Ruvuma Farm-Out Update

RNS Number : 9621H

Aminex PLC

21 November 2018

 

21 November 2018

Aminex plc

 ("Aminex" or "the Company")

Ruvuma Farm-Out Update

Aminex announces that, further to the binding agreement signed in July 2018 for the farm-out of 50% of its working interest in the Ruvuma PSA (the "Farm-Out") to The Zubair Corporation LLC, the parties have mutually agreed to extend the longstop date of the transaction to 31 March 2019 in order to complete the Conditions Precedent.

The Company expects to post the Circular to shareholders by the end of November and convene an extraordinary general meeting to approve the Farm-Out in December.   

Jay Bhattacherjee, Chief Executive of Aminex PLC, said:

"We are making good progress on the Ruvuma Farm-Out. When completed, this will accelerate development and is intended to give Aminex a full carry to significant production and free cash flows with no further recourse to funding. The Company is moving forward with its planning and preparations for the Ntorya operations, including the Chikumbi-1 well and 3D seismic acquisition."

Ends

Aminex PLC  

Jay Bhattacherjee, Chief Executive Officer                                          [phone]

Max Williams, Chief Financial Officer

Shore Capital 

Jerry Keen                                                                                                 [phone]

Davy 

Brian Garrahy                                                                                           [phone]

Camarco 

Billy Clegg / Gordon Poole / James Crothers                                       [phone]

 

END

 

 

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