deal with TPDC to fund pipe-line to processing plant.

plus by 15th Oct, the time to confirm/hire the rig to spud CH-1 by the start of next year must have all but run out. last chance to honor the license ?

so, if the F/O falls through, the only asset worth its salt to ARA, is the Mtwara PSA license (Ntorya gas discovery). The thing is, unless the works program of the Mtwara license is well and truly started i.e. CH-1 drilling and 3D seismic underway, there could be legal grounds for the Gov not to extend further and or Aminex to forfeit the license and rendering ARA's security worthless. so if F/O falls through, ARA and Aminex need to come to an arrangement to honor the license work commitments or risk loosing it all.

"The extension, which was applied for in late 2017, is valid for one year. Under the terms of the extension the Company, through the Ruvuma PSA Joint Venture, is committed to perform the following works during the extension period: "

· Acquire 200 square kilometres (surface coverage) of 3D seismic (min. expenditure of US$7 million)

· Drill the Chikumbi-1 exploration well (min. expenditure of US$15 million)

H/Y REPORT
" The Loan is secured, with security in the form of a pledge of Aminex PLC's holding in shares in Tanzoil N.L., a wholly-owned subsidiary of the Company, that indirectly holds the Group's assets in Tanzania. Interest accrued on the loan during the period was US$38,000 (see Note 5)"

https://www.crunchbase.com/organization/tanzoil

So the changes brought in by the April License extension would appear to supersede that earlier presentation then....?"

well yes, even though the AR was published after the license extension ?

Tanzanian Developments
"During 2019 and 2020 we have been focused on satisfying
the various conditions precedent for completion of the
Farm-Out and, as reported earlier this month, the Company
received the Mtwara Exploration Licence"

"maybe you need to dig it out again BG?"

Crusty i think i put up page 7 of the AR, (Ruvuma PSA – Onshore Appraisal and Exploration) (Resource Summary excluding Ntorya Field)

Prospect/ Lead
Namisange 56 325 1,925 1,183 83
Likonde
Updip 39 166 702 444 103

page 7
http://admin.aminex-plc.com/uploadfiles/Aminex%20PLC%20Annual%20Report%20&%20Accounts%202019.pdf

yes fully agree page, but i was replying to vike "and they may want these licenses to collapse and take back control themselves." which if that is the case then why grant the extension back in April ?

Page, there is nothing without the PSA license, nothing for ARA to farm-in to

and i only notice that Aminex has lost the Namisange prospect in todays RNS.

. "The 1-year licence extension was received during April 2020, which reduced the size of the Mtwara licence to the same area as the Ntorya location area."

yes maybe vike, but then why give the extension back in April

yes, but drilling CH-1 and work-over NT-1 and 2 would get to the EPS if allowing for TPDC funding pipe-line to processing plant.

plus Aminex has to work out how to fund 75% of the Ruvuma license work program

" Under the terms of the extension the Company, through the Ruvuma PSA Joint Venture, is committed to perform the following works during the extension period"

· Acquire 200 square kilometres (surface coverage) of 3D seismic (min. expenditure of US$7 million)

· Drill the Chikumbi-1 exploration well (min. expenditure of US$15 million)

· Complete the negotiation of the Gas Terms for the Ruvuma PSA with the Tanzania Petroleum Development Corporation

· Using the data gathered from Chikumbi-1 and the seismic acquisition, prepare and submit an application for a Development Licence for the Ntorya Location area.

lets not forget ARA/Zubair allready hold own 30% of Aminex ?

"one of their friends will take over the gas field and project with all the work and finance being done by others."

but Aminex still holds the Ruvuma PSA license ? so ARA who now has rights over the assets can/will move take over Aminex/assets ?

"Such advance from ARA will be interest-bearing at a rate of 13.77% per annum and will be repayable upon written demand by ARA"

the long stop extension RoJo if we're lucky : )

page 58/59

http://admin.aminex-plc.com/uploadfiles/181207_%20EGM%20Circular%20(web%20version).pdf

5.5 Development Plan
"The operator does not currently have an approved development plan for the field. The initial intention
is to use the existing two exploration/appraisal wells (Ntorya-1 and Ntorya-2) as development wells
together with the planned Chikumbi-1 well which is expected to be drilled in Q2 2019. Ndovu has two
development cases. Case A, contains the initial three well development (two of the wells already drilled
and the third will be drilled in Q2 2019). Case B, contemplates a further development of an additional
eight wells based on the minimum number of wells required to reach the facilities availability of 140
MMscf/d. A pipeline will connect the well heads to Madimba Processing Plant."

Case B
"RPS is proposing an ‘Intermediate Development Scheme’, Case B, whereby further wells could be
drilled to take up much of the remainder of the Madimba plant capacity. It is recognised that the field
has further upside potential which would necessitate a future processing plant upgrade (Madimba) or a
dedicated processing plant located within the field. Export options would require further examination but
there is a possibility of a tie-in to the main 36” trunkline to Dar es Salaam."

"The "real" value and the upside is the future earnings attributing to the 25% that we retain and that is difficult to quantify."

yes agree Crusty, 25% of nearly 2 tcfs of GIIP, as things stand and with potentially an 8 well development and what might those wells produce at considering the high pressures at the NT-2 well, yes its all hard to quantify, but its going to be a damn sight more than where we are now.

that's very good of APT, and that's before the Farm-Out announcement : )