Aminex PLC - Completion of Ruvuma Farm-Out
("Aminex" or "the Company")
Completion of Ruvuma Farm-Out
Aminex is pleased to announce the Completion of the Ruvuma Farm-Out. The Company, through its wholly owned subsidiary, Ndovu Resources Limited, has transferred a 50% interest in, and operatorship of, the Ruvuma PSA to ARA Petroleum Tanzania Limited ("APT").
As previously announced, over the past c.12 months, the Company has borrowed
Following Completion, the Company now holds a 25% interest in the Ruvuma PSA with a full carry to potentially significant volumes of production. As previously announced, the Farm-Out includes a full carry for a minimum work programme including the drilling and testing of the Chikumbi-1 well, the acquisition of 3D seismic over a minimum of 200 km2 within the Ntorya area, and further production wells and infrastructure as required to propel the project to its estimated P50 production level of approximately 140 MMcf/d (gross project levels), as shown in an io Ntorya commercialisation study. The full carry for Aminex's share of costs up to
APT, as the new operator of the Ruvuma PSA, intends to call an Operating Committee Meeting (OCM) shortly, where it is expected that they will formally present their programme and schedule for the drilling of the Chikumbi-1 well and the 3D seismic acquisition programme.
"We are delighted to finally Complete the Farm-Out and hand over operatorship of the Ruvuma PSA to APT. Aminex and Ndovu stand ready to provide all reasonable assistance to APT to help them in this regard and beyond. We are also extremely grateful to ARA Petroleum for its support over the past 12 months and look forward to the work programme progressing."
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information:
+44 20 3198 8415
| || |
+353 1 679 6363
| || |
+44 20 3781 8331
| || |
Quick facts: Aminex PLC
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE