Aminex Seeks Funds for Ntorya Drilling

UK-based Aminex said July 8 it plans to raise up to £19.5mn ($25.4mn) by issuing new shares and through a new open offer in order to finance the drilling of the Ntorya-2 appraisal well and the Ntorya-3 exploration well in southern Tanzania. Aminex already produces gas elsewhere in the country.

Some of the shares would be subscribed by a key investor, Eclipse Investments, wholly-owned by members of the Al Zubair family who in turn own 100% of The Zubair Corporation. Aminex CEO Jay Bhattacherjee (below) said: “Zubair is a long-established international group and one of Oman's most significant and reputable companies. It has existing interests throughout Middle East and Africa, including Tanzania, in a variety of industries.”

Aminex CEO Jay Bhattacherjee (Photo credit: Aminex)

A month ago Bhattacherjee told NGA about Aminex’s plans to launch some kind of early gas production system if two new Ntorya wells to be drilled either late 2016 or early 2017 are successful. He told NGA that each of the wells was expected to cost some $13mn gross.

The new financing will go before Aminex shareholders for approval at an extraordinary general meeting in London on August 2.

Mark Smedley |  www.naturalgasafrica.com