{"id":7117,"date":"2018-07-11T13:30:22","date_gmt":"2018-07-11T13:30:22","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=7117"},"modified":"2018-07-11T13:30:22","modified_gmt":"2018-07-11T13:30:22","slug":"ara-petroleum-tanzania-takes-operatorship-ruvuma-psa-following-farm","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/ara-petroleum-tanzania-takes-operatorship-ruvuma-psa-following-farm\/","title":{"rendered":"ARA Petroleum Tanzania Takes Over Operatorship of Ruvuma PSA following Farm-Out"},"content":{"rendered":"<p>ARA Petroleum Tanzania an affiliate of\u00a0Eclipse Investments, the largest shareholder in Zubair Corporation will take over operatorship of the Ruvuma PSA after Ndovu Resources signed a binding farm-out agreement with\u00a0the Zubair Corporation.<\/p>\n<p>According to Aminex which wholly-owns subsidiary\u00a0Ndovu Resources following the farm-out it is intended that the Farm-Out will accelerate the development of the Ntorya project, including carrying Aminex through to a minimum gross production rate of 40 MMcf\/d and be self-funded through a <a href=\"https:\/\/bit.ly\/2vKJwo0\">full field development<\/a> project.<\/p>\n<p>Further details from Aminex indicate that the yet to be formed APT will become operator with a 50% working interest in the Ruvuma PSA and will conduct a minimum work programme including<\/p>\n<ul>\n<li>Drill, complete, and test <a href=\"https:\/\/bit.ly\/2N98Ic3\">Chikumbi-1<\/a> (formally Ntorya-3) as soon as reasonably practicable<\/li>\n<li>Acquire, process and interpret 3D seismic over a minimum of 200 km2 within the Ntorya area, which is understood to be the first time 3D seismic has been acquired onshore Tanzania<\/li>\n<li>Establish an Early Production System to achieve accelerated first gas to a minimum gross rate of 40 MMcf\/d (equivalent to approx. 6,700 bbls\/d)<\/li>\n<\/ul>\n<p>APT will also pay Aminex $5 million cash in two tranches, $3 million payable on closing and the remaining $2 million 180 days later and fully carry Aminex for its share of costs up to $35 million in respect of its remaining 25% interest (post-transaction) (the &#8216;Aminex Carry&#8217;), which implies a potential expenditure during the carry period of up to $105 million for the aggregate 75% working interest held by APT and Aminex<\/p>\n<p>In the event that the minimum production target of 40 MMcf\/d is achieved prior to Aminex&#8217;s 25% interest having been carried for the full $35 million the agreement shows that APT will assign one quarter of its share of profit gas to pay the unspent Carry amount until the full $35 million is realized by Aminex.<\/p>\n<p>Aminex adds it believes that the Farm-Out will accelerate development of the Company&#8217;s principal asset and substantially reduce project and other risks.<\/p>\n<p>The Company will retain a 25% interest in the Ruvuma PSA which includes Ntorya&#8217;s 1.87 TCF (311 million boe) Pmean gas initially in place (2017 <a href=\"https:\/\/bit.ly\/2EF1tbu\">RPS Energy Consultants report<\/a>) and which is expected to be developed without the need for new funding by Aminex.<\/p>\n<p>\u201cWith the Ntorya project carried to a minimum level of production it is now expected that the Company will be self-funded for further development.\u00a0 Aminex continues to develop its Kiliwani and Nyuni assets and is undertaking a review of other opportunities which will deliver robust shareholder returns,\u201d says CEO of Aminex<strong>\u00a0<\/strong>Jay Bhattacherjee.<\/p>\n<p>\u201cToday&#8217;s announcement emphasises our firm belief in the Aminex portfolio and in Tanzania, where the Zubair Corporation group of companies has existing business interests and enjoys strong relationships and an excellent reputation. We look forward to continuing to work with Aminex and the Tanzanian government to help bring forward development of this nationally important asset,\u201d adds CEO of ARA Petroleum Sultan Al-Ghaith.<\/p>\n<p>A circular will be posted to Aminex shareholders to convene an extraordinary general meeting which will be held in due course to approve the Farm-Out. \u00a0The Farm-Out is also conditional upon Tanzanian government and other approvals. \u00a0The Farm-Out Agreement is expected to be completed prior to 30 November 2018.<\/p>\n<p>ARA Petroleum was established in Oman by the Zubair Corporation in order to enter the Exploration and Production arena. ARA Petroleum seeks to actively partner in developing oil &amp; gas resources in Oman as well as abroad. ARA Petroleum will actively seek investment opportunities in the oil and gas sector by farming in to suitable assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ARA Petroleum Tanzania an affiliate of\u00a0Eclipse Investments, the largest shareholder in Zubair Corporation will take over operatorship of the Ruvuma PSA after Ndovu Resources signed a binding farm-out agreement with\u00a0the &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/ara-petroleum-tanzania-takes-operatorship-ruvuma-psa-following-farm\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":7118,"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":[6954,6956,870,6566,3527,1784,6760,6955,2211,6953],"class_list":["post-7117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-ara-petroleum","tag-chikumbi","tag-farm-out","tag-kiliwani","tag-ndovu-resources","tag-ntorya","tag-nyuni","tag-rps-energy-consultants","tag-ruvuma-psa","tag-zubair-corporation","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1QN","jetpack-related-posts":[{"id":9302,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-aminex-ara-petroleum-complete-ruvuma-farm-out\/","url_meta":{"origin":7117,"position":0},"title":"TANZANIA: