Ruvuma Farm-Out Update

RNS Number : 1772G

Aminex PLC

19 July 2019

 

19 July 2019

Aminex plc

("Aminex" or "the Company")

Ruvuma Farm-Out Update

Aminex announces that all parties to the previously announced Ruvuma farm-out agreement ("Farm-Out") intend to extend the longstop date to 31 October 2019 should it be required.  Whilst acknowledging that completion of the Farm-Out is taking longer than anticipated, due to an ongoing review of active Production Sharing Agreements by Tanzania's Attorney General's Office, the Company and ARA Petroleum Tanzania Limited ("APT") remain actively engaged with the Government of Tanzania to close out the remaining conditions.  The Company will make a further announcement if or when the longstop date has been formally extended.

The principal conditions of the Farm-Out still to be met are the extension of the Mtwara Licence and approval by the Tanzanian Government of the transfer of the interest and operatorship.  

Tom Mackay, Chief Executive of Aminex PLC, said:

"Aminex and APT have received, and continue to receive, positive feedback regarding the Ruvuma Farm-Out and the licence extension and look forward to a close-out of the remaining conditions which will facilitate the progression of the Ntorya Development and, specifically, the drilling of the Chikumbi-1 well."

Sultan Al-Ghaithi, Chief Executive of Ara Petroleum LLC, said:

"We are similarly disappointed in the time it is taking to obtain approvals but continue to be encouraged by the positive response by the Tanzanian authorities to our future involvement in the Ntorya project and content to further extend the longstop date to the Ruvuma farm-out agreement, should it be required"

Ends

For further information:
Aminex PLC	[phone]
Tom Mackay, Chief Executive Officer
Max Williams, Chief Financial Officer  John Bell, Chairman
Davy	[phone]
Brian Garrahy
Camarco	[phone]
Billy Clegg / James Crothers / Daniel Sherwen

 

END

 

 

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