Member Info for haggismchaggis1

The risk level is way too high for ii's.

Once the project funding and all permits are in place then the risk level will drop dramatically, at which point ii's might get stuck in, but they might still wait for the 4 wells to be drilled and then full project go ahead, at which point the risk level will drop to its lowest level possible.

Vacancy:
12 hours per day but very well paid
Online working only, no commuting needed
No hard work but very mentally taxing
Must have an immense imagination
Must have no respect for anyone or anything
Must have no scruples (willing to lie and cheat on a daily basis)
Stock bashers with known profiles need not apply (cover is already blown)

Apply to https://www.lse.co.uk/ShareChat.asp?ShareTicker=AFC&share=Afc-Energy

And with Climate Change getting worse by the year, there's no way they can rely on Hydropower, so more gas plants is the way they'll go short term, with renewables the long term strategy. (Although renewables might sound counterproductive for AEX it's not, as Tanzania would just sell the gas to its neighbours or export it as LNG, so there would be no revenue drop for AEX)

BF,

"I simply said some of those who are on the side-lines waiting to buy in will want confirmation that the drill actually will go ahead in March 2023."

Well, there were 19 trades today, 14 of them were buys including one of 1,888,463 shares, and a total of over 3m bought vs 700k sold. So, 15 people today were not waiting for anything, they bought whilst it's cheap. And there were another 12 that bought yesterday including one of 4,037,955 shares.

PoC,

I would not be surprised to see the pipeline build by TPDC also start in March 2023, as it's the next weather window.

BF,

The slippage is not a lot and certainly not an unexpected amount of time, it's down to the Tanaznia weather and is a thus the normal expected slip based on that weather. And as said many times, 5 months this side of the well makes no difference, because if it was not this side of the well it would have been 5 months after the well, as the pipeline isn't there and won't be until start of 2024 (which was end of 2024 so it's actually a year earlier!!).

BF,

The don't have any money until 2024 to drill any new Kiliwani wells.

Fixing KN-1 brings production back online, making it more attractive to the farm in partner they said they would be seeking after the 3D results are in. It also demonstrates to the farm in partner that well issues can be resolved, and it's not a basket case.

Half Year Report:
"The Company will pursue farm-in partners to fund and operate the asset once our assessment of the 3D survey is complete."

How about you suggest something better for them to spend the money on?

Ruvuma first gas revenues will now be at the start of 2024 rather than the end, which means AEX now has a year's worth of surplus cash. What to do with it? Fix KN-1??

April 2022:
"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"

KirSin,

I don't see it as disappointing at all. No way could AEX have raised the amount of cash that is being spent by ARA on Ruvuma development, not by dilution, not by loans or project finance, not by any means.

So then AEX only had one choice, to farm it out and get the best deal they could, and in my opinion it is a very good deal, because when 140mmcfd is flowing AEX will be at the highest MCap it has ever been at, which means any shareholder, no matter when they invested, will be in profit.

And we still have the chance of finding oil in any of the traps across the whole license.

bullfrog,

What it says in the RNS "Aminex has been advised that the expected spud date for CH-1 has now slipped to March 2023 due to rig availability"

If the rig they had planned to use has been held up by another client of the rig owner, and ARA cannot get hold of a suitable rig anywhere else, then that is the reason it's not on site.

Bullfrog,

That's not even speculation, it's just another totally baseless suggestion plucked from the air.

Barking,

No I don't care actually. I was posting the price to shut people up that are talking about the price drifting down, when it's actually drifting up.

Show me 25p and then I'll care.

bullfrog,

I see no reason to be overly cautious, which is how I would describe your theory.

Tanzania is now run by a leader that gets things done and she has targeted Gas as highly important for development of the country. Department delays and corruption have been significantly reduced compared to when KN-1 was in limbo.

TPDC are going to fast track the pipeline. Do you really think that they would do that whilst at the same time preventing the gas from flowing by not signing off the GSA? Really?

BG,

Good point. And I've not seen anything in the most recent plan that involves doing any workover. Maybe something for them to look at once the full field development is completed? That was, Tanz can have a load of gas flowing ASAP, and once Ruvuma is scaled up, taking NT-2 out for a workover is not going to cause an impact.

Fitzy,

Yeah, still creeping up:

2.34
2.2
2.25
2.25
2.31
2.31

One sell trade of 5 shares amongst those at 2.06

NM,

"he process of performing major maintenance or remedial treatments on an oil or gas well. In many cases, workover implies the removal and replacement of the production tubing string after the well has been killed and a workover rig has been placed on location. Through-tubing workover operations, using coiled tubing, snubbing or slickline equipment, are routinely conducted to complete treatments or well service activities that avoid a full workover where the tubing is removed. This operation saves considerable time and expense."

https://glossary.slb.com/en/terms/w/workover

Owainglyndwr
Member Since
2nd Nov 2022

Hmmmmm.....

That was for NT-2, but NT-1 looks OK though?

https://www.investegate.co.uk/aminex-plc--aex-/rns/ntorya-1-test-results/201206280700043003G/

5,424psi, so yes, very high pressure!

NM,

Yes, the pressure was well above what they were expecting by the looks of it, so they had to use heavier mud weights, which damaged the well bore. Just needs a run through with some pipe cleaner and a plunger LOL! Or a workover with a more heavy duty rig that is not fazed by the high gas pressures.

"Due to strong gas influxes encountered while drilling through the reservoir section, and in order to preserve the safety of the well operations, Aminex was required to increase drilling mud weights in order to maintain well control and operate within safety parameters. The higher than planned mud weights resulted in reservoir invasion which tempered overall test performance."

Last 5 trade suggest it's creeping up.

2.17
2.191
2.195
2.2
2.191

So far, advfn shows:
3,032,472 bought
703,402 sold
145,217 unknown but at the price looks like a buy just as the price ticked up.

ASK now 2.17
BID now 2.02

Very low volume, but good support at this level, nobody rushing to sell anyway.