Aminex plans active drilling programme

Oil and gas firm Aminex said today it is well funded for an active drilling programme this year.

Aminex raised funds of about £26 million (€29.5 million) during the first quarter of the year through a combination of an institutional placing and an offer of new shares to existing shareholders. As a result it is “securely funded” to implement a significant exploration and development programme, it said.

In a trading update this morning, Aminex said its Nyuni-2 exploration well in Tanzania is targeting a “potentially large natural gas prospect”, while the second well at the Tullow Oil-operated Ruvama Basin is due to be drilled in the second half of the year. It said progress is now being made at the Kiliwani North gas field, also in Tanzania, following regulatory delays. Aminex was formally granted a development licence for this gas field in April.

Davy stockbrokers said Aminex’s African wells should attract substantial investor interest this year and issued an ‘outperform’ rating for the stock.

In the US, further drilling is planned at Shoats Creek, Louisiana as a follow-up to the successful exploration well drilled in Upper Wilcox sands last year.

“We have an active drilling and development programme coming up this year, with exploration wells in Tanzania, development wells in the USA and commercialisation of the Kiliwani North gas field all moving ahead. We enjoyed strong levels of support during our recent fund-raising and are optimistic that our forthcoming activities will deliver positive results,” said Aminex chairman Brian Hall.

Aminex’s interim results for the half year to June 30th 2011 will be announced on August 31st 2011.