Aminex Announces 2020 Half-yearly Report

Source: 9/30/2020, Location: Africa

Aminex PLC announces its unaudited half-yearly report for the six months ended 30 June 2020.

Reporting Period Highlights
- Extension granted to the Mtwara Exploration Licence over the Ntorya Location
- Satisfaction of all conditions precedent to the Ruvuma Farm-Out within the control of Aminex and ARA Petroleum Tanzania Limited ("APT") with the settlement of the capital gains tax liability and receipt of the tax clearance certificate, the paying of which was supported by ARA Petroleum LLC ("ARA") with Loan funding of US$2 million
- Loss for the period of US$1.15 million (30 June 2019: loss of US$2.19 million), down by 50% from prior period comparative
- Significant reduction to running costs with 50% cost savings on like-for-like gross administrative expenses
- Submission with the Tanzania Petroleum Development Corporation ("TPDC") for the Nyuni Area PSA to be granted a Second Extension Period with amended work commitments

Post Period End
- Funding agreement signed with ARA to advance interim costs of US$1.97 million
- Extension of the Ruvuma Farm-Out long stop date to 15 October 2020

Aminex CEO, Robert Ambrose, commented:
"As reported earlier this morning, despite the payment of all taxes due on the Farm-Out in May this year we still await Government approval to the transaction. APT has agreed to extend the long stop one last time to 15 October 2020 and we remain hopeful that approval will be obtained by that date. The Group is very thankful to ARA, who continue to show support for the Company through the Additional Funding Agreement to advance up to US$1.97 million."

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