Aminex, Solo Agree 2020 Budget for Tanzania

UK explorers Aminex and Solo issued a joint statement November 11 to straighten out any apparent misunderstanding about the September 24 firm and contingent budgets agreement. They both said they were keen to expedite progress on the licence and would possibly accelerate certain preparatory works.

They said they were both encouraged by recent positive movements within Tanzania. Subject to approval by the relevant Tanzanian authorities, the firm approved budget for 2020 is $1.447mn, principally relating to licence maintenance and planning activity.

They added that the contingent budget for 2020, subject to confirmation by the joint venture partners "in accordance with the Ruvuma joint operating agreement prior to being committed, is $41.425mn (gross) and relates primarily to the drilling of Chikumbi-1 and the acquisition of extensive 3D and 2D seismic surveys. These budget elements are contingent, inter alia, on the Mtwara licence extension for the drilling of the Chikumbi-1 well and the granting of the Ntorya development licence for the seismic programmes."

Solo had sought from Aminex November 8 an explanation for unexpected cash calls so the announcement November 11 suggests a weekend meeting ironed out any differences.