News

January 06, 2010

Aminex Starts 2010 With A Bang As Likonde-1 Readies To Spud This Week

Backers of Aminex plc now have just days to wait until the long-awaited first well on its highly prospective Ruvuma PSA in Tanzania. The company had hoped to spud this well in Q3 2009 but delays ensued after new operator, Tullow Oil, undertook a technical review of the seismic and switched the well location from the Mikindani prospect to the Likonde prospect.

The delay worked in Aminex’s favour, not only turning up a robust prospect that excites the Tullow team – good news given that company’s run of exploration success elsewhere in Africa – but also providing additional time for London-listed Aminex to strike farm-out terms.  Although Aminex had the funds available to fund its share of the drilling costs, the Q4 farm-out to Solo Oil, reducing its equity from 50 per cent to 37.5 per cent, is a sensible risk management tactic and will help...