Member Info for PageofCups

Read the RNS. Covid is an evolving situation that requires an evolving response.

Over recent months BPC has undertaken an extensive body of work, in conjunction with Stena Drilling and a number of BPC's key contractors, to develop a Covid-19 mitigation plan. This plan is designed to minimise the chance of importing the virus on to the Stena IceMAX drill ship, and thus to ensure continuous operations whilst also providing a series of plans for outbreak containment and business continuity.

Accordingly, the Company's Covid-19 mitigation plan has defined a series of Covid-19 protocols (isolation, testing and quarantine) to be applied ahead of and throughout the drilling campaign. Moreover, given the highly fluid nature of the global Covid-19 situation, the Covid-19 plan as developed contemplates a wide range of potential Covid-19 scenarios, with a tiered range of specific mitigation measures applicable.

In recent days and weeks international measures taken to mitigate the ever-evolving Covid-19 situation have had an emerging impact on BPC's intended operations. For example, in the United Kingdom, where approximately half of the rig crew are based and where almost all of the rig crew will assemble pre-mobilisation, a national lockdown had been reimposed along with heightened tier responses. Equally, the United States, being the location from which much of the technical support and supplies for the rig will emanate, is experiencing record levels of Covid-19, and the likelihood of tighter restrictions and new lock-downs appear to be increasing. In The Bahamas a State of Emergency remains in place and there is considerable and growing uncertainty as to the uninterrupted availability of required services, for example regular scheduled flights and accommodation.

In view of this evolving situation, BPC and Stena Drilling have decided to move to implement an even more rigorous Covid-19 mitigation plan, so as to ensure creation of a series of effective Covid-19-free "bubbles" that completely isolate and test all crew, staff and vendor personnel on an enhanced basis, and thus "shields" the vessel to the maximum extent possible from the risk of Covid-19 importation / disruption.

The extra Covid costs are $3m, not $5m.

I would say Aminex's gas is more valuable with funding than without funding and so deserves a value.

AEX currently valued at £24m ($32m) which is less than the $35m cash they have from APT to develop Ntorya. The gas is currently valued at nothing, zero, £0. AEX , have a route and funding to a huge gas reserve currently valued by the market at zero, but is of course worth more than zero and so has massive upside not yet priced in. Ok, there's a time line at play, but in all honesty, is the gas worth zero.... of course not. Does the current valuation present an opportunity, I would say so. imho .

I am sure the hoteliers in the Bahamas are pleased to be having crew staying at their hotels for the 10-12 weeks. It's a welcome contribution.

They have access to £15m CLN, (600m shares x 2.5p).
They will receive £3m after spud.
They will receive £5m mid January.
They will have access to £7m at the conclusion of drilling operations.

Cperkin, that's a good point. There have been a number of new appointments, so a few director buys would be welcomed. I'm sure they would think so.

These shares are boom or bust. I think with the backing of APT, Aminex is a boom. It is all to play out. Currently the sp is saying bust, however this is a imvho wrong. I expect small increases every day as buying gradually returns and the benefit of having APT running as operator and the huge sums of money about to be spent for which AEX is fully funded, sinks in. There are the other left field updates to consider too, all of which are material.

Crusty, these things have been in train for quite sometime. The farmout was holding everything up. Farmout all done and lots of work going on by APT as they get things started. AEX focusing on other things now, so expect a different type of newsflow, imho.

Was way oversold. Lots of news flow to come our way now operations are in motion. Quite a few other items not factored in. Gas payment received, approval of Killiwani restart, probably in conjunction with gas payments owed, merger with a cash producing business in Tanzania, SCIR 25% up for grabs. BoD with new impetus focusing on other operations now farmout and roadmap up and running.

I believe Tom Mackay was CEO at the time. Tom Mackay has been re-appointed as a NED, along with Charles Santo as Chairman. I guess the $7.6m can come at any time considering the Tanz government recognise they need to pay it. Probably sooner, imho.

Hello CrustyPete,
From the RNS dated 25th February 2020.

Kiliwani Gas Receivables.

Aminex is in discussion with the Tanzanian government authorities to secure payment of the outstanding receivables owed for gas sales from the Kiliwani North gas field that amount to approximately US$6.7 million (gross) excluding interest. This is finally being progressed after the return of senior government officials who have recognised their obligations and are making efforts to resolve the matter. A meeting has been scheduled and we hope to be in a position to update shareholders soon.

Yes, January 2022, however dates can change, but I expect drilling to be finalised around the long lead items and the locking in of rig rates etc. It is expeditious to provide certainty on the drill costs when the rates are low rather than risk securing a rig too late. The seismic acquisition is a lot of work, and to be fair, APT are going about acquiring the 3D before drilling CH-1, which is the logical thing to do, however it is not a pre-requisite to drilling, due to the well data on NT1 and NT2. I guess a lot depends on rig availability and long lead items, so not overpromising on the drill date for CH-1. It also gives a window for any RTO and SCIR sale of their 25%, potentially to AEX if there is a reverse of WEN assets.

It is undervalued re: farmout and free investment by APT.
CH-1 drill will commence as soon as long lead items and rig contracted. This will be next year, earlier the better to lock in rig rates. Meanwhile I do think that there is a window for an RTO of WEN, leveraged off the huge gas asset AEX have. This will then allow a buyout of SCIR 25% with WEN cash and cashflow. I feel this will allow the Zubs 100% control by the time CH-1 gets drilled. Aimho.

The Tanz government have accepted and recognise they owe AEX $7.6m. So I expect this to be expedited..

Yeah probably, but I know that WEN and AEX have been having meetings.

Working on RTO of WEN. imo

I think Mr Ambrose will do a deal with WEN and then buy SCIR 25%. RTO of WEN assets into AEX. WEN shareholders will vote for it, imho.

Up to now people think there have been sells, but we can see now you can buy at 0.599p
Should encourage buying now they know they are buys.