With the oil market improving, business starts to reopen gradually and people returning to work, Aminex is expected to unlock some serious value from its Tanzania assets.
I have been following Aminex story from the very beginning. So suffice to say the company is going to surprise stakeholders who are participants in the oil and gas sector in London and East Africa..
For those of you that might be new to the London based independent exploration and production company, Aminex story, here is a quick re-cap.
In July 2018, Aminex agreed to “farm out” 50% interest of its Ruvuma acreage onshore Tanzania to Zubair Corporation’s associate, Ara Petroleum Tanzania limited.
Under the deal, Aminex assigned the operatorship to Ara Tanzania Petroleum Limited to do the actual drilling of the Chikumbi-1 exploratory well and interpret 3D seismic over 200 km square.
Additionally, on November 6, Aminex announced that its field partner, ARA Petroleum Tanzania Limited, has started the process to establish a local operation office in Dar es Salaam as well as already hired managerial personnel to maximize the efficiency in their Tanzania projects.
Furthermore, in its latest announcement, the company says that it has submitted the 2020 Work Programmes and Budgets for all licenses to the Tanzanian authorities for approval.
In March 2020, the company announced that has received the Mtwara Exploration Licence. As part of the ongoing process to obtain Tanzanian Government approval
So, Tax Clearance Certificate from Tanzania Revenue Authority (TRA) and the Minister’s approval were the only remaining conditions for completion of the Farm-Out.
The Future is Bright
On 19 May 2020, Aminex reported that has received Tax clearance Certificate which is a legal requirement to enable the Ministry of Energy to approve the Farm Out.
Robert Ambrose, Chief Executive of Aminex commented:
“This is a major milestone. With the receipt of the Tax Clearance Certificate from the TRA and with the onward submission to the TPDC, Aminex has now accomplished all of the conditions within our control in order to complete the Ruvuma Farm-Out.”
Aminex has identified a profitable asset. The company has now submitted the tax clearance to the state-owned national oil company, Tanzania Petroleum Development Corporation (TPDC) to be forwarded to the Ministry of Energy. And with strong financial and technical input from ARA petroleum. It is clear that you are going to see Aminex is developing and commercializing Ruvuma project into the next trillion cubic feet(TCF) of gas