Aminex Terminates Tanzania Gas Assets Stake Sale

Aminex has said that the proposed disposal of stakes in Tanzanian gas assets has been cancelled.

 Disposal of a 25 percent interest in the Kiliwani North Development Licence and a 50 percent interest in the Ruvuma PSA to Bowleven will not proceed, the company said in a statement Monday.

The intention to offload the stakes was announced in November last year,

“In discussions during the due diligence process, a forward work programme could not be agreed which would be acceptable to Aminex, its lender, the Tanzanian authorities and Solo Oil,” Aminex added.     

As a consequence, the contingent agreement between Solo and Aminex for a transfer of a 12.5 percent in the Ruvuma PSA interest is no longer applicable and the partners will maintain their existing interests. 

Aminex will retain its existing interests as follows:  55.575 percent (operator) interest in the Kiliwani North Development Licence, for which LR Senergy has ascribed 28 BCF contingent (2C) resources (gross) and which is about to come on-stream following the signing of a Gas Sales Agreement in January; and 75 percent (operator) interest in the Ruvuma PSA, where it is making progress towards the recompletion of the Ntorya 1 discovery well, and the drilling of the Ntorya 2 appraisal well. 

Aminex CEO Jay Bhattacherjee commented:  “The recent completion of the gas sales arrangements for the Kiliwani North field opens a new chapter for Aminex in Tanzania. With the commencement of first production from the Kiliwani North 1 well, we expect to book our first reserves in-country. The company continues to focus on appraising Ntorya where we have planned an exciting programme prior to applying for a 25 year development licence. Aminex is currently assessing alternative ways to monetise its gas in the Ruvuma PSA acreage, where we already have a commercial gas discovery at Ntorya-1, through an early production system.”