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Friday, 30 June 2017

Tanzanian House Starts Three Day Mining Debate in National Interest


The ongoing Parliamentary sessions are set to be extended till next Wednesday to give Members of Parliament more time to work on three bills as requested by President John Magufuli.
Parliament Speaker Mr Job Ndugai informed MPs yesterday after question-time that the president had officially written to Parliament asking MPs to debate and endorse three bills under a Certificate of Urgency – prompting the House to extend its sessions to July 5, this year.
The bills in question include the Written Laws (Miscellaneous Amendments) Act, 2017; the Natural Wealth and Contracts (Review and Renegotiation of Unconscionable terms) Act, 2017; and the Natural Wealth and Resources (Permanent Sovereignty) Act 2017.
According to Mr Ndugai, the Parliamentary Steering Committee met

29th July 2017 - IMF Hails Tanzanias Macroeconomic Performance


The country’s macroeconomic performance remains robust while the medium-term outlook stays favourable, International Monetary Fund (IMF) said yesterday.
The Breton Wood institution said in the Policy Support Instrument (PSI) six months outlook to this month that the performance under the instrument “has been satisfactory” despite some challenges. Thus in completing the review, the IMF approved the country’s request for a six-month extension of the current PSI arrangement to next January.

Thursday, 29 June 2017

29th June 2017 - Gas infrastructure is set to commence in 2018 50,410 new customers will be supplied


Tanzania Petroleum Development Corporation (TPDC) has finally completed a feasibility study for the construction of natural gas supply infrastructure in Dar es Salaam, Lindi and Mtwara regions.
The construction of the said infrastructure is set to commence in 2018 and will be completed in the 2020/2021 fiscal year. Deputy Minister for Water and Irrigation, Mr Isack Kamwelwe, told Parliament yesterday that upon completion of the project, at least 50,410 customers will be supplied with natural gas through modern infrastructure.

28th June 2017 - Tanzania: More Households to Be Connected to Tpdc's Natural Gas for Domestic Use


Dodoma — Tanzania Petroleum Development Corporation (TPDC) will - next month - start rolling out a project of connecting upcountry households to its natural gas network as the country promotes usage of clean energy sources, the Parliament heard this morning.
The project - which entails using natural gas as source of energy for cooking and other domestic needs - has been undertaken on pilot stage in Dar es Salaam since 2009 and according to the Deputy Minister for Water and Irrigation, Mr Isack Kamwelwe, so far it has been successful.

2016 Tanzania - Final draft Natural Gas Utilisation plan 2016 -2045

EXECUTIVE SUMMARY 
Natural Gas Utilization Master Plan (NGUMP) is an integral part of the strategy for the implementation of the National Energy Policy, 2015 regarding the utilization of the resources, the improvement of infrastructures and human capital development in Tanzania. The Government envisages coordinated utilization of gas on the basis of NGUMP, and that to the extent possible, detailed technical and economic analysis should guide selection of the best project for implementation that will address mutual interest of the Nation and investors. NGUMP is a strategic document promoting inter-sectoral coordination in the design and implementation of natural gas development activities.

CEO Mr. Jay Bhattacherjee Speaks at 3rd LSEG China Conference on 4th July 2017


Jay Bhattacherjee

CEO, Aminex Plc
Jay Bhattacherjee, a reservoir engineer, has 15 years' experience in the oil and gas industry during which he has worked with Apache, Pengrowth, Scotia Waterous and Longreach Oil & Gas. He was appointed VP Operations at Longreach and was instrumental in its growth and development both technically and commercially which culminated in Longreach successfully becoming listed on the TSX Venture Exchange in Canada. Strategic farm-ins and financings undertaken helped to double Longreachs’ market capitalisation during his time there. Previously he was a member of Apache’s unconventional gas programme team and in another period of his career was integral in expanding Pengrowth through strategic acquisitions and operations optimization. He was a co-founder and Chief Executive at Canyon Oil and Gas Ltd. which was acquired by Aminex in 2014. He holds a B.Sc in Chemical Engineering with Petroleum Engineering from the University of Calgary. He was appointed a Director of Aminex in March 2014

Jay Speaks to the Bejing China Conference around about 10.15am - 4th July 2017 This follows on from a recent visit to China.

