Oil and gas firm Aminex completes farm-out agreement with ARA Petroleum Tanzania

TANZANIA – Africa-focused oil and gas company Aminex has completed the farm-out agreement with ARA Petroleum Tanzania Limited (APT) which has assumed operatorship of the Ruvuma PSA. Under the farm-out agreement, Aminex is carried for its share of the associated field development costs up to US$35million, equivalent to gross development expenditure of US$140 million. The joint venture partners agree that the acquisition of a high-resolution 3D seismic survey is of primary importance for the preparation of the field development plan. The new seismic will also deliver information that will be helpful in the final planning…

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UK’s Aminex Company announces completion of Ruvuma farm-out in Tanzania

TANZANIA – Upstream oil and gas company Aminex, has announced the completion of the Ruvuma farm-out through its wholly owned subsidiary, Ndovu Resources, transferring 50% interest in, and operatorship of the Ruvuma PSA to ARA Petroleum Tanzania Limited. Over the past 12 months, the ompany has borrowed $3 million from ARA Petroleum which has now been repaid to ARA by means of US$5 million cash consideration payable to the company on completion of the farm-out. The interest that had accrued on the Advance and the Loan has also been repaid…

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