Last checked at 5 Oct 2015 07:00
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:
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Aminex PLC | +44 20 7291 3100 |
Jay Bhattacherjee, Chief Executive Officer |
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Max Williams, Chief Financial Officer |
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Corporate Brokers |
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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 |
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Yellow Jersey PR (Financial PR) |
+44 7768 537 739 |
Dominic Barretto |
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