Business
Repayment of Loan and Operational Update
Repayment of Loan and Operational Update.
About this update from Aminex Plc
[{"type":"text","content":"\n \nRNS Number : 5651I Aminex PLC 20 June 2017 \n\n20 June 2017\n \nAminex plc\n (\"Aminex\" or \"the Company\")\n \nFinancial and Operational Update\nAminex Becomes a Debt Free Producing Company\nAminex PLC (\"Aminex\" or the \"Company\") is pleased to announce that it has repaid its corporate loan facility in full and is now a debt-free producing company. The Company is arranging the release of fixed and floating charges, which comprised the security package for the loan.\nAminex confirms, following the exercise of warrants in May 2017, that all outstanding warrants have now been exercised and anti-dilution provisions are no longer applicable. These warrants were issued as part of the corporate loan agreement.\nNdovu Resources Ltd., Aminex's Tanzanian operating subsidiary, continues to be paid for its Kiliwani North gas sales, despite some delays in 2017, in US Dollars and this has facilitated early final repayment of all outstanding corporate debt.\nOperations\nProduction at Kiliwani North during 2017 has averaged approximately 15 million cubic feet per day for the first five months of 2017. The Company intends to re-enter the Kiliwani North 1 well to gather downhole data later in the year and shareholders will be advised when this has been implemented.\nWork on the updated basin model for the Ruvuma acreage is ongoing to evaluate deeper targets and liquids potential in the Basin. This information will be incorporated in the Ntorya 3 drilling programme in order to maximise target potential at greater depths. A development plan is in preparation and the Company is working directly with the Tanzanian Petroleum Development Corporation ('TPDC'). This will include early production opportunities to be implemented prior to a longer-term project for tying a fully appraised and developed gas field into the Madimba gas processing plant and the national pipeline system.\nThe Company has noted and continuously monitors recent political uncertainties which have arisen in the Tanzanian mining industry. These are not believed to affect Aminex's domestic gas supply business, which is for local consumption with gas metered and sold at wellhead by both TPDC and Ndovu on a daily basis. Aminex as ever works closely with the TPDC and with the Ministry of Energy and Minerals. \nJay Bhattacherjee,...