Aminex Farm Out Deal Analysed & CEO Interview

THE RNS

Transformational Ruvuma Farm-Out

Aminex is pleased to announce that its wholly-owned subsidiary, Ndovu Resources Limited, has signed a binding farm-out agreement ("Farm-Out") with The Zubair Corporation LLC ("Zubair").  Zubair plans to assign its interest in the Farm-Out to ARA Petroleum Tanzania Ltd (a company under formation) ("APT"), which will be an affiliate of Eclipse Investments LLC ("Eclipse"), the Company's largest shareholder.  Subject to the detailed terms set out in the Farm-Out agreement, it is intended that the Farm-Out will accelerate the development of the Ntorya project, carry Aminex through to a minimum gross production rate of 40 MMcf/d and be self-funded through a full field development project.

Deal Summary

The Call for Better Communication

The following presentation was one made by myself to the Aminex Board back in December and the response from the Chairman Brian Hall was as follows...

Aminex in Tanzania - The Need for Gas to Power is Growing

Whilst we wait for the Aminex licence and funding conundrum to unwind, the industrialisation of Tanzania continues. These projects will require a lot of energy. Some will no doubt be hooked up to use gas for their power generation needs. So this keeps the demand side ticking up and puts more pressure on the Tanzanians to make sure there is more gas available before ‘The Crunch’ in 2019!

Here are just a few examples of the industrialisation news from the last week or so....

Close on 7.5% Growth Expected in Tanzania Says Moody's

In an article published yesterday says that the ratings agency Moody's is bullish about the growth prospects and likely resilience of the Tanzanian economy

The article says:

"Kenya, Tanzania well placed to weather shocks, says Moody’s"

Tanzania: More Gas Production or Bust Their Own Plans by Q1 2019

The following interesting article comes from “Leaflessclover” a respected LSE bulletin board member who keeps a keen eye on Gas supply and demand within Tanzania…

At the end of May 2018, The Tanzanian Energy Minister made a speech to parliament:

https://www.nishati.go.tz/wp-content/uploads/2018/05/Hotuba-ya-Bajeti-ya-Wizara-ya-Nishati-kwa-mwaka-2018-2019.pdf  (You will need to translate from Swahili).

Prior to this, the most up to date information I had regarding the timings of new gas fired power plants in Tanzania came from reports from Orca and WRL.  Compared to those previous sources of information the Minister’s speech contained the following new/different information:

Nothing to Report - Just My Aminex Thoughts

Very quiet on the Aminex front lately as we wait and wait which means there is nothing really to report other than England won 6v1 in the World Cup,  Polished off the Aussies 5v0 in the cricket and Louis Hamilton won the French Grand Prix yesterday.

I'm looking forward to attending the AGM on 11th July and hope to have many questions answered.  Meanwhile the bulletin boards have been full of speculation and the quiet period has been taken advantage of by the detractors and those with vested interests but from what snippets are available it seems the quiet period is about to come to an end.

AMINEX ANNUAL REPORT AND NOTICE OF AGM

Apologies for my lack of information recently.  The issues effecting my spare time have now been resolved so I hope and expect to get back to keeping everyone up to date with information and articles that effect Aminex. Today I will start with the RNS this morning. Please subscribe or follow

ANNUAL REPORT AND NOTICE OF AGM 


Aminex PLC (“Aminex” or the “Company”) today announces the publication of its Annual Report and Accounts for the year ended 31 December 2017. 

Aminex also advises that its Annual General Meeting will be held at 2 pm on 11 July 2018 at the Grange Wellington Hotel, 71 Vincent Square, Westminster, London SW1P 2PA. 

The Annual Report may be viewed on the Company’s website www.aminex-plc.com by clicking on the following link: 

Aminex PLC Annual Report 2017

Paper copies of the Annual Report together with the Notice of Annual General Meeting, including the Form of Proxy, are being mailed shortly to those shareholders who have elected to receive paper copies.

In accordance with Irish Listing Rule 6.6.1 and UKLA Listing Rule 9.6.1, copies of the Notice of the Annual General Meeting and the Form of Proxy will be submitted to the Irish Stock Exchange and the UK’s National Storage Mechanism. 

The documents will shortly be available at:

www.morningstar.co.uk/uk/NSM

and at:  Company Announcements Office   Irish Stock Exchange   28 Anglesea Street   Dublin 2   Ireland

For further information:  
 Aminex PLC +44 20 3198 8415 Jay Bhattacherjee, Chief Executive Officer  Max Williams, Finance Director  Corporate Brokers  Shore Capital Stockbrokers - Jerry Keen +44 20 7408 4090 Davy Corporate Finance - Brian Garrahy +35 3 1679 7788 Investec Bank - Chris Sim +44 207 597 4000   Camarco PR (Financial PR)  Billy Clegg / Gordon Poole / James Crothers                                  +44 20 3757 4980