Aminex seeks £10m to move forward in Tanzania

Oil output04 February 2014, Dar es Salaam – Aminex is to raise up to £10mln to progress exploration and development work on its portfolio of oil and gas assets in Tanzania.

The bulk of the funds will come from an institutional placing that will raise £8mln, with up to a further £2mln to come from an open offer to existing shareholders at a price of 1p per share.

In addition, the repayment date of Aminex’s US$8mln loan facility has been deferred until July 2015, while £0.75mln of short term debt will be swapped for equity.

The company said the money raised would strengthen its financial position while it seeks a longer term solution to fund a larger programme of drilling and seismic in Tanzania.

Aminex’s assets in the country are the Kiliwani North gas field, which is expected to begin production in early 2015; the Ruvuma PSA, including the Ntorya-1 discovery, where a seismic programme is currently underway; and the Nyuni Area PSA.

Jay Bhattacherjee, Aminex’s chief executive, said: “The management team is looking forward to transitioning Aminex from an exploration focused business to a well rounded production, development and exploration company, with first African gas production expected approximately one year from now at Kiliwani North.”

– Tanzania Daily News

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