POSITIVE AMINEX OUTLOOK FOR 2012 & 2013

by Michael on May 16, 2012

 Aminex is a London Full List oil and gas exploration, development and production company with oil and gas production in two US states, a great discovery in Tanzania,  three exploration licences in Tanzania, a drilling joint venture with Tullow Oil and Aminex also participates in an active drilling programme onshore Gulf of Suez, Egypt and has had a long-standing exploration relationship with the government of North Korea. Drilling successes in 2011 and a change in the Focus has resulted in quite an exciting presentation and outlook for the Company.

 The AMINEX presentation to shareholders at the AGM was placed on their website today at the following link:  AMINEX PRESENTATION

Also AMINEX have issued their Interim Management Statement for the first Quarter which is very promising. Not wanting to copy everything here, underneath you can find just the highlights and thereafter the Outlook. Personally I would not be surprised if we see a rapid re-rating of this share or a big player comes in with a Bid approach.

AMINEX Highlights:

 ·    Ntorya-1 gas discovery in prolific Ruvuma Basin ready for flow testing

·    Geological and seismic studies to provide initial resource estimates for Ruvuma & updated resource estimates for the Nyuni Area

·    Kiliwani North tie-in delayed by infrastructure constraints

·    Sale of Somerset field in Texas signals beginning of portfolio rationalisation. 

·    Withdrawal from Korean exploration

·    Completion of share subscription by Asian Investors

Outlook for 2012 & 2013 for AMINEX:

 Aminex‘s three Tanzanian properties (Nyuni Area and Ruvuma PSAs and the Kiliwani North Development licence) are located in what has become one of the most exciting emerging hydrocarbon provinces discovered in recent decades.

 The Ntorya-1 gas discovery in the Ruvuma PSA extends the play fairway onshore from the giant deep-water discoveries made in the offshore portion of the Ruvuma Basin by Anadarko, ENI and BG and deep-water prospectivity in the Nyuni Area PSA holds the potential to be a game changer for Aminex.   Gas transportation infrastructure planned by the Tanzanian government will serve all three Aminex properties, providing existing and future discoveries a clear route to monetization. 

 These developments highlight the potential of Aminex’s East African portfolio to deliver significant value as the exploration programme progresses. 

 Earlier this year Aminex published the results of a strategic review focused on high-impact investments in Africa.  The key components of this plan include divestiture of non-African assets, de-risking of exploration properties through adequate seismic investment, targeted African acquisitions and strategic investment partnerships to fund growth.  Aminex has made progress on all fronts.

 In the area of strategic divestments, we have withdrawn from our Korean venture, divested one US-based asset and prepared the remaining US assets for sale.  To de-risk our core Tanzanian assets, we are launching extensive seismic programmes for the Nyuni Area and Ruvuma PSAs to prepare for drilling in 2013.  Upcoming flow testing will likewise provide insight into the commercial potential of the Ntorya-1 discovery. In parallel, Aminex is conducting a thorough review of both corporate and licence acquisition targets to grow its African portfolio and work to secure strategic funding is ongoing. 

 With a new African gas discovery, divestiture of non-African assets and a robust investment programme targeted on our Tanzanian properties, it has been an exciting beginning to 2012 and the rest of the year is expected to be similarly active.  

 

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