Aminex Get A Stake In Bounty Oil & Gas in Tanzania

 

Aminex and other non-defaulting parties have acquired Bounty Oil & Gas’ shares in the Kiliwani North Development Licence and the Nyuni Area production-sharing agreement, Aminex said October 4.

The transferred interests include all rights and liabilities except that Bounty will, pursuant to the joint operating agreements, remain liable for its share of any outstanding work commitments and abandonment costs.

Subject to the completion of certain formalities, Aminex’ interests in the Kiliwani North Development Licence (which contains the Kiliwani North field and Kiliwani South prospect) and the offshore Nyuni Area PSA have therefore increased by 6.383% and 6.6667% respectively.

The non-defaulting parties’ interests in the assets are now:

Kiliwani North Development Licence		Nyuni Area PSA
Ndovu Resources (Aminex)	63.8304%	Ndovu Resources (Aminex)	100%
RAK Gas	27.7778%
Solo Oil	8.3918%

Bounty’s website says the company’s focus has shifted slightly from high impact offshore exploration to a greater emphasis on lower risk onshore oil appraisal and development opportunities in Queensland.