Chief executive Jay Bhattacherjee described it as “a major
milestone” as the group continues gas sales in Tanzania and advances plans for
the next well programme at the Ntorya project.
Aminex plc (LON:AEX) has told investors it has now repaid
its corporate loan facility in full.
The company now describes itself as a ‘debt-free’ gas
producer.
It also highlighted that its operating subsidiary in
Tanzania, Ndovu Resources, continues to be paid in dollars for gas sales from
the Kiliwani North project although there have been some delays.
Chief executive Jay Bhattacherjee described it as “a major
milestone”.
"We are very pleased to be able to report the continued
progress which Aminex is making towards becoming a major player in East
Africa,” Bhattacherjee said.
He added: “The company is financially robust, generating
cashflow from production, has a very exciting upcoming development programme
and is looking to grow."
Kiliwani North gas sales continue.
Tuesday’s update gave details of the Kiliwani North
operation, where production averaged 15mln cubic feet per day in the first five
months of the year.
Aminex also noted its intention to re-enter the Kiliwani
North-1 well later this year to gather additional downhole data.
Planning ongoing for next Ntorya well programme.
Additionally, the company is working on the basin model for
the Ruvuma acreage where the company recently had success with the Ntorya-2
appraisal well and is planning the next Ntorya well which will test the
resource at greater depths.
For Ntorya, it is advancing a development plan with the Tanzanian
Petroleum Development Corporation (TPDC) and it is anticipated that the project
will include an early production element ahead of a larger, longer-term
development.
Aminex also acknowledged the recent political uncertainties
relating to Tanzania’s mining industry, which it continues to monitor, though
the company said it does not believe the matters will affect its domestic gas
supply business - which is centred on local consumption with gas metered and
sold at wellhead by both TPDC and Ndovu on a daily basis.