Tanzania: Aminex sells down Kiliwani North share

Aminex has agreed to sell up to a 13% interest in the Kiliwani North development licence to its Ruvuma partner Solo Oil for $7m. Solo will initially acquire a 6.5% interest from Aminex subsidiary Ndovu Resources for $3.5m, and will have a 45-day option to purchase an additional 6.5% for $3.5m. Aminex, which is waiting on the start of gas production to provide it with cash flow, will use the proceeds to reduce debt and strengthen its balance sheet. Aminex and Solo are partners in the Ruvuma production-sharing contract, where gas was discovered in 2012 at Ntorya-1.