Aminex Receives One Year Extension For Tanzania’s Ruvuma PSA

Aminex has announced that it has received a one-year extension for the Mtwara Licence of the Ruvuma Production Sharing Agreement after completing discussions with the Tanzanian Petroleum Development Corporation (TPDC) with the license due to expire late December 2016.

TPDC is processing the extension for Ministerial approval and signature.

Furthermore, Aminex has completed discussions with the TPDC with regards to transferring the drilling obligations in the northern Lindi Licence covered by the Ruvuma PSA into the southern Mtwara Licence, which includes the appraisal area for the Ntorya discovery.

With the support of the TPDC, the transfer of the Lindi drilling obligations to the Mtwara licence area is also being processed for Ministerial approval and signing.

“With over a decade of in-country experience and the opportunity to build long lasting relationships with the TPDC and the Tanzanian government, we are grateful for the support we have received in extending and transferring our work obligations,” says Aminex CEO Jay Bhattacherjee.

Thereafter, the Company as earlier announced adds it intends to drill the Ntorya-2 well to satisfy the appraisal drilling obligation and then to apply for a 25-year development licence subject to its success.

“Solo is very pleased with progress in the Ruvuma PSA and that we will shortly be in a position to commence the appraisal of the Ntorya-1 gas condensate discovery which we remain convinced has substantially more potential than the gross 70 bcf of gas booked to contingent resources this far.  We look forward to an announcement from Aminex on the expected spud date for the Ntorya-2 well in due course,” said Solo Chairman Neil Ritson.

The Company also announces that its lender has granted an 18-month extension until 31st January 2018 to the repayment date of its corporate loan facility on existing terms.

“We are also pleased to have signed an 18-month extension to our corporate loan with no other variation in terms. We continue to make significant progress at Kiliwani North and to focus on our development of the Ruvuma basin,” he added.

Aminex is the operator through its Tanzania subsidiary Ndovu resources with 75 percent while Solo Oil Plc has 25%.