Aminex (LON:AEX) the oil and gas exploration, development and production company with a mix of oil and gas portfolio interests, mainly in the US, Egypt, North Korea and in Tanzania has announced this week that its Chairman and two Non-Executive Directors have recently been buying shares in the company.
Demonstrating a degree of confidence Mr Brian Hall the Aminex Executive Chairman has notified the market of his increased holding in the company which now amounts to 5 million shares or 0.64%. Mr Hall who has managed the company since 1991 added 325,705 shares on the 29th of June 2011 at a price of 6.90p, and recently commented:
?We have an active drilling and development programme coming up this year, with exploration wells in Tanzania, development wells in the USA and commercialisation of the Kiliwani North gas field all moving ahead. We enjoyed strong levels of support during our recent fund-raising and are optimistic that our forthcoming activities will deliver positive results.? [1]
In addition to the Executive Chairman upping his holding, two of its Non-Executive Directors have also been acquiring stock. Earlier in the week Mr Keith Phair announced that he had increased his holding to 2,064,422 shares or 0.26% of the company by purchasing 400,000 shares in three lots valued between 6.35p and 6.60p per share. Mr Andrew Hay a Non-Executive Director who has been advising Aminex since 2002 has also announced this week that he has opened a position in the company, lifting 200,000 shares at 6.9p.
All eyes will now be peeled for any significant drilling update from the Nyuni-2, with target depth anticipated to occur around early August 2011. The Nyuni-2 will be the fourth well drilled by the company as the operator in the Nyuni area, with two of the previous wells having discovered gas in commercial quantities. Aminex plans to take the Kiliwani North gas discovery, a well that previously test flowed at a rate equivalent to 6,700 barrels of oil per day, 3 kilometres to market over the next 12 months, however actual rate produced per day may well be lower, depending on plant capacity allocated to Aminex.
Also of interest to Aminex holders will be the planned spudding of the high profile Ntorya-1 well touted to happening around September/October 2011 in the Ruvuma Basin, alongside Tullow Oil (LON:TLW) (50% and operator) and Solo Oil (LON:SOLO) (12.5%). Fox Davies, on initiating coverage in May rated Aminex as a buy with a 13p target, highlighting that ?our total risked NAV of 13.4p is based on net risked resources of 63MMboe with un-risked values of 48p and 339MMboe respectively.? [2]
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