StockMarketWire.com - Gas exploration and production company Aminex said it continued to wait on the Tanzanian government to approve the farmout of Ruvuma to ARA Petroleum. The company also said it had cut costs by more than a third.

The company said the review of all oil and gas companies' Production Sharing Agreements in-country continued to be the cause of the delay.

Monthly general and administrative expenses were reduced by approximately 34% from 2018 levels, the company added.

'We have cut costs to appropriate levels and we are awaiting Tanzanian Government approval to move forward with the Ruvuma farm-out to ARA Petroleum of Oman, which upon completion will deliver a $5m cash inflow and a $35 million carry through the further appraisal and development of the Ntorya gas-field. In the meantime, progress is being made at Kiliwani,' said John Bell, Chairman of Aminex.






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