Aminex PLC First Payment Received For Kiliwani North Gas (4906H)

TIDMAEX

RNS Number : 4906H

Aminex PLC

18 August 2016

18 August 2016

Aminex plc

("Aminex" or "the Company")

FIRST PAYMENT RECEIVED FOR KILIWANI NORTH GAS

Aminex PLC (LSE:AEX) is pleased to announce that it has received first payment in relation to gas produced from the Kiliwani North-1 well in Tanzania and supplied to the Tanzania Petroleum Development Corporation ("TPDC").

Gas produced was paid in $US and in accordance with the Company's Gas Sales Agreement ("GSA") with TPDC. Scheduled future payments will be in accordance with the agreed GSA. The Company continues to work with TPDC during the current commissioning period to achieve an optimal rate and during this phase is being paid for all gas produced.

For further information, please contact:

Aminex PLC

   Jay Bhattacherjee, Chief Executive Officer                          [phone] 

Max Williams, Chief Financial Officer

Davy

Brian Garrahy [phone]

Shore Capital

Jerry Keen [phone]

Camarco

Billy Clegg / Gordon Poole [phone]

Notes to editors

Aminex PLC is a producing company which is premium listed on the London Stock Exchange and primary-listed on the Irish Stock Exchange. The Company's focus is its three licences in Tanzania, where it was one of the first independent oil companies to enter the country in 2002:

Kiliwani North Development Licence (54.575%) Operator

The Kiliwani North Field has been independently ascribed with 28 BCF gross contingent (2C) resource and is currently in production. The Kiliwani North -1 well tested at 40 mmcfd. Gas is sold at the well head in $US at a fixed price and fed directly into the Tanzania's new pipeline infrastructure to Dar es Salaam. As operator, Aminex has control of the production ramp up, work programme and quantity and timing of future capital expenditure.

Ruvuma Production Sharing Agreement (75%) Operator

The Ruvuma acreage includes Aminex's Ntorya-1 onshore Cretaceous gas discovery which has been independently ascribed 70 BCF gross contingent (2C) resource in the Ruvuma Basin. The well tested at 20 mmcfd. Aminex is currently appraising the discovery as well as continuing exploration activity on the licenced area in the prospective Ruvuma Basin.

Nyuni Area Production Sharing Agreement (90%) Operator

The Nyuni Area acreage offers high impact exploration and has been ascribed 4.2 TCF prospective resource. Drilling success in the region based on 3D seismic has been over 90%.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 18, 2016 02:01 ET (06:01 GMT)