Aminex progressing well

Aminex, the Africa- and US-focused oil and gas firm, has progressed well since the start of July, the firm said.

The group's Nyuni 2 exploration well was suspended as a result of difficult drilling conditions, however the resource potential was not affected. Tests on the Nyuni 1 exploration well were inconclusive, while the Ntorya-1 onshore exploration well is scheduled for drilling next month.

During the period, the company assumed operatorship of the Ruvuma production sharing agreement and increased its working interest from 37.5% to 56.25%.

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At the end of the period the firm had around $18m cash, sufficient to fund work commitments through 2012.

In a statement the firm said: "Aminex is making significant progress in strengthening its position in the highly prospective Rufiji Delta and Ruvuma Basin regions of Tanzania.The company's 2012 work plan includes seismic acquisition commitments to better image and de-risk these plays. Aminex is well funded to meet its commitments for drilling and seismic exploration in these core licenses.

"Aminex is currently conducting a thorough review of its global asset portfolio with a view to providing geographic focus and value creation for Aminex shareholders, which is scheduled for completion in the first quarter of 2012 and will be published to shareholders at the appropriate time."

The share price rose 1.83% to 2.77p by 13:15.

NR