When is the EGM for the farm out deal?

The Company is actively working on the Circular, which will include an updated CPR. Aminex expects that the EGM will be held prior to the end of November.

Are you fully funded for CH-1?

The farmout fully carries Aminex through multiple wells (including CH-1), seismic and infrastructure. As well as the $3MM payable on Completion and the $2MM 180 days thereafter, the Company will be able to back charge operational activity on Ruvuma to 15 March 2018 (effective date of the farmout).

Why are you acquiring more seismic over Ruvuma and when can we expect it to take place?

Following the drilling of CH-1, the Ntorya Field will be considered for production potential, whereby a 3d seismic survey will fully evaluate the resources and the most efficient and cost-effective way to develop the field.

What is the status of drilling CH-1?

The Company is committed to drilling CH-1 as part of the greater Ntorya Development area and is working with the Tanzanian Government and all JV partners to drill as soon as possible. The Company received numerous bids for its drilling tender and has shortlisted two companies with which it is negotiating.

Can you confirm that the deeper target at CH-1 is oil or condensate?

The deeper Jurassic target is exploratory and does have potential to contain liquids, however the Company’s basin model assumes it is gas.

What is the current status of Kiliwani?

Equipment is being brought into country at present in order to remediate the well as planned and the Company will update shareholders in due course on the work over. It is in the interest of all parties to increase Kiliwani production as quickly as possible.

Considering the Company’s forward work programme, are there any operational obstacles to progress?

No. We continue to work with the Tanzanian Government and all JV partners to develop the field as quickly as possible.

Why has Kiliwani remediation changed strategy from Compression to re-working?

We have identified various remedial actions to enhance production and are currently implementing these. Compression, as part of an overall remediation programme, remains an option but the Company is looking at cheaper alternatives to increase production and potentially reserves.

When do you expect Kiliwani to be producing again?

It is in the best interest of all parties (including the Government) to maximise production as quickly as possible.

What impact has the lack of cashflow from Kiliwani had on the Company’s strategy?

The lack of cashflow has not impacted the overall strategy but obviously we are disappointed in Kiliwani production and are looking to remediate as quickly as possible.

Why did it take so long to organise a potential farm out deal?

It was essential to only agree a farm out deal which we believe to be in the best interests of shareholders.

Did you go to any other parties for a potential farm out deal?

We considered all opportunities for funding and believe we found the best one available to us as it offers a clear line of sight on potential revenues without recourse to further funding.

Why didn’t you look to raise funds instead of doing a farm out?

The Board felt that the key to unlocking the ultimate value from Ruvuma was to find a route that would accelerate development and production while not having a constant stop/start drill/finance scenario. The Company is farming out to a well-capitalised group which is interested in accelerating near-term production.

What happens if CH-1 is dry, both operationally and for the farm out?

Operationally, Ntorya 1 and 2 both proved gas exists in the field. If CH-1 is dry, we will need to update our models and consider the best way to move forward, which is expected to include 3D seismic acquisition. It is the strategy of all JV partners to develop the overall field as quickly as possible.

Aminex PLC is a public limited company incorporated in Ireland.

Registered number: 72399

Registered address: 6 Northbrook Road Dublin 6, Ireland

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