We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aminex Plc | LSE:AEX | London | Ordinary Share | IE0003073255 | ORD EUR0.001 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 1.86% | 1.64 | 1.60 | 1.70 | 1.66 | 1.61 | 1.65 | 9,207,580 | 16:35:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 112k | -1.12M | -0.0003 | -33.33 | 42.11M |
TIDMAEX
RNS Number : 8143W
Aminex PLC
24 August 2015
Aminex plc
("Aminex" or "the Company")
CORPORATE UPDATE
Aminex today announces a reorganisation and continuation of its Egyptian interests through a conversion of its carried interest to first production into an overriding royalty position in a recent discovery well. Aminex is currently a 12.5% shareholder in Aminex Petroleum Egypt Ltd. ("APEL") and, through this shareholding, has an indirect 10% carried interest in the West Esh el Mellahah-2 ("WEEM-2") production sharing contract ("PSC") in Egypt.
KEY POINTS OF EGYPTIAN TRANSACTION:
-- Opportunity for the Company to achieve revenues; -- No exposure to development and operating expenditure; and -- Risk free upside
Four exploration wells have been drilled in the WEEM-2 concession since 2006. The first two exploration wells were abandoned as dry holes and the third well was abandoned after recovering limited quantities of crude oil to surface. The fourth well, South Malak-2 ("SM-2"), drilled in 2014 as a sole risk well by a fellow participant, resulted in a discovery of oil, which has now been declared commercial.
Until now, Aminex's interest was free-carried through to first production but if production could be established, Aminex would have been required to meet ongoing licence costs and repay its free-carry in full prior to receiving its share of production revenues.
In order to optimise the Company's commercial interest in the discovery, over which it has no operational control, Aminex has agreed to sell its shareholding in APEL to fellow shareholder PetroSino together with its indirect carried interest. Details of the transaction are as follows:
-- Aminex will sell its shareholding in APEL to PetroSino for a nominal sum;
-- In return, PetroSino will grant a 1% gross overriding royalty to Aminex on the full sales value of its share of production from SM-2, commencing after recovery of $2.5 million drilling costs;
-- APEL's name will be changed to a new name unrelated to the 'Aminex' brand; and -- Aminex will no longer be represented on the APEL board of directors.
Aminex Chief Executive, Jay Bhattacherjee, commented:
"The Board of Aminex is pleased with the result of today's reorganisation of its Egyptian interests which provides the best opportunity for the Company to achieve revenues from the WEEM-2 concession, with no exposure to further development capital.
Meanwhile, in Tanzania we can report that good progress is now being made in concluding payment protection terms for gas producers after a long delay and the Tanzania Petroleum Development Corporation advised us late last week that our Gas Sales Agreement ('GSA') for Kiliwani North can be concluded in the near future, enabling gas from the field to be sold into the pipeline system soon afterwards."
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 Kelsey Traynor
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBRGDICGDBGUX
(END) Dow Jones Newswires
August 24, 2015 02:00 ET (06:00 GMT)
1 Year Aminex Chart |
1 Month Aminex Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions