Illiquid, yes at present KN1 is part of the Nyuni block. I say...

Illiquid, yes at present KN1 is part of the Nyuni block. I say at present as the JV partners have applied for the 8 linear blocks that comprise and surround KN1 to be approved as a separate development/production licence. They have initial approvals and are awaiting final approval from the Tz authorities.

Further drilling is not required to commercialise the KN1 discovery. What is needed is a granting of a production licence and facilities to get the gas to market. The most likely facilities, from previous announcements, will be a tie in to the Songo Songo gas plant which is about 3km away. To tie in to this plant the JV partners need environmental approvals to build a pipeline from KN1 to the gas plant (about 3km away), then they need to build the pipeline. In the meantime the gas plant operators need to complete the upgrade to the plant (which includes a tie in access point).

Aminex's focus at present is on Ruvuma, which they are trying to farm out. As farm out attempts to date has been unsuccessful they have chosen to do a capital raising to hedge their funding obligations. This was why Aminex held an EGM today.