Petroleum Africa
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Friday, May 31, 2013
Aminex plc and Solo Oil have received a letter of consent from Tanzania’s TPDC allowing for a variation to the terms of their Ruvuma Basin PSA. The new terms allow for the drilling, which was due to be completed in the current first extension period which expires later this year, to be deferred until the second extension period which expires in late-2016.
Aminex, the operator, in collaboration with Solo, is currently conducting a farm-out process to introduce a new partner into the venture so as to explore the Ruvuma PSA as comprehensively as possible. As previously announced, discussions with a number of interested parties are continuing.
Aminex chairman Brian Hall commented: “We appreciate TPDC’s support for this consent to vary the terms of our PSA which will assist our farm-out process and is very positive for exploration of this large PSA area which contains multiple leads and prospects.”
Neil Ritson, Solo executive director, commented: “TDPC’s support in varying the terms in order to permit additional seismic to be acquired prior to further drilling will greatly assist in the farm-out process and will thereby facilitate further exploration of this exciting area.”
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