Aminex Provides Update on Tanzania Operations

Production at Kiliwani North during 2017 has averaged approximately 15 million cubic feet per day for the first five months of 2017. Aminex intends to re-enter the Kiliwani North 1 well to gather downhole data later in the year and shareholders will be advised when this has been implemented.

Work on the updated basin model for the Ruvuma acreage is ongoing to evaluate deeper targets and liquids potential in the Basin. This information will be incorporated in the Ntorya 3 drilling programme in order to maximise target potential at greater depths. A development plan is in preparation and Aminex  is working directly with the Tanzanian Petroleum Development Corporation (‘TPDC’). This will include early production opportunities to be implemented prior to a longer-term project for tying a fully appraised and developed gas field into the Madimba gas processing plant and the national pipeline system.

Aminex says it has noted and continuously monitors recent political uncertainties which have arisen in the Tanzanian mining industry which it says are not believed to affect Aminex’s domestic gas supply business, which is for local consumption with gas metered and sold at wellhead by both TPDC and Ndovu on a daily basis.

Aminex adds it continues to work closely with the TPDC and with the Ministry of Energy and Minerals to ensure its operations are not affected.

Meanwhile the company reports it has repaid its corporate loan facility in full and is now a debt-free producing company.

Jay Bhattacherjee, CEO of Aminex, commented: “We are very pleased to be able to report the continued progress which Aminex is making towards becoming a major player in East Africa. Final repayment of the corporate loan facility is a major milestone for Aminex and we would like to thank the debt providers who have strongly supported the Company over the last four years. The Company is financially robust, generating cashflow from production, has a very exciting upcoming development programme and is looking to grow.”

Ndovu Resources Ltd., Aminex’s Tanzanian operating subsidiary has also reported it continues to be paid for its Kiliwani North gas sales, despite some delays in 2017, in US Dollars and this has facilitated early final repayment of all outstanding corporate debt.

Neil Ritson, Solo’s Chairman commented:“Work on commercialising the Ntorya gas-condensate discovery continues to advance with a view to both short and longer term monetisation of the significant accumulation proven by the Ntorya-1 and -2 wells.  We look forward to assisting Aminex in this work and to reporting on it as it reaches conclusions.  In parallel, Solo is seeking partners to farm-in to or acquire its interest in the project when a 25-year development licence is granted, which is expected to be later this year.”