4th Oct 2018 10:35
LONDON (Alliance News) - Aminex PLC on Thursday said Bounty Oil & Gas NL has transferred its interest in the Kiliwani North development licence and the Nyuni Area PSA to non-defaulting parties.
The oil & gas company said the transaction is a result of payment defaults by Bounty under the joint operating agreements. The transferred interests include all rights and liabilities except that Bounty will, pursuant to the joint operating agreements, remain liable for its share of any outstanding work commitments and abandonment costs.
As a result of this transaction Aminex now wholly-owns Ndovu Resources Ltd, which holds a 64% interest in the Kiliwani North development licence. The remaining stake in Kiliwani is shared by RAK Gas LLC, which holds 28% and Solo Oil PLC, which owns 8.4%.
Aminex shares were trading down 2.9% on Thursday at 1.68 pence each, while Solo Oil shares were 0.2% higher at 2.33p each.
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