Aminex PLC (LON:AEX) has told investors that it plans to extend the longstop date on its Ruvuma farm-out agreement if necessary as it awaits approval from the Tanzanian government.
The company said completion of the farm-out is taking longer than expected as Tanzania's attorney general's office is still reviewing active production sharing agreements.
The farm-out, which was announced last July, will see 50% of Aminex's interest in the Ruvuma gas project in Tanzania sold to Omani conglomerate, Zubair Corp.
Zubair will then transfer the stake to a new company called ARA Petroleum Tanzania Ltd, an affiliate of Eclipse Investments – Aminex’s largest shareholder.
Aminex said on late Friday that the company and ARA Petroleum Tanzania Limited remain “actively engaged” with the Tanzania government to close out the remaining conditions.
“The principal conditions of the Farm-Out still to be met are the extension of the Mtwara licence and approval by the Tanzanian Government of the transfer of the interest and operatorship,” Aminex said.
The longstop date will be extended to then end of October if needed. The current long-stop deadline is the end of July.
"Aminex and APT have received, and continue to receive, positive feedback regarding the Ruvuma Farm-Out and the licence extension and look forward to a close-out of the remaining conditions which will facilitate the progression of the Ntorya Development and, specifically, the drilling of the Chikumbi-1 well,” said Aminex chief executive Tom Mackay.