Member Info for prosciutto

There is a decreased availability of US dollars in Tanzania, and this will impair the Company’s ability to convert Tanzanian shillings directly to US dollars. There is a risk that the Company may not be able to convert Tanzanian shillings to hard currencies, such as US dollars. No one knows when the foreign exchange reserve deficiency in Tanzania will be remedied. Considering the actions of the orange plonker, it may never be remedied.

Dealing with the US dollar liquidity issue will be difficult.

Highlights ...

" You’re implying that Aminex’s $40m “net gas revenue” is before the PSA split and government take. That’s flat-out wrong — and it shows you either don’t understand the terminology or you’re deliberately trying to mislead." P26

" No, I was making an important comment, that it was based on a cost recovery period, meaning when opex and capex are being recovered. Opex will be recovered in every year, but when AEX share of capex (USD 35m) for this phase has been recovered gas revenue will drop sharply. Failing to mention this assumption, is really misleading. " 1. HighYield

HighYield is correct, the net gas revenue is expected to fall precipitously after the cost recovery period ... perhaps by as much as 65% ... maybe even more.

Read the phrasing of the latest Presentation

Now read the P26 phrasing.

What do you notice about the two?

What does that tell you?

Yes! ... exactly!

= = = =

The Aminex fundamentals are not worth discussing, as they are undeniably terrible. Their balance sheet is deeply concerning, and without ongoing external financial support, the company faces serious trouble. Without even a single cubic foot of 1P reserves, they don't qualify for a Bank loan. With the pipelaying now scheduled for January, the financial crunch on Aminex is increasing.

" Could someone explain what yesterdays agm meant at no6 in the table , where it said, to authorise directors to allot securities ie shares for cash . as it has me a little concerned about a fund raise when they said that they are fully covered up to production." 1. Rellik

This shouldn't be of no surprise to anybody. They said they were fully covered up to production and yet, they were forced to borrow $3 million. Now take a look at the current cash level, the negative working capital and the current burn rate. That $3 million is quickly being used up and there is no buffer zone left. How often have you heard someone say they wouldn't need any extra money?

They could borrow more from Eclipse, but this house of cards will collapse very quickly if Eclipse elects to call for payment of the loan. The safest route is a placement.

They are nearing the trigger point where the short sellers might feel at ease settling in.

= = = = = = =

Beware the shorts ... beware the 'Unknown'

Highlights of the week

" 140 MMscf/d plateau = $40m net to Aminex (company guidance) " Prospero2

= 35 MMscf/d plateau for Aminex

A co-venturer at SongoSongo is producing 78.6 MMscf/d and yet, the company is struggling.

Producing the gas is one thing, but expecting to make a stellar profit is an entirely different matter. This particular co-venturer had unpaid amounts that totaled $104,164,507.41 as of January 9, 2025.

" P26 .... when AEX say 40 MUSD net it refers to net revenue, not profit. Furthermore, you forgot to mention that the number is based on a scenario where there is full cost recovery. ... The government in Tanzania normally receives about 65-75% of net gas revenue, through taxes, royalties, TPDC's option to get a share of the license and share of profit gas. Unfortunately we do not have the details of the Ruvuma PSA ... " 1. HighYield

Professor RoJo ... There are SO MANY that don't comprehend the following

a) Cost gas and profit gas

b) GSA and PSA

c) TPDC to get 65-75% of net gas revenue

d) Exploration and development

HighYield is one of the few that do comprehend these complexities.

When does your next remedial class start?

" I fear you're wasting your time HighYield.

He'll never get it..." 1. Professor RoJo

True Professor RoJo, but don't give up on RogerJolly ... sign him up for your next remedial class. The manner in which he disrespects HighYield may suggest he's been through some tough times. 

Question 1.

This company appears to lack influence or authority in decision-making. It resembles an empty shell with no control over its own future. What exactly is its purpose or function?

Question 2.

If management don't come to work tomorrow, would anyone even realize it?

= = = = = = =

Beware the shorts ... beware the 'Unknown'.

Witness a contingent gas project where:

1. There hasn't been an updated CPR guideline since 2018

2. The company has no control over its own destiny.

3. Tanzania’s gas liftings is reduced due to the new Julius Nyerere Hydropower Dam.

4. A co-venturer, producing 78.6 MMscf/d, is struggling

5. Aminex is an empty shell without any autonomy.

6. It has been a snail's pace ... lost opportunity galore.

7. You can expect Notices of Dispute

8. The legal system is likely to fall short of expectations.

9. The dispute resolution process is ineffective.

= = = = = = = =

They claimed to have enough funds to carry them through to production, yet they borrowed $3 million. That $3 million is quickly being used up and there is no buffer zone left. Aminex could borrow more but Eclipse could demand repayment of any advance and where would that put Aminex? Aminex would melt like a snowball in the Sahara. Perhaps, that is exactly what they want. Their financial situation is challenging at the moment, and a capital raise is an alternative.

