Aminex announces that, as a result of payment defaults by Bounty Oil & Gas NL (“Bounty”) under the joint operating agreements relating to the Kiliwani North Development Licence and the Nyuni Area PSA, that Bounty is now deemed to have transferred its interests in such assets to the Company’s whollyowned subsidiary, Ndovu Resources Limited, and the other non-defaulting parties. The transferred interests include all rights and liabilities except that Bounty will, pursuant to the joint operating
agreements, remain liable for its share of any outstanding work commitments and abandonment costs.

Subject to the completion of certain formalities, Aminex’s interests in the Kiliwani North Development Licence (which contains the Kiliwani North field and Kiliwani South prospect) and the offshore Nyuni Area PSA have therefore increased by 6.383% and 6.6667% respectively.

KILIWANI NORTH

Production from Kiliwani North commenced in April 2016 and represents first production for the Company in Tanzania. The well was used to commission the new TPDC operated Songo Songo Island processing facility which feeds into the major Tanzania pipeline. The field is adjacent to the Songo Songo Field which has been onstream since 2004. Kiliwani North-1 was a vertical well drilled from the Songo Songo island and encountered gas in Neocomain aged sandstone.

The non-defaulting parties’ interests in the assets are now:        

• Ndovu Resources Limited: 63.8304%                 
• RAK Gas LLC: 27.7778%
• Solo Oil plc: 8.3918%

NYUNI (100% W.I.)

The 840km² Nyuni Area PSA is located in the offshore regions surrounding the Kiliwani North Development Licence. The block lies updip from the large Chewa and Pweza deep water discoveries. There are two main clastic plays across this area, the Neocomian sandstone analogous to the Songo Songo and Kiliwani North field, and the deeper water fan plays deposited throughout the Cretaceous and Tertiary. The water depth in the licence ranges from 10-700m.