Aminex (LON:AEX) chief executive Jay Bhattacherjee said it is a very promising time for his company, which is on schedule to be a new gas producer in East Africa.
The company, which today issued an interim management statement, anticipates first gas from the Kiliwani North field shortly (by mid-2015).
A new independent assessment of the Kiliwani North as well as the larger nearby Ntorya project and other exploration assets recently highlighted the potential prize for Aminex.
The CPR, announced last week, identified 44bn cubic feet of contingent gas resources at Kiliwani North and saw 70bn cubic feet at Ntorya, meanwhile some 4.7 trillion cubic feet of gas potential was outlined across the broader Ruvuma project, onshore Tanzania.
"This is a very promising time for the company, with imminent first commercial production from Kiliwani North, early stage development options for Ntorya-1 identified and the completion of a CPR which verifies the world class nature of the onshore Ruvuma Basin,” Bhattacherjee said.
“Over the course of the last 18 months the company has made the transition from exploration to development and production and will seek opportunities to expand its business across Africa."
Aminex continues to pursue an ongoing restructuring and it continues to monitor costs.