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It's been a sit and wait job for over 10 years. Shareholders are BORed waiting.

Up 9% so far today.

https://www.bordersandsouthern.com/media/pdf/AGM2015.pdf

Thanks Gus-0. Yes, they are proposing and early filed development with less wells and improving the environmental footprint by minimising wells and reinjecting the dry gas back into the reservoir with injection wells and have identified 25% cost savings in well design, so the Capex will be below $1bn for early field development. This will make the project more likely and payback quicker to become self funding more realistic, which may allow the option of debt finance. If you have a look at this resource presentation from 2015, you will see all resources are P50 resource estimates. Darwin East and West was 360MMb. These are management recoverable resource estimates with a 50% chance of being recovered. (P50) also known as 2C resources that are recoverable if 100% of the volume is produced.

gus-0, Yes correct, a 2C resource of 462MMb recoverable, however, you will never recover 100% of that figure. Recovery factors depend on reservoir permeability and porosity, which are very good with recovery factors of up to 60%. It is a 2C resource that Gaffney, Cline and Associates have independently estimated for Darwin East and West. If you are saying they can recover 462MMb, then the overall 2C resource would have to be 800MMb+

Assuming the combined development of Darwin East and West, using six production wells and four gas injection wells, a leased FPSO and capex of $1.8 billion (including 25% contingency), the Company estimates the break-even oil price to be in the mid-30's dollars per barrel. Based on a $65 per barrel oil price, the project pay back would be within two/three years.

Those figures are a bit rampy. Let's say they have 400 million barrels. They field may have a 50-60% recovery factor. That's at the high end. So, 200-240 million barrels at $100 is about $20-24Bn over about 10 -15 years field life. Capex is going to be about $1.5Bn and Opex is going to be about $350m per year, so all in field life cost is $5Bn. Oil may not remain at $100, so factor that in. Rough guess, there might be about $10Bn of value at Darwin East/Darwin West and costs of $5Bn. It's still a lot, but the project is a bit risky if oil prices collapse at any time.

I hold already. I just thought there was some rumour on Twitter yesterday saying there was a takeover coming for £500m. I thought that was cheap, but on the other hand I'd take it. Gawd knows what's really happening. Management supposed to be updating us, but nothing yet, so I gather there will be all sorts of stories coming out. I'll believe it when I see it.

There are loads of rampers on Twitter. Is that how yesterday's rise started?

I think Boris' comment on Russian oil and gas is directed at Europe, Germany in particular, rather than anything to do with UK or Falkland Islands.

Really was hoping for an RNS this morning. Looks like it's back to 1p. Just have to wait a bit longer for funding, which I hope is a farmout or at worst debt finance against the asset. I guess there will be a review on any decision now Russia has invaded.

It could get very ugly in Europe now. Glad the UK got out of Europe. Although we and US will have to come to the rescue, as usual.

All bets are off now. Everything will get marked down.

I hope there is an RNS in the morning. I've seen this rise before only to fall back. It really needs concrete news on a farmout JV, or funding via debt through an oil and gas bank for early production at Darwin, (BOR keep 100%) with the condensate going straight to the bank for them to sell and recoup debt with a profit margin attached, until the field can be self funding for BOR. The way it rose in the last half hour suggests news tomorrow, but if not, then could be a while longer to wait. Keeping fingers crossed.

So where's the funding/farmout? They've had a licence extension, but not had to prove they are funded. Is the years extension an indication of the time they need to get a deal done? Could be left waiting until end of the year.

So much squirming. I wonder why?

Nice try Crustylad. But we can see through you.

Crustylad, As you will be aware, all non-executive directors are required to commit a significant amount of their time to the oversight of the company. They are expected to disclose any other significant time commitments to the board and to inform the board of any changes to their schedules. Currently there are are no matters requiring disclosure in respect of these appointment under paragraph LR9.6.13R of the Listing Rules of the Financial Conduct Authority.

We can see right through you Crustylad.

C'mon Crustylad. Stop drowning.

So, just to clarify the nonsense posted about Aminex not having any persons experienced in oil field operational activities, and not able to plan for any work at KN1. We have below two members of the board. A wellsite engineer and a geologist/petroleum engineer. Ooops.

Mr Al-Ghaithi has over 20 years of industry experience and is currently Chief Executive Officer of ARA Petroleum LLC. He is a wellsite engineer by background and has previously worked with Petroleum Development Oman and Weatherford International where he was Country and Area Manager in Oman.

"We warmly welcome Sultan back to the Board of Aminex and look forward to working with him again. Sultan's significant technical and commercial experience and broad industry relationships will reinforce our efforts to enhance shareholder value."

Tom Mackay was originally appointed as a Non-Executive Director of Aminex in September 2014 serving on the Audit and Nominations Committees and as Chair of the Remuneration Committee before he was appointed Interim CEO in April 2019 until April 2020. Originally graduating with a degree in Geology from Durham University, he retrained as a Petroleum Engineer with Shell and later served in senior management positions with Clyde Petroleum and Gulf Canada. He was General Manager and later Senior Vice President of Stratic Energy Corporation and more recently, a Partner in Gemini Oil & Gas Advisors LLP; acting in technical, commercial and financial advisory capacities to the Gemini Oil & Gas Funds, investing in global appraisal and development projects.