Aminex, the oil and gas exploration and development company focused on Tanzania, has agreed a funding facility with its largest shareholder, Eclipse Investments. The main terms of the facility are:
- The facility is for $3 million, available for up to 24 months
- The first $1.5 million tranche is guaranteed, with the remaining tranche available at Eclipse's discretion
- Any advances drawn down will be set-off against the Company's $35 million carry in respect of the Ntorya development from ARA Petroleum Tanzania (Carry), at Eclipse's discretion
- Interest will accrue on any advances at the rate of the Standard Overnight Financing Rate + 8%
- If not already set-off against the Carry, Eclipse can demand repayment, but not before 31 December 2026
- There is no security granted against the facility and no arrangement fees payable by the Aminex group.
Charles Santos, Executive Chairman of Aminex commented:
'We are very grateful to Eclipse for their continuing support and for agreeing to put this funding facility in place, should the Company need it. As announced in 2022, the Company has sufficient funds until the end of 2024, when revenues from the Ntorya gas discovery had originally been expected. However, final preparations are ongoing to enable work on the Ntorya development to start and this leads us to now estimate first revenues in mid-2025. We therefore believe it is prudent to arrange this funding now.'
Source: Aminex