They are fast approaching the trigger point level where the shorts could feel comfortable settling in.

Beware the shorts ... beware the Unknown

= = = = = =

As an enduring underperformer for more than two decades, Aminex operates in a subservient capacity.

" O!. What a rogue and peasant slave am I". Shakespeare: Hamlet

Highlight of the week

" ... Approx. 30% of PAET’s gas given away for free in recent years – due to ‘Protected Gas’ concept. ... " 1. Ufufuo

recent??? ... over two decades isn't exactly recent. Instead of 30%, Aminex should consider giving away 60% of its planned production to avoid being labeled 'greedy'.

" . The PAET PSA structure is not only dated and unusually punitive, but also burdened by the “protected gas” clause that forces them to give away a significant share of production for free," 1. Prospero26

A constant stream of misinformation ... jotting down random nonsense and expecting everyone to believe it. The 'Protected Gas' delivery obligation ceased after July 31, 2024, but they continue to DEMAND the right to buy the gas at the "cost" price. It was never free. Ask Wentworth. ask Scirocco, ask PAET/PAEM about doing business in Tanzania.

"... various Tanzanian state agencies have subjected PAET to regulatory and administrative pressures and harassment, further eroding the stability and security of the investment environment ... " Orca Energy Group ... Aug 01, 2025 NR.

Check out the NR to get a better understanding of the challenges involved in doing business in Tanzania.

PAET/PAEM has submitted a Request for Arbitration to the International Centre for Settlement of Investment Disputes, an arm of the World Bank to the tune of $1.2 Billion ... CDN $83 /sh .. trading at CDN $3.25.. You can forget about dispute resolution. 

Orca Energy Group continues to struggle with achieving worthy profitability even with 78.6 MMscf/d ... which is the Aminex equivalent of 25% of 314 MMscf/d. Some of the reasons include currency issue, delays, failure to pay royalties, breach of the PSA and GA, non-payment, and a burdensome the tax regime ....

1) Corporate tax

2) Additional Profits Tax

3) TPDC Profit Tax Payments

4) Value Added Tax

5) Regulatory Payments

This is foreshadowing of things to come for Aminex.  Aminex already has issues with ...

1) Withholding Tax Payable

2) VAT payable

3) Excise Tax payable

4) Capital Gains Tax Payable

Eclipse could also demand repayment of any advance and where would that put Aminex? Aminex would melt like a snowball in the Sahara. Perhaps, that is exactly what they want.

= = = = = = = =

Beware the shorts ... beware the Unknown

"Great intellects are skeptical" 1. Friedrich Nietzsche

Highlight of the week

" all licenses in Tanzania have some sort of PSA, that regulates the revenue split between producers and TPDC .. " 1. HighYield

The lack of awareness surrounding the PSA is amazingly widespread. There are going to be some majorly disappointing surprises. This PSA terms will be ignored here as it doesn't align well with the dissemination of misinformation such as:

1) With compression, 280 MMscfd through a single 14" pipeline nonsense

2) Strong Balance sheet nonsense

3) Discovering vast quantities of oil nonsense

4) Don't need to share with anybody nonsense

5) A dividend shortly nonsense

" Is the tradional value method not to use NPV using 10% discount, rather than PE?" 1. kinkell

Yes but, nobody is paying even PV 15% in Tanzania. One might pay PV 30% (or even 40%) of Proved Reserves. No P1 Proved Reserves have been defined for the property.

" NT-2 gave us the confidence to commercialise Ntorya as a single reservoir. That alone was enough to justify infrastructure." 1. Prospero26

NT-1, NT-2 were certainly not an " extended well test" that could provide any level of comfort.

" the Aminex Warrants I saved !" 1. Tanzania

Would it be fair to say the Warrants expired worthless Tanz?

" 280mmscf/d will be reached in 2036" 1. Shard Capital. Our very own beloved Tanz will be 99.

" Could someone explain what yesterdays agm meant at no6 in the table , where it said, to authorise directors to allot securities ie shares for cash . as it has me a little concerned about a fund raise when they said that they are fully covered up to production." 1. Rellik

This shouldn't be of no surprise to anybody. You need only to review the balance sheet. How often have you heard someone say they wouldn't need any extra money?

