Oil & Gas Companies: News for Oil & Gas and Hydrocarbon Industries  Membership Services »
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals community | My Account Gulfoilandgas rss feed Follow us on Facebook  Jobs 
Products and vendors Services and providers Oil & Gas Software and publications

Solo Exercises Option with Aminex on Ruvuma Basin

Source: www.gulfoilandgas.com 4/22/2010, Location: Africa

Share |

Aminex announces that pursuant to a Farm-out Agreement dated 14 December 2009 between Aminex’s subsidiary Ndovu Resources Ltd. (“Ndovu”) and Solo Oil PLC (“Solo”) for participation in the Likonde-1 well in Tanzania, Solo has given notice that it intends to exercise its option to take up a 12.5% interest in the Ruvuma Production Sharing Agreement in Tanzania and in the Joint Operating Agreement between Ndovu and Tullow Oil (operator). Completion of the exercise of option is subject to:

- Execution of a Deed of Assignment of interest from Ndovu to Solo.

- Formal approval of the Deed of Assignment by the Tanzanian authorities.

- Confirmation of the Deed of Assignment from Tullow Oil which has already waived its pre-emptive rights.

Under the terms of the farm-out agreement Solo is reimbursing Aminex for 12.5% of pre-drilling costs and paying 18.75% of the drilling cost of Likonde-1. After drilling Likonde-1, Solo has earned the right to participate in any further drilling on the licences covered by the Ruvuma PSA through contributing 12.5% of ongoing costs. On completion of the conditions referred to above, Solo will become a full party to the Ruvuma joint operating agreement with interests in the PSA held as follows: Tullow (operator) 50%, Ndovu (Aminex) 37.5% and Solo 12.5%.

Oil & Gas Companies News in Tanzania >>

Tanzania to Pick Winners of Oil, Gas Bids before Year-End
  Tanzania >>  10/17/2014 - Tanzania is in final stages of evaluating bids for oil and gas blocks it offered in its latest bidding round and plans to pick the winners before the ...
KBR Daewoo Consortium Wins FLNG FEED Contract/Competes for EPCIC
Mozambique >>  10/16/2014 - KD Consortium, consisting of KBR and Daewoo Shipbuilding & Marine Engineering Company, Ltd, has been awarded a front end engineering design (FEED) con...

Africa Oil Supply - October 14
Sudan >>  10/16/2014 - African oil supply is forecast to increase by 0.05 mb/d in 2014 to average 2.45 mb/d, unchanged from the previous MOMR. Despite this steady state, ind...
East Africa Neighbors to Picking Consultant for Oil Export Pipeline
  Uganda >>  10/16/2014 - Kenya, Uganda and Rwanda are in the final stages of deciding on a consultant to oversee building a pipeline to pump the region's new oil bonanza to th...

Keppel Secures S$153m in Contracts from Repeat Customers
Angola >>  10/7/2014 - Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiaries Keppel Shipyard Ltd (Keppel Shipyard) and Keppel Nantong Shipyard Co. Ltd (Keppe...
Subsea 7 S.A. Awarded Contract in the Ivory Coast
Ivory Coast (Cote D'Ivoire) >>  10/2/2014 - Subsea 7 S.A. has been awarded a contract in the Ivory Coast by CNR International (Côte d’Ivoire) SARL (CNR International) in support of its Baobab Fi...



Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Tanzania Oil & Gas 1 >>  2 | 3 | 4 |

More News

Oil & Gas Projects in Tanzania >>

Oil & Gas Companies in Tanzania >>

Related Links

Countries Quick Links

AO BJ CD CG CI CM DZ EG ET GA GH GN GQ KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO TD TN TZ UG ZA ZM
Gulf Oil and Gas E-Marketplace - Promote your Business - About Us
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us