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Aminex agrees 'transformational' farm-out deal for Ntorya in Tanzania

Jay Bhattacherjee, chief executive of Aminex plc (LON:AEX), discusses with Proactive Investors what's been described as a transformational  farm-out agreement with Omani industrial conglomerate The Zubair Corporation.

In exchange for 50% of Aminex's working interest in the Ruvuma production sharing agreement, Zubair will conduct a minimum work programme including the drilling, completion, and testing of the Chikumbi-1 well; acquiring, processing and interpreting 3D seismic data over a minimum of 200 square kilometres within the Ntorya project area and establish an early production system to achieve accelerated first gas development at Ntorya to a minimum gross rate of 40mln cubic feet of gas per day (MMcf/d), around 6,700 barrels equivalent.

Quick facts: Aminex PLC

Price: 0.575 GBX

LSE:AEX
Market: LSE
Market Cap: £21.68 m
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Solo Oil's Neil Ritson on Horse Hill, Ruvuma and plans to refresh the team

Neil Ritson, chairman of Solo Oil PLC (LON:SOLO), discusses with Proactive's Andrew Scott the first batch of production testing results from Horse Hill,  the decision by their partner at Ntorya, Aminex plc (LON:AEX) to farm-out two-thirds of its 75% interest in the project and the...

on 19/7/18

2 min read