Beware the 'shorts' ... beware the 'Unknown'.

Highlight of the week

" When the cost pool in Wentworth had been recovered, revenue from gas sales fell by about 70%" 1. HighYield

Don't count on management to share the terms of the PSA ... they're too busy twiddling their thumbs. You need to be concerned about all the other external mischievous activities. Ask yourself why, in 2024 Orca Energy Group continues to struggle with achieving profitability even whilst producing 78.6 MMscf/d. Not everyone in the government shares the same perspective on Aminex's presence in Tanzania.

= = = = = = = =

People forget how odd it is to witness a contingent gas project where:

1. NT-1, NT-2 hasn't even had an extended well test

2. NT-1 hasn't even been reworked

3. CH-1 hasn't even been drilled

4. Kiliwani, Nyuni is nothing more than an ephemeral dream

5. The significant negative working capital requires a remedy.

6. The PSA terms are not public.

7. No payment, late payment, partial payment, disputed payment is the norm.

8. Nothing has been fully de-risked

9. There is no guarantee that payment won't be TZ shillings.

10. For two decades this thing has stalled

= = = = = = =

Two Questions to ask at the AGM 

Question #1.

"What impact will Masdar's planned 2 000MW of Power using renewable and the anticipated 2 115 MW of Power from Julius Nyerere Hydropower Project (JNHPP) have on production offtake?"

Question #2.

" Considering that the company lacks any form of influence or control over anything, its independence would be rated as minimal at best. Is the company prepared to work on an alternate opportunity or is the company destined to continue as an indentured servant forever?"

= = = = = =

" An impossible country to do business in. " 1. Alcapone1

Highlights of the week

" Don't get too carried away though, there's a long way to go before Aminex or ARA have any gas to sell" 1. Professor RoJo

Let the noise of the rose-tinted fade away. The facts are simple ... nothing ever gets completed on time. Whatever timeline you think it will take to achieve cash flow... just extend it.

Check out what lays in your future by looking at Scirocco, Wentworth and PAET/ Orca Energy Group. TANESCO owed PAET /TPDC > US $104 million. Paying for the gas was treated as an option. Twenty years of perpetual abuse and with little to show for it.

If they choose not to pay for the gas, what’s your plan? If they ignore or change a contract, what's your plan? If they are unable to make payment in US Dollar denomination, what's your plan? Yes, all of this and more has happened. You’ve already caught a glimpse of these antics with the Kiliwani payment dispute. The tax issue has yet to be resolved.

" ... operating in Tanzania is a nightmare for companies see how Orca have been treated " 1. Killerwhale

Orca Energy Group has been seriously wronged, and the same fate awaits Aminex.

The $3 million loan won't alleviate the need for a placement. The financial stress on this fragile frame is life-threatening. This recent upward tick is part of the orchestrated scheme. This follows the classic 'pump and dump' scenario. You can expect the hired promoters, spouting AI nonsense, to appear from every possible crevice. They exist because the stock price needs to be elevated in order for the shorts to establish their position ahead of a placement. 

" Songo Songo and Mnazi Bay are already at capacity." 1. Prospero26

"PAET can reinstate it's license (has to in my thinking) given the CAPEX in place (a number of assets in Songo Songo worth Millions of $)" 1. Wilson Makembe on X June 23, 2025

TPDC owns the license not PAET. PAET has the production sharing agreement. TPDC is as slow as a snail in attaining the license extension. Do they really want two gas plants and one Power Plant to shut down? SongoSongo West could have > 600 BCF GIIP.  With a license extension, SongoSongo West, Kiliwani and West SongoSongo could easily become attractive prospects for PAET (Orca) providing gas for both gas processing plants ... 140 + 100 = 240 MMscf/d. At 72 MMcfd, Orca Energy Group continues to struggle with achieving profitability. 72 MMscfd is a level Aminex will find insurmountable.

" Anything I am missing? " 1. TWalbyoff

Yes, when you do business in Tanzania, you are up the creek without a paddle.

The orange plonker's intention to dismantle the U.S. African Development Foundation (USADF) won't help.

= = = = = = =

" Watch and pray, that ye not enter into temptation: the spirit indeed is willing, but the flesh is weak." Bible: Mathew 26:41

Highlights of the week

Worth repeating

". A total of 23.2 billion shillings of domestic funds have been allocated for the implementation of the project works. (23.2 billion Shillings is £6,475,618)" StockCheque' s reference

This has pointed out one of the many obstacles ... this only covers about 25% of the funding that is needed. There is no clarification regarding the source for the remaining 75% of the required funding.

