Member Info for blackgold00

A/R
(Operations Review)
Ruvuma PSA
" Aminex has completed an updated well design for the Chikumbi-1 exploration well and has redesigned a significantly larger 3D seismic programme than was originally planned. The changes to the seismic programme reflect the requirements and intent of our farm-in partner, and future operator, to gather all of the information required during the early stages of their involvement in the project in order to rapidly progress to full-field development and thereby, early cashflow from the Ntorya gas field. The proposed 2020 contingent work programme and budget for Ruvuma includes approximately US$40 million (gross) of drilling and seismic work of which Aminex would be fully carried for our approximate US$10 million share of this expenditure, leaving an additional US$25 million of carry available for future development works. "

could be something in that cperkin, fingers crossed news soon.

and wonder whether it would mysteriously come back on line one day ?

yes, cant disagree with that. I've always found the Kiliwani disaster a bit of a mystery.

I don't know if its coincidental, but the drying up of the KN-1 well seems to had been the start of Aminex's management shake-up, removal/replacement.

yes we know, but this is only in my opinion, we wouldn't have got there, without the guaranteed funds, we also needed the licence extension at the time which I believe we wouldn't had got without the guarantees from certain third parties.

yes Crusty, and we now have 25% of a project fully funded to develop a tcf of gas. how much is that worth?

action! (Tanzania) what on earth is that. lol

8 July 2016 Placing and Open Offer

Highlights
-- Proposed equity funding to raise up to approximately StgGBP19.5m (US$25.4m) by the issue of up to approximately 1,499m New Ordinary Shares at Stg1.3p per New Ordinary Share (the "Issue Price")
-- Net proceeds of the fundraising to be used principally to finance the drilling of the Ntorya-2 appraisal well and the Ntorya-3 exploration well
-- Approximately 983.1m New Ordinary Shares to be issued through a cornerstone placing to raise gross proceeds of approximately StgGBP12.8m and approximately 318.9m New Ordinary Shares to be issued through an institutional placing by Shore Capital (bookrunner) and Davy to raise gross proceeds of approximately StgGBP4.1m
-- Intention to conduct a non-underwritten Open Offer to raise proceeds of up to approximately StgGBP2.6m (US$3.4m) through the issue of up to approximately 197.6 m New Ordinary Shares
-- The Cornerstone investor, Eclipse Investments LLC, wholly-owned by members of the Al Zubair family, who in turn own 100% of The Zubair Corporation LLC

assuming farm-out completes shortly, I should think Solo will start receiving Cash-Calls within a month or so.

after Tullow walked away, Aminex was holding 75% of Ruvuma, so also 75% costs of the upcoming NT-2 well, it was apparent at the time that Aminex was in need of a strong financial cornerstone investor. time will tell how this all plays out, I still believe the farm-out will be proven to had been the right move at the time.

"So Shareholders fund the project, take all the risk, suffer the time cost of that money, pay all the CGT but it is our cornerstone shareholder that walks away with the Lion's share of the proceeds....."

Crusty, who provided the funds for the NT-2 well ?

you spoke too soon fj

1.10 paid again, weird

the other thing now days, there is a lot more short term trading that must influence the SP, for those holding stocks for the medium and long term. and then of course you have to infinity and beyond, Aminex holders.

but isn't it every where RoJo, or so it seems nowadays, who knows what tomorrow will bring ?

someone knows something, or not : )

i wonder if these talks are now taking place, with the Joint Venture and the Tanzanian authorities ?

25 February 2020
"APT and Aminex have agreed, subject to the requirements of the Ruvuma PSA and Joint Operating Agreement ("JOA"), that upon completion of the Farm-Out and the transfer of operatorship to APT, to request approval from the Joint Venture and the Tanzanian authorities to move the contingent elements of the previously approved 2020 Work Programme and Budget into the firm budget for the year. The intention would be for the seismic acquisition to form part of the immediate work programme and no longer be contingent upon the award of a Ntorya Development Licence."

"Assuming that approvals under the JOA and PSA are granted, the firm budget will then include the drilling of the Chikumbi-1 well and the acquisition of an extensive 3D and 2D seismic survey. The total value of the contingent elements proposed to be reclassified to firm is currently budgeted at approximately US$40million (gross), for which Aminex would be fully carried. The proposed 3D seismic survey, expected to cover approximately 500 km², would be the first onshore 3D seismic programme undertaken in Tanzania."

dunder, are you at a a loose end today : )

Crystal, have you heard of the tide turning