28th June 2017 - German firm KNAUF Gypsum to invest over $15m in Tanzania


KNAUF Gypsum, which is one of the leading firms in the world in gypsum making, is planning to invest more than 15 million US dollars in Tanzania in the next few years.
Speaking in Dar es Salaam this week, the firm’s Managing Director for East Africa, Zachopoulos Georgios, said that so far they have invested close to 10 million US dollars into their operations and expect to reach 15m US dollars in the next few years.

27th June 2017 - China pumps cash into African floating LNG projects in strategic push


LONDON, June 27 (Reuters) - China plans to pour almost $7 billion into floating liquefied natural gas (FLNG) projects in Africa, betting on a largely untested technology in the hope that energy markets will recover by the time they start production in the early 2020s.
Western banks are wary due to the depressed state of the shipping and gas markets, as well as the technical difficulties of pumping gas extracted from below the ocean floor, chilling it into liquid form on a floating platform and transferring it into tankers for export.

27th June 2017 Malcy's Bucket List - Aminex For Sale at Decent Price?


"Company said to me that if they had not mudded up they would have blown half of Tanzania to bits"

Malcy Thinks "management there, if they get a decent offer for the company they would take it!"

"Valuable asset"

"These countries in Africa need as much Gas and Oil as they can find"

Video source: IG uk


27th June 2017 - Tanzanian traders aim high in oil & gas sector - 30 billion US dollars onshore LNG export terminal


A group of daring local business operators have taken on the mantle to lead in the promotion of the local content in the oil and gas industry through promotion of job and business opportunities for nationals and local businesses in the sector.
They teamed up to form an Association of Tanzania Oil and Gas Service Providers (ATOGS) that will lobby for and promote the participation of indig enous Tanzanian individuals and bodies corporate in the provision of services to the highly lucrative oil and gas sector.
The association that was launched by the Vice-President, Ms Samia Suluhu Hassan in Dar es Salaam last Friday, represents a group of accomplished professionals and business entities seeking to provide services to the sector whose prospects have been boosted by the impending gas boom and planned construction of 1,443 kilometres oil pipeline from Hoima Uganda to Tanga port.
With potential natural gas reserves of 57.25 trillion cubic feet, Tanzania is expected to become a major gas exporter to the lucrative Asian markets in the near future.
Preparations for construction a 30 billion US dollars onshore LNG export terminal in Lindi Region are currently under way where the government will team up with major investors in the industry-BG Group, which has been acquired by Royal Dutch Shell, Statoil, Exxon Mobil and Ophir Energy for the terminal.

27th June - Fast Track! - Three-Day Time frame for Investors' Permits in the Pipeline



Beginning next week, permits for Investors will be processed within three days, a move that has been welcomed enthusiastically, as it will reduce red tape and promote business.

TIC Executive Director Geoffrey Mwambe made the revelation over the weekend in Dar es Salaam, hinting that by July next year, the permits will be issued within a day. He was speaking during a joint meeting with all public entities responsible for investment activities.

According to latest figures, TIC registered a total of 242 projects that are worth $2 billion between July 2016 and March 2017.

26th June 2017 - Aminex will go deeper to maximise potential at Ruvuma in Tanzania


“Ntorya-3 is ready to go but want to make sure, we maximise as many targets as we possibly can.”
Aminex plc (LON:AEX) has been receiving some encouragement following re-assessments of the recent Ntorya-2 appraisal well result. 
Broker Shore Capital calculated that on a revised view of the Ruvuma project in Tanzania, which includes Ntorya, the shares are worth 6p/share against a 4p per share valuation previously.

22nd June 2017 - Chinese steel factory for Tanzania

ARUSHA - Tanzanian President John Magufuli on Wednesday launched the Chinese-invested steel factory Kiluwa Steel Group, located in the eastern district of Kibaha.
Speaking at its official launch, President Magufuli commended the Chinese investors for choosing Tanzania as their investment destination in the east African region, calling other foreign investors to follow suit.
He described the new Chinese investment as important as it is part and parcel of the government-driven industrialization agenda.
Magufuli said: "This is an important project for Tanzania as it produces quality iron bars that meet the international standard as they are used in any bridge across the globe."

20th June 2017 - Being debt free 'gives us a new base to grow from' - Aminex CEO Jay Bhattacherjee



Jay Bhattacherjee, chief executive of Aminex plc (LON:AEX) tells Proactive's Andrew Scott they've now repaid their corporate loan facility in full.

The company now describes itself as a ‘debt-free’ gas producer.

