StockMarketWire.com - Aminex has reached an agreement for the sale of a final 3.825% interest in the Kiliwani North development licence to Solo Oil for USD2.16 million in cash.

Solo currently holds a 6.175% interest in the KNDL. This has been adjusted following the exercise of a 5% back-in right by the Tanzania Petroleum Development Corporation.

Solo held an option to acquire an additional 6.175% interest, granted according to an agreement previously announced. Following exercise of this amended option, Solo's interest in the licence will increase to 10%. The remaining entitlement under the option will then expire. Solo will pay Aminex a cash consideration of $2.16 million, with $500,000 payable upon signing the sales and purchase agreement. The balance is payable on or before 30 April, unless otherwise agreed between the parties. Aminex has already obtained all necessary approvals for a disposal of up to 13% in KNDL to Solo. No further approvals are expected in relation to this transaction.

On completion, Aminex will hold 51.75% (operator) and Solo will hold 10%.




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