Aminex PLC Ruvuma Joint Statement with Solo Oil plc (8826S)
11 November 2019 - 6:00PM
UK Regulatory
TIDMAEX
RNS Number : 8826S
Aminex PLC
11 November 2019
11 November 2019
Aminex plc
("Aminex" or "the Company")
Ruvuma Joint Statement with Solo Oil plc ("Solo")
Aminex hereby issues a joint statement with Solo to clarify the
situation regarding the firm and contingent budgets designed to
fulfil remaining work commitments and to progress development of
the Ntorya gas field (which sits within the Ruvuma PSA), which were
approved by all partners at an operating committee meeting on 24
September 2019.
Both parties are encouraged by recent positive movements within
Tanzania in relation to the progression of licence activity and are
keen to move matters forward for the benefit of all
stakeholders.
The joint venture partners have agreed the following 2020 Work
Programme and Budget which remains subject to approval by the
relevant Tanzanian authorities.
The firm approved budget for 2020 is US$1.447 million (gross),
principally relating to licence maintenance and planning
activity.
The contingent budget for 2020, which would be subject to
confirmation by the joint venture partners in accordance with the
Ruvuma joint operating agreement prior to being committed, is
US$41.425 million (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.
Both parties are keen to expedite progress on the licence and
will consider committing to accelerating certain preparatory works
in a pro-active manner at the appropriate time.
For further information:
Aminex PLC +44 20 3198 8415
Tom Mackay, Chief Executive Officer
John Bell, Chairman
Davy +353 1 679 6363
Brian Garrahy
Camarco +44 20 3781 8331
Billy Clegg / James Crothers /
Daniel Sherwen
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END
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