Solo Oil has agreed to farmout a 12.5% net working interest in the Ruvuma Petroleum Sharing Agreement in Tanzania to Aminex. In what is a back-to back agreement, Bowleven will join the Ruvuma PSA joint venture with a 50% net working interest.
Solo will receive from Aminex a total consideration, in the form of a carried work program contribution and production bonus payments, of USD3.625m.
Note :PSA stands for Production sharing Agreement
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