Aminex PLC Final Results, Annual Report and AGM (4762X)
April 30 2019 - 1:01AM
UK Regulatory
TIDMAEX
RNS Number : 4762X
Aminex PLC
30 April 2019
30 April 2019
AMINEX PLC
("Aminex" or "the Company")
FINAL RESULTS for year ended 31 december 2018, ANNUAL REPORT
and AGM
Aminex announces its final results for the year ended 31
December 2018.
Highlights:
-- Signed a farm-out agreement with The Zubair Corporation to
accelerate the development of and production from the Ntorya gas
field ("Farm-Out")
-- Competent Persons Report ascribed a significant increase in
resources for the Ntorya gas field
o Ntorya Cretaceous gross 2C contingent resource of 763 BCF,
1.87 TCF gross mean GIIP
o Ntorya Jurassic gross 936 BCF 2U (prospective resource)
-- The Company ran a competitive tender process and selected
Sakson Drilling and Oil Services DMCC in order to drill the
Chikumbi-1 well. The well will test the undrilled deeper Jurassic
structure and is intended to be completed as a Ntorya production
well. On closure of the Farm-Out, Aminex will be fully carried for
the drilling, completion and testing of this well
-- Received initial government approvals to conduct a 3D seismic
programme over the Ntorya location for which the Farm-Out provides
a full carry for the acquisition, processing, and
interpretation
-- Progressing further remedial work on the Kiliwani North-1
well, which produced intermittently in 2018, in order to reinstate
production from the field, including the perforation of a lower
zone identified on wireline logs as potentially gas bearing and
which production modeling indicates may contribute further
resources if successful
-- Exploratory Nyuni assets have been fully impaired and, as a
result, the Group's net loss for the period was US$48.51 million,
of which US$43.47 million is attributable to Nyuni
-- Cash and cash equivalents at year-end of US$1.86 million with
no corporate debt, further supplemented by a successful placing
post year-end, raising approximately US$2.40 million to advance
Kiliwani seismic related operations
Outlook:
-- Seek to complete the Farm-Out of Ruvuma, which will bring a
further US$5.00 million in cash to the Company and, specifically,
the drilling of the Chikumbi-1 well along with the acquisition of
3D seismic, for all of which the Company is fully carried
-- Continued support by cornerstone investor
-- Cost reductions being implemented following review of corporate overhead costs
-- Actively engaged in seeking investment opportunities to diversify portfolio
Proposed transfer of listing segment from premium to standard on
the London Stock Exchange
The board of Aminex ("the Board") intends to transfer the
listing segment of the Company's ordinary shares from the main
market of the London Stock Exchange to a Standard listing as it
believes that the additional regulatory requirements imposed by
maintaining the current Premium listing is no longer in the best
interests of the Company. The purpose of the transfer is to provide
greater flexibility to the Company to undertake transactions and it
will also allow the Company to reduce the associated costs with
being Premium listed.
Completion of the transfer of listing segment will be
conditional upon shareholder approval and accordingly, the Board
intends to propose a resolution to approve the transfer at the
Company's Annual General Meeting. Further details of the transfer
will be included in the Notice of Annual General Meeting.
Aminex also advises that its Annual General Meeting will be held
at 11am on 12 June 2019 at ByrneWallace, 88 Harcourt Street, Dublin
2, D02 DK18.
The Annual Report may be viewed on the Company's website
www.aminex-plc.com by clicking on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4762X_1-2019-4-29.pdf
Paper copies of the Annual Report together with the Notice of
Annual General Meeting, including the Form of Proxy, are being
mailed shortly to those shareholders who have elected to receive
paper copies.
In accordance with Irish Listing Rule 6.6.1 and UKLA Listing
Rule 9.6.1, copies of the Notice of the Annual General Meeting and
the Form of Proxy will be submitted to the Irish Stock Exchange and
the UK's National Storage Mechanism.
The documents will shortly be available at:
www.morningstar.co.uk/uk/NSM
and at: Company Announcements Office
Irish Stock Exchange
28 Anglesea Street
Dublin 2
Ireland
ENDS
For further information:
Aminex PLC +44 20 3198 8415
Jay Bhattacherjee, Chief Executive
Officer
Max Williams, Chief Financial
Officer
Davy +353 1 679 6363
Brian Garrahy
GMP FirstEnergy
Hugh Sanderson +44 20 7448 0200
Shore Capital +44 20 7408 4090
Jerry Keen
Camarco +44 20 3781 8331
Billy Clegg / James Crothers
/ Daniel Sherwen
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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