Aminex running the rule over Petroceltic's Egyptian fields
Irish oil and gas company Aminex has expressed an interest in Petroceltic's Egyptian assets.
A source with knowledge of the situation said Aminex, which recently began pumping gas at a Tanzanian project, is closely monitoring developments at Petroceltic, which is currently in examinership.
Aminex already has an interest in a block in Egypt and has previously flagged an interest in expanding its business across Africa.
T5 Oil & Gas, a group founded by some ex-Tullow Oil directors, had previously expressed an interest in the Petroceltic assets.
Aminex declined to comment. Earlier this month, the company said that it expected gas production at the Kiliwani North field (on an island off the Tanzanian coast) would provide net cash revenues of $10m to $15m a year, with the project expected to have a lifespan of seven years.
The project provides Aminex with a platform for growth after a period of restructuring that included a $15m equity raise.
In a note, Davy equity analyst Job Langbroek said the project "should create a revenue base that has the capacity to retire existing loans and it also provides a platform to pursue the other prospects in the company's portfolio".
"It creates the means to repay the debt at present (loans have been rolled forward to date), and it should also provide the means to finance the appraisal and development of the other onshore projects in the group," he added.
"Kiliwani gas production, if managed correctly, provides a financial mechanism to pursue the group's discovered gas resource in the Rovuma PSA area. This is an area of potential future value for Aminex which it has not been possible to advance in recent years."