Company Profile

Aminex is an Irish company with a main Board listing in Dublin and London. Its principle area of operation is East Africa, where it has a 75% interest in the Rovuma PSC and a 70% interest in the Nyuni PSC, both located in Tanzania. It also has a number of producing assets in the US (Texas and Louisiana) which generate a small amount of revenue and income. New management became involved at the end of 2011, and the group intends to focus entirely on Africa. As such, we would expect the group to ultimately dispose of its non-African assets. Future growth is likely through both further work on existing licences and corporate development. The group's primary area of operation has been in Tanzania, where it has been involved in several landmark wells. These include gas discoveries and evidence of an oil play onshore Tanzania in the Rovuma Basin. The Likonde #1 well on the Rovuma PSC encountered oil stained reservoir; a second well, Ntorya #1, which drilled on a separate structure, resulted in a gas discovery which flowed at 20m standard cubic feet on test. The Nyuni licence contains the earlier Kiliwani gas discovery (45 BCF GIIP), located on the western side of the Songo Songo gasfield operated by Orca. It is likely that the Kiliwani discovery will ultimately be tied back through the Songa Songa facilities, an event made more likely by the recent efforts of the Tanzanian authorities to develop a gas infrastructure to promote energy independence. A recent independent consultant report highlighted a considerable amount of potential in both the Rovuma and Nyuni licences with multiple TCF prospectivity. This report suggested a total of 1.2 TCF of discovered GIIP gross mean unrisked for Rovuma and 5.7 TCF of mean GIIP gross undiscovered for Nyuni. Work flow in the group over the short to medium term will focus on additional seismic acquisition and further drilling to attempt to capture the potential outlined in this report.