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Oilman Jim's Private Blog


Aminex - Ruvuma Farm-Out Update

Further to recent updates on progress towards completion of the Ruvuma Farm-Out, the Company is pleased to announce that following payment by the Company's subsidiary of the capital gains tax bill, and payment by ARA Petroleum Tanzania Limited ("APT") of the stamp duty bill, the Tanzania Revenue Authority ("TRA") has issued the Tax Clearance Certificate to the Company. 

The Tax Clearance Certificate has now been submitted to the Tanzania Petroleum Development Corporation ("TPDC") to be forwarded to the Ministry of Energy. The Company has now completed all the requirements to allow the Minister to grant approval of the assignment of the 50% interest in the Ruvuma PSA to APT, the final remaining condition to completion of 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."

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