19th Nov 2013 09:46
LONDON (Alliance News) - Aminex PLC Tuesday said it needs funding in order to make progress on its assets, as it starts negotiations to extend the repayment date of an existing loan to 2015.
The Africa-focused oil and gas exploration and production company said it will require an injection of funds in order to maintain and make progress on its principal assets and is in discussions with potential financing partners, while it has commenced negotiations with its lender to reschedule an existing loan and extend it to 2015.
Aminex also said it intends to pursue a broad range of financing options, including the introduction of a strategic investor, in order to allow it to complete its larger work programme.
The company said it is seeking the funding to strengthen its balance sheet and move its Ruvuma seismic programme in Tanzania forward. The Ruvuma partners this month signed a preliminary agreement with AGS, a seismic contractor, and have commenced an initial programme of seismic acquisition, which is likely to be expanded over the next few months.
Aminex said recently announced gas sales negotiations between its Tanzanian subsidiary and the Tanzanian Petroleum Development Corporation are at an advanced stage and expected to be concluded before the end of the year.
Meanwhile, Aminex said the major regional pipeline project to Dar es Salaam, Tanzania, financed by the Chinese Export Import Bank, is still expected for completion in early 2015.
Aminex shares are down 14% to 1.80 pence in morning trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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