Monday 20 November 2017

Explorer Aminex secures Omani investment

Aminex specialises in exploration in Africa. Picture courtesy Aminex
Aminex specialises in exploration in Africa. Picture courtesy Aminex

Sean Duffy

Irish oil exploration firm Aminex has announced the completion of a deal to sell 30pc of the business to ARA Petroleum, a subsidiary of the Zubair Corporation at an Extraordinary General Meeting.

The news comes a day after the company was granted a year's extension to its Mtwana exploration field in Tanzania.

The deal will see the Zubair Corporation invest £19.5m (€23m) into Aminex.

In a statement the company said an application has been made to both the Irish Stock Exchange and to the UK Listing Authority for 983,136,095 cornerstone placing shares and 318,934,907 placing shares to be added to the official list on both exchanges.

The deal means that ARA, another unnamed financial institution and Aminex management will now control 45pc of shareholders' voting rights.

The company also confirmed that its facility in Kiliwani North is now in production, while the Ruvuma site is financed and is ready to proceed. Aminex's share price recovered to £1.29 (€1.52) having fallen to £1.26 (€1.49) on the announcement.

In July of this year the Sunday Independent reported that Aminex had sealed a financing deal with the wealthy Omani Al Zubair family which was confirmed at yesterday's EGM.

The Zubair Corporation are a leading asset management firm based in the Middle East. The group has interests in a multitude of areas including energy, and logistics.

Irish Independent

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