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Aminex extends debt schedule as Kiliwani North edges forward

Published: 02:55 21 Dec 2015 EST

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Approval from the Tanzanian Attorney General's office is now required before the GSA can be formally signed off

Oil and gas explorer Aminex (LON:AEX) has agreed in principle an extension to its corporate loan facility until the end of July.

The period will cover the commissioning and testing phase of the Kiliwani North gas field in Tanzania.

Aminex subsidiary Ndovu is the gas field’s operator and Aminex said it had now reached agreement with the Tanzanian Petroleum Development Corporation (TPDC) on all terms of a gas sales agreement (GSA), including acceptable payment protection mechanisms for all gas delivered, Aminex said.

Approval from the Tanzanian Attorney General's office is now required before the GSA can be formally signed off.

Ahead of that, Ndovu is carrying out the final well maintenance work to bring the Kiliwani North on stream.

Ndovu Resources is the largest investor in the project with a 58.5% stake. RAK Gas has 25%, AIM-listed Solo Oil (LON:SOLO) 6.5% and Bounty Oil & Gas NL 10%.

In October, the Tanzanians, through TPDC, said they would take a 5% working interest as a fully-paying partner.

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