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.”

For more information, please visit: http://aminex-plc.com

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