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Aminex Provides Kiliwani North & Nyuni Area Update

Source: www.gulfoilandgas.com 10/4/2018, Location: Africa

The Company announces that, as a result of payment defaults by Bounty Oil & Gas NL (“Bounty”) under the joint operating agreements relating to the Kiliwani North Development Licence and the Nyuni Area PSA, that Bounty is now deemed to have transferred its interests in such assets to the Company’s wholly owned subsidiary, Ndovu Resources Limited, and the other non-defaulting parties. The transferred interests include all rights and liabilities except that Bounty will, pursuant to the joint operating agreements, remain liable for its share of any outstanding work commitments and abandonment costs.

Subject to the completion of certain formalities, Aminex’s interests in the Kiliwani North Development Licence (which contains the Kiliwani North field and Kiliwani South prospect) and the offshore Nyuni Area PSA have therefore increased by 6.383% and 6.6667% respectively.

The non-defaulting parties’ interests in the assets are now:
Kiliwani North Development Licence
Ndovu Resources Limited 63.8304%
RAK Gas LLC 27.7778%
Solo Oil plc 8.3918%

Nyuni Area PSA
Ndovu Resources Limited 100%

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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