Member Info for cperkin

Blimey, it's another one that needs to read Moby Dick with a chip on his shoulder deeper than the Mariana Trench it seems and living in fantasy land. The only big wigs making money here are the BOD and Gneiss, to suggest otherwise is just delusional.

Get back to your ramping and talking your book Frank, that's about all you ever do.

fjones40

Posted in: OEX

Posts: 7,176

Price: 0.24

No Opinion

Are you ready Boys & Girls for whats coming ??01 Apr 2022 07:37
.......................

And I thought it would be this one AA

https://www.youtube.com/watch?v=xLy2SaSQAtA

No we don't know who you mean, please name names Frank, don't be shy will you :0)

Thanks BD, slightly earlier than I was expecting with my very early May date.

Sell the asset or fund it time, one or the other..

BG, it's to cover their expenses as in G&A, so they would then be short and have to raise again in that rather unlikely scenario!

Terrible discount and terrible timing, what the hell are the Board thing off. All they had to do was wit till post spud or drill.

Tut, tut.

Still, now moved to a buy.

Well it's definitely a safer bet now :)

Successful Placing to fund Aminex to First Gas Production



The Company is pleased to announce that it has successfully raised approximately £3.3 million (approximately $4.4 million) before expenses to fund the Company to the expected receipt of revenue from first gas production at the Ntorya field, currently projected for end of 2024, through the issue of 440,482,181 new ordinary shares in the capital of Aminex (the "Placing") at a price of Stg 0.75p per share (the "Placing Shares").

The board of Aminex has taken the strategic decision to seek funds at this stage to meet all of its forecasted running costs (before contingent liabilities) to the end of 2024, when first gas has been targeted by the operator of the Ruvuma PSA, ARA Petroleum Tanzania Limited ("APT"). As previously announced, the Company has continued to reduce its overheads over the last three years and the Company's estimated running costs for 2022 (before one-off costs and exceptional items) are approximately US$1.4 million.

Opening if there is to be a drill in Q3?

Agreed it is looking very good here. A decent HE1 bounce would help them out a lot, not sure if HE1 have enough money if they are going to be drilling with a conventional rig though?

Good point BG, still would not be a bad outcome for AEX, although probably the most unlikely of the 3 scenarios at least at this stage whilst they have funding available.

Either way the status for SCIR boils down to,

1.0 They sell the asset
2.0 They Fund it
3.0 They relinquish it and give AEX and the Zubairs another 12.5% for free each, although we would then have to fund the additional 12.5% when & or if the $35 million is spent.

Meanwhile we await 3D news, a spud date and any development/M&A over Killi and Nyuni.

Any money not spent is returned as cash, so it seems to be cash equivalent to me :)

Anyway, I think the conversation is done to death and certainly we all seem to agree that there is plenty of potential upside across the licence area.

Ah ok, so you are saying the asset is only worth $40 million here but hasupside on the CH1 drill, I do agree on the latter :)

Crusty, the drill is only $1.75 million cost to SCIR & the real cost here is the 3D. SCIR have drawn down $2 million of a $5 million facility thus far and have another $3 million to go yet. I agree the dilution will be very significant, but with the Government "demanding" production within 18 months a GSA and 25 year development licence will need to be issued and once they have production they have funding availability. Personally and despite the dilution I think they should front it out & fund it.

Certainly they have no offer on the table, at least none that is acceptable and worth putting to shareholders to date so it seems that is the only option to them anyway.

If it is not worth a lot more than $20 million then I guess you are saying AEX are rapidly reaching an over valued position at £40 million today.

I think most people would agree that 25% of Ruvuma is worth a lot more than $20 million, certainly AEX holders were very disappointed at the lack of upside associated with the size of the resource. The AEX deal after all was basically an at cost recovery with the upside being the development carry.

If SCIR sell for anything less than $20 million + what they have spent post farm out here then there is no upside and only cost recovery or less so why bother?

She was also pumping it hard the day before the placing, did she know about that as well whilst pumping the backside out of the share?

I can only imagine he was banking on SCIR for a sale for $20 odd million?

They still have a draw down facility of $3 million having drawn down $2 million thus far. Either way, if they don't sell Ntorya and Kiliwani then they will see significant dilution through to production.

Should add, payback in the first 12 months with only the first 3 wells in production, two of which have already been drilled and suspended for production.