London-headquartered operator Aminex announced Thursday the farm-out of shares in two gasfields in Tanzania to Edinburgh-based exploration and production company Bowleven for $28 million.

Aminex sells Tanzania assets for $28 million

EDINBURGH, November 19, 2015 – London-headquartered operator Aminex announced Thursday the farm-out of shares in two gasfields in Tanzania to Edinburgh-based exploration and production company Bowleven for $28 million.

Aminex said it would pay its debts with proceeds from the sale of shares in the 65 bcm-90.6 bcm (2.3 tcf-3.2 tcf) Ruvuma and the 1-bcm (45-bcf) Kiliwani North licences.

The Kiliwani North licence, where Bowleven bought a 25-percent share, will provide short-term cash flow, while the Ruvuma field, where it now holds a 50-percent stake, requires a $30-million investment for first gas. UK independent Solo Oil also farmed out a 12.5-percent working interest in the Ruvuma field.

The low oil price environment is creating a high turnover in production-sharing agreements in the underexplored Tanzanian market, where transportation and infrastructure are underdeveloped.

Recent divestitures in East Africa include that of Tullow Oil, which abandoned its dry Emesek-1 well in block 13T of Kenya’s North Lokicar Basin, where it had a 50-percent share, and of Soco International for block 5 in the Virunga exploration licence in Uganda.

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