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…

Read More