Member Info for cperkin

https://www.malcysblog.com/2019/11/oil-price-aminex-and-finally/
Aminex
A corporate and operations update from Aminex this morning where they announce that John Arthur replaces Max Williams as CFO but doesn’t join the board. Max has a long history with Aminex and helped create the impressive base that the company is now building on.
The 2020 work programmes and budgets for all licences in Tanzania have been submitted to the Government for approval which includes a gross contingent ca$40m programme for drilling Chikumbi-1 and the acquisition of extensive 3D and 2D surveys over the the Mtwara licence the cost for which Aminex is fully carried.
APT has agreed to fast-track select Chikumbi-1 pre-drilling activities and has appointed a management team to oversee Tanzanian operations backed by an office due to open shortly in Dar es Salaam. Further good news is that AEX will shortly commence receiving advance payments of up to $3m against the cash consideration due on completion of the Ruvuma farm-out and has also applied for a three year extension of the Nyuni Area PSA with a revised work programme.
The good news for Aminex is certainly stepping up apace, it is clear that both APT and AEX ‘have seen recent positive movements in Tanzania with respect to the general business environment, growing demand for natural gas consumption and the approaching completion of the government’s review of production sharing agreements.’ The important part in my view is that the growing demand for natural gas consumption, which has prompted the fast-tracking already mentioned should mean that drilling operations at Chikumbi-1 will at long last proceed.
What is abundantly clear now is that there are not only signs of genuine progress on the ground in Tanzania but that all parties are pursuing this with renewed confidence. A substantial programme of work is imminent and backed by the establishment of an office in Dar es Salaam by APT.
With the first payment from them due shortly shareholders can now have real confidence that at last their patience looks likely to be rewarded.

Clearly they are 100% confident on the licence, but when will if drop?

Might be a little early to jump to conclusions on a spud date. They just say they will be drilling next year, that does not preclude there will not be a spud before the 31st of December, although as the days drift by I agree that becomes less and less likely.

On the upside, they must be 100% confident of the licence dropping soon to start spending money on the preparations.

IMO you don't start spending money on drill preparations, including building a road to the well site without 100% confidence in the licence dropping soon.

Good news imo.

https://www.lse.co.uk/rns/AEX/corporate-and-operations-update-eg14luexf3te74s.html

As previously announced, both APT and the Company have seen recent positive movements in Tanzania with respect to the general business environment, growing demand for natural gas consumption and the approaching completion of the government's review of production sharing agreements. As a result of these encouraging developments, it has been agreed to fast-track select Chikumbi-1 "pre-drill" activities including construction of an access road to the Chikumbi-1 wellsite, construction of the drilling surface location, ordering of select long lead items and to progress permitting activities. This will enable the joint venture group to commence drilling operations on Chikumbi-1 as soon as possible following the granting of the extension of the Mtwara licence. Furthermore, APT has taken proactive steps to hire key in-country management personnel including the former Technical Director of PDO in Oman, who has been appointed General Manager. APT has also commenced the process of opening an operations office in Dar es Salaam. Having key personnel available and a local office will assist a smooth hand-over of operational responsibility from Aminex to APT whilst the Farm-Out completes and will optimise operational efficiencies.

I can fully understand your point of view steve, especially with how slow the Tanzanian Gov are! I think however that once the licence is issued the zubairs will probably look to drill CH1 and workover NT1 & 2 and get the 3 wells into production quickly along with the 3D survey followed by a multi well drill programme.

Initial target is a minimum of 40 million scuffs per day, KN-1 was running at 15 at peak to put it into perspective.

The full field development could be producing over 26,000 boepd within 3 or 4 years.

Hi LT, long time no speak.

Thanks for sharing and good news that Jay B is feeling better and believes we will see some positive movement here soon on the political front, from that I would guess he is referring to the licence delivery. Good luck over at NUOG, certainly a massive change for you there and now a cash shell looking for an asset I believe, hands of Ruvuma ;)

Good luck!

Morning Babel, the Bod said around mid November for the admission document on the conference call which fits with the RNS below.

"The Proposed Transaction is classified as a reverse takeover transaction pursuant to the AIM Rules and accordingly the Company's shares will be temporarily suspended from trading on AIM as of 07:30 a.m. today. Completion of the Proposed Transaction is therefore subject to approval by Solo's shareholders at a general meeting to be convened in due course ("General Meeting") and the raising of below mentioned equity & debt and regulatory, government and partner consents. In order to convene the General Meeting, the Company is required to publish an AIM Admission Document which details, inter alia, the Proposed Transaction. It is intended that the Admission Document will be published by mid Q4 2019."

Nasty salt or plastics are the choice Bucks is talking about. Would rather see some Nov 5th Fireworks but no sign of a bang this morning.

Short legs crusty.

No worries HM like you say it's o long since anything happened here other than regurgitation of the same message it's understandable.

Lets hope for AEX only investors that we see that licence this week or next, although for me personally anytime after Solo or rather Scirocco (SCIR) come out of suspension in December would be better.

Yes AA, they should include the date for the AGM, which must be at least 21 days from the announcement date and when all the resolutions are passed then trading would start the day after.

Could see an RNS sometime next week or the week after with the admission documents....

The operator needs a licence extension to drill and the licence enables the farm-out to complete which hands over operator status to the Zubairs as 50% holder and as per the FO terms.

Question is as canner fodder on the aim market, otherwise known as Pi's are they backing and influencing the winners?

Seems they might know what they are doing to me.

Most agree I would have thought BG.

Me too steve, the new BOD are exactly what solo or rather Scirocco needed and they have certainly began their transformation in a very positive way. I am still positive on the Ruvuma licence landing and the Zubair corporation as the new operator pushing forward on the drill and development plan quickly. It would be perfect if the licence landed after the new company starts trading!
Live in hope but at least like you say the company is now asset independent of Ruvuma. There is a motion to pass the new tax laws regarding O&G in Tanzania this month and this should clear the way for the 25 year development licence, pending the appraisal licence and CH-1 drill.

Hi Steve. Todays holding notice looks like a correction to yesterdays with a 0.2% adjustment so I don't think he has sold any.

I certainly hope the BOD will be taking at least their full allocation in Scirocco (SCIR) and maybe even maintain their current %. We should see the admission document in the next couple of weeks or there about.

Lets see if it moves up as sharply as they moved it down the last couple of days.

Wow! See
@BlockEnergyplc
shareholder register now a certain Mr Jon Fitzpatrick has bought a stake to add to Mr Ferguson’s 5.21%........

https://twitter.com/mgrahamwood/status/1190194174986989569