Directorate Changes

RNS Number : 9281H

Aminex PLC

23 August 2016

 

23 August 2016

Aminex plc

("Aminex" or "the Company")

DIRECTORATE CHANGES

Aminex PLC ('Aminex' or the 'Company') is pleased to announce the appointment of Mr Ola Fjeld, as a Non-Executive Director with immediate effect. Mr Fjeld will be proposed for election by shareholders at the next general meeting of the Company.

Mr Fjeld is currently Chief Operating Officer of Ara Petroleum LLC ('Ara Petroleum') in Oman responsible for two subsidiary E&P companies operating within Oman.  Mr Fjeld is a geophysicist with over 30 years of industry experience.  Previously he has worked for Geoteam, Petroleum Geo-Services ('PGS'), and Fugro. He founded the seismic interpretation software company VoxelVision which was sold to Schlumberger in 2003. The technologies from VoxelVision and GigaViz form the seismic interpretation parts of the world leading G&G software package Petrel.  He was also instrumental in building the consulting group ResLab Integration which had large consulting projects and field development plans for a number of clients globally. ResLab Integration was sold to Weatherford International and Mr Fjeld was made responsible for Weatherford Consulting Services in the MENA region.

Ara Petroleum a division of The Zubair Corporation LLC which through Eclipse Investments LLC holds a beneficial interest of just under 30% in the Company's issued share capital, following the recent capital raise.

The Board also advises that Mr Philip Thompson is standing down from the Board and from his executive role in the Company with immediate effect, due to a planned relocation of his family, although he will remain a consultant to the Company. 

Well planning and design for the Ntorya-2 and Ntorya-3 wells are being conducted by Norwell Engineering Ltd and operationally the Company remains on track to spud Ntorya-2 during the Q4 2016. 

Aminex Chairman Brian Hall commented:

"We warmly welcome Ola Fjeld to the Board.  His impressive technical and commercial background will be of immense value to the Company, particularly during the upcoming drilling programme in the Ruvuma Basin.  The Board would like to thank Phil Thompson for his significant contribution over the last three years of the Company's evolution and we look forward to continuing to work with him in his capacity as a consultant."

Ends

For further information, please contact:

Aminex PLC  

Jay Bhattacherjee, Chief Executive Officer                 [phone]

Max Williams, Chief Financial Officer

Davy 

Brian Garrahy                                                                              [phone]

Shore Capital 

Jerry Keen                                                                                  [phone]

Camarco 

Billy Clegg / Gordon Poole                                                  [phone]

Notes to editors

Aminex PLC is a producing company which is premium listed on the London Stock Exchange and primary-listed on the Irish Stock Exchange.  The Company's focus is its three licences in Tanzania, where it was one of the first independent oil companies to enter the country in 2002:

Kiliwani North Development Licence (54.575%) Operator

The Kiliwani North Field has been independently ascribed with 28 BCF gross contingent (2C) resource and is currently in production.  The Kiliwani North -1 well tested at 40 mmcfd.  Gas is sold at the well head in $US at a fixed price and fed directly into the Tanzania's new pipeline infrastructure to Dar es Salaam. As operator, Aminex has control of the production ramp up, work programme and quantity and timing of future capital expenditure.

​Ruvuma Production Sharing Agreement (75%) Operator

The Ruvuma acreage includes Aminex's Ntorya-1 onshore Cretaceous gas discovery which has been independently ascribed 70 BCF gross contingent (2C) resource in the Ruvuma Basin.  The well tested at 20 mmcfd.  Aminex is currently appraising the discovery as well as continuing exploration activity on the licenced area in the prospective Ruvuma Basin.

Nyuni Area Production Sharing Agreement (90%) Operator

The Nyuni Area acreage offers high impact exploration and has been ascribed 4.2 TCF prospective resource.  Drilling success in the region based on 3D seismic has been over 90%.

 

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