Aminex PLC KILIWANI NORTH PARTIAL DISPOSAL (7193O)
February 11 2016 - 2:00AM
UK Regulatory
TIDMAEX
RNS Number : 7193O
Aminex PLC
11 February 2016
Aminex plc
KILIWANI NORTH PARTIAL DISPOSAL
Aminex PLC ("Aminex" or "the Company") advises that it has
reached an agreement with Solo Oil plc ("Solo") for the disposal of
a final 3.825% interest in the Kiliwani North Development Licence
("KNDL") for a cash consideration of $2.16 million. Solo currently
holds a 6.175% interest in the KNDL. This has been adjusted
following the exercise of a 5% back-in right by the Tanzania
Petroleum Development Corporation ("TPDC"). Solo held an option to
acquire an additional 6.175% interest, granted according to an
agreement previously announced. Following exercise of this amended
option, Solo's interest in the licence will increase to 10%. The
remaining entitlement under the option will then expire.
Solo will pay Aminex a cash consideration of $2.16 million, with
$500,000 payable upon signing the Sales and Purchase Agreement. The
balance is payable on or before 30 April 2016, unless otherwise
agreed between the parties.
Aminex has already obtained all necessary approvals for a
disposal of up to 13% in KNDL to Solo. No further approvals are
expected in relation to this transaction. On completion of the Sale
and Purchase Agreement, required in 30 days, and the formal Deed of
Assignment, Aminex will hold 51.75% (operator) and Solo will hold
10%.
A Gas Sales Agreement ("GSA") for the KNDL was signed with the
TPDC in early January. Final well preparations are currently
concluding prior to line packing and commissioning of the
processing plant. The TPDC has advised Aminex that commissioning of
the pipeline and processing plant are on schedule. All gas will be
sold to the TPDC at wellhead for an agreed price of $3.00 mmBTU
(approximately US$3.07 per mscf) and will ultimately be transported
by pipeline to Dar es Salaam, where it will be sold into the local
Tanzanian market. The partnership will be paid in US dollars for
all its production.
In 2015 LR Senergy ascribed a contingent resources (2C) at
Kiliwani North-1 of gross 28 billion cubic feet. With the GSA now
signed, Aminex expects to book reserves for Kiliwani North later
this year.
For further information:
Aminex PLC +44 20 7291 3100
Jay Bhattacherjee, Chief
Executive Officer
Max Williams, Chief
Financial Officer
Corporate Brokers
Shore Capital Stockbrokers-Jerry
Keen +44 20 7408 4090
Davy Corporate Finance-Brian
Garrahy +35 3 1679 7788
Yellow Jersey PR (Financial
PR) +44 7768 537 739
Dominic Barretto
Aidan Stanley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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