M a r k e t N e w s

UK’s Aminex Company Announces Successful Completion of Ruvuma Farm- Tanzania

Posted on : Tuesday , 27th October 2020

Upstream oil and gas company Aminex, has declared completion of the Ruvuma farm-out through its entire subsidiary, Ndovu Resources, transferring 50% interest in, and operatorship of the Ruvuma PSA to ARA Petroleum Tanzania Limited.

Over the past 12 months, the company has borrowed $3 million from ARA Petroleum which has now been compensated to ARA by means of US$5 million cash consideration payable to the company on completion of the farm-out.

The sum of interest that had accrued on the Advance and the Loan has also been repaid from the interim period costs that are due to the company under the farm-out agreement.

Following completion, the company now holds a 25% interest in the Ruvuma PSA with a full carry to potentially significant volumes of production.

The farm-out includes a full carry for a minimum work programme including the drilling and testing of the Chikumbi-1 well, the acquisition of 3D seismic over a minimum of 200 km2 within the Ntorya area and further production wells and infrastructure as required to propel the project to its estimated P50 production level of approximately 140 MMcf/d (gross project levels), as shown in an io Ntorya commercialisation study.

The full carry for Aminex’s share of costs up to US$35 million in respect of its 25% interest involves a potential expenditure during the carry period of up to $105 million for the aggregate 75% working interest used by Aminex and APT.

APT, as the new operator of the Ruvuma PSA, intends to call an Operating Committee Meeting where they will formally present their programme and schedule for the drilling of the Chikumbi-1 well and the 3D seismic acquisition programme.

Robert Ambrose, Chief Executive of Aminex commented: “We are pleased to finally complete the farm-out and hand over operatorship of the Ruvuma PSA to APT. Aminex and Ndovu stand ready to provide all moderate assistance to APT to support them in this regard and beyond. We are also highly grateful to ARA Petroleum for its support over the past 12 months and look forward to the work programme progressing.”

Source : www.innzaf.com
Featured Companies
  • Bajaj Auto
  • Tire Group International, LLC.
  • /
  • TITAN Containers A/S
  • Your Banner HERE!

Complete List  

Advertisers in previous issue:

  •  Global Air Freight Solutions For Oil & Gas Shipments
  • South African incinerator and cremator designer and manufacturer making significant inroads into overseas markets.
  • Prisma s.r.l. is an industrial reality, qualified in the study and the production of automatic doors for lift.
  • Narrowtex is a fully integrated company with processes such as warping, weaving, knitting, dyeing, finishing, make-up and packaging
  • REGO GmbH is the Rego Distribution Center located in Central Germany.
  • Ducorr is engaged in the engineering, manufacture & deployment of cathodic protection systems and products.
  • Leading manufactures and expoters of the electronic products
  • Used Machinery
  • Pumps for dewatering, ground water control, sludge and slurry handling.
  •  ABL Machine Tools, One of the group companies of ABL India is India
  • Fuel Metering System
  • Manufacturing and marketing "aira" brand Valve Automation Products
  • Manufacturer refrigerated-type air dryer, desiccant air dryer and compressed air in-line filter.
  • Vrushabh is one of the leading manufacturer and distributor of Conveyor Belts, Transmission Belts, Elevator Belts, PVC Belts.
  •  Unipro was born to transmit and give its experience in trading high quality safety equipments ensuring high quality products under international standards required in the Oil and Gas, Mining, Construction, automotive, Steel and Chemical industries.
  • VALSER Oil & Gas Limited was created to service the oil & gas, petrochemical, refining and power industries in East Africa
  • ISISAN is a core member of a group who employs, approx 2000 people and active in pipe manufacturing, furniture, machine made carpets, flour mill and animal feed production.
  • Aygaz is the only fully integrated LPG company in Turkey, operating in all LPG processes, including production, procurement, storage and filling
  •  Portwest is a global vertical company with over 100 years of experience in the design, manufacture and supply of protective clothing, safety footwear, specialist gloves and PPE to resellers and distributors at the most competitive prices.
  • Mini plants of toilet paper rolls production
  • Chemicals,Environmental & Sewage,Treatment Laborotory;Equipments Analytical Equipments & Instraments;etc.
  • Save your power bill by instaling servo voltage stabilizer.
  • Air Conditioning Hire
  • We have been at the forefront of plate heat exchanger technology.
  • Al Hosni Group International, has the experience and expertise in Construction, Manufacturing, Marketing, Hospitality, Chemicals, Gas services and environmental projects.
Afrotrade International Marketing, Tel: +971-50-6285684
© 1998-2022 Afrotrade