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Source: www.gulfoilandgas.com 4/22/2010, Location: Africa
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Aminex announces that pursuant to a Farm-out Agreement dated 14 December 2009 between Aminex’s subsidiary Ndovu Resources Ltd. (“Ndovu”) and Solo Oil PLC (“Solo”) for participation in the Likonde-1 well in Tanzania, Solo has given notice that it intends to exercise its option to take up a 12.5% interest in the Ruvuma Production Sharing Agreement in Tanzania and in the Joint Operating Agreement between Ndovu and Tullow Oil (operator). Completion of the exercise of option is subject to:
- Execution of a Deed of Assignment of interest from Ndovu to Solo.
- Formal approval of the Deed of Assignment by the Tanzanian authorities.
- Confirmation of the Deed of Assignment from Tullow Oil which has already waived its pre-emptive rights.
Under the terms of the farm-out agreement Solo is reimbursing Aminex for 12.5% of pre-drilling costs and paying 18.75% of the drilling cost of Likonde-1.
After drilling Likonde-1, Solo has earned the right to participate in any further drilling on the licences covered by the Ruvuma PSA through contributing 12.5% of ongoing costs. On completion of the conditions referred to above, Solo will become a full party to the Ruvuma joint operating agreement with interests in the PSA held as follows: Tullow (operator) 50%, Ndovu (Aminex) 37.5% and Solo 12.5%.
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