Aminex PLC
19 August 2004
Aminex PLC
Signing of MOU Re LNG Cooperation
Aminex PLC, the oil and gas company listed in London and Dublin today announces
that it has signed a Memorandum of Understanding with Liquefied Natural Gas
Limited ("LNGL"), an Australian public company, for co-operation in the
exploration and development of natural gas in East Africa, onshore and offshore.
LNGL has been formed to deliver natural gas to new international energy markets
in a liquefied form (LNG). LNGL plans to achieve this by establishing highly
efficient and modest sized (100 to 1,000 tonnes per day) LNG plants with easy
access to gas reserves and then delivering the LNG to energy markets which
cannot be economically supplied by pipeline or which are too small for the major
international LNG suppliers. The LNG supplied will replace and compete on
favourable terms with expensive and less environmentally attractive oil-based
fuels, using innovative LNG production technology.
Under the Memorandum of Understanding it is intended that Aminex will source,
develop and produce gas reserves, either existing or to be discovered, and LNGL
will provide the means of liquefication and transport. LNGL will also market
the product.
LNGL has already entered into the following outline marketing agreements:
(a) Memorandum of Intent with GMR Energy Ltd (GMR), of India, for the 10 year
supply of approximately 700 tonnes per day (tpd) of regasified LNG to
GMR's existing 220 megawatt power station at Mangalore, in the State of
Karnataka, India
(b) Memorandum of Intent with PPN Power Generating Company Ltd (PPNCo), of
India, for the 20 year supply of up to 1,000 tpd of regasified LNG to the
existing 330 megawatt PPN power station at Pillai Perumal Nallur, in the
State of Tamil Nadu, India (PPN Power Project); and
(c) Memorandum of Intent with Apollo Infrastructure Projects Finance Co Ltd
(Apollo), of India, for the 20 year supply of approximately 1,000 tpd of
regasified LNG, as fuel for the planned 300 megawatt Unit II power plant
at Pillai Perumal Nallur to be developed by Apollo (Apollo also owns 28%
of PPNCo).
The Memorandum of Understanding between LNGL and Aminex is intended to be the
first stage in a wider co-operation covering not only East Africa but the
African continent as a whole and possibly elsewhere.
Commenting on the arrangements agreed, Aminex Chief Executive Brian Hall said:
"Aminex and LNGL have been co-operating on LNG possibilities since late 2003 and
we are pleased to have signed this MOU which comes as LNGL prepares for
flotation on the Australian Stock Exchange. Aminex will provide the upstream
component to LNGL's planned growth and is confident of being able to source,
acquire and develop stranded gas (which would otherwise be sub-economic),
associated gas produced with oil (currently flared or shut-in) and new
undeveloped gas reservoirs."
19th August 2004
Enquiries:
Aminex plc
Brian Hall 020 7240 1600
College Hill
Jim Joseph/Ben Brewerton 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
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