StockMarketWire.com - Aminex has confirmed it had repaid its corporate loan facility in full and that it was now a debt-free producing company.

The company said it was arranging the release of fixed and floating charges, which comprised the security package for the loan.

Aminex also confirmed that following the exercise of warrants in May, that all outstanding warrants had now been exercised and anti-dilution provisions were no longer applicable.

These warrants were issued as part of the corporate loan agreement.

The group also said that Ndovu Resources, its Tanzanian operating subsidiary, continued to be paid for its Kiliwani North gas sales, despite some delays in 2017, in US dollars and this had facilitated early final repayment of all outstanding corporate debt.

The group said production at Kiliwani North during 2017 had averaged approximately 15 million cubic feet per day for the first five months of 2017.

The company said it intended to re-enter the Kiliwani North 1 well to gather downhole data later in the year.

It said work on the updated basin model for the Ruvuma acreage was ongoing to evaluate deeper targets and liquids potential in the basin.

It said this information would be incorporated in the Ntorya 3 drilling programme in order to maximise target potential at greater depths.

It added: "A development plan is in preparation and the Company is working directly with the Tanzanian Petroleum Development Corporation ('TPDC').

"This will include early production opportunities to be implemented prior to a longer-term project for tying a fully appraised and developed gas field into the Madimba gas processing plant and the national pipeline system."

The company said it had noted and continuously monitored recent political uncertainties which have arisen in the Tanzanian mining industry.

It said these were not believed to affect Aminex's domestic gas supply business, which was for local consumption with gas metered and sold at wellhead by both TPDC and Ndovu on a daily basis.

Chief executive Jay Bhattacherjee said: "We are very pleased to be able to report the continued progress which Aminex is making towards becoming a major player in East Africa.

"Final repayment of the corporate loan facility is a major milestone for Aminex and we would like to thank the debt providers who have strongly supported the Company over the last four years.

"The company is financially robust, generating cashflow from production, has a very exciting upcoming development programme and is looking to grow."




At 9:45am: [LON:AEX] Aminex PLC share price was +0.13p at 3.2p



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