Continental Focus, International Reach

Aminex Awaits Ruvuma Farm-Out Authorization

Thursday, August 22, 2019

In a company release, Aminex plc noted that it is awaiting Tanzanian government approval for the Ruvuma farm-out to ARA Petroleum Tanzania Ltd. The company says the ongoing review of all oil and gas companies’ Production Sharing Agreements (PSAs) in-country continues to be the cause of the delay.

“We have cut costs to appropriate levels and we are awaiting Tanzanian government approval to move forward with the Ruvuma farm-out to ARA Petroleum of Oman, which upon completion will deliver a $5 million cash inflow and a $35 million carry through the further appraisal and development of the Ntorya gas-field. In the meantime, progress is being made at Kiliwani.”

Further to the Company’s announcement on 29 July 2019 that the longstop date for completion of the Ruvuma Farm-Out to ARA Petroleum Tanzania Ltd. was extended to 31 October 2019, the Company continues to await Tanzanian Government approval to gain an extension of the Mtwara License and transfer of the interest and operatorship of the PSA. All holders of PSAs are similarly awaiting the outcome of a review by the Attorney General’s office. The Company will update shareholders further in due course.