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Aminex signed a binding leasing contract on his discovery of Ntorya gas in the Ruvuma block on land Tanzania with newcomer Zubair Corporation.
As part of the agreement, Zubair will acquire a 50% stake in Ruvuma production sharing agreement that he then plans to allocate to the farm at ARA Petroleum, a company in formation (APT).
APT will become development operator. It plans to drill, complete and test Chikumbi-1 (formally Ntorya-3) "as soon as reasonably possible", as well as acquire, process and interpret 3D seismic over a minimum of 200 square kilometers in the Ntorya region. [19659004] In return, Aminex will retain a 25% interest in the Ruvuma PSA, which initially includes Pmean gas of 1.87 trillion cubic feet (311 million barrels of oil equivalent) of Ntorya.
Solo Oil, which holds the remaining 25%.
Aminex stated that he believes that the agreement will accelerate the development of assets Ntorya and will greatly reduce the risks related to projects and other risks
. brings Aminex to a minimum gross production rate of 40 million cubic feet per day and self-financing as part of a field development project.
If the agreement is approved, the agreement should be completed before November 30, 2018.
"With the Ntorya project brought to a minimum level of production, it is now expected that the project will be completed. The company will be self-financing to continue its development.Aminex is pursuing the development of its Kiliwani and Nyuni assets and is undertaking a review of other opportunities that will provide strong returns for shareholders, "said Jay Bhattacherjee, general manager of the company. Aminex
Sultan Al-Ghaithi, Chief Executive Officer of ARA Petroleum, underlines our firm belief in the Aminex portfolio and in Tanzania and look forward to continuing to work with Aminex and the Tanzanian government to contribute to the development of this important national asset. "
Aminex shares rose 28% in London following news and Solo's share of 19.5%.
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