20th June 2017 - Aminex celebrates major milestone as it becomes debt-free



Chief executive Jay Bhattacherjee described it as “a major milestone” as the group continues gas sales in Tanzania and advances plans for the next well programme at the Ntorya project.
Aminex plc (LON:AEX) has told investors it has now repaid its corporate loan facility in full.
The company now describes itself as a ‘debt-free’ gas producer.

20th June 2017 - Debt Free "A Major Milestone" - "financially robust, generating cashflow from production"


Aminex plc
("Aminex" or "the Company")
Financial and Operational Update

Aminex Becomes a Debt Free Producing Company

Aminex PLC ("Aminex" or the "Company") is pleased to announce that it has repaid its corporate loan facility in full and is now a debt-free producing company. The Company is arranging the release of fixed and floating charges, which comprised the security package for the loan.
Aminex confirms, following the exercise of warrants in May 2017, that all outstanding warrants have now been exercised and anti-dilution provisions are no longer applicable. These warrants were issued as part of the corporate loan agreement.
Ndovu Resources Ltd., Aminex's Tanzanian operating subsidiary, continues to be paid for its Kiliwani North gas sales, despite some delays in 2017, in US Dollars and this has facilitated early final repayment of all outstanding corporate debt.
Operations
Production at Kiliwani North during 2017 has averaged approximately 15 million cubic feet per day for the first five months of 2017. 

20th June 2017 - Tanzania 5th Fastest growing Economy


TANZANIA’S Gross Domestic Products (GDP) is tipped to grow by 7.2 per cent to become the world fourth fastest economy in this year. According to World Economic Prospect June report the country economy forecasted to grow at per with India GDP
The report showed that the fastest growing economy in the world this year is Ethiopian at 8.3 per cent and the fifth globally is Djibouti at 7.0 per cent. The three non-resourceintensive economies, the only from Africa in top five, expected to grow well above the Sub Sahara Africa average growth of 2.6 per cent in this year.

19th June 2017 - Kinyerezi II Power Plant to be completed by December


BY December this year, the ambitious Kinyerezi II power project will be providing about 30 to 240 megawatts of electricity to the national grid in attempts to further expand the country’s power generation capacity.

The revelation was made over the weekend in Dar es Salaam by the project manager Steven Manda, when he addressed the press on the progress of the project.

He said every month, the Kinyerezi Phase II power plant would have capacity to generate at least 30 megawatts, and at least 240MW upon completion, all adding capacity to the national grid.

17th June 2017 - Tanesco Could be Cut-Off Over Sh53 Billion Gas Debt

Dar es Salaam — A natural gas producer has threatened to pull the plug on the Tanzania Electric Power Company (Tanesco) over a $24 million (Sh53 billion) debt, sparking new fears of a blackout, The Citizen On Sunday can reveal.
Maurel & Prom, a natural gas firm in Mnazi Bay, supplied the state power utility with a total of 5,713 MMscf of natural gas from August, 2016 to May, this year.

14th June 2017 - Solo Oil boss says Ntorya in Tanzania is 'demonstrably commercial'”


Solo Oil PLC (LON:SOLO) will focus on monetising its Ntorya gas prospect in Tanzania in the coming year, according to executive chairman Neil Ritson.
Speaking to Proactive Investors, he said this may also mean the Ntorya-3 appraisal well is delayed in favour of acquiring another batch of 3D seismic over the licence.

12th June 2017 - "1/2tcf Proven Gas Volume" "Resources up threefold" - Solo capitalising on investments


Neil Ritson, executive chairman of Solo Oil (LON:SOLO) tells Proactive's Andrew Scott: ''We're beginning to capitalise on the investments we've made over the years and seeing a lot of progress''.
Ritson also discusses Kiliwani North, Ntorya-2, Horse Hill plus their recent Helium addition to the portfolio.

8th June 2017 - Aminex gets 50% price target hike to 6p as broker analyses Ntorya- 2 well result



"Ntorya-2 has increased the size of the discovery and de-risked additional prospectivity"
Shore Capital has raised its share price target for Aminex plc (LON:AEX) following an assessment of the recent Ntorya-2 appraisal well result.

The broker says on a revised view on the Ruvuma project, which includes Ntorya, the shares are worth 6p/share against a 4p per share valuation previously.

Ntorya-2 has increased the size of the discovery and de-risked additional prospectivity, it added.
Shore notes the shares have retreated from 7p share since April but sees this as overdone.

