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Sunday, October 7, 2018
Aminex revealed that as a result of payment defaults by Bounty Oil & Gas under the joint operating agreements relating to the Kiliwani North Development License (KNDL) and the Nyuni Area PSA, that Bounty is now deemed to have transferred its interests in such assets to Aminex’s wholly-owned subsidiary, Ndovu Resources and the other non-defaulting parties.
Aminex said that 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 KNDL (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 License -Ndovu Resources 63.8304%; RAK Gas 27.7778%; Solo Oil 8.3918%. Nyuni Area PSA – Ndovu Resources 100%.
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