Aminex Wraps up Tanzanian Farm-out
London-listed Aminex said on October 23 it had closed the long-delayed transfer of a 50% operating stake in the Ruvuma production-sharing agreement (PSA) in Tanzania to Omani-owned APA Petroleum.
The farm-out's completion comes days after Aminex received approval from the Tanzanian government. Aminex received the $5mn in cash it is due from the deal earlier, in the form of a $3mn advance and a $2mn loan. The company has retained a 25% interest in Ruvuma.
Under the farm-out, APA will fully cover Aminex's share of the cost of the work programme, which at a minimum will involve drilling and testing the Chikumbi-1 well and acquiring 200 km2 of 3D seismic data. Ruvuma could yield 140mn ft3/day of gas, APA said.