Concerns over the flow rate at Ntorya 2 are explained by a cautious approach taken by Aminex, the broker says, with the possibility of a well blow-out if preventative action had not been taken.
“Perhaps in contrast with some other views, we were therefore very encouraged by the outcome from Ntorya-2.”

Wednesday, 28 June 2017

1st June 2017 - Porosity - A Horrendous Gas Field

A little study whilst waiting for the updated basin model....

I started here with the basics of Looking for Oil & Gas

It Led me to this "With sandstones, a porosity of 18% or more is usually needed for an economic oil reservoir. Gas flows easier than oil, so as little as 12% porosity may be enough for a gas reservoir"
So off I went to check Page 8 of the recent AGM Presentation
With very limited knowledge it looks to me like we have 20% porosity, so further study was needed and so time to go to university of Alabama for 45 minutes to study porosity logs! (A little heavy but so much interesting stuff and worth the time invested)
The first video starts at 8 minutes 50 seconds...

19th May 2017 - AGM Presentation


Visit Aminex PLC to view full presentation


19th May 2017 - RNS - Results of AGM


AMINEX PLC
“Aminex” or “the Company”) 

Result of Annual General Meeting

Aminex PLC, an independent oil and gas company premium-listed on the London Stock Exchange and primary-listed on the Irish Stock Exchange with activities focused in Tanzania, announces that all the resolutions put to shareholders at the Annual General Meeting of the Company held earlier today were duly passed.  Details of the numbers of shares in respect of which valid proxy appointments were made in advance of the AGM are available on the Company's website, http://www.aminex-plc

16th May 2017 - RNS - Excercise of Warrants


EXERCISE OF WARRANTS  

Aminex PLC (“Aminex” or the “Company”) announces it has received a notice for the exercise of 167,561,032 warrants over ordinary shares with a nominal value of €0.001 each ("Ordinary Shares"). All the warrants exercised had an exercise price of Stg 1 pence per warrant. Accordingly, 167,561,032 new Ordinary Shares will be issued.  

The warrants were originally granted in accordance with a warrant deed signed on 16 January 2013 in conjunction with a corporate loan facility with a fund managed by Argo Capital Management (Cyprus) Limited.  The exercise price was originally €0.06 per warrant but subsequently amended on 29 January 2014 to Stg 1 pence per warrant as part of a capital raise.  Additional warrants were granted in accordance with anti-dilution provisions following capital raisings undertaken by the Company.  The warrants were exercisable by 30 June 2017.  No warrants remain outstanding.

The proceeds from the exercise of the warrants will be used for working capital purposes.

Application will be made to the Irish Stock Exchange and the UK Listing Authority for the 167,561,032 Ordinary Shares to be admitted to the Official Lists and application will be made to the Irish Stock Exchange and the London Stock Exchange for such Ordinary Shares to be admitted to trading on their respective regulated markets for listed securities. It is expected that such admission will become effective and that dealings will commence in the new Ordinary Shares at 8.00 a.m. (London and Dublin time) on or around 22 May 2017.  Following admission, the enlarged share capital and the total voting rights of the Company will be 3,643,458,062.

4th May 2017 Director/RDMR Shareholding - Putting in the skin!


Notification of Transactions of (1) Persons Discharging Managerial Responsibility and (2) Persons closely associated with Persons Discharging Managerial Responsibility

This form is intended for use by an issuer making a notification required by Rules 7.2 and 7.3 of the Central Bank of Ireland’s Market Abuse Rules in relation to a person falling within either of the above categories of individual. These categories are defined in Regulation 12 (8) of the Market Abuse (Directive 2003/6/EC) Regulations 2005 and are detailed as part of this form. All relevant boxes should be completed in block capital letters.

15th May 2017 - Ruvuma investment study Neil Ritson "½ TCF in place with an upside of over 1tcf"


Solo Oil's Neil Ritson presents to investors at the Oil Capital Conference - May 2017

"10 to 20 time size means there can be no discussion about its commerciality"

"Opportunity to take early revenue" 





9th May 2017 - Tanzania in Profile


Image source: Moovn
Tanzania has been spared the internal strife that has blighted many African states.
Domestic stability has not translated into economic prosperity for Tanzanians, however. Many of its people live below the World Bank poverty line, although the country has had some success in wooing donors and investors.
Tanzania is home to two renowned tourism destinations - Africa's highest mountain, Kilimanjaro, and wildlife-rich national parks such as the Serengeti - but has become a target for poachers.
For more in depth detail about the country read, the full article  BBC Tanzania Profile

5th May 2017 - Ntorya plans "all leading in a positive direction", "Financially Robust", "Future Bright"


Jay Bhattacherjee, chief executive of Aminex plc (LON:AEX) gives Proactive's Andrew Scott some added detail about their recent announcement of a major upgrade to the gas resource estimates for the Ntorya project in Tanzania.


