Aminex (LON:AEX) will maintain its 54.575% interest in the Kiliwani North Development Licence in Tanzania, which the company operates.
Under the terms of a sale and purchase agreement with Solo Oil announced in April, the company had agreed to dispose of a 1.25% interest in the KNDL which was the second tranche payment.
The terms for the third and final tranche, which is the payment of US$892,712 for an additional 1.575% interest payable within 15 days of the commercial operations date being declared, remain in effect.
Aminex CEO Jay Bhattacherjee said: "The recently completed capital raise has afforded the Company the ability to maintain its current interest.
"The Kiliwani North-1 well is performing well and maintaining a higher interest in the licence allows us to retain more of the revenues generated from the project and strengthen our balance sheet.
"The company remains focused on the upcoming multi well appraisal and development drilling programme in the Ruvuma Basin, for which it is fully funded."
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Solo Oil (LON:SOLO) said it has informed Aminex plc, the operator of the Kiliwani North Development Licence, that the company does not intend to exercise its immediate option over a further 1.25% interest in the KNDL, which is now available to Solo having received first revenue from gas sales in mid-August.
The company continues to hold a further option over an additional 1.575% in the producing Kiliwani North field as announced 4 April 2016 and the Company will determine its investment in that tranche in due course. Solo presently holds a 7.175% interest in the KNDL which contains the producing Kiliwani North-1 well.
If the Company elects to take the final option its total interest in the KNDL will rise to 8.75%.
The Company also holds a 25% interest in the Ruvuma Production Sharing Contract area in Tanzania which contains the Ntorya-1 gas condensate discovery well.
Chairman Neil Ritson said: "We are very pleased with the progress being made at Kiliwani North now that the Songo Songo Island gas processing plant has been fully commissioned and we expect to see further production and gas sales news in the next few weeks.
"Kiliwani North is an important project for us as it represents our first revenue from Tanzania, however, Solo has elected to focus its immediate investment on the larger potential at Ntorya, where appraisal drilling of will shortly be underway."
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