Aminex, ARA Petroleum Extend Ruvuma Farm Out Completion Date

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Aminex PLC – oil & gas company focused on Tanzania – Extends longstop completion date for its Ruvuma farm-out agreement with ARA Petroleum Tanzania Ltd to July 31.

ARA Petroleum has agreed not to demand repayment of a USD2 million loan or to charge interest on a separate USD3 million funding arrangement.

ARA Petroleum has agreed to provide additional funding support to Aminex if the farm-out is delayed further by advancing part of the interim period costs, if required. Aminex directors have waived or surrendered their rights to all share options awarded to them on May 1.

Hussein Boffu runs a consultancy helping elite entrepreneurs reach their goals through actionable business planning. Contact him via email at hussein.boffu@tanzanapetroleum.com or by calling, texting, or WhatsApp at +255(0)655376543.