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Aminex assessing options to finance Ruvuma programme

Published: 18:27 19 May 2014 AEST

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Africa-focused oil and gas explorer Aminex (LON:AEX) is considering a number of financing options to complete its work programme at the Ruvuma lincence in Tanzania.

Aminex raised US$15mln in February to help pay for a seismic programme and other outstanding commitments at Ruvuma, but is looking for financing solutions that will allow it to expand its activities while paying down its existing loan finance as soon as possible.

The Ruvuma PSA expires towards the end 2016 and though time is limited the programme is manageable, said Jay Bhattercherjee, Aminex’s chief executive,

“The company has now begun a focused high density 2D seismic programme to allow the existing four leads to be defined as drill-ready prospects. 

"The new regional gas pipeline under construction passes through our Ruvuma acreage and offers the possibility of early commercialisation of both our existing Ntorya-1 discovery and any further discoveries made during our planned 4 to 5 well drilling campaign.“

Other priorities are [first] to bring gas from the Kiliwani North Field to market in less than a year from now and eventually to seismic the interesting prospect identified in the deep water portion of the Nyuni Area PSA, he added. 

Production revenues in Tanzania and a continuing contribution from the US, as the new owner there invests to increase production, will also help its funding position, Bhattercherjee added.

 

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