Aminex Signs Gas Supply Agreement with Tanzania Petroleum Development Corporation

Aminex has executed a fully-termed Gas Sales Agreement (GSA) with the Tanzania Petroleum Development Corporation (TPDC) for its Kiliwani North gas field.

The agreement moves the company into its production phase, Aminex announced Wednesday.

Gas will be sold at $3 per mmbtu and the price will be adjusted annually by applying an agreed United States Consumer Price Index.

Gas from Kiliwani North will be supplied to the recently completed Songo Songo gas processing plant. Final well preparations, which are currently ongoing, are being completed prior to testing and commissioning of the new plant. The start of commercial operations will be mutually agreed between the TPDC and Aminex after testing and commissioning has been completed.

Participants in the Kiliwani North Development Licence are: Ndovu Resources (Aminex) 55.575% (operator), RAK Gas 23.75%, Bounty Oil & Gas 9.5%, Solo Oil 6.175% and TPDC 5%.