Big picture - Why invest in Aminex plc
Aminex plc Snapshot
Aminex (LSE/ISE: AEX) is an Africa-focused oil and gas exploration and production company with two operated discoveries in Tanzania.
Aminex expects to begin production in early 2015 through a major new pipeline currently being constructed for the Tanzanian government with funding from the Export-Import Bank of China.
Aminex’s Tanzanian discoveries have an estimated mean gross resource size of 1.9 TCF.
Aminex’s strong Tanzanian acreage position is estimated to have a total of 11.5 TCF in mean gross resources and is close to several of the largest discoveries made in this exciting emerging exploration and production province.
Aminex’s Tanzanian net interests range from 65-75%.
- Aminex operate in Tanzania through its 100% owned subsidiary Ndovu Resources Limited
- Aminex/Ndovu is the operator of its 3 Licences in Tanzania:
- Kiliwani North Development licence (65% WI)
- Ruvuma Exploration Licence (75% WI)
- Nyuni Exploration Licence (70% WI)
- Infrastructures and facilities are being improved in Tanzania with:
- a 542km long (784 MMCFD) Pipeline from Dar es Salaam to the South of the country under construction
- 2 new gas plants (Songo Songo and Madimba)
- All discoveries have route to commercialisation through the main pipeline
- The Ruvuma PSA is located in a world class petroleum province with more than 100 TCF in discoveries
- Ntorya-1 Discovery: Drilled in 2012 and tested 20 MMCFD with 139 Barrels of associated condensate
- Likonde-1: Drilled in early 2010, oil shows throughout a thick reservoir section. Ongoing seismic programme to help identify trap
- Shot in 2014 a high density 2D seismic programme over Ntorya Up-dip, Likonde and Namisange to high-grade leads to drill ready prospects
- Ntorya-1 Pmean in-place resources: 1.9 TCF based on 2014 seismic results
- All future discoveries can be brought onstream through the main pipeline currently under construction
- 54.575% WI (Operator)
- First production from KN-1 commenced in April 2016
- KN-1 gas is processed at the new Songo Songo Island Gas Processing Plant and transported through the 24-inch spur line into the main 532km 36-inch pipeline which provides gas to Dar es Salaam
- KN-1 produces a dry clean gas, under high natural pressure (1,600 psi) from a very good quality Neocomian reservoir sandstone
- Highly prospective licence with adjacent discoveries
- Focus on deepwater prospectivity
- 1.2 TCF (net to Nyuni PSA) Pande West Lead in eastern deep water portion of Nyuni PSA; downdip part of trap clearly seen on seismic on adjacent licence
- Nyuni Pmean in-place resources: 5.7 TCF
- 1-percent royalty interest from South Malak
- Contractor's agreement in Valeni Field and Viktorovka Field
Brian Hall - Chairman
Brian Hall has managed the Company since 1991, leading it into Russia in 1994 and profitably exiting its main Russian project in 2001. In the 1970s he was a member of the team which developed Argyll, the UK North Sea's first producing oilfield, since which he has worked continuously in the international oil industry. Under his management Aminex has worked in Russia, the USA, Tanzania, Kenya, Egypt, Madagascar, Tunisia and Pakistan. He serves or has served on the boards of five publicly-traded resources companies and has held executive roles in several others. He is a Chartered Accountant. In December 2011 Mr. Hall retired from an executive role in the Company and in February 2012 was co-opted on to the Audit and Remuneration committees. In January 2013, he was asked to resume the role of Executive Chairman as an interim appointment following the departure of the Company's recently appointed CEO. Mr. Hall stepped down from his memberships of the Audit and Remuneration Committees during the period in which he had been exercising executive responsibilities. Mr. Hall has now reverted to a non-executive role following the appointment of a new Chief Executive. In 2012 Mr. Hall joined the board of AIM-listed Great Western Mining Corporation PLC where he is now chairman.
Jay Bhattacherjee - Chief Executive Officer
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.
Philip Thompson - Chief Operating Officer
Philip Thompson, a geophysicist, has spent more than half his 30 year oil and gas industry career directly working on numerous projects in Africa. He has previously worked for Exxon-Mobil, San Leon Energy, Oryx Energy and Vanco Energy. In 2002, Mr. Thompson founded and became CEO of San Leon Energy (San Leon), a European unconventional gas focused company with interests in Poland and Spain. Between listing on AIM in 2007 and Mr Thompson leaving in 2011, San Leon's market capitalisation grew to £275 million. He expanded San Leon, with original assets in Morocco and Italy, into an unconventional European shale gas leader. Mr. Thompson co-founded Canyon Oil & Gas in 2011, which was acquired by Aminex in 2014. He holds a B.Sc and M.Sc in Geophysics from Texas A&M and Southern Methodist University. He was appointed a Director in March 2014.
