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Market: LSE
Sector: Energy
EPIC: AEX
Latest Price: 3.78p  (-0.53% Descending)
52-week High: 8.75p
52-week Low: 2.61p
Market Cap: 30.95M
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Aminex
www.aminex-plc.com

Aminex is an oil and gas exploration, development and production company with a 19 year track-record of fulfilling projects in many areas of the world. Its shares are traded on the Full List of the London Stock Exchange.

The company’s principal focus areas are the East African coastal margin of Tanzania and the US onshore Gulf Coast of Texas and Louisiana.

Full Aminex profile here
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Aminex raising US$3.1 million from Asian investors at premium

23rd Dec 2011, 2:22 pm by Giles Gwinnett An agreement was entered with Empire Asia Group Co Ltd and Dr Chanchai Ruayrungruang of the Reignwood Group for the placing of around 38.9 million shares at par value of €0.06

Aminex (LON:AEX) is raising US$3.1 million from Asian investors through a placing at a premium of 45 per cent.

The firm said it showed a strong vote of confidence in the company's oil and gas assets in Africa.

An agreement was entered with Empire Asia Group Co Ltd and Dr Chanchai Ruayrungruang of the Reignwood Group for the placing of around 38.9 million shares at par value of €0.06.

Empire Asia will subscribe for around 19.5 million shares and Dr Chanchai Ruayrungruang will also subscribe for around 19.5 million shares.

This is raising gross proceeds of around €2.34 million (£1.95 million), payable in US dollars amounting to around $3.1 million, for the company.

The company also said it was in preliminary talks with Empire Asia and the Reignwood Group about a possible broader strategic alliance to finance the acquisition and development of oil and gas projects on the African continent.

However, no firm agreement has yet been reached, it said.

Aminex chief executive Stuard Detmer said: "We are pleased to welcome Empire Asia and Dr. Chanchai Ruayrungruang of the Reignwood Group as investors in Aminex. Today's investment, made at a 45 per cent premium to yesterday's close, is a strong vote of confidence in the company as a vehicle for growth in African oil and gas projects.

"At a time when Asian companies are increasing their activity in African natural resource plays, we are pleased to have an important Asian investment consortium as a strategic investor in Aminex."

Earlier today, the company said it has spudded the Ntorya-1 well in the Ruvuma Basin onshore in Tanzania.

The well is located 14 kilometres south of the Likonde-1 well, drilled in 2010, which proved the presence of an active petroleum system, it said.

Ntorya-1 will target the same high quality Basal Tertiary and Upper Cretaceous sands encountered at Likonde-1.

Aminex estimates that the Ntorya prospect has a probability of success of around 20 per cent, with mean recoverable resource potential of 100 million barrels of oil equivalent.

Ntorya-1 will be drilled as a vertical well to a planned total depth of 2026m and is expected to reach the main target in around 30 days from spud.

Aminex subsidiary Ndovu Resources owns 56.25 per cent of the prospect and is the well operator. Tullow (LON:TLW), with 25 per cent, and Solo Oil (LON:SOLO) 18.75 per cent are partners in the project.

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