Oil and gas exploration company Aminex raised £1.85 million (€2.11 million) from shareholders to accelerate development of two licences in Tanzania.
More than 127 million new ordinary shares were issued at 1.45p per share so that the company’s Kiliwani North prospect could become available for drilling. Management estimates that there is about 57 billion cubic feet of gas initially in place.
"We are pleased to receive the continued support of our two largest shareholders in order to accelerate development over Kiliwani, where the company continues to remediate its 'Kiliwani North one' well to bring it back into production," said chief executive Jay Bhattacherjee.
The Dublin-incorporated explorer, which is listed on both the Irish and London stock exchanges, said the new shares represent about 3.49 per cent of the existing share capital.
A subsidiary of the Zubair Corporation, an Omani conglomerate with interests including energy, property and financial services, subscribed to more than 26 million shares while directors subscribed to more than four million.
