Ruvuma Farm-Out – Government Approval Received
Mon, 12th Oct 2020 13:42
12 October 2020
Aminex plc
("Aminex" or "the Company")
Ruvuma Farm-Out - Government Approval Received
Aminex is delighted to announce that its wholly owned subsidiary, Ndovu Resources Limited, has received approval from the Tanzanian Government for the transfer of a 50% interest in, and operatorship of, the Ruvuma PSA to ARA Petroleum Tanzania Limited ("APT"). With receipt of such approval, the Company anticipates completion of the Farm-Out within the next few days.
Robert Ambrose, Chief Executive of Aminex commented:
"We are delighted to finally receive Government approval of the Farm-Out and would like to thank all agencies of the Tanzanian Government that were involved in the process. We would also like to thank ARA Petroleum for its invaluable assistance and support in securing Government approval of the Farm-Out and in advancing $5m to the Company over the past 12 months. We now look forward to completing the transaction within the next few days and handing operatorship over to APT."
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Drewky Thoughts: Never in doubt! This will prove to be the biggest RNS in Aminex History