Member Info for CrustyPete

It is certainly my intention CH, yes, though the date doesn't do me any favours. I am pretty sure that I will be able to manoeuvre things to enable me to be there.

Pity they dont tweet that same message every day CH but unfortunately it is very much old news and it no longer cuts any ice. The market needs to see those assets monetised or at least approach monetisation. Unfortunately it now seems obvious that we will have to sell off some of those painfully acquired assets to fund continued operations despite the fact that the BoD have yet to admit the long held lie that Aminex is "fully funded" for the NT3 drill..... $6.23 million of cash, next to no income and no immediate prospect of increasing it. Whatever happens between now and the AGM the BoD will have plenty to answer for. What have the BoD done to increase the Mean GIIP since last year except for commissioning a CPR to assess it? If we end up having to sell off some of that increase for less than fair value the BoD will deserve any brickbats they get at the AGM.

LT they will come up with that well worn, disingenuous and transaparent "mantra" that "we are all heavily invested in Aminex and only prosper when shareholders do...." Well not when the vast majority of the shares that you hold came from the company purchase of a, now worthless, asset, the rest coming from heavily discounted options and when you earn over �300 k per annum from a loss making Company that has achieved nothing tangible since the last AGM. And that ignores what you might earn when you end up working for our "cornerstone investor" post privatisation.... Buy some will simply call me "cynical"..... ;0)

Well as cornerstone investors I would hope they would be doing all they could to assist; it is in everyones interest after all... Though I cannot believe that they would be considering farming in if they had any doubts of the longer term outcome of the Dev license application.

And if so, it would be reasonable to expect that we should get some news on License extensions before that date? So maybe not nailed on?

Officially, I believe it is a minimum of 30 days before the event CP....

"the reaction to the eoy is now taking effect"? What all 3 million in total SELLs... come on, really?! No, MAX you were right earlier when you said "you get the shorttermers jump on board. these are the people then selling with a small mark up....". I would agree in part but would also add that it is these same short termers that were only in for the potential EOY "ride". A ride that on this occassion (and many before) they lost out on. To my mind it has nothing to do with the actual content of the EOY it is simply part of the "buy on the rumour sell on the news" mentality of the short trem speculators and traders. Unfortunately this time the punters missed out and that little spike on the Tweet last week sucked good few into the clutches of the MM's who have been smiling all the way to the bank... This is no comment on teh EOY results more that, not for the first time, shareholders are being kept on tenterhooks for a little longer yet....

They are not even doing that now SirR... they are now re-entering KN1. It now seems that it was not the correct approach! Just as well they didn't find that Compressor 6 - 8 months ago eh? Or was it a total fabrication from the outset?

I will yet again contend that there was NO bad news that wasn't signposted a mile off... Just no great news. And that was always a risk. We got an update on KN1 and Licence Extensions, just nothing signed off yet. Anyone that has been in AEX for any length of time would recognise that this is true to form whenever the TPDC and the Tanzanian gov't are involved..... You knew that when you bought in - you have been going on about it for eternity Solo BB so now to complain about it is a bit rich. You even claim that you predicted it, so you have no-one to blame but yurself that ypu are now losing money. It will come back, just remember your own words; AEX is a long term buy. No-one made you buy it when you did, least of all the AEX BoD. Get over it.

Well vike I am sure there will be some takers for beers - I will certainly - but some might have long journeys to look foward to after the close of proceedings; so better to offer both and thuse that need to leave early can do so.

The only thing that is wrong fjones is the fact that yu bought ot at the WRONG time, after it had perked up on the back of the tweet..... you presupposed that something was afoot. You were wrong. I had already suggested that, as in years past, the sp would rise ahed of the EOY report (and the AGM) as people bought in with the (false) expectation that there would be big revelations with the EOY report only then to sell out again when there wasn't. The thing that is wrong, is that you were one of those. If you had bought in at 2.60p, bfore the tweet, you would now not be worrying about it. Except maybe that you hadn't sold out at 3.00p.... You use your own words YET AFAIN , it is a long term buy. You just bought it at the wrong time and the wrong price. Accept it and move on.

