Oil and gas firm Aminex completes farm-out agreement with ARA Petroleum Tanzania

TANZANIA – Africa-focused oil and gas company Aminex has completed the farm-out agreement with ARA Petroleum Tanzania Limited (APT) which has assumed operatorship of the Ruvuma PSA. Under the farm-out agreement, Aminex is carried for its share of the associated field development costs up to US$35million, equivalent to gross development expenditure of US$140 million. The joint venture partners agree that the acquisition of…

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UK’s Aminex Company announces completion of Ruvuma farm-out in Tanzania

TANZANIA – Upstream oil and gas company Aminex, has announced the completion of the Ruvuma farm-out through its wholly owned subsidiary, Ndovu Resources, transferring 50% interest in, and operatorship of the Ruvuma PSA to ARA Petroleum Tanzania Limited. Over the past 12 months, the ompany has borrowed $3 million from ARA Petroleum which has now been repaid to ARA by…

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