North Korea

Monday, May 25 2009 by


In 2010 Aminex sold a 50% stake in Korex Ltd, a subsidiary holding its Korean interests, to Chosun Energy. Subsequently Korex Ltd signed a new PSC for the Korean East Sea, shallow and deep water, covering 50,680 km². The exploration term of the PSC is ten years divided into four periods, the first three being of two years each and the final one of four years. It requires new marine seismic in an initial 2 year period.



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Aminex PLC is a United Kingdom-based gas and oil production, development and exploration company. The Company focuses on its licenses in Tanzania, including Kiliwani North Field, Ruvuma and Nyuni area acreage. The Kiliwani North Field is independently ascribed with approximately 30 billion cubic feet (BCF) gross contingent resource and focuses on producing dry clean gas under high natural pressure (over 1,600 per square inch (psi)) from the Neocomian late Cretaceous reservoir. The Ruvuma acreage includes Ntorya-1 onshore Cretaceous gas discovery, which is independently ascribed with approximately 70 BCF gross contingent resource in the Ruvuma Basin. The Nyuni Area acreage offers high impact exploration and is ascribed with approximately 4.2 trillion cubic feet (TCF) prospective resource. It also holds royalty interest in Egypt. more »

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94 Posts on this Thread show/hide all

DearLeader 10th Dec '09 55 of 94

Wasn't BH going out there during November to discuss things? There seems to be rather alot of news that'll be coming our way in a shorter and shorter time span. NK, Shoats, KN-1, Ruvuma and all of them could have quite a large effect on the share-price. NK could be the dark horse that no-one has factored in.



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REO100 11th Dec '09 56 of 94

Initial response from North Korea seems positive.


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djpreston 18th Dec '09 57 of 94

The Charm offensive continues.

Headline offf DJNW (no specifics yet):

 North Korea Leader Receives Letter from US President - State Media

Cant imagine it is just a Christmas Card.

Fund Management: European Wealth
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REO100 18th Dec '09 58 of 94

Hi Darron

The BBC had a short report yesterday .



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emptyend 1st Jan '10 59 of 94

New Year wishes from DPRK:

North Korea called for an end to hostile relations with the US in a new year message today and said it was committed to making the Korean peninsula nuclear-free through negotiations.

North Korea has long demanded an end to Washington's hostility and said it developed nuclear weapons to deter a US attack. Washington has repeatedly said it has no intention of invading the country.

....I'm also tempted to back DPRK to beat Brazil in the opening World Cup group game, for which the odds are currently 40/1.......


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Fangorn 2nd Jan '10 60 of 94

hehe. I wouldn't if I were you EE. I'm surprised that's only 40/1 personally. Brazil or Spain for the WC imv. Oh to see England win it :)

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SW10Chap 5th Feb '10 61 of 94

Just for the record and future reference, we got into a discussion about North Korea in connection with politics, PR and the Korean War starting here:


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salty64 26th Mar '10 62 of 94

A South Korean navy ship with about 100 personnel on board is sinking off the west coast near North Korea, possibly due to a torpedo attack, reports say.

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pixels 9th May '10 63 of 94

Aminex has agreed to sell a 50 per cent stake in its North Korean interests :

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nchlshtn 9th May '10 64 of 94

BRIAN Hall's AIM-listed resources firm Aminex has agreed...

The sods are still getting that bit wrong (and it's getting right up my bleedin' 'ooter).

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oilretire 9th May '10 65 of 94

Perhaps a few emails FAO Nick Webb sent to  might help them get it correct next time..........

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Edward Croft 24th May '10 66 of 94

Aminex have announced a PSC in North Korea:




Aminex PLC ("Aminex" or the "Company") announces that its associated company Korex Ltd. ("Korex") has signed a Production Sharing Contract ("PSC") with the Korea Oil Exploration Company ("KOEC") for exploration rights in the Korean East Sea.  KOEC is the state oil company of the Democratic People's Republic of Korea ("DPRK").  This agreement replaces an earlier PSC.


