Aminex PLC Tanzania Update (4490H)

TIDMAEX

RNS Number : 4490H

Aminex PLC

16 March 2015

Aminex plc

("Aminex" or "the Company")

Tanzania Update

Variation of Nyuni Area PSA Work Programme

Aminex is pleased to notify shareholders that the Tanzanian authorities have agreed to the deferral of a two well drilling commitment on the Nyuni Area PSA, which was due to be completed by the end of October 2015, into the four-year First Extension which expires October 2019. The deferral is conditional on an Environmental Impact Assessment, which has already commenced, and the eventual acquisition of 3D in the deep water which will be subject to completion of a tendering process.

The Nyuni Area licence ("Licence") covers onshore, transition zone, offshore continental shelf and deep water acreage. Previous exploration on the Licence area has concentrated on the shelf and included the Kiliwani North-1 gas discovery which is due to start commercial production into new gas infrastructure in the first half of the year.

Aminex CEO, Jay Bhattacherjee, commented: "Aminex is grateful for the support of the Tanzanian authorities for the variation of the work programme through the deferral of well obligations to enable exploration on the deep water sector of the licence. With significant gas discoveries made offshore Tanzania in the last few years, new 3D seismic over Nyuni Area should enable Aminex and its partners to unlock the potential of the Licence and allow the Company to continue to focus primarily on its stated strategy of production and development through Kiliwani North-1 and Ruvuma respectively."

 
 For further information: 
 Aminex PLC                            [phone] 
 Jay Bhattacherjee, Chief 
  Executive Officer 
 Max Williams, Chief 
  Financial Officer 
 
 
   Corporate Brokers 
 Shore Capital Stockbrokers-Jerry 
  Keen                                 [phone] 
 Davy Corporate Finance-Brian 
  Garrahy                               [phone] 
 GMP Securities Europe 
  LLP-Rob Collins                      [phone] 
 
 
   Yellow Jersey PR (Financial 
   PR)                                 [phone] 
 Dominic Barretto 
  Kelsey Traynor 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

ISEQXLFFEXFBBBL