13 February 2016 — Aminex Plc has reached an agreement with Solo Oil plc for the divestment of a 3.825 percent interest in the Kiliwani North Development License in Tanzania for a cash consideration of $2.16 million.
As part of the deal, Solo will pay Aminex $500,000 upon signing a sales and purchase agreement.
The balance is payable on or before April 30 2016, unless otherwise agreed between the parties.
On completion of the agreement, required in 30 days, Aminex will hold a 51.75 percent operated interest in the license and Solo will hold a 10 percent interest. The KNDL contains the Kiliwani North 1 well, which is believed to contain 2C gross contingent resources of 28 billion cubic feet of gas.