Finding a contractor who is open to the risk of uncertain payment and willing to accept TZ shillings will be quite difficult. The China Petroleum Pipeline Bureau may be the only one willing to step forward, but they'll want something in return.

" 60 → 140 → 280 MMscf/d." 1. Prospero26

For 280 MMscf/d , a second pipeline will be necessary and just think about how long that would take ... probably another two decades. Our beloved Tanz will be VERY old. Undoubtedly, he will still be pestering Professor RoJo ... RogerJolly's 'dreambox'.

It is unfortunate but, the country of Tanzania does not comprehend the meaning of the word 'proactive'.

= = = = = =

In 2024 Orca Energy Group produced 78.6 MMscfd and had a net (loss) US $(1.31) /sh. 25% of 17 MMscf/d from Nt-2 is 4.25 MMscf/d. Orca Energy Group continues to struggle with achieving profitability at 78.6 MMscf/d. Aminex' financial pinch is ongoing. Expect the hired promoters to emerge from every possible angle. The stock price needs to rise in order for the shorts to establish their position ahead of a placement.

= = = = = == =

Highlights from the past couple of years ... cont'd

" .... If the boat sinks .... " 1. Tanzania

It won't be ARA's boat that sinks. Orchestrated or not, there may be yet another delay. With a negative working capital this could precipitate the FULL collapse of Aminex into ARA's / TPDC's lap and they, acting as the salvage operators, would be quite pleased with that scenario.

Multiple-year delays are common here.

" .... a third (Ntorya-3) is scheduled for drilling this year .. " Feb 5, 2018 RPS CPR. Aminex

USD (000), Jun 30, 2023

Total Current Assets $6 598

Total Current Liabilities $10 206

At high risk for a capital raise. Raising money in this environment will be challenging.

Had you initiated the avoidance maneuver when advised to do so several years ago, you would have been much better off. ... Most likely, shortly after the CPR you can expect a capital raise. Aminex' position is similar to being enslaved inside a Venus flytrap.

You can expect a production of 'first-gas' delayed well beyond Dec 2023. This highly anticipated, miniscule, decoupled, first-gas net production of 3.6 MMscf/d from Ntorya 2 ( 25% of 17 MMscf/d) won't have much of an impact. This should lead to a liquidity crisis and a subsequent capital raise following the new CPR. .. 2023

= = = = = =

" All men make mistakes, but only the wise ones learn from their mistakes. " 1. Winston Churchill

Highlights of the week

" .... from 60 to 140 to 280 MMscf/d " Prospero26

280 MMscf/d through a pipe with a 140 MMscf/d capacity?????

" Do the maths" Prospero26

Let's do the math. Calculate 25% of 17 MMscfd from NT-2.

17 000 000 x 0.25 x 0.85 (TPDC) x ($3.00/ 1000) x 365 / 4.22B = US $0.0009 /sh

Yes, do the math, ... look at what happened to Scirocco, Wentworth and what is happening to Orca Exploration Group ... slow strangulation.

On the road to nowhere for the past 20 years.

". A total of 23.2 billion shillings of domestic funds have been allocated for the implementation of the project works.

(23.2 billion Shillings is £6,475,618)" StockCheque' s reference

This has pointed out one of the many obstacles ... this only covers about 25% of the funding that is needed. There is no clarification regarding the source for the remaining 75% of the required funding.

= = = = = =

Highlights from the past couple of years ... cont'd

" Reducing our operating expenses and overhead significantly to protect the Company while the project is still not generating cash." 1. AEX 2023

Uh oh, bleeding profusely! 

" In Feb 2020 and June 2022, The TRA issued the Group with several tax assessments " 1. AEX 2022 Annual Report ..Note 1.

You really want to avoid disputes with the TRA.

Referring to this company as a major disappointment is being generous.

This is a classic case of where the emperor wears no clothes. The illiquidity could rapidly evolve into insolvency. A generation of investors have been left disillusioned and, with no control over anything, the company has no raison d'être. The company is profoundly helpless and hopeless.

When the current liabilities exceed the current assets, you have what is known as a negative working capital. Aminex has a negative working capital. This means that the business does not have enough liquid assets to pay for its short-term obligations. They MUST generate cash flow and they MUST generate it soon. The situation should be cause for concern for lenders, creditors and shareholders alike.

" Typically. there is a cloud right over NT-1 on today's Satellite view!" 1. StockCheque

Typically, there is a cloud of uncertainty over this ENTIRE company EVERY day.

