February<\/a> that Solo had signed the Asset Purchase Agreement with Aminex plc for the first 6.5% interest in the Kiliwani North Development Licence (KNDL) at a total consideration of US$3,500,000.<\/p>\nFollowing this approval Solo retains the right to purchase an additional 6.5% on the same terms up to 30 days after the signing of the Gas Sales Agreement.<\/p>\n
According to Aminex CEO Jay Bhattacherjee the sell of the interest will enable the company manage its debt.<\/p>\n
\u201cThe completion of the transaction will allow us to pay down our debt and have a strengthened balance sheet which puts us in a positive position as we move towards first production. This is an exciting time for Aminex\u2019s development and we look forward to updating shareholders with our progress,\u201d He says.<\/p>\n
The Dar es Salaam to Mnazi Bay pipeline is near completion and the final stages of construction to in the pipeline are now occurring on the Kiliwani North-1 well.<\/p>\n
Aminex and Solo are already partners in the Ruvuma Production Sharing contract in Tanzania, with respectively 75% and 25% interests, where gas was discovered in 2012 at Ntorya-1.\u00a0 Aminex\u2019s 100% owned subsidiary Ndovu Resources Limited is the operator of both the Ruvuma Production Sharing Agreement and the KNDL.<\/p>\n","protected":false},"excerpt":{"rendered":"
Aminex is has said that it has received formal approval from the Tanzanian Authorities to sell up to 13% of its interest in Kiliwani North Development Licence (KNDL) to Solo … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[137,961,1201,1322,2857,2878,2879,2342,2543],"class_list":["post-2602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-aminex","tag-gas-sales-agreement","tag-jay-bhattacherjee","tag-kiliwani-north-development-licence","tag-mnazi-bay-pipeline","tag-ndovu-resources-limited","tag-ruvuma-production-sharing-agreement","tag-solo-oil","tag-tpdc","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/kiliwani-north.jpg?fit=498%2C565&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-FY","jetpack-related-posts":[{"id":2393,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-acquires-kiliwani-north-development-licence-in-tanzania\/","url_meta":{"origin":2602,"position":0},"title":"Solo acquires Kiliwani North Development Licence in Tanzania","author":"Samuel Kamau Mbote","date":"February 3, 2015","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Solo has announced it has now signed the Asset Purchase Agreement with Aminex plc for the first 6.5% interest in the Kiliwani North Development Licence (KNDL) at a total consideration of US$3,500,000. The announcement \u00a0follows prior statements in October and December last year where the company said it\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/kiliwani-north.jpg?fit=498%2C565&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2194,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzanian-government-gives-go-ahead-to-aminex-for-sale-of-kiliwani-north-development-licence\/","url_meta":{"origin":2602,"position":1},"title":"Tanzanian Government gives go ahead to Aminex for sale of Kiliwani North Development Licence","author":"Samuel Kamau Mbote","date":"December 17, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Aminex has notified shareholders that it has received confirmation from the Tanzanian Ministry of Energy and Minerals that the Minister has no objection to the proposed transfer of assignment for the sale to Solo of up to 13% of in the Kiliwani North Development Licence (\u2018KNDL\u2019) in Tanzania\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/kiliwani-north.jpg?fit=498%2C565&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2829,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-2-million-share-placement-fund-uk-tanzania-investments\/","url_meta":{"origin":2602,"position":2},"title":"Solo Oil raises \u00a32 million through share placement to fund UK, Tanzania Investments","author":"","date":"April 21, 2015","format":false,"excerpt":"Solo Oil has raised \u00a32,000,000 gross proceeds through the issue of 363,636,364 new ordinary shares funds of which will be deployed as working capital in the Company's active investments in both Tanzania and the UK. According to Solo Oil chairman Neil Ritson the funds will be used to develop discoveries\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/solo-oil.jpg?fit=320%2C320&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3873,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tpdc-to-acquire-5-interest-in-the-kiliwani-north-license\/","url_meta":{"origin":2602,"position":3},"title":"TPDC to acquire 5% interest in the Kiliwani North License","author":"","date":"October 5, 2015","format":false,"excerpt":"Aminex has said that the Tanzania Petroleum Development Corporation (TPDC) has notified the Company of its intention to acquire a 5% working interest in the Kiliwani North Development (KNDL) and will become a full working interest partner going forward. Under the terms of the Nyuni East Songo-Songo Production Sharing Agreement\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/kiliwani-north.jpg?fit=498%2C565&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2037,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-provides-update-on-acquisition-of-interest-in-tanzania\/","url_meta":{"origin":2602,"position":4},"title":"Solo Oil provides update on acquisition of interest in Tanzania","author":"Samuel Kamau Mbote","date":"November 12, 2014","format":false,"excerpt":"Solo Oil plc has announced that, further to the announcement of 14 October 2014, it has been advised by Aminex PLC that the conditions precedent which are remaining to close the acquisition of an initial 6.5% of the Tanzania\u2019s Kiliwani North Development Licence (KNDL) are the formal approval from the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/kiliwani-north-1-well.png?fit=493%2C556&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4343,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-invests-additional-equity-in-kiliwani-north-tanzania\/","url_meta":{"origin":2602,"position":5},"title":"Solo Oil Invests Additional Equity in Kiliwani North, Tanzania","author":"","date":"February 11, 2016","format":false,"excerpt":"Solo Oil has announced that it has acquired a further interest in the Kiliwani North Development Licence from concession operator Aminex to reach 10% from the current 6.175% interest in the KNDL where the Kiliwani North-1 well is located and will pay Aminex US$2.16 million. The increase in ownership follows\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/solo-oil.jpg?fit=320%2C320&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=2602"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2602\/revisions"}],"predecessor-version":[{"id":2603,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2602\/revisions\/2603"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1913"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=2602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=2602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=2602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}