19th May 2015 09:33
LONDON (Alliance News) - Aminex PLC Tuesday said it is making progress on its plans to start producing from the Kiliwani North project and said its restructuring and cost monitoring work is ongoing.
Aminex said it expects the first gas from the Kiliwani North development in Tanzania in the middle of this year.
The group also said it is continuing to undertake restructuring plans and cost monitoring within the current low oil price environment.
"This is a very promising time for the company, with imminent first commercial production from Kiliwani North, early stage development options for Ntorya-1 identified and the completion of a CPR which verifies the world class nature of the onshore Ruvuma Basin. Over the course of the last 18 months the company has made the transition from exploration to development and production and will seek opportunities to expand its business across Africa," said Chief Executive Jay Bhattacherjee.
Shares in Aminex were up 11% to 2.351 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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