(Alliance News) - Gas firm Aminex PLC said Friday all parties involved in a potential farm-our deal related to its Ruvuma project were willing to extend the long-stop date if necessary, amid ongoing delays to completing the process.
The farm-out deal would see 50% of the interest in the Ruvuma gas project in Tanzania held by Aminex transferred to ARA Petroleum Tanzania Ltd through Zubair Corp LLC.
On Friday, Aminex confirmed the process was taking "longer than anticipated" due to an "ongoing review" by the Office of the Attorney General in Tanzania. All firms involved in the transaction remain "actively engaged" with the Tanzania government.
"The principal conditions of the Farm-Out still to be met are the extension of the Mtwara Licence and approval by the Tanzanian Government of the transfer of the interest and operatorship," Aminex said in a statement.
On Friday, Aminex confirmed all parties in the farm-out deal agreed to extend the long-stop to the end of October should it be required. The current long-stop deadline is the end of July, itself extended in March.
Aminex Chief Executive Officer Tom Mackay added: "Aminex and APT have received, and continue to receive, positive feedback regarding the Ruvuma Farm-Out and the licence extension and look forward to a close-out of the remaining conditions which will facilitate the progression of the Ntorya Development and, specifically, the drilling of the Chikumbi-1 well."
Shares in Aminex closed 3.7% lower at 0.65 pence in London on Friday.
Aminex (AEX)