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Tuesday, February 4, 2014
The formal addendum to the Ruvuma PSA has now been signed by Tanzania’s Minister of Energy and Mines according to a release by Aminex. The addendum allows for the remaining obligations under the first extension period to be completed in the second extension period.
The amended agreement requires four wells to be drilled by the end of 2016. In conjunction with the amended obligations to the Ruvuma PSA, the company granted TPDC and the government certain securities over the Kiliwani North development license on a sliding scale basis. As each of the wells is drilled the security reduces and when all four wells are drilled the government and TPDC will no longer have any further security over the Kiliwani North development license.
Jay Bhattacherjee, Aminex CEO commented: “We are delighted to have received formal approval from the government of Tanzania for the moving of our commitments to the Second Extension Period; it will allow us to accelerate our seismic program over the Ruvuma PSA in order to identify high grade drill ready prospects.”
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