21st Mar 2019 10:48
LONDON (Alliance News) - The longstop date for Aminex PLC's farmout agreement for the Ruvuma project has been pushed back once again, Aminex said Thursday.
Aminex shares were 6.6% lower on Thursday at a price of 1.17 pence each.
The new date is July 31, and Aminex said "good" progress is being made on closing out the agreement.
The farmout will see 50% of Aminex's interest in Ruvuma, in Tanzania, to Zubair Corp LLC. Zubair will then assign the 50% stake to ARA Petroleum Tanzania Ltd.
Some conditions still to be met include extending the Mtwara licence and getting approval from the Tanzanian government to transfer the licences.
Chief Executive Jay Bhattacherjee said: "Aminex and ARA have had positive meetings with the Tanzania government regarding the Ruvuma farm-out and look forward to the continued support of the Tanzanian authorities in closing out these remaining conditions and, in so doing, facilitating the progression of the Ntorya development and specifically the drilling of the Chikumbi-1 well."
The longstop date was extended in November, setting a new date of March, with the farmout originally signed in July.
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