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Aminex PLC - oil and gas explorer focused on Tanzania - Says it has completed the farm-out agreement with joint venture partner ARA Petroleum Tanzania Ltd which has assumed operating of the Ruvuma PSA, in southern Tanzania. Under the agreement, Aminex is carried for its share of the associated field development costs up to USD35 million, equivalent to gross development expenditure of USD140 million. Companies to deliver new 3D seismic survey to provide information helpful in the final planning of the Chikumbi-1 well.
The Chikumbi-1 well is planned to spud in early 2022 with mobilisation of the rig and other services planned for the second half of 2021, with first gas from the project is anticipated to occur in September 2024.
"The Aminex Board is delighted that activity on the ground in Tanzania is finally taking concrete form and moving us closer to establishing the Field Development Plan whilst enabling the final planning of the Chikumbi-1 well and assist with the location of subsequent wells," Chair Charles Santos says.
Current stock price: 0.45 pence
Year-to-date change: down 22%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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