25th April 2017 - Tripleling of estimate – Condensate in first test – Liquids mean an immediate market


Solos TRIPLELING of estimate – Condensate in first test – Liquids mean an immediate market Fergus Jenkins, Solo Oil PLC's (LON:SOLO) chief operating officer, outlines to Proactive their view of the Ntorya gas project’s contingent resources.
The Ntorya discovery is now estimated to have some 466 BCF of mean gas initially in place (GIIP), up from the previous estimate of 153 BCF. The new estimates range from 62 BCFin the more conservative P90 case to 1.13 trillion cubic feet (TCF) in the P10 scenario.
It follows the successful Ntorya-2 well, drilled earlier this year, with the latest estimates now based upon data from two wells. The estimates do not include any consideration for the adjoining exploration acreage.
Material asset to Tanzania commercially viable at present level but considerable upside potential!

24th April 2017 - RNS - Ntorya Appraisal Area - Material Resource Upgrade

Aminex plc
("Aminex" or "the Company")

Ntorya Appraisal Area - Material Resource Upgrade

Aminex is pleased to report a material increase in its estimate of gas initially in place ('GIIP') in the Ntorya appraisal area, Tanzania. The potential of the Ntorya appraisal area, a component of the Ruvuma PSA operated by Aminex, has been successfully tested by two gas wells.  The Company now considers that the Ntorya appraisal area has Pmean GIIP of 466 Billion Cubic Feet ('BCF'), being a three-fold increase over the previous estimate of 153 BCF which was audited by LR Senergy in May 2015.  The upgraded resource follows the drilling and testing of the Ntorya-2 appraisal well earlier this year which encountered a net pay zone of 31 metres and tested gas at an average flow rate of 17MMscd on a 40/64' choke.
Highlights:
·     Pmean GIIP increase to 466 BCF from 153 BCF
·     P90 GIIP increase to 62 BCF from 31 BCF
·     P10 GIIP increase to 1.13 TCF from 332 BCF
These management estimates cover the Ntorya appraisal area only and do not include the potential of the adjoining exploration acreage.  The Company is currently updating its basin model in order to optimise the likelihood of intersecting the maximum stratigraphic reservoir sections and to target potentially liquid hydrocarbons bearing reservoirs in future wells, including Ntorya-3.
Aminex is currently in the process of applying for a 25-year development licence and is working directly with the Tanzanian Government to fast-track gas production for the benefit of the Company's shareholders and the Tanzanian national economy.
Jay Bhattacherjee, CEO of Aminex, commented:
"A tripling of resources in the Ntorya appraisal area is clearly excellent news for shareholders and partners and highlights that the Ruvuma PSA is a basin that is of national importance for Tanzania.  We continue to work directly with the Government to gear the near-term work programme to fast track production to both local industry and ultimately into the national pipeline."

Ends

24th April 2017 - “Ruvuma basin continues to deliver" resource upgrade potential liquids. Material upgrade.



Aminex plc (LON:AEX) has told investors of a major upgrade to the gas resource estimates for the Ntorya project in Tanzania.

Chief executive Jay Bhattacherjee says the Ntorya discovery is now estimated to have some 466bn cubic feet of mean gas initially in place (GIIP), up from the previous estimate of 153bn cubic feet.

The new estimates range from 62bn cubic feet in the more conservative P90 case to 1.13 trillion cubic feet in the P10 scenario.

''Not only do we have a large gas resource in play but we also have the potential here for liquids and what we're looking to do now is just to go through the basin model we currently have, update that and then build a development programme which we anticipate will be very important for the country''.

19th April 2017 - Tanzania: Mtwara-Dar es Salaam Gas Pipeline Capacity to Increase Progressively

Image source: Marine Link
The completion of all the gas fired power projects will bring the Mtwara-Dar es Salaam gas pipeline into almost full capacity, the Tanzania Petroleum Development Corporation (TPDC) Acting Managing Director, Mr Kapuulya Musomba, said in Dar es Salaam yesterday.
He said the capacity use of the 1.2 billion US dollars gas pipeline is expected to reach 10 per cent from only 6 per cent currently after the completion of the 240MW Kinyerezi II plant expected to takeoff next year.
"The gas pipeline full capacity is expected to be reached by 2022 where most of the gas fired plants will be completed," he said, adding that currently it may be said that the pipeline is underutilised due to the delays in the implementations of the gas fired power plants. He said the gas pipeline has been set up to reach in its full capacity within 10 years period.

