19th May 2014 12:11
LONDON (Alliance News) - Africa-focused oil and gas firm Aminex PLC Monday said it plans to pursue a broad range of financing options in order to complete its full work programme at its Ruvuma Licence in Tanzania.
Earlier this year, the company raised USD15 million to help pay for a seismic programme and other work at Ruvuma, but it is now looking for additional financing which will allow it to expand its activities while paying down its existing loan finance.
"The company has now begun a focused high-density 2D seismic programme to allow the existing four leads to be defined as drill-ready prospects," Chief Executive Jay Bhattacherjee said in a statement.
"The new regional gas pipeline under construction passes through our Ruvuma acreage and offers the possibility of early commercialisation of both our existing Ntorya-1 discovery and any further discoveries made during our planned 4 to 5 well drilling campaign," he added.
Aminex shares were quoted down 7.8% at 0.839 pence Monday morning.
By Anthony Tshibangu; [email protected];
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