Aminex gets extension to key licence in Tanzania ratified| MENAFN.COM

Monday, 26 September 2022 06:46 GMT

Aminex gets extension to key licence in Tanzania ratified

(MENAFN- ProactiveInvestors - UK) Aminex plc (LON:AEX) and Solo Oil (LON:SOLO) have had a one year extension to the Mtwara licencein Tanzania approved by the government.

The licence, which contains the Ntorya appraisal area and is a part of the Ruvuma production sharing agreement (Ruvuma PSA), now runs until December 2017.

Operator Aminex has just started groundwork on the Ntorya-2 appraisal well to follow up the initial discovery,Ntroya-1, that tested at 20 mmcf per day with 139 bbls of associated condensate.Ntorya-2 is 1,500km south west of the first discovery.

Aminex has a 75% working interest in Mtwara and said the new well will satisfy its appraisal drilling obligation. If the second well is a success it intends to apply for a 25-year development licence.

The junior recently received a 12.8mln equity injection from the Zubair Corporation of Oman as part of a 19.5mln financing to move forward with its two projects in Tanzania.

Aminex and Solo are also partners in the Kiliwani gas field in Tanzania, where production has started to ramp up to commercial levels.

An open offer to raise around 1.3mln was 49.7% subscribed, Aminex added today.

At Solo Oil, Neil Ritson, managing director, said: 'Solo is delighted with progress being made towards appraising the discovery made at Ntorya-1 which is estimated to have the potential for over 1 tcf of gas in place.

'The company is currently reviewing its options for funding its share of the planned well costs and is in early discussions with potential farm-in partners."

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