News

July 24, 2009

Shareholders Back Aminex Placing As Ruvuma Basin Spud Date Slips Into Q4 As New Technical Review Identifies “Better Candidates For First Drilling”

Shares in Aminex plc ticked up on Thursday after the London-listed firm secured shareholder backing for a placing to raise US$11.45 million and an open offer to raise a further US$3 million. The EGM also hosted a presentation that signposted the newsflow that should be generated in the coming months as Aminex chases down the potential of its portfolio of US and African assets.

First up is the likely re-entry of the Sunny Ernst-1 well on the Alta Loma project in Texas to re-complete the well in the “S” sand, where there is 18 feet of potential gas pay.  The well will spud in the next few weeks. This follows the success of last year’s SunnyErnst-2 well, which was the company’s most successful drilling result to date in the US, finding 60 feet of reservoir in the S sand. SunnyErnst-3, a follow-up well, is provisionally planned for early 2010.

Second is the...