FORMAL ADDENDUM TO RUVUMA PSA

RNS Number : 0648Z

Aminex PLC

03 February 2014

 



AMINEX PLC

FORMAL ADDENDUM TO RUVUMA PRODUCTION SHARING AGREEMENT

Aminex PLC ("Aminex" or the "Company") is pleased to announce that a formal Addendum to the Ruvuma Production Sharing Agreement has been signed with the Tanzanian Minister of Energy and Mines.    

The Addendum allows for the remaining obligations under the First Extension Period to be completed in the Second Extension Period, as previously announced by the company on 30 May 2013.   The amended agreement requires four wells to be drilled by the end of 2016.  In conjunction with the amended obligations to the Ruvuma PSA, the Company has granted TPDC (Tanzanian Petroleum Development Corporation) and the Government certain securities over Kiliwani North Development Licence on a sliding scale basis.  As each of the wells is drilled the security reduces and when all four wells are drilled the Government and TPDC will no longer have any further security over the Kiliwani North Development Licence.  

Jay Bhattacherjee Aminex Chief Executive Officer commented: 

"We are delighted to have received formal approval from the Government of Tanzania for the moving of our commitments to the Second Extension Period; it will allow us to accelerate our seismic programme over the Ruvuma PSA in order to identify high grade drill ready prospects."

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For further information:

Aminex                                                                              [phone]

Jay Bhattacherjee, Chief Executive Officer

FTI Consulting  

Edward Westropp                                                           [phone]

Georgia Mann

 

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