Aminex PLC KILIWANI NORTH UPDATE (5471N)

TIDMAEX

RNS Number : 5471N

Aminex PLC

01 February 2016

Aminex plc

KILIWANI NORTH UPDATE

Aminex PLC ("Aminex" or "the Company") updates shareholders that the Kiliwani North-1 well is currently undergoing final well integrity testing prior to first production. This follows the signing of a Gas Sales Agreement ("GSA") in January. The gas price agreed of $3.00 per mmBTU, approximately $3.07 per mcf, is indexed-linked to the US CPI and not reliant on global oil prices. The Company will be paid in US Dollars for all produced gas including commissioning and testing gas.

The Company has been advised by the Tanzanian Petroleum Development Corporation ("TPDC") to prepare the Kiliwani North 1 well for production starting mid-February. Initial production rates will be managed to allow for testing and commissioning of the recently completed gas processing plant and pipeline, while recording critical pressure and flow rate measurements to determine the optimal flow rate to maximize the life of the reservoir.

Solo holds an option to acquire a further interest in the Kiliwani North Development Licence.

LR Senergy has ascribed 28 BCF contingent (2C) resources (gross) to Kiliwani North, which was contingent on completion of the GSA. It is therefore management's expectation that the Company will be able to book its first reserves for its Tanzanian assets later this year.

Aminex CEO, Jay Bhattacherjee, commented: "We are pleased to maintain our working interest in the Kiliwani project post signing of the Gas Sales Agreement and are looking forward to becoming a Tanzania gas producer. In addition to first production it is our belief that the Kiliwani North Development Licence will also represent the first bookable reserves for the Company in Tanzania and we look forward to updating the market in due course."

 
     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] 
 
 
       Yellow Jersey PR (Financial 
       PR)                                     [phone] 
     Dominic Barretto 
      Aidan Stanley 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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February 01, 2016 02:01 ET (07:01 GMT)