Aminex announces preliminary results for the year ended 31 December 2017
Monday, Apr 30, 2018
Aminex PLC has announces its preliminary results for the year ended 31 December 2017.

Operating Highlights:

• Successful completion and testing of the Ntorya-2 well at approximately 17 MMcfd
• Ntorya-2 well encountered 31 metres of high quality net gas pay
• Kiliwani North-1 gross production for year 3.60 BCF (2016: 2.78 BCF)

Financial Highlights:

• Revenue up 34% to $6.63 million (2016: $4.93 million)
• Cash balance of $6.23 million at 31 December 2017
• Gross receivables owed for gas sales $6.94 million; $2.70 million net to Aminex at 31 December 2017
• Repayment in full of the corporate loan in June 2017

Post year-end:

• Independent audit increases Ntorya 2C Contingent resource to 763 BCF: Pmean GIIP increased to 1.87 TCF
• Kiliwani North ascribed 2P reserves 1.94 BCF and with 30.8 BCF Pmean GIIP
• Discussions for farm-out of partial interest in the Ruvuma PSA to the Zubair Corporation

Aminex Chief Executive Officer, Jay Bhattacherjee, commented: “The success of the Ntorya-2 well and subsequent technical work has contributed to a substantial increase in the 2C Contingent resource for Ntorya to 763 BCF. The well planning for Chikumbi-1 is at an advanced stage and we are in discussions with the Zubair Corporation for a possible farm-out of part of Aminex’s interest in Ruvuma.”

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