TIDMAEX TIDMSOLO

RNS Number : 5470N

Aminex PLC

01 February 2016

Aminex plc

UPDATE ON TANZANIA TRANSACTIONS

Aminex PLC ("Aminex" or "the Company") advises that the proposed disposal of a 25% interest in the Kiliwani North Development Licence and a 50% interest in the Ruvuma PSA to Bowleven PLC, announced to shareholders on 19 November 2015, will not proceed. In discussions during the due diligence process, a forward work programme could not be agreed which would be acceptable to Aminex, its lender, the Tanzanian authorities and Solo Oil plc ("Solo").

As a consequence, the contingent agreement between Solo and Aminex for a transfer of a 12.5% in the Ruvuma PSA interest is no longer applicable and the partners will maintain their existing interests.

Aminex will retain its existing interests as follows:

-- 55.575% (operator) interest in the Kiliwani North Development Licence, for which LR Senergy has ascribed 28 BCF contingent (2C) resources (gross) and which is about to come on-stream following the signing of a Gas Sales Agreement in January; and

-- 75% (operator) interest in the Ruvuma PSA, where it is making progress towards the recompletion of the Ntorya 1 discovery well, and the drilling of the Ntorya 2 appraisal well. This programme has been designed with the support of TPDC to fast-track the field development and potentially build an early production system for local power demand.

Aminex CEO, Jay Bhattacherjee, commented: "The recent completion of the gas sales arrangements for the Kiliwani North field opens a new chapter for Aminex in Tanzania. With the commencement of first production from the Kiliwani North 1 well, we expect to book our first reserves in-country. The Company continues to focus on appraising Ntorya where we have planned an exciting programme prior to applying for a 25 year development licence. Aminex is currently assessing alternative ways to monetise its gas in the Ruvuma PSA acreage, where we already have a commercial gas discovery at Ntorya-1, through an early production system."

 
 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

DRLUAUVRNRAAOAR

(END) Dow Jones Newswires

February 01, 2016 02:00 ET (07:00 GMT)

Aminex (LSE:AEX)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Aminex Charts.
Aminex (LSE:AEX)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Aminex Charts.