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Aminex PLC - oil and gas explorer focused on Tanzania - Says wholly-owned subsidiary Ndovu Resources Ltd has received approval from the Tanzanian government for the transfer of a 50% interest in, and operatorship of, the Ruvuma PSA to ARA Petroleum Tanzania Ltd. Aminex expects completion of farm-out within "next few days". Solo Oil PLC notes Aminex release and says this marks a "key development" in Solo's ongoing sales process of its assets in Tanzania, including the Ruvuma PSA in which it holds a 25% interest.
"From our perspective, this is a key milestone for our sales process as it provides clarity and certainty on the development of the project. We continue to have strong engagement for our sales process, and with this news today, we hope to move those discussions forward with a view to realising value for our shareholders and setting us on our stated growth path," says Solo Oil Chief Executive Tom Reynolds.
Aminex current share price: 1.01 pence; stock closed at 0.40p on Friday.
Year-to-date change: up 3.1%
Solo Oil current share price: 1.85 pence; stock closed at 0.925p on Friday.
Year-to-date change: down 24%
By Lucy Heming;Â lucyheming@alliancenews.com
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