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Aminex gets more time to repay loan as seeks interim financing

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Africa focused explorer Aminex (LON:AEX) has agreed an initial deferment for repaying a loan until the new year as it seeks interim financing to advance work in Tanzania.

On Monday, the company also said a final draft of a gas sales agreement for the Kiliwani North-1 gas well has been submitted to the Tanzanian Petroleum Development Corporation for approval, which is expected to be received shortly.

The repayment date for the loan facility had been December 31 but that has now been deferred until February 28 next year pending the arrangement of the interim financing.

The lender has also, subject to conditions, agreed to extend the loan to mid-2015, after the planned start-up date of the Kiliwani North gas field in Tanzania.

As reported in November, Aminex is looking at a range of funding operations, including the introduction of a strategic investor.

The company has already announced it would be seeking to farm-out some of its production sharing agreement (PSA) at the Ruvuma asset in Tanzania, but thus far has not received any satisfactory offers.

The firm's senior management is in Tanzania this week to agree next year's work programme with the authorities and at the Ruvuma PSA area, African Geophysical Services, the recently appointed seismic contractor, is on site working on a new high-density 2D seismic acquisition programme of up to 950 kilometres.

Aminex's chairman Brian Hall said today:  "With the management team on the ground in Tanzania, we are progressing the company's operations in-country and with the gas sales agreement for Kiliwani North at an advanced stage, commercial gas production in Tanzania becomes a step closer to being realised."

Aminex agreed a US$8mln loan facility with Argo Capital Management in January this year.

Quick facts: Aminex PLC

Price: 0.75 GBX

LSE:AEX
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Market Cap: £28.28 m
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