Member Info for cperkin

The only 2 tangible items that they can deliver is

1.0 A licence
2.0 A resolution on the money owed.

As per usual, both sit with the Tanzanian Gov. The AEX BB were all complaining about no communication, so they communicate and then get abuse for no tangible information, lose, lose really on their part.

AEX are supposed to meeting the Government trrime, at least to get the money owed for gas already sold, could be the next news, one way or the other.

Kiliwani Gas Receivables
Aminex is in discussion with the Tanzanian government authorities to secure payment of the outstanding receivables owed for gas sales from the Kiliwani North gas field that amount to approximately US$6.7 million (gross) excluding interest. This is finally being progressed after the return of senior government officials who have recognised their obligations and are making efforts to resolve the matter. A meeting has been scheduled and we hope to be in a position to update shareholders soon.

Chesh you are right as well ref the "ium"

When they first discovered Helium in the sun (named after the Latin for sun Helios) they thought it was an alkali metal and hence the "ium" naming convention but when it was later discovered terrestrially it was found to be an inert gas.

They are quite right it is a non metal but still covered under the mining licence and not Oil and Gas licence.

Trrime, they already have a licence for H1, it's a mining licence and covered under the mining act as Helium is a metal.

As for Ruvuma, they will not be able to farm down/sell without the licence, it will be a condition of any buyer & therefore they must be expecting it, otherwise there is no point in opening the data room.

cperkin99
@gmail
.com

"The Board is encouraged by the continued positive statements by the operator, Aminex, and its prospective farm-in partner, APT, and the apparent progress being made with the Government of Tanzania towards resolution of the outstanding licence renewal. "

https://www.proactiveinvestors.co.uk/companies/news/220874/solo-oil-back-to-drawing-board-as-dutch-deal-falters-220874.html

I must have missed the detail in an RNS according to some of the details, never mind the typo's, "of at Ntorya." indeed.

Rabbie burns worked for the tax office bucks.

"After around 2 years of operation, Kiliwani’s single well has just gone through an upgrade programme and is yet to come back onstream."

Well blow me down, I slept through the RNS?

Good luck in there John.

Looks like a rollover?

I assume it is delayed due to the current market reaction to covid19 joel?

Mr £989.01 making a slow impact on the SP

Understand where you are coming from historically trrime and 5 years ago I would have agreed, the president "the bulldozer" sacked anyone in gov that looked dodgy and chucked several of them in jail over the last few years for just such practices. His #1 priority was to stamp out any corruption in his manifesto 5 years ago & hence the whole Arcacia episode which lead to the sacking and prosecution of ministers.

Just looking at the reasons for no licence as told by the Government and where they are in the delivery process trrime.

1.0 Review of all the contracts in place with licence holder - completed
2.0 Review of the terms of the Production sharing agreements (PSA) now complete and sent to the operators (according to the press)

The PSA terms above being the precursor to also approving the $30 billion LNG project with the Majors.

These were the items cited by the government for not issuing licences to any of the operators. There are other macro items like the power plants about to come on line, the Gov's own domestic gas forecast, the export gas line to Kenya and Uganda and the SADAC high voltage lines to share electricity from Tanzania with the other SADAC member states and of course the positive RNS from Aminex the other week with statements as per below.

"There are positive signs from various media reports that indicate the Government is now settling some long-term outstanding disputes with the international business community. The government utility company Tanzania Electric Supply Company Limited ("TANESCO") is reportedly "keen to end the power shortage" and other gas producing companies are preparing to increase their activity to meet the growing power/gas demand."

I think the probability of the licence being issued is almost 100%

If they don't pay their way then yes the same as the Bounty situation over KN-1 they would hand over their share. Don't see it myself though.

Despite the recent low oil price, the East African oil and gas industry is still hot! Here are the inside story and drilling updates in East Africa.
1.Great Expectation: Aminex On Its Way To Drill In Tanzania
London based Independent exploration and production in Tanzania report positivity with its Tanzania operation.
In its latest shareholder updates, the company says that the positive signs in its Tanzanian assets reflect progress with projects
“While we continue to engage in constructive dialogue, Aminex and APT are working diligently to progress workflows such that when the approvals are given, we can quickly move
into an operational phase and deliver first gas from Notrya and begin remediation
work on Kiliwani,”
“ As yet, no formal update has been received from the Government of Tanzania in regard to our licenses, however, we have had positive indication in-country
that the government is approaching a place where it can update the international oil companies”- Says Tom Mackey, Aminex
chief executive.
As said on our last update, the year 2019 was a big one for Aminex PLC. It already secured a drilling contractor to drill Chikumbi-1 well. It signed a farm-out deal with Zubair Corporation’s associate, Ara Petroleum Tanzania limited. The company will not only benefit from financial input but also from the experience of personnel of Ara Petroleum Tanzania Limited. The company also submitted its 2020 working program to the Tanzanian authority.
So, we are keeping a close eye over the coming months for announcements from the company confirming the permitting and contracting process is on track
https://tanzaniapetroleum.com/2020/03/03/oil-and-gas-drilling-updates-in-east-africa/

Despite the recent low oil price, the East African oil and gas industry is still hot! Here are the inside story and drilling updates in East Africa.
1.Great Expectation: Aminex On Its Way To Drill In Tanzania
London based Independent exploration and production in Tanzania report positivity with its Tanzania operation.
In its latest shareholder updates, the company says that the positive signs in its Tanzanian assets reflect progress with projects
“While we continue to engage in constructive dialogue, Aminex and APT are working diligently to progress workflows such that when the approvals are given, we can quickly move
into an operational phase and deliver first gas from Notrya and begin remediation
work on Kiliwani,”
“ As yet, no formal update has been received from the Government of Tanzania in regard to our licenses, however, we have had positive indication in-country
that the government is approaching a place where it can update the international oil companies”- Says Tom Mackey, Aminex
chief executive.
As said on our last update, the year 2019 was a big one for Aminex PLC. It already secured a drilling contractor to drill Chikumbi-1 well. It signed a farm-out deal with Zubair Corporation’s associate, Ara Petroleum Tanzania limited. The company will not only benefit from financial input but also from the experience of personnel of Ara Petroleum Tanzania Limited. The company also submitted its 2020 working program to the Tanzanian authority.
So, we are keeping a close eye over the coming months for announcements from the company confirming the permitting and contracting process is on track
https://tanzaniapetroleum.com/2020/03/03/oil-and-gas-drilling-updates-in-east-africa/

Highlandmatt's scenario would probably be the preferred option for me, sell half for $10 million which then funds the C1 drill and the 3D and 2020 work programme and then look to either sell the remaining 12.5% post C1 or fund the EPS.

I agree it's likely to be the Zubairs, the Bod say they have had several approaches, so several parties interested according to them anyway. The market price has already been set by the Zubairs as $20 mill with their current offer. No shareholder would vote for less surely?

Aminex don't have the cash to buy solo's 25% Northern and it's not just the $20 million for 25%, it is then the development costs there after. So $20 mill to buy say + $10 mill for the 2020 budget, so $30 million to find this year alone.

I wish AEX did have the money!

If that's the case trrime then both AEX and solo have had it and even the Zubairs will walk. In saying that I believe now the PSa's are complete that we are likely to see licence awards soon and movement on this $6.7 million owed to the JV. The Zubairs (APT) are surely the most likely buyer in the market and the closes to what is happening on the ground in Tanzania.

Lets see what comes out of the meeting between AEX and the Gov.