Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Aminex and Bowleven call off Tanzania deal

A forward work programme could not be agreed between all of the parties involved
Aminex and Bowleven call off Tanzania deal
Kiliwani North 1 well is set for production from mid-February.

Aminex’s (LON:AEX) plans to sell a chunk of its interests in Tanzania to UK-listed peer Bowleven (LON:BLVN) have been abandoned.

In November, the UK junior agreed the sale to Bowleven a 25% stake in the Kiliwani North development and 50% of the Ruvuma Basin PSA.  

Today’s statement said that during the due diligence process with Bowleven, a forward work programme could not be agreed which would be acceptable to Aminex, its lender, the Tanzanian authorities and Solo Oil, which had also agreed to farm-out a 12.5% stake in Ruvuma to Aminex.

Holdings in Kiliwani and Ruvuma will now revert back to how they were prior to the Bowleven deal.

That sees Aminex holding 55.76% and staying the operator at Kiliwani. Solo Oil has a 6.175% interest and an option to acquire a further 6.175%.

Aminex also owns 75% of Ruvuma, with Solo having the remaining 25%.

A gas sales agreement was agreed at Kiliwani last month and Aminex said it has been advised by the Tanzanian Petroleum Development Corporation to prepare the Kiliwani North 1 well for production from mid-February.

Jay Bhattacherjee, Aminex’s chief executive, said:  "The recent completion of the gas sales arrangements for the Kiliwani North field opens a new chapter for Aminex in Tanzania.

“With the commencement of first production from the Kiliwani North 1 well, we expect to book our first reserves in-country.

Aminex is currently assessing alternative ways to monetise its gas in the Ruvuma PSA acreage, where we already have a commercial gas discovery at Ntorya-1, through an early production system."

 

 

 

 

 

PhilW.jpg
Why Invest In Aminex plc? Read More Here

Register here to be notified of future AEX Company articles
View full AEX profile

Aminex plc Timeline

Related Articles

rame-energy-(Resized).png
March 18 2016
House broker Cantor Fitzgerald suggests Rame Energy's relationship with InterEnergy appears to be more than a one-off.
oil_platform_1.png
December 01 2015
Lekan Akinyanmi, LekOil chief executive, described it as a great result for the company’s shareholders.
757z468_RedLeaf,_eco_shale,_sized-referenced.png
July 22 2015
“These permits will not go away. They remain in place."

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.