Aminex PLC KILIWANI NORTH UPDATE (5471N)
February 01 2016 - 2:01AM
UK Regulatory
TIDMAEX
RNS Number : 5471N
Aminex PLC
01 February 2016
Aminex plc
KILIWANI NORTH UPDATE
Aminex PLC ("Aminex" or "the Company") updates shareholders that
the Kiliwani North-1 well is currently undergoing final well
integrity testing prior to first production. This follows the
signing of a Gas Sales Agreement ("GSA") in January. The gas price
agreed of $3.00 per mmBTU, approximately $3.07 per mcf, is
indexed-linked to the US CPI and not reliant on global oil prices.
The Company will be paid in US Dollars for all produced gas
including commissioning and testing gas.
The Company has been advised by the Tanzanian Petroleum
Development Corporation ("TPDC") to prepare the Kiliwani North 1
well for production starting mid-February. Initial production rates
will be managed to allow for testing and commissioning of the
recently completed gas processing plant and pipeline, while
recording critical pressure and flow rate measurements to determine
the optimal flow rate to maximize the life of the reservoir.
Solo holds an option to acquire a further interest in the
Kiliwani North Development Licence.
LR Senergy has ascribed 28 BCF contingent (2C) resources (gross)
to Kiliwani North, which was contingent on completion of the GSA.
It is therefore management's expectation that the Company will be
able to book its first reserves for its Tanzanian assets later this
year.
Aminex CEO, Jay Bhattacherjee, commented: "We are pleased to
maintain our working interest in the Kiliwani project post signing
of the Gas Sales Agreement and are looking forward to becoming a
Tanzania gas producer. In addition to first production it is our
belief that the Kiliwani North Development Licence will also
represent the first bookable reserves for the Company in Tanzania
and we look forward to updating the market in due course."
For further information:
Aminex PLC +44 20 7291 3100
Jay Bhattacherjee, Chief
Executive Officer
Max Williams, Chief
Financial Officer
Corporate Brokers
Shore Capital Stockbrokers-Jerry
Keen +44 20 7408 4090
Davy Corporate Finance-Brian
Garrahy +35 3 1679 7788
Yellow Jersey PR (Financial
PR) +44 7768 537 739
Dominic Barretto
Aidan Stanley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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