I will keep a tally of preferences for lunch and book up somewhere closer to the event.... As regards your second paragraph LT, I tend to belive that the Zubair offer will be a "fair" one at best. I have long held that with Eclipse holding 29.9% of AEX there was never likely to be an alternative as their holding would make any prospective bidder or additional "cornerstone investor" think twice. As the "only game in town" Zubairs are never likely to offer "top dollar" but, equally by low balling us they are doing no favours to Aminex shareholders or, indirectly to ARA.... I also think that this farm-in offers Aminex the opportunity to diversify outside of Tanzania which, with the political situation there, I think being 100% invested there is as big, if not bigger a risk as having the Zubair Corporation as our principle shareholder... Moreover if, as many people suspect, Zubair will, one day end up privatising AEX it doesn't matter much what they invest in AEX now they will end up owning it all at a later stage. Though that said, why would Zubair Corporation want to invest money in Aminex, thereby increasing it's value today if that is only going to increase the price that they end up paying for it further down the line? Well maybe because of the fact that in the intervening period they are syphoning off cheap assets as Aminex and their shareholders develope and de-risk them. Have we manouevred ourselves into this position? Wittingly or not, yes? In the light of subsequent events would the BoD now have repeated their decision to defer the NT3 back to back drill? "Fully funded" to "backs to the wall" in the space of less than 12 months. A net outflow of $13 million over the course of the year, no tangible operational successes, bugger all income, no licences, a huge and costly development programme, a much inflated wage bill and, consequently, a share price half that of a year ago..... In truth I fear that the Zubairs, through ARA, will not be too impressed with the BoD's performance and I wouldn't blame them for wanting to protect their investment by taking it off the market. That's exactly how I feel about my investment in Solo.... "privatise" it to stop the BoD having to have a garage sale. The Zubairs will not want the BoD selling off assets cheaply, unless it is to themselves.

Not quite Drewky. Now I know that I am just being pedantic BUT Mtwara1 80.6 BCF Based on initial 3-well development; NT1, 2 and 3 Mtwara2 682.2 BCF Based on additional 5 - well development; NT4,5,6,7 & 8 - or whatever they choose , ultimately to call them.... ;0) Total 763 BCF

It is a bit of a bugger that the AGM starts at 2pm, it has always previously started in the morning (In London). No chance of "lunch" unless we start early and finish early but even then getting done in time for a 2pm start maybe unrealistic at best and in any event unsatisfactory. A late lunch would not have been a problem. It's a great shame as there are some good restaurants close at hand. One of my favourites http://www.pouleaupot.co.uk/ very French - in fact only French! And another that is closer http://ristorantegustoso.co.uk/ very Italian - in fact only Italian Both with good wine lists. Anyone fancy lunch that day, let me know and I will book up for the requisite number. Start at 12:00.

I dont... :0)

No, there is no regard to how much will eventually be sold..... only once it becomes 2P will that element be factored in. " A reasonable expectation that there will be a market for all or at least the expected sales quantities of production required to justify development;" The above only occers once the assets become 2P assets. To be 2C resources it only has to be associated with a development project; no expectations of selling it at this stage. Simply the volumes of gas that would be available for sale.

see also below; a good summary http://www.oilsearch.com/media-centre/glossary

No, it is more a question of how much of the estimated GIIP are we actually likely to be able to extract - 1C is a very high possibility and 3C a lower possibility. See this article "http://gaffney-cline-focus.com/i-know-what-reserves-are"

No, I don't think so. At this stage I do not think there is any regard to commerciality. See the whole wuote "Contingent resources are defined as those resources estimated at a certain date as potentially recoverable from known accumulations, but which are not currently considered commercially recoverable. The probability for the contingent resources to become economically recoverable is significantly lower than for proven, probable or possible reserves. The volumes associated with contingent resources should be considered as highly speculative - 1C, 2C and 3C refer to the degree of estimation / certainty (1C - higher conversion probability, 3C - lower probability)." Note the "which are not currently considered commercially recoverable".... hence there will be no element of production expectation within these figures. This will only take place afte the 25 year production license approval and when the asset move to 2P assets.... At least that's my take on it.

Indeed see quote below "1C, 2C and 3C refer to the degree of estimation / certainty (1C - higher conversion probability, 3C - lower probability)."