Aminex has announced that, further to the binding agreement signed in July 2018 for the farm-out of 50% of its working interest in the Ruvuma PSA to The Zubair Corporation, the parties have mutually agreed to extend the longstop date of the transaction to 31 March 2019 in order to complete the Conditions Precedent.
The Company expects to post the Circular to shareholders by the end of November and convene an extraordinary general meeting to approve the Farm-Out in December.
Jay Bhattacherjee, Chief Executive of Aminex, said:
‘We are making good progress on the Ruvuma Farm-Out. When completed, this will accelerate development and is intended to give Aminex a full carry to significant production and free cash flows with no further recourse to funding. The Company is moving forward with its planning and preparations for the Ntorya operations, including the Chikumbi-1 well and 3D seismic acquisition.’