AEX Aminex Plc

TIDMAEX

RNS Number : 7538F

Aminex PLC

25 February 2015

Aminex plc

("Aminex" or "the Company")

Kiliwani North Development Licence Sale

Formal approval now received from the Tanzanian Authorities

Aminex is pleased to notify shareholders that it has received formal approval from the Tanzanian Authorities to sell up to 13% of its interest in Kiliwani North Development Licence ("KNDL") to Solo Oil plc ("Solo"). There now remains no further conditions precedent to the sale of 6.5% KNDL to Solo for $3.5 million. Following this, Solo retains the right to purchase an additional 6.5% on the same terms up to 30 days after the signing of the Gas Sales Agreement.

The Board continues to appreciate shareholder patience as it works towards the signing of the GSA and will inform shareholders when it receives any further updates.

Aminex CEO, Jay Bhattacherjee, commented: "The completion of the transaction will allow us to pay down our debt and have a strengthened balance sheet which puts us in a positive position as we move towards first production. As recently announced, the Dar es Salaam to Mnazi Bay pipeline is near completion and the final stages of construction to in the pipeline are now occurring on the Kiliwani North-1 well. This is an exciting time for Aminex's development and we look forward to updating shareholders with our progress."

 
 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 
 GMP Securities Europe 
  LLP-Rob Collins                      +44 20 7647 2816 
 
 
   Yellow Jersey PR (Financial 
   PR)                                 +44 7768 537 739 
 Dominic Barretto 
  Kelsey Traynor 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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