Operations Update

RNS Number : 1661F

Aminex PLC

18 February 2015

 

Aminex plc

("Aminex" or "the Company")

Operations Update

Aminex is pleased to notify shareholders that the Tanzanian Petroleum Development Corporation ("TPDC"), through its contractors, has now begun constructing the Skid Metering Unit within the boundaries of the Kiliwani North Development Licence ("KNDL") and have completed laying pipe to the KNDL boundary. Once construction is complete the Kiliwani North 1 well ("KN-1") will be connected to the new Songo Songo processing plant where the gas, once produced, will be processed prior to being transported and sold in the new Dar es Salaam to Mnazi Bay pipeline.  The KNDL joint venture has been notified by TPDC that pressure testing of the pipeline is expected to commence during the first half of 2015 and the final construction of equipment to connect is expected within this timeframe in order for commissioning to occur.  

The Company appreciates shareholders' continued patience regarding the finalisation of the long-anticipated GSA.  This remains largely complete but is experiencing delays in closing due to the Tanzanian authorities' approval process. Your Board expects the GSA to be signed prior to any gas being delivered for pressure testing or commissioning and the Company will accordingly continue to keep the market informed on progress.

The KNDL includes the KN-1 well, which is expected to produce at approximately 20 mmcfd as soon as the well is brought on stream.  Once producing this will represent a major milestone for Aminex by providing first revenues from Tanzania.  Independently verified resources at Kiliwani North are estimated to be 45 billion cubic feet of gas in place.

Aminex CEO, Jay Bhattacherjee, commented:  "As the Dar es Salaam to Mnazi Bay pipeline nears completion and the final stages of construction are now occurring on the Kiliwani North-1 well, we look forward to first commercial gas production from the field which will place the Company in the position of being the first new Tanzanian gas producer in recent times."

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 Kelsey Traynor

 

END

 

 

MSCKMGMZVNMGKZM