Business
Final Results, Annual Report and AGM
Final Results, Annual Report and AGM.
About this update from Aminex Plc
[{"type":"text","content":"\n \nRNS Number : 4762X Aminex PLC 30 April 2019 \n\n30 April 2019\n \nAMINEX PLC\n(\"Aminex\" or \"the Company\")\n \nFINAL RESULTS for year ended 31 december 2018, ANNUAL REPORT \nand AGM\n \nAminex announces its final results for the year ended 31 December 2018. \n \nHighlights:\n• Signed a farm-out agreement with The Zubair Corporation to accelerate the development of and production from the Ntorya gas field (\"Farm-Out\")\n• Competent Persons Report ascribed a significant increase in resources for the Ntorya gas field\no Ntorya Cretaceous gross 2C contingent resource of 763 BCF, 1.87 TCF gross mean GIIP\no Ntorya Jurassic gross 936 BCF 2U (prospective resource)\n• The Company ran a competitive tender process and selected Sakson Drilling and Oil Services DMCC in order to drill the Chikumbi-1 well. The well will test the undrilled deeper Jurassic structure and is intended to be completed as a Ntorya production well. On closure of the Farm-Out, Aminex will be fully carried for the drilling, completion and testing of this well\n• Received initial government approvals to conduct a 3D seismic programme over the Ntorya location for which the Farm-Out provides a full carry for the acquisition, processing, and interpretation \n• Progressing further remedial work on the Kiliwani North-1 well, which produced intermittently in 2018, in order to reinstate production from the field, including the perforation of a lower zone identified on wireline logs as potentially gas bearing and which production modeling indicates may contribute further resources if successful\n• Exploratory Nyuni assets have been fully impaired and, as a result, the Group's net loss for the period was US$48.51 million, of which US$43.47 million is attributable to Nyuni\n• Cash and cash equivalents at year-end of US$1.86 million with no corporate debt, further supplemented by a successful placing post year-end, raising approximately US$2.40 million to advance Kiliwani seismic related operations\n \nOutlook:\n· Seek to complete the Farm-Out of Ruvuma, which will bring a further US$5.00 million in cash to the Company and, specifically, the drilling of the Chikumbi-1 well alo...