The FREE CARRY is independent of the Working Capital. It is NOT an asset on the balance sheet as part of the current assets but then again, ignorance is bliss. It is the negative Working Capital you have to be worried about ... there is insufficient monies to pay the bills. Whilst most Oil& Gas have tripled in price over the last three years, this eviscerated carcass has dropped 80% since Mick2020 begged you to initiate avoidance maneuvers.

" first gas still expected October " RogerJolly's 'silly list '. June 6th, 2023.

" Many (most?) things planned don't happen and target dates are almost inevitably missed." 1. RoJo

= = = = = = = = = =

" All men make mistakes, but only the wise ones learn from their mistakes.

Highlights from the past couple of years

1) Shareholders need to cleanse themselves of any illusion that this company has control over its own destiny. Aminex should get down on bended knee and beg that some company will make an offer and put an end to this never- ending litany of failed aspirations.

2) The big pink elephant in the room that nobody wants to discuss is that there isn't enough capital for development drilling at KNDL in 2024. Are you prepared for further dilution... perhaps up to 10 billion shares? This company is already grossly obese. Converting this gargantuan blob of lard into a finely tuned athlete is an insurmountable challenge.

3) Even after adjusting for a hypothetical 25% of 17 MMscf/d from Nt-2, Aminex would still be seriously impoverished.

4) There won't be any dividend.... not a snowball's chance in hell. Just to be able to continue as a 'going concern' will be a major challenge. Let's face it ... this company isn't going anywhere fast.

5) Do they sell KNDL outright? That would leave Aminex involved with Ruvuma and Nyuni. It would also leave Aminex extremely vulnerable to an asset stripper. This asset stripper need only to fabricate a delay and Aminex would fold like a cheap lawn chair. An outright sale of KNDL would place Aminex in a rather vulnerable position.

6) " ...... a gas development project at Ntorya could be viable with three wells, two of which have already been drilled and a third (Ntorya-3) is scheduled for drilling this year," 1. Competent Person Report Feb 5th, 2018.

7) Aminex ..... fill in the blanks. ... if you need help, ask Professor RoJo to help you. Hint ... all negative #s.

EPS ... _______ : Cash Flow /sh ... _______ : Working Cap ... _______

8) NT-1 needs to be reworked, NT-2 has not been retested, CH-1 has not been drilled and there is NO PIPELINE. 25% of 140 = 37.5 MMscfd ... despite operating at MORE than double this maximum production level, Orca Energy Group continues to struggle with achieving profitability. Aminex has consistently failed to achieve anything significant, resulting only in financial losses. A more favorable investment landscape is needed.

= = = = = = =

" Of all of the horrid, hideous notes of woe,

Sadder than owl songs, or the midnight blast,

Is that portentous phrase, " I told you so."

............................................. Lord Byron

Highlights of the Week

"The entire Ntorya development is being built for 140 MMscfd (and potentially much much higher still) " Prospero26

The pipeline capacity to Madimba is 140 MMscfd maximum... period.

NT-1 needs to be reworked, NT-2 has not been retested, CH-1 has not been drilled and there is NO PIPELINE. 25% of 140 = 37.5 MMscfd ... despite operating at more than double this maximum production level, Orca Energy Group continues to struggle with achieving profitability. Aminex has consistently failed to achieve anything significant, resulting only in financial losses. A more favorable investment landscape is needed.

Scirocco, Wentworth and Orca Energy Group ... where was this favorable investment landscape for these three?

" JNHPP might’ve come online, but it’s grid-limited and doesn’t touch gas core markets." Prospero26

More nonsense.

"... (JNHPP) the increased hydro power generation it has delivered, combined with the Songas Power Plant shutdown, have been the primary factors in reduced gas liftings for the power sector." 1. Orca Energy Group

" Songo Songo originally held ~1.1 TCF GIIP with ~0.8 TCF recoverable. "Prospero26

SongoSongo West could have > 600 BCF GIIP but without a license extension, PAET (Orca) will likely pack up and leave. With a license extension, SongoSongo West, Kiliwani and West SongoSongo could become attractive prospects for PAET (Orca).

" Orca’s issues stemmed from legacy offshore contracts and payment politics." Prospero26

Non-payment to PAET (Orca) goes as far back as 2012. It has ratcheted up to > US $104 million.

" Orca is in dispute with TPDC over unpaid invoices." Prospero26

TANESCO is indebted to PAET (Orca) approximately US $104 million. Things start to add up when they don't pay for the gas lifted. This matter is currently in the process of being resolved, with TANESCO agreeing to pay approximately half of the stated total amount in scheduled payments. Both TPDC and PAET (Orca) will be allocated the funds.

