Member Info for VirusKiller

Don't feed the trolls Tanz. Just ignore.

It's incredibly tedious and makes it hard to pick out genuinely useful posts.

Genuinely curious. Does anyone know how one goes about remediating a well which has been damaged by over-mudding? (Clearly a drilling rig appears not to be required.)

Yup, from the July 2018 RNS:

"Subject to the detailed terms set out in the Farm-Out agreement, it is intended that the Farm-Out will accelerate the development of the Ntorya project, carry Aminex through to a minimum gross production rate of 40 MMcf/d and be self-funded through a full field development project."

"Fully carry Aminex for its share of costs up to $35 million in respect of its remaining 25% interest (post-transaction) (the "Aminex Carry"), which implies a potential expenditure during the carry period of up to $105 million for the aggregate 75% working interest held by APT and Aminex"

"In the event that the minimum production target of 40 MMcf/d is achieved prior to Aminex's 25% interest having been carried for the full $35 million, APT will assign one quarter of its share of profit gas to pay the unspent Carry amount until the full $35 million is realised by Aminex"

Yes, I'm pleased because it probably lowers rig requirements and will therefore improve rig availability, but disappointed as the oil play was always a nice long-shot to have in the bag. Seems to me they just want to get going. No doubt there will be future oil play prospects, but getting to gas production is clearly the #1 target (particularly to keep the Tanzanian authorities sweet).

"The results of the initial 3D seismic processing and interpretation, to optimise the target location of the CH-1 well at the Cretaceous reservoir level, will be available by mid-March. Following a review by the Operator, the CH-1 well will no longer target the lower Jurassic zone. The processing of the seismic data is more than 80% complete."

Not quite. NT-1 rework will be after CH-1 spud.

"A well-workover of the Ntorya-1 well ("NT-1"), to enable rapid tie-in to the gas production facilities and bring the well into early production requires the use of a drilling rig and will run after the drilling of CH-1, which we expect later this year."

Although the political and regulatory environment is better than it was, if I were the Zubs, I would not drill until I had a legal long-term GSA / production license in place.

> If they wanted to buy us out they would have done so at below .5c

They might have wanted to, but Magufuli was still in charge when we were last at those levels. And I'm guessing that TDPC / Tanz govt approval would be necessary, which might not have been forthcoming in that environment. If they make a move for SCIR's share of Ruvuma, I would say that the biggest risk to AEX private shareholders is (still) a lowball takeover. As a long-term holder of AEX, I sincerely hope that doesn't happen.

Malcy is like all of these YouTube "influencers" making a living as a self-proclaimed expert. Sure he has access to the mgmt of many companies in the OG sector, but perhaps not all (strangely, his opinion on AEX changed following a bout of mgmt changes ;-) , though I'm sure there was genuine frustration and perhaps embarrassment that nothing was happening ).

Take his advice or leave it... ¯\_(?)_/¯

> Maybe ARA will take it
They seem a likely candidate.

I remain very positive about -- and significantly invested in -- Aminex, but anyone who thinks drilling a well is risk free needs to invest elsewhere. Anything can go wrong, as it did at Ntorya 2.

Demand for non-Russian gas could be huge for AEX when the Ruvuma PSA is negotiated.

From the RNS on 15th October:
> Aminex is pleased to announce that it has reached an agreement with the Tanzania Petroleum Development Corporation
> The TPDC is required to make a payment of US$4.37 million to the Company within 30 days of execution of the settlement agreement.

It's unclear to me that the settlement was "executed" on 15th October.

> it is still at the feet of the Tanzanian Government
In what way?

Strictly, today is the long-stop date...

Just speechless. I really thought that my whole investment was gone, with only the tiniest glimmer of hope that the duration of the two-week extension hinted that the date was finally in the bag. During my travels in East Africa, I quite literally saw the "No Hurry In Africa" t-shirt, but Jeez. I'm heading for the drinks cabinet now.

Agreed. Why RA's comments are being interpreted as the drill won't happen until Q1 2021, I have no idea.

It's not about 1p now, it's about 5-10p in several years' time.

> why will the new BoD of AEX give two hoots about the market?
Share options. He's "only" being paid £60k.

From today's RNS:
"Robert Ambrose, our new CEO, will receive an annual salary of £60,000 (a reduction of almost 70% from
the £180,000 salary of the previous CEO) and will be awarded Stock Options in lieu of cash, the quantum
to be agreed and announced in due course."

Read the RNS. It's not the news that we were all waiting for. It's positive and the $3MM that we've been advanced by ARA is excellent. This will stay low until everything is actually in place.

Is this really the norm? Was there any material (public) news yesterday to justify the SP jump?