6th April 2017 - Aminex has a “number of options available” for early gas commercialisation


Image source: megamillions
Aminex has options to make money locally before a larger gas field development to feed Tanzania’s national gas network.
Aminex plc (LON:AEX) has a “number options available” as it looks at early production and monetisation from its Ntorya gas project in Tanzania, chief executive Jay Bhattacherjee told Proactive Investors.
On Thursday the company said it is prioritising the preparation of a development plan for Ntorya, and it is looking to monetise gas as quickly as possible.
The company is working with the Tanzanian authorities as it advances plans for a suitable early production systems.
“We’ve got quite a few options available to us,” he said.
“Ultimately we’ll be putting gas into the national pipeline, but, there’s quite a local demand for that gas, there’s quite a few mines around the area and there’s quite a few local businesses and there’s a few things we can do.”
Bhattacherjee highlighted that local gas-to-power or compressed natural gas (CNG) are possible avenues for early revenues.
He added that negotiations are already underway for possible gas sales, or ‘off-take’ deals, but, the immediate focus is about the project itself - and what comes after the successful Ntorya-2 well.
“We just finished the testing of the well [Ntorya-2] and we’re quite far down the process of the updated basin model now, which will come out with some new resources numbers and post that we’ll be looking at what are the best options to commercialise the gas straightaway,” he said.
Full article proactiveinvestors

6th April 2017 - “Working on development plan to monetise Ntorya gas"



Jay Bhattacherjee, chief executive of Aminex plc (LON:AEX) tells Proactive they're keen to monetise gas from the Ntorya project, on the Ruvuma acreage in Tanzania, as quickly as possible.
Bhattacherjee also ran through the company's financial results telling Andrew Scott 2016 was a transformative year with Aminex achieving first gas production from its Kiliwani North field, the introduction of a strategic investor and spudding the Ntorya-2 appraisal well.

6th April 2017 - Preliminary Results

Aminex plc

("Aminex" or "the Company")

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016

Aminex PLC ("Aminex" or "the Group" or "the Company") today announces its preliminary results for the year ended 31 December 2016.

Financial Highlights:
First production revenues received from Kiliwani North-1
Regular gas receipts paid in US Dollars
Placing and Open Offer raised net $24.37 million
Zubair Corporation of Oman became a strategic investor with 29.9% holding
Corporate loan facility extended to 31 January 2018 and significantly paid down
Loss of $2.53 million for year (2015: $3.78 million)

Operating Highlights:
Kiliwani North-1 average production rate of approximately 15 MMcfd from July 2016
Ntorya-2 appraisal well spudded in December 2016
Mtwara Licence extended to December 2017
Nyuni Area licence extended to October 2019

Post year-end:
Ntorya-2 appraisal well tested at average flow rate of 17 MMcfd.
Aminex Chief Executive Officer, Jay Bhattacherjee, commented: "2016 was a transformative year with Aminex achieving first gas production from its Kiliwani North field, the introduction of a strategic investor and spudding the Ntorya-2 appraisal well, which subsequently tested at an average rate of 17 MMcfd.  The Company is now looking forward to developing the resources in the onshore Ruvuma Basin, while gas revenues assist with the early repayment of corporate debt.  We appreciate the continued trust that shareholders have put in management."

