7th Feb 2019 11:35
LONDON (Alliance News) - Aminex PLC on Thursday said it has raised GBP1.9 million before expenses to accelerate development of its Kiliwani North development licence in Tanzania.
Aminex issued 127.2 million shares at a price of 1.45p per share. The stock was trading 3.9% lower on Thursday at 1.46p a share, giving it a market capitalisation of GBP55.6 million.
The oil & gas company said the net proceeds of the placing will finance the reprocessing of the existing 2D seismic study, to plan for the acquisition of new 3D seismic, and to transition Kiliwani South from a prospect to a drill-ready target.
In addition, Aminex said it continues to progress its farm-out agreement with the Zubair Corp over its Ruvuma petroleum sharing agreement, where it will be potentially fully carried through to full field development with meaningful cashflow.
The Ruvuma petroleum sharing agreement in the south-east of Tanzania was first granted in October 2005. The agreement was originally composed of two licences, Lindi and Mtwara, and covered an area of over 6,000 square kilometres.
Following several statutory relinquishments the agreement is now composed of only the Mtwara licence which contains the Ntorya appraisal area over the Ntorya gas-condensate discovery which is now subject to an application for a 25-year development licence.
"We are pleased to receive the continued support of our two largest shareholders in order to accelerate development over Kiliwani," said Chief Executive Jay Bhattacherjee.
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