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Aminex PLC (AEX)

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Thursday 04 October, 2018

Aminex PLC

Kiliwani North and Nyuni Area Update

RNS Number : 9071C
Aminex PLC
04 October 2018
 

4 October 2018

 

Aminex plc

 ("Aminex" or "the Company")

 

Kiliwani North and Nyuni Area Update

 

The Company announces that, as a result of payment defaults by Bounty Oil & Gas NL ("Bounty") under the joint operating agreements relating to the Kiliwani North Development Licence and the Nyuni Area PSA, that Bounty is now deemed to have transferred its interests in such assets to the Company's wholly-owned subsidiary, Ndovu Resources Limited, and the other non-defaulting parties. The transferred interests include all rights and liabilities except that Bounty will, pursuant to the joint operating agreements, remain liable for its share of any outstanding work commitments and abandonment costs.

 

Subject to the completion of certain formalities, Aminex's interests in the Kiliwani North Development Licence (which contains the Kiliwani North field and Kiliwani South prospect) and the offshore Nyuni Area PSA have therefore increased by 6.383% and 6.6667% respectively.

 

The non-defaulting parties' interests in the assets are now:

 

Kiliwani North Development Licence


Nyuni Area PSA


Ndovu Resources Limited

63.8304%

Ndovu Resources Limited

100%

RAK Gas LLC

27.7778%



Solo Oil plc

8.3918%



 

 

For further information:

 

Aminex PLC

+44 20 3198 8415

Jay Bhattacherjee, Chief Executive Officer

 

Max Williams, Finance Director

 

 

 

Corporate Brokers

 

Shore Capital Stockbrokers - Jerry Keen

+44 20 7408 4090

Davy Corporate Finance - Brian Garrahy

+353 1 679 7788

Camarco PR (Financial PR)

 

Billy Clegg / Gordon Poole / James Crothers                                 

+44 20 3757 4980

 

 

Ends


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