Aminex receives first payment from Kiliwani North-1

Aminex received first payment for the gas produced from its Kiliwani North-1 well in Tanzania.

As per the agreement with its client, the Tanzania Petroleum Development Corporation, it was paid in US dollar and in accordance with the Company's Gas Sales Agreement with TPDC.

"The Company continues to work with TPDC during the current commissioning period to achieve an optimal rate and during this phase is being paid for all gas produced," Aminex said in a statement.

"We highlight the high levels of well deliverability that have been achieved from Kiliwani North and our FY2017 forecasts which indicate a robust financial performance (including US$10m of operating cash flow) as Aminex reaps the benefits of its first full year of Tanzanian production.

"In addition, drilling is now rapidly approaching at Ruvuma, where we see considerable unrisked potential to complement the cash flow emerging from Kiliwani North," analyst Craig Howie at House broker ShoreCap said in a research note sent to clients.

Shares in Aminex were 16.39% higher to 1.77p as of 16:03 BST.