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Aminex gets green light to sell Tanzania onshore block interest to Solo Oil

25th February 2015

Aminex has received formal approval from the Tanzanian Authorities to sell up to 13 per cent of its interest in Kiliwani North Development Licence (KNDL) to Solo Oil

Aminex has received formal approval from the Tanzanian Authorities to sell up to 13 per cent of its interest in Kiliwani North Development Licence (KNDL) to Solo Oil

There now remains no further conditions precedent to the sale of 6.5 per cent KNDL to Solo for USD 3.5m. Following this, Solo retains the right to purchase an additional 6.5 per cent on the same terms up to 30 days after the signing of the Gas Sales Agreement.

“The completion of the transaction will allow us to pay down our debt and have a strengthened balance sheet which puts us in a positive position as we move towards first production,” said Jay Bhattacherjee, Aminex CEO. “As recently announced, the Dar es Salaam to Mnazi Bay pipeline is near completion and the final stages of construction to in the pipeline are now occurring on the Kiliwani North-1 well. This is an exciting time for Aminex’s development and we look forward to updating shareholders with our progress.”

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