WA's Afminex secures complete ownership of central Asian interests Perth, 20 October,
OGT—Western Australia's Afminex Limited has hired consultants to advise on fundraising options after securing full ownership of oil projects in central Asia's Kyrgyz Republic.
The oil interests are held by Canada's Textonic Consulting Ltd and Afminex has agreed to lifts its equity in the company from 50% to 100% for cash and shares spread over three years.
The seven oil projects each have a range of targets and potential early development targets include Ashvaz where an initial P50 reserve covering a small portion of one structure was estimated at 4.6 million barrels.
Far East Capital Ltd and Loeb Aron & Company have been appointed by Afminex to advise on fundraising options.
As well, the company has appointed Michael (Mike) Sandy of M J Sandy & Associates, to coordinate JV negotiations and oil project development plans.