22nd March 2017 - Partner, Solo Diversifies into Helium One

Neil Ritson sings the virtues of Helium

8th March - Decoding the “significant success” reported by Aminex and Solo Oil

Creative Commons Author unknown
The companies says Ntorya-2 represents a better-than-expected result, but, both shares are down almost 20% - here, we take a closer look.  Proactive investors Jamie Ashcroft attempts to decode this morning’s announcements and the reasons for the share price fall.
What was the result?
The Ntorya-2 well is located some 1.5 kilometres from the original Ntorya-1 discovery well and it has intersected a much larger gas reservoir zone.
Flow testing was impeded somewhat by technical issues, nonetheless, the well testing yielded a rate of 17mln cubic feet of gas per day, which would be 2,833 barrels oil equivalent per day.
"The overall results of Ntorya-2 have substantially exceeded Aminex's expectations and now we have the potential for a commercial development project in the Ruvuma Basin,” said Aminex chief executive Jay Bhattacherjee.
Technical problems
The obvious source of shareholder dissatisfaction comes from the fact that technical problems limited the partner’s ability to fully measure Ntorya’s production capacity – in fact, Ntorya-2 flowed at a lesser rate than the previous well (albeit under different operating conditions).
During drilling there was a significant influx of gas into the well, and as a result the company had to adapt which resulted in constricted gas flow during testing.
Specifically, Aminex explained that it had to increase the drilling mud weights due to the “strong gas influxes” so that they could maintain well control and operate within safety parameters.
Subsequently, the higher than planned mud weights resulted in reservoir invasion which tempered overall test performance.
The upshot is that the gas flows measured by the appraisal well do not properly represent the extent of what could be possible at this well location.
For context, the Ntorya-2 well cut in a much larger pay zone than the original discovery yet its flowed gas at a lower rate.
The new appraisal well encountered some 51 metres gross reservoir (34 metres were perforated) whereas Ntorya-1 tested only a four-metre interval and yielded 20mln cubic feet per day.
Aminex told investors that Ntorya-2 would be suspended for future production.
The burden of high expectations
When considering the share price response to Wednesday’s news it is probably important to note that the results were hotly anticipated and expectations have been building for a number of months.
Speculation frequently coincides with expectation, and as such trading in Aminex and Solo Oil shares has been brisk in the weeks and months leading up to the Ntorya-2 well.
Aminex shares, for example, had risen almost 250% - to 6.84p from 2p - in the three months before today’s well results.  Similarly, Solo Oil shares were up about 180% in the same period.
One could probably deduce then that at least a portion of Wednesday’s sellers simply closed out speculative trades as the nuanced well result took momentum out of the shares.
What comes next for Ntorya?
Aminex highlighted that there will now be a period of analysis, which will guide what happens next.
The partners will have to reconcile the findings of the Ntorya-2 well and the previous Ntorya-1 data, and in time they’ll likely come up with a new estimate of the project’s resources.
The presence of oil shows in Ntorya-2, whilst plainly good news, will also give some more pause for thought. This part of east Africa is already known to be host to vast gas resources, with major offshore discoveries providing the basis of significant LNG developments, but, oil discoveries have been elusive and are something of a holy grail for exploration geologists studying the area.
Aminex intends to revise the geological model of the onshore portion of the basin, to account for the apparent evidence that oil is present in the vicinity of Ntorya.
With the phase of desktop work, the partners will draw conclusions that will be used for the next programme on work in the field. A third well will be planned, with the location determined based on the upcoming assessments
Full article proactiveinvestors

8th March 2017 - Aminex reveals “very significant” Ntorya-2 well results

Aminex plc
("Aminex" or "the Company")

Successful Ntorya-2 Well Test 
Aminex is pleased to confirm that the Ntorya-2 appraisal well has now been successfully tested and is being suspended for future production. Ntorya-2 was drilled in the onshore Ruvuma Basin of southern Tanzania, on the Mtwara Licence (Aminex 75%, operator) which is governed by the Ruvuma Production Sharing Agreement.
Highlights:

·     51 metres gross reservoir section associated with significant gas influx and pressure
·    Company was required to increase drilling mud weights in order to maintain well control and operate within safety parameters - higher mud weights resulted in reservoir invasion
·     Company limited test flow rates with a 40/64" choke and the well flowed dry, high quality gas at average stable rate of 17 MMscfd (2,833 BOED)
·    No formation water was produced during the test, leading the Company to conclude that the Ntorya-1 and Ntorya-2 area contains a significant volume of gas in place

