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LONDON (Alliance News) - Aminex PLC on Monday said the proposed sale of a stake in the Kiliwani North development licence and in the Ruvuma production sharing contract to fellow AIM-listed firm Bowleven PLC has been terminated.
As a result of the collapse of the deal, though which Bowleven was to buy a 25% stake in the Kiliwani North licence and a 50% interest in the Ruvuma contract, the agreement between Aminex and Solo Oil PLC, another AIM-listed oil and gas company, to transfer a 12.5% stake in the Ruvuma contract to Aminex has been terminated too.
Aminex and Solo Oil will therefore keep their existing stakes in the Kiliwani and Ruvuma assets.
Aminex said the deal had been terminated as a work programme for the project could not be agreed among the stakeholders, including itself, Solo Oil and Tanzanian authorities.
Separately, Aminex and Solo Oil both said the Kiliwani North-1 well is undergoing final well integrity testing prior to first production starting at the project. Aminex, the operator of the licence, has been advised by the Tanzanian Petroleum Development Corp to prepare the well for production starting by mid-February.
Aminex shares were down 7.4% to 1.43 pence on Monday morning, while Bowleven shares were down 2.4% to 19.04p and Solo Oil shares were up 0.7% to 0.292p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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