Aminex Plans Nyuni Deep Water 3D Seismic Survey

Aminex PLC, an independent oil and gas company, has announced today its interim results for the six months ended 30 June 2014.

FINANCIAL HIGHLIGHTS

– Fully funded to execute current work programme;
– $15 million equity issue successfully completed;
– Sale of Aminex USA completed since period end;
– $8 million working capital facility extended
– Loss for period $4.74 million (2013: $4.12 million).

OPERATIONAL HIGHLIGHTS

– Strengthened Board and Technical team;
– Infill seismic acquisition completed over Ntorya appraisal area connecting Ntorya and Likonde;
– Kiliwani North development on track for first gas in early 2015;
– Extended deadline for work programme at WEEM-2, Egypt.

Aminex CEO, Jay Bhattacherjee, commented: “As the Company is now financed through to first African production and in the final stages of completion of its Ruvuma seismic programme, the Board’s objectives will be firstly to pay down outstanding corporate debt as early as possible and secondly to expand the business, in Tanzania and elsewhere in Africa, through seeking production and development opportunities. We would like to thank the shareholders for their continued support as the Company heads into the second half of 2014, which promises to be a busy period of development for the Company.”

TANZANIA – NYUNI AREA PSA

After further detailed technical review Aminex and its partners will focus their efforts on the deep water portion of the Nyuni Area acreage. The Company has applied to TPDC to vary the Nyuni Area work programme for the shallow water seismic obligation, originally planned for this year, to be converted to deep water 3D seismic in the outboard sector of the PSA area, off the continental shelf, where Aminex has identified a large potential prospect. This is analogous to some of the recent major deep water discoveries in the vicinity. A tender process is planned in the third quarter to select a seismic contractor capable of acquiring quality 3D seismic over the key Pande West Lead and to identify other potential drill ready prospects. The Company is unlikely to be in a position to drill an expensive deep water well in the Nyuni Area in the foreseeable future without introducing a larger company as a farm-in partner. Participants in the Nyuni Area PSA are: Ndovu Resources Ltd. (Aminex) 70% (operator), RAK Gas 25% and Bounty Oil & Gas 5%.

Press Release, September 03, 2014