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Aminex completes US$3.1 mln investment by Asian investors

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Aminex (LON:AEX) has completed the subscription by Asian investors, announced just before Christmas, raising US$3.1 million through a placing at a 45 percent premium.

The group had agreed a placing of around 38.9 million shares at par value of €0.06 with Empire Asia Group Co Ltd and Dr Chanchai Ruayrungruang of the Reignwood Group.

Empire Asia and Ruayrungruang have subscribed for half the shares each.

When the financing was announced, Aminex 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.

Also in late December, Aminex 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 percent, with mean recoverable resource potential of 100 million barrels of oil equivalent.

Quick facts: Aminex PLC

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Price: 0.666 GBX

Market Cap: £25.11 m

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