GRANT OF OPTIONS

RNS Number : 8177X

Aminex PLC

10 May 2016

 

Aminex plc

("Aminex" or "the Company")

GRANT OF OPTIONS

Aminex PLC has granted 139.25 million options dated 9 May 2016 to its Directors and staff.  The total number of options now in issue is 156.775 million, representing approximately 8.7% of the Company's issued share capital. 

The option price is Sterling 1.34 pence, calculated in accordance with the rules of the Aminex PLC Executive Share Option Scheme as approved by shareholders, using the average closing quotation per share on each dealing day during the previous fourteen dealing days.  The options are exercisable immediately and the option life is for three years.  This is the first award of options that the Company has made since 2010. Outstanding options are exercisable at prices between 8.5 pence and 22.0 pence and had an original life of 10 years.

For further information:
Aminex PLC	[phone]
Jay Bhattacherjee, Chief Executive Officer
Max Williams, Chief Financial Officer
Corporate Brokers
Shore Capital Stockbrokers, Jerry Keen	[phone]
Davy, Brian Garrahy	[phone]
Camarco	[phone]
Billy Clegg Gordon Poole

Notes to editors

Aminex PLC is a gas and oil production, development and exploration company which is premium listed on the London Stock Exchange and primary-listed on the Irish Stock Exchange.  Aminex is run by an established management team which is aligned with shareholders through its 11.5% equity stake. 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 will produce dry clean gas under high natural pressure (1,600 psi) from the high quality Neocomian late Cretaceous reservoir.  The Kiliwani North -1 well tested at 40 mmcfd.  The gas will be 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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