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Aminex PLC shares soar as Ruvuma farm-out gets government greenlight

“We are delighted to finally receive government approval of the farm-out,” said chief executive Robert Ambrose.

() shares shot up in Monday afternoon trade as its farm-out deal for the Ruvuma gas project landed a long awaited approval from the Tanzanian government.

The company told investors that it now anticipates completion of the transaction within the next few days.

“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,” said Robert Ambrose, Aminex chief executive.

“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 US$5mln 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 approval comes after the parties last week agreed a final extension to a deadline to close the transaction. The new deadline was set to October 15, moved from September 30.

In London, Aminex shares rose by 0.38p or 95% to change hands at 0.78p each.

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2020-10-12 08:14:00

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