Aminex, ARA Petroleum Complete Ruvuma Farm-out","author":"","date":"October 23, 2020","format":false,"excerpt":"Aminex has announced the Completion of the Ruvuma Farm-Out. The Company, through its wholly owned subsidiary, Ndovu Resources Limited, has transferred a 50% interest in, and operatorship of, the Ruvuma PSA to ARA Petroleum Tanzania Limited (APT). Aminex had earlier has borrowed US$3 million (advance) and received a loan of\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7160,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-chikumbi-1-well-drilling-nears-rig-bids-tendering-complete\/","url_meta":{"origin":7117,"position":1},"title":"Tanzania Chikumbi 1 Well Drilling Nears As Rig Bids Tendering Complete","author":"","date":"August 27, 2018","format":false,"excerpt":"The tendering process for a rig to drill\u00a0Chikumbi-1 (CH-1)\u00a0is now complete according to Aminex with the company having received numerous bids. These bids are being evaluated on their technical and commercial merits. CH-1 which is located up-dip from both the Ntorya-1 discovery well, which tested at rates of up to\u2026","rel":"","context":"In &quot;Top News&quot;","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\/2018\/08\/Chikumbi-1.png?fit=353%2C461&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9284,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-aminex-receives-government-approval-for-ruvuma-farm-out\/","url_meta":{"origin":7117,"position":2},"title":"TANZANIA: Aminex Receives Government Approval  For Ruvuma Farm-Out","author":"","date":"October 13, 2020","format":false,"excerpt":"Aminexhas announcde that its wholly owned subsidiary, Ndovu Resources Limited, has received approval from the Tanzanian Government for the transfer of a 50% interest in, and operatorship of, the Ruvuma PSA to ARA Petroleum Tanzania Limited (\u201cAPT\u201d). With receipt of such approval, the Company anticipates completion of the Farm-Out within\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7761,"url":"https:\/\/www.oilnewskenya.com\/index.php\/aminex-awaits-ara-petroleum-farm-out-approval-as-the-countdown-date-nears\/","url_meta":{"origin":7117,"position":3},"title":"AMINEX AWAITS ARA PETROLEUM FARM OUT APPROVAL AS THE COUNTDOWN DATE NEARS","author":"","date":"August 16, 2019","format":false,"excerpt":"Aminex has said it continues to await Tanzanian Government approval for Ruvuma Farm-Out to Oman based ARA Petroleum Tanzania Limited (APT) an affiliate of\u00a0Eclipse Investments, the largest shareholder in Zubair Corporation post long-stop date extension to 31 October 2019. The farm-out once approved will deliver a $5m cash inflow and\u2026","rel":"","context":"In \"ARA Petroleum Tanzania Limited (APT)\"","block_context":{"text":"ARA Petroleum Tanzania Limited (APT)","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/ara-petroleum-tanzania-limited-apt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/07\/Ruvuma-PSA.jpg?fit=535%2C694&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14160,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-ruvuma-gas-sales-agreement-signed\/","url_meta":{"origin":7117,"position":4},"title":"TANZANIA: Ruvuma Gas Sales Agreement Signed","author":"","date":"January 11, 2024","format":false,"excerpt":"Aminex PLC has announce that a gas sales agreement (GSA) for the sale of gas from the Ntorya location was signed by the Company\u2019s subsidiary, Ndovu Resources Limited, together with the operator, ARA Petroleum Tanzania Limited (APT) and the Tanzania Petroleum Development Corporation (TPDC). Key terms of the GSA include:\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":426,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-announces-addendum-to-the-ruvuma-psa-tanzania\/","url_meta":{"origin":7117,"position":5},"title":"Solo Oil announces Addendum to the Ruvuma PSA, Tanzania","author":"Samuel Kamau Mbote","date":"February 3, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Solo has announced\u00a0that an Addendum to the Ruvuma Production Sharing Agreement has been signed with the Minister of Energy and Mines for the\u00a0Ruvuma onshore Petroleum Sharing Agreement (\"PSA\") in Tanzania. The Addendum allows for the remaining obligations under the First Extension Period to be completed in the Second\u2026","rel":"","context":"In &quot;Top News&quot;","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\/2013\/12\/solo-oil.png?fit=386%2C407&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\/7117","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=7117"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7117\/revisions"}],"predecessor-version":[{"id":7119,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7117\/revisions\/7119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/7118"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=7117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=7117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=7117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}