"The plant shut down in 2023, later restarted, " Prospero26

The Songas Power plant was shut down in Nov 2024 because the Gov't failed to renew the Power Purchase Agreement. It has partially resumed supplying power to the cement plant with gas provided by PAET (Orca).

" Ntorya’s gas is domestic, onshore, and contracted directly into the national infrastructure." Prospero26

PAET (Orca) is the SOLE supplier to both gas plants on SongoSongo Island. They are domestic and have both onshore and offshore wells. PAET is the ONLY supplier of gas into the national Infrastructure from SongoSongo Island. Aminex' attempt with Kiliwani failed miserably. They have a US $100 million loss with Kiliwani that some hold in pride.

= = = = = =

As an enduring underperformer for more than two decades, Aminex operates in a subservient capacity.

" O!. What a rogue and peasant slave am I". Shakespeare: Hamlet

Highlights of the week

" Same person. Two personas. " Prospero26

About as misleading as is everything else.

I should take the Bentley out for a spin today eh RoJo?

" The market hasn’t priced it in." 1. Prospero26

Let's do the math. Calculate 25% of 17 MMscfd from NT-2.

17 000 000 x 0.25 x 0.85 (TPDC) x ($3.00/ 1000) x 365 / 4.22B = US $0.0009 /sh.

It is a paltry pittance.

In 2024 Orca Energy Group produced 78.6 MMscfd with a net (loss) US $(1.31) /sh.

= = = = = = BUT = = = = = = BUT = = = = = = BUT = = = = = = BUT = = = = = =

How to make a statement and leave out the "BUT". There are at least 20 "BUT" statements that could be added here. Being exposed to just half of the story is misleading.

1) " By end-2023, it had produced over 640 BCF — " Prospero26

By end-2023, Orca had produced over 640 BCF BUT Orca Energy Group has NOTHING to show for it even after 24 years and Aminex will NEVER be able to produce what Orca currently produces.

2) " NT-2 flowed 17 MMscfd ... " Prospero26

NT-2 produced17 MMscfd BUT a retest will be required because the initial test was not an "extended well" test. Unless Chikumbi comes in big as an outlier success, the Chikumbi asset is still an unknown Exploration asset.

3) " A proven multi TCF discovery" Prospero26

A proven multi TCF discovery BUT the reality is there is 0.0 cubic feet of 1P Proven reserves.

4) " Aminex has no debt, no raise needed ... " Prospero26

Aminex has no debt, no raise needed BUT one must first ignore the negative working capital. Even with the inclusion of the $3 million loan, any competent CFO would readily acknowledge that the state of this balance sheet is, at best, "precarious".

5) " If a raise is needed later .... " Prospero26

Reality has started to sink in, contradicting the 'no raise needed'.

When the raise becomes a reality, it may be strategic; BUT it will have a profound negative impact on the share price. The shorts are not yet positioned.

= = = = = = = = =

History:

Scirocco was captured and slaughtered.

Wentworth reluctantly surrendered in exasperation.

Orca Energy Group, suffering never-ending contract and payment disputes, will likely surrender in frustration Oct 2026.

Aminex, subject to exploitation, serves as a sacrificial pawn.

Tanzania does not offer a comprehensive solution for business challenges.

" Let not thy left hand know what thy right hand doeth" Bible, Mathew 6:3

Highlights of the week

" Aminex owns 25% of a proven discovery " 1. Prospero26

25%??? TPDC will take a %. Most likely 25% - 15%of 25%

Proven??? Where is the Competent Person's Report? Can you ensure that these are not small stratigraphic traps or pockets of gas with reservoir producibility challenges, which could result in a very high well count and low recovery per well? Yes, where is the CPR? A CPR doesn't cost much so where is it? What do they NOT want you to know? What are they afraid of? What are they hiding?

" With a signed gas sales agreement " 1. Prospero26

At times, GSAs have been disregarded. At times, payment for the gas has been disregarded. Refer to Orca Energy Group as a reference.

" Backed by the Tanzanian government" 1. Prospero26

Are the funds allocated for the pipeline sufficient to cover its cost? Je ne pense pas.

" On the verge of construction and development" 1. Prospero26

They've been on the 'verge' of construction and development a VERY long time.

" Ntorya Development ..... could be viable with three wells, two of which have already been drilled and a third (Ntorya-3) is scheduled for drilling this year, producing into a raw-gas pipeline to the Madimba gas plant, approximately 33 km away" CPR Feb 5, 2018

2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026 ..... ???

" With all future costs paid" 1. Prospero26

All??? There is a cap to the costs paid.

