Petroleum Africa
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Tuesday, April 5, 2016
Aminex has executed a Sale and Purchase Agreement (SPA) for the disposal of a 3.825% interest in Kiliwani North Development License (KNDL) to Solo Oil plc for a total cash consideration of $2.16 million.
Following full receipt of the consideration, Solo’s interest will increase from its current 6.175% to a 10% interest in KNDL. As announced previously, the transaction represents the partial exercise of its pre-existing option to acquire a further 6.175% interest. The remaining entitlement under the option has now expired.
Under the terms of the agreement Solo’s interest will increase across three payment tranches to Aminex for a total cash consideration of $2.16 million. An initial investment of $566,802 for an additional 1% interest on signature of the SPA, increasing Solo’s total interest from 6.175% to 7.175%; a second investment of $708,502 for a further 1.25% interest within 15 days of first payment being received for gas from Kiliwani North-1 (KN-1). Solo’s total interest will increase to 8.425%. A third investment for the balance of $892,712 for an additional and final 1.575% interest within 15 days of the commercial operations date being declared, taking Solo’s total and final interest to 10%.
If a tranche is missed, then that option is no longer exercisable. The tranches are separate and not inter-conditional. Should all three tranches close Aminex will have a 51.75% operated stake in KNDL.
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