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Shares of oil and gas company Aminex exploded 31 percent Wednesday afternoon after the company signed an agreement that will accelerate the development of its main asset while significantly reducing risk.
The Dublin incorporated explorer, listed on the Irish Stock Exchange and the London Stock Exchange, has signed a leasing agreement for its flagship Ntorya project in Tanzania which will receive a cash payment of $ 5 million. dollars (4.25 million euros) in two installments.
The agreement with Zubair Corporation will see the industrial conglomerate of Oman create a company to exploit the asset. This new company, ARA Petroleum Tanzania, will be a subsidiary of one of the largest shareholders of Aminex, Eclipse Investments LLC.
Eclipse and Zubair each own 28.62% of Aminex's share capital.
Aminex expects this farm to raise assets at a minimum gross production rate of 40 million cubic feet per day. ARA will cover costs up to $ 35 million because it targets the rate of $ 40 million. However, if this rate is reached before the costs reach $ 35 million Aminex will be paid the difference. If the costs exceed $ 35 million before reaching the goal, Aminex will be responsible for the surplus.
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