Corporate Update

RNS Number : 9796U

Aminex PLC

09 December 2013

Aminex plc

Corporate Update

Aminex PLC ("Aminex" or the "Company") provides the following update on its financial arrangements and operational activities in Tanzania.

Financing

The Company has reached agreement for an initial deferment of the repayment date of its loan facility (the "Facility") from 31 December 2013 to 28 February 2014, pending arrangement of interim financing for the Company's ongoing work programme on its exploration and appraisal licences in Tanzania. Subject to interim financing being secured, the lender has agreed in principle, subject to terms and documentation, to extend the life of the Facility to mid-2015, after the planned start-up date of the Kiliwani North gas field in Tanzania.

Operational Update

Aminex confirms that its new senior management team will be in Tanzania week commencing 9 December 2013 for the purpose of agreeing the 2014 work programme with the Tanzanian authorities. Additionally a final draft of the Kiliwani North Gas Sales Agreement has been submitted to the Tanzanian Petroleum Development Corporation for approval, which is expected to be received shortly.

At the Company's Ruvuma PSA area in Tanzania, African Geophysical Services, the recently appointed seismic contractor, is on site working on a new high-density 2D seismic acquisition programme of up to 950 km. The objective of the new seismic programme is to convert identified leads to drillable prospects ahead of further exploration drilling and to appraise the Ntorya-1 gas discovery, made by the Company in 2012, specifically the up-dip portion of the reservoir, prior to appraisal drilling.

Aminex chairman Brian Hall commented:

"I am pleased to confirm that the provider of our loan facility has agreed to defer the repayment date of the facility as we work towards an interim financing package. With the management team on the ground in Tanzania, we are progressing the Company's operations in-country and with the gas sales agreement for Kiliwani North at an advanced stage, commercial gas production in Tanzania becomes a step closer to being realised."

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