Aminex has received formal approval from the Tanzanian Authorities to sell up to 13% of its interest in Kiliwani North Development Licence to Solo Oil plc. There now remains no further conditions precedent to the sale of 6.5% KNDL to Solo for $3.5 million. Following this, Solo retains the right to purchase an additional 6.5% on the same terms up to 30 days after the signing of the Gas Sales Agreement.

The Board continues to appreciate shareholder patience as it works towards the signing of the GSA and will inform shareholders when it receives any further updates.

Aminex CEO, Jay Bhattacherjee, commented: 'The completion of the transaction will allow us to pay down our debt and have a strengthened balance sheet which puts us in a positive position as we move towards first production. As recently announced, the Dar es Salaam to Mnazi Bay pipeline is near completion and the final stages of construction to in the pipeline are now occurring on the Kiliwani North-1 well. This is an exciting time for Aminex's development and we look forward to updating shareholders with our progress.'

Tags: Aminex PLC