Business Irish

Monday 20 November 2017

Aminex lenders agree to defer loan

Brian Hall
Brian Hall

Irish explorer Aminex said it agreed an initial deferment for repaying a loan until 2014 at the earliest as it seeks financing to advance work in Tanzania. The shares jumped as much as 14pc.

The company also said yesterday that 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.

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 Dublin- and London-listed company said a lender agreed in principle to extend the life of the loan even further to mid-2015, after the planned start-up date of the Kiliwani North gas field in Tanzania.

Aminex shares plunged more than 30pc in a single day last month after the company said it was looking at a range of funding operations, including the introduction of a strategic investor.

The firm's senior management has travelled to Tanzania this week to agree next year's work programme with officials and at the African Geophysical Service.

"With the gas sales agreement for Kiliwani North at an advanced stage, commercial gas production in Tanzania becomes a step closer to being realised," chairman Brian Hall said.

Irish Independent

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