1st Aug 2016 08:27
LONDON (Alliance News) - Aminex PLC Monday said less than half of the shares made available under the open offer launched last month have been taken up by shareholders as the company and its partner, Solo Oil PLC, also said the Mtwara licence in Tanzania has been extended.
Aminex launched an open offer on July 8, making 197.6 million new shares available alongside more shares that were issued under a placing of a large amount of shares.
On Monday, the oil business said acceptances have been received for 99.4 million of those shares, around 49.7% of the total shares made available. The placing agents now have up to seven days to find new subscribers for the shares that were not taken up.
If all of the open offer shares were issued, Aminex would have raised GBP2.6 million, suggesting it has raised around GBP1.2 million.
Importantly, the open offer and the associated placing both need shareholder approval at a meeting to be held on Tuesday.
In a separate statement on Monday, Aminex said the Mtwara licence in Tanzania that was due to expire at the end of this year has now been extended by authorities until December 2017. The licence holds the Ntorya-1 discovery well that was tested at a rate of 20.0 million standard cubic feet per day of has with 139 barrels of associated condensate per day.
Aminex holds a 75% working interest in the licence whilst fellow London-listed Solo Oil holds the other 25% stake. The Ntorya-2 well that lies around 1,500 metres south-west of the Ntorya-1 discovery well will satisfy the drilling obligations on the licence, after which, a 25-year development licence will be applied for.
Aminex shares were flat on Monday at 1.30 pence per share, whilst Solo Oil shares were down 0.6% at 0.238 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
SOLO.LAminex