Energy News Today

Aminex PLC and ARA extend farm-out deadline until July 14


The junior said partner ARA Petroleum and itself continue to work closely with the Tanzania authorities to obtain government approval

() said the longstop completion date for its Ruvuma farm-out agreement has been extended to July 14, 2020.   

The junior said partner ARA Petroleum and itself continue to work closely with the Tanzania authorities to obtain government approval and complete the farm-out as soon as possible.

ARA has agreed not to demand repayment of a US$2mln loan that falls due on July 1, 2020, or to charge interest on a US$3mln funding arrangement, Aminex added.

Once executed, the farm-out deal will see Aminex carried for US$35mln of its share of costs as the Ntorya prospect on Ruvuma is advanced into development.

It will effectively mean that Aminex is fully-carried through to material gas production at the Ntorya field.

 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is…

In exchange for publishing services rendered by the Company on behalf of Aminex PLC named herein, including the promotion by the Company of Aminex PLC in any Content on the Site, the Company receives from said issuer…

FOR OUR FULL DISCLAIMER CLICK HERE



Read More: Aminex PLC and ARA extend farm-out deadline until July 14

2020-07-01 06:56:00

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
%d bloggers like this: