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(Alliance News) - Aminex PLC on Wednesday reported the departure of its long-time finance head Max Williams and said that it has submitted 2020 work programme and budget for Ruvuma licences in Tanzania to the government for approval.
The submitted programme includes a USD40 million programme for the drilling of Chikumbi-1 well and the acquisition of extensive 3D and 2D seismic surveys over the Mtwara licence.
The oil & gas producer also said that it has agreed with farm-out partner ARA Petroleum Tanzania Ltd to fast-track pre-drilling activities at Chikumbi-1 well due to recent positive movements in Tanzania.
These includes the general business environment, growing demand for natural gas consumption and the approaching completion of the government's review of production sharing agreements.
Aminex shares were up 3.1% at 1.21 pence each in London on Wednesday afternoon.
Aminex's share following the farm-out agreement with ARA Petroleum for Ruvuma basin will reduce to 25%. The company shortly expects to receive the first payment from ARA Petroleum as an advance of up to USD3 million against the cash consideration of USD5 million due on completion of the Ruvuma farm-out.
Elsewhere, Aminex has also applied to Tanzanian authorities for a three-year extension of the Nyuni Area PSA with a revised work programme.
The company's Chief Financial Officer Williams has decided to step down from posit and from the board having served over 25 years with the company in various financial roles. Arthur, currently group financial controller, will assume the position of chief financial officer but will not have a board seat.
By Tapan Panchal; tapanpanchal@alliancenews.com
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