Member Info for edgar222

Which is exactly why I have been hoping they don't release seismic upgrades until the licence is in the bag....

Totally agree.

Wonderer

Am wondering whether your years are right below?

IC

No apology needed.

Best wishes

ICB888

I read the Wen RNS as approval still awaited from the Tz govt.

ICB888

I read the Wen RNS as approval still awaited from the Tz govt.

Thanks PoC

Interesting.

Winalot

I don't pretend any technical training or expertise. If I have learned anything it is from researching O&G shares and listening to more knowledegable posters on forums like this.

My understanding is that the estimates for the size of a resource are made up of a number of different sources of information interacting with each other. Primarily seismic and the drill bit. If you think about it, the drill bit alone cannot tell you what is around the drill bit in an extended area. You need seismic for that. And Seismic alone cannot tell you what the target area identified by seismic contains. You need to go into it with the drill bit for that.

From memory, there have also been "re-processing" efforts of old legacy 2D seismic. And every time they have looked again the resource has increased. Then add in the last drill in 2017 (think that date is right). There was not much change between the Feb and December 2018 CPR reports when the jurassic target is removed. Then what happened is Ara and their team came in. Fresh eyes on established data. And I have no difficulty in accepting that more expert eyes will think a different thing. I think I am right in saying Aminex never had it's own in house processing department, being a tiddler. Ara/Zubair are a Major company with teams looking at the evidence before deciding whether to invest.

It is their estimate, putting together all the drills (not just 2017) and all the old seismic and the re-processed seismic that has led them to 8TCF gross unrisked mean GIIP. While the 2C number has remained constant at 763 BCF, simply because there has not been a further CPR (I believe).

So the increases in the estimates do not of themselves tell me that someone is wrong. Only that they are estimates. And we know they are about to be replaced by 3D processing internal (Ara) work as well as the external CPR.

You pays yer money and you takes yer chance but for me Ara have always seemed like a straight talking and professional outfit. I don't see the upside to them inflating the numbers in May 2021. They don't have public shareholders to convince or banks to borrow from. Their number may be wrong but (so far) I am happy it is honestly arrived at.

Of course I am hoping they have been conservative with their 8.236 TCF estimate.

We will know soon.

Look at page 11 of the attached presentation for the historic increases in estimates.

http://admin.aminex-plc.com/uploadfiles/2023%20AGM%20Presentation%20130723.pdf

Very significant increases included. More than doubling previous estimates on occasion.

I may have been too cautious. 18tcf please.

11.36 TCF

this is the targetted spoil heap (etc) material. licence now overdue. any day. production still by year end or q1 now?

from the 14th nov rns

"gwm has established an inferred resource estimate of 31,000 tonnes grading 1.6 g/t gold and 3.0 g/t silver in tailings for the omco mine at the olympic gold project. it has also established exploration targets. in addition, the company has reported an exploration target as follows:

· 3,400 - 6,400 tonnes grading between 0.5 and 1.2 g/t au and 1.2 and 2.1 g/t ag in the substrate beneath the tailings volume at the olympic mine.

· 9,000 - 12,000 tonnes grading between 0.9 and 2.4 g/t au and 2.0 and 5.1 g/t ag in a co**** stockpile at olympic mine.

· 4,200 - 7,700 tonnes grading between 40 and 140 g/t ag and 0.3 and 0.3 g/t au in spoil heaps at mineral jackpot."

...and the Govt would not have approved the Scir deal if they were not on board.....

PoC

"Yeah.. but rules say they can't sit on material info that affects the sp.. So they can't sit on the 3D results especially after announcing that a CPR will be released in December."

Those rules apply to Aminex not Ara. Ara are a private Company. They know that when they tell Aminex anything material it will be made public. So there is an easy way around those rules, no?

I actively do not want them to issue the 3d results before the licence.

I don't want the size of bungs to increase or Tanzanian bureaucrats to get cold feet cos its suddenly 16TCF and worth a gaxillion dollars more than they thought.

Licence first. Bureaucrats out. Then go. Please.

Https://twitter.com/EdgarTwo2/status/1728711547713622376?t=TYqoBl0dVDJa1_9J-d-NkA&s=19

...to those who got in under 1p late on.

...and happy to do so.

Kread

Am absolutely with you.

;)

Very happy to keep buying at these levels when I can.

(I didn't get any under 1p!!)

Kread

It dosent relate to Ruvuma, you are right.

It does relate to the other licence Aminex hold (without a farm in). Killiwani North, which itself was carved out of the Nyuni licence for production purposes. Ara are not farmed into that area and the area is nothig to do with current exciting plans that we are all waiting for.

But Roger is right it is a negative in the sense that we were expecting free data from the seismic and thats on hold.

Hope this helps

Reports from AGM that the Sultan said paperwork completed in October. So am still hoping.

I have not given up on spud this year.

I think production this year now very tight but not impossible.

Have long said, whether its Christmas or Easter, I don't mind! So long as its all hoing along as it should.

Best