Max Williams - Finance Director & Company Secretary
Max Williams is a Chartered Accountant. After working in the accounting profession, he joined Aminex as Group Financial Controller in 1994, was subsequently appointed Chief Financial Officer in 2010 and Finance Director in March 20014. During that time, he has been involved with Aminex's operations in Russia, the USA, Tanzania, Kenya and Tunisia. Mr. Williams was appointed Company Secretary in 1999. He is a graduate of the University College of Wales, Aberystwyth, and holds a degree in Accounting and Law.
Andrew Hay - Non-executive Director
Andrew Hay has spent his career in investment banking in London and New York. Since 1999 he has been Head of Corporate Finance at LCF Edmond de Rothschild Securities Ltd., the London arm of the LCF Rothschild Group. He is a graduate of Oxford University and in the past has held senior positions at both Schroders and ING Barings. Andrew Hay has been advising Aminex since 2002 and was appointed a Director in April 2007.
Keith Phair - Non-executive Director
Keith Phair has spent the majority of his career with major international banks, with senior global product management positions in capital markets. He holds a MBA from The London Business School and has acted as a capital markets consultant to major companies and pension funds, also advising on strategic issues. He has been an active and engaged investor in various oil and gas exploration companies for many years. He was appointed a Director in October 2009.
Tom Mackay - Non-executive Director
Tom Mackay is a Geologist/Petroleum Engineer with a successful career in petroleum operations, management and financing. With a BSc (Hons) in geology from Durham University, he began his career as a Petroleum Engineer with Shell and subsequently moved on to Clyde Petroleum PLC where he became Manager at Existing Ventures until it was acquired by Gulf Canada in 1997. Since then he has been an active petroleum consultant on acquisition and new venture projects with a wide range of clients, including Petrofac and Enquest. For a period he served as CEO of a private E&P company, Oil Quest, and from 2002-2007 he held senior management positions at Stratic Energy Corporation. He is currently a Partner in Gemini Oil & Gas Advisors LLP which acts as technical and financial advisor to the Gemini Oil & Gas Funds, investing in global appraisal and development projects.
Thierry Murcia - Country Manager, Tanzania
Thierry Murcia has spent his career in commercial management and administration, primarily in Western Australia. Prior to joining Aminex and relocating to Tanzania, he worked for BP in various commercial and administrative capacities. Prior to BP he was an executive with Caltex Australia. Thierry Murcia holds an MBA from The University of Western Australia. He is currently resident in Dar es Salaam where he has day-to-day responsibilities for all Aminex's activities. Thierry Murcia is the Honorary Consul for Australia in Tanzania.
Ambassador I. Chialo - Resident Director, Ndovu Resources Limited, Dar es Salaam
Ambassador Chialo retired from a distinguished career in the Tanzanian Diplomatic Service where he was latterly Tanzania's Ambassador to Japan and surrounding nations in the region. He is Resident Director of the group's Tanzanian operating subsidiary Ndovu Resources Ltd. and the former Chairman of the Oil & Gas Association of Tanzania ('OGAT'), an organisation which represents the rapidly-expanding interests of oil companies with governement.
Aminex Petroleum Services Limited
7 Gower Street London WC1E 6HA, UK
Tel: +44 (0)20 7291 3100
Fax: +44 (0)20 7636 9667
Email: [email protected]
Ndovu Resources Ltd
Plot No. 431, Mahando Street
PO Box 105589
Dar es Salaam
Tel: +255 (0)22 2600814
Fax: +266 (0)22 2601809
Aminex USA inc.
PO Box 130 Somerset
Texas 78069, USA
Tel: 00 1 210 271 9919
Fax: 00 1 210 271 3302
Registered Office 6 Northbrook Road, Dublin 6, Ireland
Registered Number 72399
LSE Code: AEX
Share Registry Computershare, Heron House, Corrig Road,
Sandyford Industrial Estate, Dublin 18, Ireland
Tel: +3531 216 3100
Fax: +3531 216 3150
e-mail: [email protected]
Public Relations Yellow Jersey, London
Irish Stockbrokers and Sponsors Davy, Dublin 2, Ireland
UK Stockbrokers Shore Capital Stockbrokers Limited, London, UK
GMP Securities Europe LLP
Solicitors UK : Ashurst, London
Ireland : Byrne Wallace, Dublin