Aminex PLC Kiliwani North Update (1546B)
October 05 2015 - 2:00AM
UK Regulatory
TIDMAEX
RNS Number : 1546B
Aminex PLC
05 October 2015
October 5 2015
Aminex plc
("Aminex" or "the Company")
Kiliwani North Update
TPDC to exercise Back-in Right
Aminex advises that the Tanzania Petroleum Development
Corporation ("TPDC") has notified the Company of its intention to
acquire a 5% working interest in the Kiliwani North Development
Licence ("KNDL") and will become a full working interest partner
going forward.
Under the terms of the Nyuni East Songo-Songo Production Sharing
Agreement which governs the KNDL, TPDC has the right to acquire a
5% interest and it is this right which is now being exercised. The
assignment of this working interest will be subject to TPDC:
1. reimbursing the Joint Venture Partners with TPDC's
proportionate share of development capital expenditure on the
licence to date; and
2. becoming a party to the KNDL Joint Operating Agreement.
Once concluded, Aminex's interest in the KNDL will become
55.575% (current interest 58.5%).
The KNDL contains the Kiliwani North gas field which the Company
expects to produce initially at up to approximately 30 mmcfd.
Production from Kiliwani North will be a significant milestone for
Aminex. The KN-1 well has now been tied into the main pipeline
infrastructure and is awaiting completion of the adjacent Songo
Songo processing plant. The Company has been advised that this will
be completed shortly and commissioning gas is to be produced
thereafter.
The Company would like to thank all shareholders for their
continued patience regarding the Gas Sales Agreement ("GSA"). Terms
have been largely completed for some time and the Company is
waiting for final payment protection terms to enable the GSA to be
signed. The Company will continue to keep shareholders informed on
progress.
Aminex CEO, Jay Bhattacherjee, commented: "We are pleased and
encouraged to welcome TPDC as a working interest partner in
Kiliwani North. By exercising this option, TPDC confirms the
importance to Tanzania of gas from the Kiliwani North project and
aligns its interests with those of the joint venture partners."
-Ends-
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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