Business Irish

Tuesday 16 July 2019

Irish oil & gas explorer Aminex raises capital, accelerates work in Tanzania

Aminex has raised approximately €2m in share capital. Stock Image
Aminex has raised approximately €2m in share capital. Stock Image
Ellie Donnelly

Ellie Donnelly

Irish oil & gas explorer Aminex has raised £1.85m (€2m) in share capital to accelerate its work in Tanzania.

The company issued 127,226,781 ordinary new shares at a placing price of Stg 1.45p per share.

Funds raised by the group will be used to accelerate development over its Kiliwani development in Tanzania, as it takes advantage of depressed market conditions in the service industry there.

The net proceeds of the share placing will finance the reprocessing of the existing 2D seismic data and to plan for the acquisition of new 3D seismic data.

It addition, funds will be used to transition the Kiliwani South development from a prospect to a drill ready target, with management estimates of 57 billion cubic feet gas initially in place.

Jay Bhattacherjee, CEO of Aminex, said: "We are pleased to receive the continued support of our two largest shareholders in order to accelerate development over Kiliwani, where the company continues to remediate its Kiliwani North 1 well to bring it back into production, and Nyuni, while we make good progress in closing out the farm-out of Ruvuma."

The placing shares represent approximately 3.5pc of existing share capital of the company.

Earlier this week Aminex named John Bell as its new chairman.

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