Re: Kiliwani North. (KN)

" Over $100m in tax losses" 1. Prospero26

Well, thank heavens they lost US $100 million on KN.  Has he convinced you this is good news Tanz? It is unfortunate that the loss was not US $500 million. Would that be REALLY good news Tanz?

Suffering massive losses is never good news.

" History is written by the winners." gaslady

This eliminates Aminex ... far, far from a winner for over two decades.

= = = = = = = = =

Aminex is experiencing financial distress due to the negative working capital. They cannot continue to borrow money.

A potential swift resolution could be a placement; however, it is essential to elevate the stock price beforehand to allow short sellers to position themselves strategically. Anticipate excessive promotion from hired agents, a rise in price movement, a public offering, a notable decline, and subsequent short covering.

Re: Hired agent ... The level of obfuscation is commendable.

" Yond Cassius has a lean and hungry look;

He thinks too much: Such men are dangerous" 1. Shakespeare, Julius Caesar

Highlights of the week

" We already know the pipeline is going to take to mid 2026 to complete" 1. StockCheque

There is justification for another delay because "The Julius Nyerere Hydropower Project" with a potential peak of > 2 115 MW, is currently constrained pending ongoing development of the electrical distribution network. They possess excess KW capacity beyond their current ability to distribute this capacity.

" It has stood up well ... " 1. RogerJolly

It's all about recognizing risk, lack of visibility and perpetual delays. The singular defining characteristic of Aminex lies in its unparalleled status as a multi-decade embodiment of a massive disappointment.

" NT-2 monetisation flips Aminex from “hope” to “cash flow imminent" 1. Prospero26

Let's do the math. Calculate 25% of 17 MMscfd from NT-2.

17 000 000 x 0.25 x 0.85 (TPDC) x ($3.00/ 1000) x 365 / 4.22B = US $0.0009 /sh. It is a paltry pittance.

" We’ve already flowed 17 MMscfd from NT-2 " Prospero26

re: NT-2 test... it was never an " extended well test" that could provide clear comfort for development and commerciality.

= = = = = = = =

Incorporate the risk variables by making a comparison to Orca Energy Group. Aminex is highly likely to encounter comparable challenges. Visit Orca Energy Group's webpage.

In 2024 Orca Energy Group produced 78.6 MMscfd and had a net (loss) US $(1.31) /sh. The 78.6 MMscfd is way beyond anything Aminex could EVER expect to produce. This is foreshadowing of things to come for Aminex.

Expect similar levels of challenge to that of Orca Energy Group ...

1) No payment

2) Late payment

3) Disputed payment

4) Partial payment. They agreed to settle for ~ 50% of monies owed

5) Foreign Exchange reserves deficiency

6) Julius Nyerere Hydropower Project reduced the gas liftings

7) Notice of dispute for breach of the(i) PSA, and (ii) the Gas Agreement.

8) The legal system leaves much to be desired

9) The dispute resolution process leaves much to be desired.

" An impossible country to do business in. " 1. Alcapone1

Prosciutto

Highlights of the week

" ... see page 8 of the annual report - 'our current understanding is that the rig activities are planned to occur after the commencement of gas production from NT-2, now expected in mid 2026' so this probably scotches any drilling before the middle of next year. I also expect that the pipeline construction won't be a six month job - Aminex are practically ready to produce gas at a moment's notice, they're guiding for construction to be more like 12 months, unfortunately. " 1. pekingduck

The company is already operating at a precarious level of working capital, a situation that is bound to deteriorate with any additional delays.

re: CNG

" ... this station will ultimately be fuelled by the same system Ntorya is set to supply." 1. Prospero26

CNG has existed and is already supplied by TPDC from other producers. CNG ... insignificant volumes.

Don't get too excited about producing 25% of 17 MMscfd from Nt-2.

In 2024 Orca Energy Group produced 78.6 MMscfd with a net (loss) US $(1.31) /sh.

If Aminex were to produce the equivalent to Orca Energy Group, then

Ntorya would need to produce 314 MMscfd to equate to Aminex share of 78.6 MMscfd. The pipeline capacity to Madimba is 140 MMscfd. There isn't a snowball's chance in hell for > 314 MMscfd through this pipeline.

= = = = = =

As we near the completion of nearly two decades of unfulfilled expectations, it is crucial to examine the underlying factors that have contributed to this persistent sphere of sorrow and suffering.

