logo-loader
viewAminex PLC

Aminex set to fast-track Ruvuma drilling as Tanzania backdrop improves

Aminex is fully carried for the cost of the work through its farm-out with Omani group Zubair’s ARA subsidiary

Aminex PLC -
The AIM-listed company has also applied for a 3-year extension of the offshore Nyuni Area PSA

Aminex PLC (LON:AEX) aims to fast track its exploration programme in the Ruvuma Basin due to an improved business environment in Tanzania.

A US$40mln work programme for 2020 has been submitted to the Tanzanian government and includes the drilling of the Chikumbi-1 well and the acquisition of extensive 3D and 2D seismic surveys over the Mtwara licence.

Aminex is fully carried for the cost of the work through its farm-out with Omani group Zubair’s ARA subsidiary, where it expects to receive an advance payment of US$3mln shortly.

The farm-out will reduce Aminex's stake in Ruvuma to 25%.

Elsewhere, the AIM-listed company has also applied for a 3-year extension of the offshore Nyuni Area PSA with a revised work programme.

Max Williams, chief financial officer, is also standing down after 25 years with the company. John Arthur, currently the company’s Group Financial Controller, is taking over as CFO.

Quick facts: Aminex PLC

Price: 1.008 GBX

LSE:AEX
Market: LSE
Market Cap: £38.01 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Aminex PLC named herein, including the promotion by the Company of Aminex PLC in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: TUI delivers solid fourth quarter update

Headlines from the Proactive UK newsroom. Package tour group TUI (LON:TUI) delivered a solid fourth quarter update just a day after main rival Thomas Cook collapsed. Problems with the Boeing Max jet are still causing headaches, but summer bookings are as expected and underlying profits will...

on 24/9/19

2 min read