AminexThursday, 10 January 2019
ByrneWallace advised Aminex plc, an oil and gas exploration and production company listed on the main market of the London Stock Exchange and Euronext Dublin, in relation to the disposal of a 50 per cent interest in the Ruvuma Production Sharing Agreement in Tanzania to The Zubair Corporation. The deal comprised a related party transaction for the purposes of the listing rules due to the fact that Zubair's associate company, Eclipse Investments LLC, is a significant shareholder in Aminex.
The disposal, which was approved by shareholders at an EGM held on 4 January 2019 in London, will allow Aminex to pursue its strategy of sharing development risk by introducing a larger, well capitalised partner to accelerate the execution of the asset's development programme. On completion of the farm out deal, Aminex will receive USD$5 million consideration, in two tranches and the new operator will fully carry Aminex for its share of costs up to USD$35 million in respect of Aminex's remaining interest in the asset.
Click here for more information on this transaction and to view Aminex's press release