Aminex PLC Egyptian Operations Update (3064S)
23 September 2014 - 4:00PM
UK Regulatory
TIDMAEX
RNS Number : 3064S
Aminex PLC
23 September 2014
Aminex plc
("Aminex" or "the Company")
Egyptian Operations Update and Exercise of Warrants
Aminex has been advised by the operator of the West Esh el
Mellaha Production Sharing Contract ('WEEM-2 PSC'), onshore Gulf of
Suez, Egypt that the South Malak-2 exploration well will spud
imminently. South Malak-2 is targeting the prolific Nubia and
Matulla sandstones. The Company has also been informed that a
second location has been chosen, designated as Wadi Kofra-1. This
further well will target the same formations and drilling is
expected to begin in late 2014. The WEEM 2 PSC is directly west of
Lukoil's WEEM 1 PSC which is producing from the same formations
being targeted by South Malak-2 and Wadi Kofra-1.
Aminex has an effective carried interest of 10% in these wells
through its 12.5% shareholding in an associated company, Aminex
Petroleum Egypt Ltd. ('APEL'). APEL holds 80% of the WEEM-2 PSC and
other shareholders in APEL bear the Company's share of exploration
through to first commercial discovery of oil and gas.
The Company is not a direct participant in the planned drilling
programme but will keep shareholders advised on progress where
possible.
Aminex further announces that Shore Capital Stockbrokers Limited
has indicated its intention to exercise the 30,287,500 warrants
which were granted to it as part of the Company's fund-raising
announced in February this year and subsequently approved by
shareholders. The exercise will provide the Company with further
capital of GBP302,875 which will be available for debt retirement
and general corporate purposes. Following this exercise, Shore
Capital Stockbrokers Limited will have no further unexercised
warrants. The Company has made applications to the Irish Stock
Exchange and the UK Listing Authority for the listing of 30,287,500
ordinary shares of EUR0.001 each (the "Ordinary Shares") to be
admitted to the Official Lists and applications have been made to
the Irish Stock Exchange and the London Stock Exchange for the
Ordinary Shares to be admitted to trading on their respective
regulated markets for listed securities. The shares will rank pari
passu with existing issued Ordinary Shares. It is anticipated that
dealings will commence in the new Ordinary Shares on 23 September
2014.
On completion of this listing, the total number of issued shares
of Aminex eligible for voting will be 1,888,205,480.
Jay Bhattacherjee, Chief Executive Officer commented:
"As a carried interest partner, the imminent spudding of the
South Malak 2 well and further drilling of Wadi Kofra 1 are a
positive step in moving the WEEM 2 PSC forward. The focus remains
on Tanzania where the GSA is awaiting final completion and
production is expected in H1 2015."
For further information:
Aminex PLC +44 20 7291 3100
Jay Bhattacherjee, Chief
Executive Officer
Max Williams, Chief
Financial Officer
Corporate Brokers
Shore Capital Stockbrokers-Jerry
Keen +44 20 7408 4090
Davy Corporate Finance-Brian
Garrahy +35 3 1679 7788
GMP Securities Europe
LLP-Rob Collins +44 20 7647 2816
Yellow Jersey PR (Financial
PR) +44 7768 537 739
Dominic Barretto
Kelsey Traynor
This information is provided by RNS
The company news service from the London Stock Exchange
END
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