Aminex Maintains Interest in Kiliwani North Development Licence

Source: www.gulfoilandgas.com 9/7/2016, Location: Africa

Aminex, the oil and gas producing company with assets in East Africa, announces that it will maintain its 54.575% interest in the Kiliwani North Development Licence (KNDL) in Tanzania, which the Company operates. Under the terms of a sale and purchase agreement with Solo Oil plc (Solo Oil) announced in April 2016, the Company had agreed to dispose of a 1.25% interest in the KNDL which was the second tranche payment. The terms for the third and final tranche, which is the payment of US$892,712 for an additional 1.575% interest payable within 15 days of the commercial operations date being declared, remain in effect.

Aminex CEO Jay Bhattacherjee commented:

“The recently completed capital raise has afforded the Company the ability to maintain its current interest. The Kiliwani North-1 well is performing well and maintaining a higher interest in the licence allows us to retain more of the revenues generated from the project and strengthen our balance sheet. The Company remains focused on the upcoming multi well appraisal and development drilling programme in the Ruvuma Basin, for which it is fully funded.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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