This PSC covers approximately 50,681 km² off the east coast of the DPRK and is divided into deep and shallow water areas.  The exploration term of the PSC is ten years divided into four periods, the first three being of two years each and the final one of four years.  The first period work commitment is to complete work on existing data and acquire new marine 2D seismic data.


Korex is 50% owned by Aminex and 50% by Chosun Energy Pte Ltd. of Singapore, a member of the Triton Energy group of companies.


Commenting, Aminex Chairman Brian Hall said:  "Aminex has been pursuing opportunities to explore the potential of the DPRK for over ten years and signed a Petroleum Co-operation Agreement in 2004.   Subsequent exploration agreements have been difficult to progress on account of international politics.  The East Sea is a lightly-explored area but with potential for large oil-bearing structures which may involve introducing larger companies as partners at a later date if it is to be explored comprehensively.  We believe this new agreement is solidly based and look forward to progressing it with our new partner, Chosun Energy, working in close co-operation with KOEC".


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pixels 24th May '10 67 of 94

New agreement for sharing exploration in Korean East Sea:

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ManSiarad 24th May '10 68 of 94

I liked this comment from Brian Hall in the RNS:

Subsequent exploration agreements have been difficult to progress on account of international politics.

Any chance of this one getting - err - torpedoed, I wonder?

There must, I suspect, be some chance of any progress in exploration - e.,g. the new 2D seismic survey - getting derailed or delayed by any tightening up of international sanctions that could follow from the sinking of the South Korean nav=al vessel.

Good to get the new PSC signed, keeping AEX in the game, but it may be some time before there's much in the way of concrete results.

Man Siarad

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pixels 24th May '10 69 of 94

Some background info "North Korea And Seabed Petroleum":

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morality 24th May '10 70 of 94

So it is confirmed that all other areas apart from the East Sea are now lost as "This agreement replaces an earlier PSC." Not necessarily bad as long as there is progress and I guess at the very, very least getting 500k back is better than nothing.

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tacheman 1st Jun '10 71 of 94

North Korea: A new oil frontier?

Forgot West Africa, the Falkland Islands and even Greenland for exotic new oil frontiers. Two western small oil companies are funding exploration in North Korean waters.

The FT reports that Irish-Anglo company Aminex signed a 10-year production sharing agreement with the communist nation’s state oil company and together with Singapore-listed Chosun Energy, formed a company called Korex to explore a block east of North Korea.....

Link here

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marben100 3rd Jun '10 72 of 94

An article regarding Aminex's involvement in N Korea, with a rather negative slant, has appeared on the newswires this morning:

SINGAPORE — The head of a London-based energy firm that signed a deal to search for oil off North Korea said Thursday he hoped to start exploring in a year but was closely monitoring tensions on the peninsula.

Aminex PLC executive chairman Brian Hall told AFP he expects "field work in about a year" off the communist nation's east coast and aimed to "find substantial reserves".

However, relations on the peninsula have become strained after North Korea was accused of sinking a South Korean warship in March that left 46 sailors dead and stoked fears of an armed conflict.

Pyongyang has denied involvement in the sinking and threatened war in response to a trade suspension and other reprisals by the South.

Asked about the timing of the North Korea contract Hall said "we have been working with (the) North Koreans for over a decade and an agreement such as the one we have recently signed takes many months to negotiate"....



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SW10Chap 7th Jun '10 73 of 94

Uncovered by TMFTigger on, er, TMF:

Brian Hall talks briefly to the BBC 'World Business News' programme about North Korea and the likelihood that partners will be needed.

The podcast, entitled "Prudential to face angry shareholders 06 June 10" is available on the BBC World Business News podcast site and the section of interest starts at around 6 minutes in.


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emptyend 17th Sep '10 74 of 94

FYI - reunion talks

North and South Korean officials held talks Friday about restarting reunions for families separated by war 60 years ago, as tension on the peninsula showed signs of easing.

Small positive steps - and better than sabre-rattling.

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