Deal a good move for oil firm
“This agreement is good news for Aminex as it has halved the cost of meeting its licence commitments in Tanzania. While funds were available following the sale of its Russian interests in 2000 for US$24m, the deal means that Aminex’s financial exposure to the project has been halved while still retaining proportionately more of the upside,” Davy analyst Job Langbroek said.
Aminex’s wholly-owned Tanzanian subsidiary Ndovu Resources has signed agreement with Petrom SA, the state oil company of Romania. Under the agreement Petrom, will pay 50% of all costs of drilling and completing the two wells to earn a 30% working interest in the licence. The 100% cost of the two well programme is estimated to be $15m.
