LONDON (Alliance News) - Aminex PLC and Solo Oil PLC on Monday said they have been notified by the Tanzania Petroleum Development Corp that it will exercise its option to take a 5% stake in the Kiliwani North development.
Once concluded, the addition of Tanzania Petroleum will leave Aminex with a 55.575% stake in the licence, compared to 58.5% previously, while Solo will have a 6.175% stake, compared to 6.5% previously.
The licence area includes the Kiliwani North gas field, which Aminex said it expects to initially produce up to 30 million cubic feet of gas per day.
"We are pleased and encouraged to welcome TPDC as a working interest partner in Kiliwani North. By exercising this option, TPDC confirms the importance to Tanzania of gas from the Kiliwani North project and aligns its interests with those of the joint venture partners," said Aminex Chief Executive Jay Bhattacherjee.
Solo Chairman Neil Ritson added: "Solo is delighted that TPDC have chosen to exercise their back-in rights which will further increase their alignment with the partnership developing Kiliwani North. We continue to anticipate reaching final agreement on the gas sales agreement shortly and gas sales revenues commencing soon after."
Shares in Aminex were up 7.0% on the news to 1.85 pence, while Solo Oil shares were up 4.6% to 0.429p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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