LOAN EXTENSION & OPERATIONAL UPDATE

RNS Number : 6540J

Aminex PLC

21 December 2015

 

21 December 2015

Aminex plc

("Aminex" or "the Company")

LOAN EXTENSION & OPERATIONAL UPDATE

Aminex (LON: AEX) is pleased to announce a six month extension to the repayment of its corporate loan facility to 31 July 2016 has been agreed in principle. The extension will provide the Company with valuable flexibility during the commissioning and testing phase of the Kiliwani North gas field.

Highlights:

·     Loan term extended 6 months to 31 July 2016;

·     Gas Sales Agreement ("GSA") inclusive of payment protection terms submitted to Tanzanian Attorney General office pending final signature;

·     Songo Songo processing plant now complete and ready for Kiliwani North gas to begin commissioning and testing; and

·     Final well maintenance work in progress to bring Kiliwani North-1 on stream.

Ndovu has reached agreement with the Tanzanian Petroleum Development Corporation on all terms of the GSA, including acceptable payment protection mechanisms for all gas delivered.  The agreement has now been forwarded to the Tanzanian Attorney General's office, whose approval is required prior to formal signing of the much-anticipated agreement.

The Board again acknowledges the patience and support of all shareholders and a further statement will be made regarding the GSA in due course.

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 Corporate Finance-Brian Garrahy	[phone]
GMP Securities Europe LLP-Rob Collins	[phone]
Yellow Jersey PR (Financial PR)	[phone]
Dominic Barretto Aidan Stanley

 

END

 

 

MSCZKLFFELFZFBK