Continental Focus, International Reach

Ruvuma Farm Out Makes Good Progress

Thursday, November 22, 2018

Aminex, further to the binding agreement it signed in July for the farm out of a 50% stake in the Ruvuma PSA in Tanzania to Zubair Corp., said the two firms have agreed to March 31, 2019 as the longstop date of the transaction. This will give ample time to complete the Conditions Precedent.

The company   expects to post the Circular to shareholders by the end of November and convene an extraordinary general meeting to approve the farm out in December.

Jay Bhattacherjee, chief executive of the company said, “We are making good progress on the Ruvuma farm out. When completed,        this will accelerate development and  is intended to give Aminex a full       carry to significant production and free cash flows with no further         recourse to funding. The company is moving forward with its planning and preparations for the Ntorya operations, including the Chikumbi-1      well and 3D seismic acquisition.”