Aminex: Charts & Fundamentals

wezzy,

You quoted the 30mm barrels of 2P reserves, where does it come from?

It was purely an example. IF there is a find of 100mn bbls 2P anywhere and AEX had sold down from 100% to 30%, then they would have 30mn bbls of 2P....which would be worth about the current market cap. Given the potential of the acreage, I don't think the market is too high in discounting that sort of future find [although, given the other assets, it is likely only discounting 60-70% of that].....in fact I think it will prove, during the next year, to be an absolute steal at the current price.

As to market prices, there is no reason at all why production should be sold at less than market prices. If the Chinese earn into acreage by funding the drilling etc, then they are at liberty to do what they want with their part - and the DPRK can too - but so can AEX.

Anyway - makes no difference. You've sold, whilst I remain very long (from 10.2p average).....thats the sort of different view that makes a market.

ee