Aminex In Talks to Reduce Tanzanian Stake
UK-listed Aminex said March 21 it is in discussions with Eclipse Investments regarding a possible farm-out of part of its interest in the Ntorya appraisal area, onshore the far south of Tanzania. Aminex has a 75% interest in Ntorya while UK explorer Solo Oil has the other 25%.
Eclipse is a wholly-owned subsidiary of Oman-based Zubair Corporation and is Aminex's largest shareholder.
Aminex said any farm-out would be subject to Tanzanian government, shareholder and certain other approvals, that there is no guarantee that a transaction would be completed, and that its shareholders would be updated when appropriate.
The company said early last month that its estimate for Ntorya gas initially in place had increased to 1.87 trillion ft3, 44% more than the previously reported management estimates of 1.3 trillion ft3, and a 12-fold increase over a 2015 estimate. No development has yet been sanctioned but a study by a joint venture of BHGE and McDermott is reported to have confirmed feasibility of developing the field for commercial production.
Eclipse stepped up its interest in Aminex in 2016 as a result of a rights issue, and currently holds a 29.9% interest in the company. Aminex has had technical problems at its existing producing gas field, Kiliwani North, nearer the Tanzanian capital Dar es Salaam.