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Https://twitter.com/AminexPLC/status/1785229549833232566?t=-AeJzhukompbux1IwtxgEA&s=19
Part 3 of 5 tweets
#3/5
✅ Application for a 25-year Development Licence based on the approved FDP
✅ Approval by #Tanzanian authorities for the Development Licence, including Cabinet sign-off, awaiting issuance of the signed #licence from the Ministry of Energy
#investorrelations #Africa #energy
Add Pat
Shall I bring salt and pepper for a grand hat eating event? Nah, waste of time, he won't be there.
Fully expecting licence and operational update long before then which should see it pushing a 2p SP by then
27th June. In the diary with an afternoon in London to eat drink and be merry
Crusty do you still have contact with the Irish Mouse. I know he took a hit over at Aaog and I wonder if he is still around and building back here.
People should never trust the red and blue or the shown spread John. The real spread appeared to be 1.20 - 1.225 as you have shown.
Did you not realise the cost of 3D seismic over such a large area?
I am pleasantly surprised that over a period of four years, all that work and analysis has only cost Aminex just over $5
Imagine if they had gone it alone, that bill would have been over $20m
The benefits of having a good supportive partner has showed through in more than one way.
With enough non dilutive loan facility to cover current operating costs through to the end of 2026 to be drawn down only if required, it is a useful sensible back up to have in place.
As they stated with the farm out originally and restated this morning, there will be no need to call on pi shareholders for capital raising through to cash flow being generated.
There is therefore no potential raise hanging over this company. All positive in my view
I would miss the cheery little soul
Shame Crusty, I would have liked to have seen it, but that is seemingly restating what had been said previously.
Need to check the dates but yes I hope to be there.
If you are positive, where is the slippage. With every positive you always push a negative 🙄
Nothing today that wasn't expected by me
Bloody hell SC have you turned into a deramper 🙄
Signed of by the cabinet is confirmation of the energy ministers speech last week. Now just a formality imo
Ruvuma PSA's operator, APT, acquired, processed and interpreted 338 km2 of new 3D seismic in 2022 and 2023, resulting in the identification of significant additional potential gas volumes within the licence area. The most likely gas initially in place (GIIP) is now estimated to be 3.45 TCF. Furthermore, the 3D seismic dataset supports a substantial in place unrisked resource potential of 16.4 TCF. Such numbers place the discovery within the definition of a "world-class giant" gas field, generally accepted as being greater than 3 TCF recoverable.
Ntorya and any other gas fields found within the Ruvuma PSA can be developed far more quickly and for a significantly lower capital expenditure than current offshore LNG projects, which require the construction of offshore gas facilities, pipelines to shore and massive export terminals.
Crucially, Ruvuma gas can immediately service a fast- developing domestic market thanks to the GSA among TPDC, APT and Aminex (through Ndovu Resources Limited), which was signed in January 2024.
We expect a Development Licence will be issued by the Ministry of Energy very soon, enabling the Ruvuma partners to unlock the project's potential by starting both the drilling and construction work that will lead to first gas. The 25-year Development Licence will be the first such licence issued in Tanzania for 13 years and signifies the government's commitment to developing its onshore energy resources.
The TPDC is responsible for constructing the gas pipeline spur to Madimba and, we understand, it has made considerable progress. Given the importance the Tanzanian Government gives to receiving gas from Ntorya and the efforts of the TPDC, we expect the pipeline spur will be completed before the end of the first half of 2025, bringing revenues from the sale of Ntorya gas shortly thereafter.
During 2023 and early 2024:
• Completed the processing of 3D seismic data, the largest onshore seismic campaign in East Africa covering 338km² around Ntorya.
• Selected a more optimal location for drilling the Chikumbi-1 appraisal well through the utilisation of the 3D seismic data.
• Completed and submitted the Ntorya Field Development Plan ("FDP"), which has now been approved by the Tanzania Petroleum Development Corporation ("TPDC").
• Applied for a 25-year Development Licence based on the approved FDP. Approved by the Tanzanian authorities, including Cabinet sign-off, and awaiting issuance of the signed licence from the Ministry of Energy.
• Signed a 25-year Gas Sales Agreement with APT and TPDC.
• Ruvuma PSA Farm-Out Carry of US$35 million covered Aminex for all 2023 Ruvuma costs with US$29.6 million of the Carry remaining as at 31 December 2023.
• Maintained reduced gross G&A costs (before one-off costs and exceptional items) of US$1.58 million per annum in 2023. Despite a slight inflation-related increase on 2022, base running costs are 70% lower than 2018 levels when cost control measures commenced.
• Loss for the year of US$1.12 million (2022: loss of US$4.06 million).
"Applied for a 25-year Development Licence based on the approved FDP. Approved by the Tanzanian authorities, including Cabinet sign-off, and awaiting issuance of the signed licence from the Ministry of Energy."
In line with the minister if energies budget speech in parliament last week
Rig due this week for a ten day side track operation into known oil find.
only sees *******s.
get in early 👍
Enjoy your weekend don't get to drunk celebrating
Hard to speculate on the percentage or anything tbh. We don't even know the details of the GSA. I shall want to know at the AGM if it doesn't come before
Agreed, and I don't think they have the cash to inject, so we could second guess part of the reason for negotiations taking so long was to take account of how this might be handled
Fingers crossed