1. No CPR

2. Not even 1 cubic foot of Proven 1P reserves

3. No one pays for contingent gas

4. Nt-2 still untested

5. Excessive G&A

6. Ch-1 delayed ad infinitum

7. Nt-1 workover incomplete

8. Multiple levels of bureaucracy

9. Conversion to $US ... a major cost for Orca Energy Group

10. Co-venturers being abused

11. Will the monies set aside for the pipeline cover its cost?

12. Hemorrhaging financially.

13. Delay after delay after delay.

... at least a dozen more

"All that we see or seem

Is but a dream within a dream." 1. Edgar Allan Poe

Prosciutto

Highlight of the week

"A project this size takes time for sure, ... " 1 jamtart1

With the 2 215 MW Julius Nyerere Hydropower Project mostly now online, how much leverage have you lost?

" Most of us have been waiting well over a decade so what's another 6 months! " 1. StockCheque

Pitiful that you have wasted so much time on this and now doth time waste you.

" Nothing other than a solid sea of Blue......." 1. Tanzania

If you get tossed into the Ocean Tanz, don't expect to come up with a fish in your mouth.

" It's very odd that rig activities won't start until after the pipeline is built " 1. StockCheque

It would be very odd to commence operations prior to the completion of the pipeline. The pipeline may be delayed again or not completed. The costs have escalated and don't bother asking the orange plonker for a loan.

A prelude to forthcoming events:

2024 Orca Energy Group: 78.6 MMscfd ... net (loss) US $(1.31) /sh.

" An impossible country to do business in. " 1. Alcapone1

= = = = = = = =

When the current liabilities exceed the current assets, you have what is known as a negative working capital. Aminex has a negative working capital even with the $3 million loan added. This means that the business does not have enough liquid assets to pay for its short-term obligations. They MUST generate cash flow and they MUST generate it soon. The situation should be cause for concern for lenders, creditors and shareholders alike.

CrustyPete ... Question for AGM ... tks

With no say or sway, no authority and no decision to make, management has little to do. To save on G&A, why not replace the management team with the janitor?

"Tomorrow. and tomorrow, and tomorrow,

Creeps in this petty pace from day to day,

To the last syllable of recorded time." 1. Shakespeare, Macbeth

Highlight of the week

re: Tanzania to provide Electricity to Zambia by 2026

" Well they best get some gas to power underway! " 1. Cperkin

Have they mothballed the 2 215 MW Julius Nyerere Hydropower Project?

Has Tanesco's plan to co-develop 2 GW of renewables with MASDAR gone up in smoke?

Aminex is plunging further into a financial abyss of mounting debt. First gas is now pushed back to mid 2026 maybe. Can they stretch it out without a placement?

" Give it another 6 months and they will be saying drilling will start in 2027 and that's if they have laid a pipe maybe." 1. mj152

" A total of 23.2 billion shillings of domestic funds have been allocated for the implementation of the project works." 1 OldDoodlebugger

A significant measure of prudent optimism would be necessary to believe that this amount will suffice.

= = = = = = = =

There has been no rehabilitation of the NT-1 well and no retesting of the NT-2 well. Aminex is nowhere near the finish line.

Examine Orca Energy Group's Q4 report released today. Notice how the parastatals put the squeeze on a company. How squeeze-proof is Aminex?

Question for AGM

" What is the plan for Kiliwani?"

" A snake lurks in the grass" 1. VIRGIL, Eclogues

Highlight of the week

" Just building the pipeline outside of the rainy season should not take much longer than 3 months " 1. StockCheque

" "Patrick Kabwe, TPDC Senior Geologist and Project Manager indicated that the pipeline work would be "expected to take a minimum of six months to be completed" 1 LeaGreen

" ... to be stuck in AEX for 15 + years without a material return is a failure ... " 1. CrustyPete

An entire generation of missed opportunity.

= = = = = = =

Selling the gas is not a problem but receiving full payment for any gas sold is a problem. Recently, TANESCO agreed to pay US $52 million on the US $104 million owed to PAET (a subsidiary of Orca Energy Group). Only 50% of the monies owed will be recovered.

" If TANESCO breaches its payment obligations under the Settlement Agreement, the Settlement Agreement terminates, and the Seller will be entitled to enforce its rights to receive payment of the net amount of the TANESCO Arrears owing plus default interest." 1. Orca Energy Group

It is acknowledged that Aminex has a negative working cap. They may have been hood-winked into entering a possible trap. 50% of Ntorya fetched US $40 million so the residual 25% remnant may only fetch US $20 million. Conducting business in Tanzania is not without risk.

Question for AGM

" What assurances do you have that the cornerstone investor will not abruptly withdraw their financial backing and push Aminex into insolvency?"

" I know a trick worth two of that" 1. Shakespeare, Henry IV