Executive Summary
Aminex PLC (LON:AEX) is a oil & gas exploration company. It aims for a balanced approach to the management of its oil and gas project portfolio, combining high risk-high return exploration while growing its established oil and gas production. From its headquarters in Ireland, the company operates in a number of countries including North Korea, Kenya, Egypt and Tanzania. It also owns production operations in the US. Established in 1991, the company is listed on both the Irish and London Stock Exchanges. Aminex PLC’s business model includes direct investment in exploration opportunities and involvement in a number of international exploration joint ventures.
Company History
- 2000: the company enetered into a 50 / 50 joint venture with ci4net in order to develop a competitive business-to-business trading platform
- 2001: the company sold its stake in Amkomi to Lukoil for $38m
- 2002: Aminex was the subject of a hostile take-over bid from Virgin Islands-based Apple following profits made from the sale of assets in Koni Republic, Russia, but reported a net loss the following year due to the sale of these assets
- 2005: the company acquired a 10% stake in North Korean Kobril, a state-owned natural resources company, who as part of the deal received shares in Aminex and 5% of upstream earnings in North Korea
- 2007: Aminex begins to drill the Kiliwane-1 well in Tanzania
Current Events
- The company has explored 6 new wells over the last 2 years, of which, 3 commercial discoveries were made: Kiliwani North in Tanzania (6700 bbls oil equivalent); Sunny Ernst-2 in Texas (1300 bbls); SWGU in Texas (drilled and logged but not yet completed for production) [1]
Business Model
Aminex has exploration licences or agreements in East and North Africa and in North Korea. It is also involved in oil and gas production in th US and is the sole owner of oil services company Amossco.
Production/Operations
East Africa
Aminex has been building an exploration portfolio of licences on the coastal margins of East Africa, an area with proven hydrocarbon potential, since 2002, when it first entered Tanzania with the acquisition of Tanzoil. [2]
Tanzania:
- Nyuni - Aminex has 50% of the Nyuni Licence and is the operator. The Kiliwani North-1 well, drilled in February 2008, is located on the southeast end of Songo-Songo Island. The KN-1 well is just 3 kms from the Songo-Songo Gas…
