Petroleum Africa
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Friday, June 5, 2015
Aminex saw a six-month extension to the repayment date of its corporate loan facility. The extension gives the company time to finalize its gas sales agreement (GSA) and see first gas flows from its Kiliwani North development in Tanzania. The company expects to produce first gas from Kiliwani North into the new Tanzanian regional pipeline in mid-2015 based on advice received from the Tanzanian authorities.
Although there is uncertainty over the exact timing of a signed GSA, with first production expected mid-2015, Aminex has successfully negotiated a six-month extension until the end of January 2016 of its $7.6 million corporate loan facility to enable the completion of ongoing repayment and re-financing discussions.
First production is dependent on final commissioning of the new pipeline and completion of the processing plant on Songo-Songo Island, which is currently on schedule, and the signing of the Kiliwani North GSA. The GSA is complete except for the finalization of the payment protection clauses and guarantees.
Aminex is also in discussions with a substantial financial group which has indicated a willingness in principle to make loan finance available to Aminex which will allow the company to pay down its existing loan obligations and continue to develop its Tanzanian licenses, especially the Ruvuma PSA. While there can be no certainty that these discussions will conclude satisfactorily, the Board of the Company has a reasonable expectation that an initial part of such a facility would be available prior to the commencement of production and will not be conditional on signature of the GSA in Tanzania or commencement of production.
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