Jay Bhattacherjee, CEO of Aminex said: 
"The overall results of Ntorya-2 have substantially exceeded Aminex's expectations and now we have the potential for a commercial development project in the Ruvuma Basin. Ntorya-2 is currently being suspended for future production. Further analysis of the well results is ongoing and we will keep shareholders informed of progress. 
Despite the measures we had to take to control the well during drilling, due to a large gas influx in the reservoir section, the Ntorya-2 test clearly supports our belief that there is a considerable gas basin to be exploited in our Ruvuma onshore acreage which we are looking forward to developing. This project should ultimately be of immense benefit to the Tanzanian economy and is an excellent result for our patient and supportive shareholders and all other stakeholders." 
Further to the Company's 6 February 2017 announcement, the well was drilled to a final total vertical depth of 2,795 metres. At 2,593 metres drilling depth, the well encountered a gross gas-bearing reservoir unit of approximately 51 metres. The reservoir section was associated with significant gas influx and pressure was much higher than expected.  
The well was perforated over a gross interval of 34 metres. It underwent a testing programme for a period of 160 hours and flowed across a variety of choke sizes. In order to preserve reservoir integrity and operate safely, the Company limited test flow rates and the well flowed dry, high quality gas at average stable rate of 17 MMscfd (2,833 BOED) on a 40/64" choke. Strong pressure build-up occurred in all instances during the well test.    
Due to strong gas influxes encountered while drilling through the reservoir section, and in order to preserve the safety of the well operations, Aminex was required to increase drilling mud weights in order to maintain well control and operate within safety parameters. The higher than planned mud weights resulted in reservoir invasion which tempered overall test performance.
According to wireline logs, Ntorya-2 encountered the equivalent reservoir section at approximately 74 metres higher than in the Ntorya-1 well. No formation water was produced during the test, leading Aminex to conclude that the Ntorya-1 and Ntorya-2 area contains a significant volume of gas in place. Ntorya-2 also encountered traces of oil in the gross reservoir interval and the Company is updating its basin model to determine the optimal drilling depths for Ntorya-3 and for future development wells. Post analysis, Aminex will be able to revise its interpretation of in-place volumes.
Aminex will now complete a full analysis of all technical data prior to applying for a 25-year development licence over the Ntorya appraisal area.
Further details of the Ntorya-2 appraisal well can be found on the Aminex website (www.aminex-plc.com) in the Ntorya-2 Appraisal presentation which is being released concurrently with this announcement.

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28th February 2017 - Analyst says flowing gas is an ‘encouraging first step’

Image source:  proactiveinvestors
Eagerly awaited flow testing results, to determine the commercial merit of the discovery, are due in the coming weeks.
Aminex and Solo Oil told investors yesterday afternoon that flow testing began on the Ntorya-2 appraisal well, in Tanzania, on February 25 and it confirmed that gas is flowing to surface. Results are anticipated by ‘mid-March’, the partners added.
This morning, Davy analyst Job Langbroek, in a note, said: “We knew from the discovery well that gas was present, and this latest update confirms that it is flowing to surface. While much work remains to be done, recovering hydrocarbons to surface is an encouraging first step

Full article proactiveinvestors

27th February 2017 - Aminex investors need patience! Flow rate details expected from Tanzania in mid-March

Aminex plc
("Aminex" or "the Company")
NTORYA-2 Update
Further to the announcement of 6 February 2017, the Company confirms that production testing on the recently drilled Ntorya 2 appraisal well commenced on Saturday 25 February 2017 and gas is flowing to surface.  The well will be tested across a variety of flow rates and choke sizes to determine the optimal deliverability of the well for production purposes.  The Company now expects to have results of the production testing and petrophysical analysis by mid-March.

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28th April 2016 - Opening of Chinese-built bridge in Tanzania cements nations’ investment ties

Image Source Bongo5
A bridge built by Chinese firms in Tanzania at a cost of $135 million has been formally opened in the country’s commercial capital Dar es Salaam.28 Apr 2016
Tanzania’s president John Magufuli, who opened the bridge on 19 April, told China’s ambassador to the country, Lu Youqing, that the project would further boost the country’s economic growth.
China’s state Xinhua News Agency said the bridge, connecting Kigamboni and Kurasini to Dar es Salam’s central business district, was built as a joint venture by the China Railway Construction Engineering Group and the China Railway Major Bridge Group.
According to Xinhua, the 680 metre-long bridge “is the first of its kind in east and central Africa”. “It is 32 metres wide, has six lanes, three in each direction, and two pedestrian and cyclist lanes.”
The project, which began in 2012, was jointly funded by Tanzania’s government and Tanzania’s National Social Security Fund, Xinhua said.
Chinese firms are involved in a number of infrastructure projects in Tanzania and China is a key long-term investor in the country.
According to the Forum on China-Africa Cooperation, Chinese investment in Tanzania rose to more than $4 billion in 2014, “almost doubling the amount in 2013”. The forum said: “The level of investment, up 60% to a historic high, comes as China attempts to help turn Tanzania into an industrial hub in the region.”

Full article out-law