Aminex, the gas exploration and production company focused on Tanzania is pleased to provide an update to shareholders.
-- Aminex awaits Tanzanian Government approval for Ruvuma Farm-Out to ARA Petroleum Tanzania Limited post long-stop date extension to 31 October 2019. The ongoing review of all oil and gas companies' Production Sharing Agreements ("PSAs") in-country continues to be the cause of the delay
-- Reprocessing of the select 2D seismic lines over the Kiliwani North Development Licence acreage complete
-- Monthly G&A expenses reduced by approximately 34% from 2018 levels John Bell, Chairman of Aminex said:
"We have cut costs to appropriate levels and we are awaiting Tanzanian Government approval to move forward with the Ruvuma farm-out to ARA Petroleum of Oman, which upon completion will deliver a $5m cash inflow and a $35 million carry through the further appraisal and development of the Ntorya gas-field. In the meantime, progress is being made at Kiliwani."
Further to the Company's announcement on 29 July 2019 that the longstop date for completion of the Ruvuma Farm-Out to ARA Petroleum Tanzania Limited was extended to 31 October 2019, the Company continues to await Tanzanian Government approval to gain an extension of the Mtwara Licence and transfer of the interest and operatorship of the PSA. All holders of PSAs are similarly awaiting the outcome of a review by the Attorney General's office. The Company will update shareholders further in due course.
Kiliwani North Operations
The reprocessing of the select 2D seismic lines over the Kiliwani North Development Licence acreage is complete with minor re-iterations requested from the processor. Data from the reprocessing will benefit the design of a 3D seismic survey and remapping of the licence, using the reprocessed lines, will occur once we have received the final data. The Company continues to source equipment to perform the re-entry and remedial work on Kiliwani North-1. The re-entry, which has been designed to be carried out at minimal costs, is of value to investigate fluid levels in the well and provide an accurate bottom hole pressure measurement which will provide useful reservoir data for future operations and production and equipment is being ordered. The Company will update shareholders when further progress has been made.
Further to its presentation at this year's Annual General Meeting, the Company has continued with its commitment to reduce its General and Administration (G&A) expenses, particularly given the delays in completion of the Ruvuma Farm-Out. On a like-for-like basis, the current monthly G&A expense for the Group has been reduced by approximately 34% from 2018 levels. The Board will continue to closely monitor
TIDMSOU RNS Number : 9389I Sound Energy PLC 14 August 2019 14 August 2019 Sound Energy plc ("Sound Energy" or the "Company") Board Change Update Sound Energy, the Moroccan focused upstream gas company, announced on 14 May 2019 that David Clarkson, a non-executive director of the Company, had informed the Company of his intention to step down from the Board on 13 August 2019 following a transitional period around the appointment of a new non-executive director. Following the appointment of Simon Davies as non-executive chairman of the Company on 23 May 2019, David Clarkson has resigned, as planned, as a director of the Company with immediate effect. The Company also announces, further to the Company's announcement of 23 January 2018, that the Board has asked James Parsons, the Company's Chief Executive Officer, and he has agreed to remain in his current role whilst the Company continues to explore monetisation options available to the Company in respect of its Eastern Morocco portfolio. This marketing process is ongoing and the Company continues to expect the results to be known prior to the end of 2019.
Mon, 29th Jul 2019 07:00 RNS Number : 9481G Echo Energy PLC 29 July 2019
29 July 2019
Echo Energy ("Echo" or the "Company")
Tapi Aike Progress Update
Echo Energy, the Latin American-focused upstream oil and gas company, announces that initial seismic processing of data from the 3D seismic survey conducted over the 414km eastern cube (Chiripa Oeste) at Tapi Aike, its licence in Argentina's Santa Cruz province is now complete.
Analysis on this processed data is currently being conducted by a team of geophysical specialists. Early interpretations highlight a similar amplitude feature that was recognised during the interpretation of the 2D seismic. Current analysis is focused on the geological understanding of the feature identified in the seismic data. This will provide Echo, and its partner and licence operator Compan~iï¿½a General de Combustibles S.A., further input into prospect generation on the eastern survey as it progresses towards identifying drill locations on the block.
As announced on 19 June 2019, 3D seismic on the western cube (Travesia de Arriba) of 790 km is currently being processed by Seismic Prospect S.R.L in Buenos Aires following the earlier completion of seismic acquisition. Technical work remains on track and an update will be provided to investors in due course.
The continuing positive progression of the seismic programme on schedule represents important steps in the delivery of the exploration campaign targeting the spudding of wells during Q4 2019.