The London Stock Exchange listed company said in a statement last week that the transfer was described in further detail in a circular to shareholders dated 17 May 2019. Accordingly, the company has now applied to the FCA to effect the transfer on 26 July 2019, the statement noted.
In addition, in line with the stated intention set out in the circular, the board of the company has now assessed the cancellation of the Irish listing and has applied to cancel the listing of the company’s ordinary shares on the official list of Euronext Dublin and cancel admission to trading on its regulated market for listed securities.
“The board of the company believes that the Irish delisting is necessary to secure the appropriate flexibility afforded by the transfer to the standard listing segment in London. The Irish delisting is not subject to the approval of shareholders of Aminex and is expected to take effect on 25 July 2019,” the statement added.
In its annual report to shareholders, the company’s CEO, Tom Mackay said since July 2018, Aminex agreed to farmout 50 percent of its 75 percent working interest in the Ruvuma PSA in exchange for a full carry on future operations worth up to $105 million of gross expenditure for ARA Petroleum Tanzania Limited’s and Aminex’s combined 75 percent working interests and $5 million cash.
Aminex is fully aligned with ARA on the initial portion of the farmout which includes: drilling the Chikumbi-1 exploration well; an expanded 3D seismic programme and a 2D seismic programme over the remaining licence area; pending licence extension and government approvals, the company expects operational programmes to commence during the second half of this year.
Mackay further said the farm-out long stop date is 31 July 2019 with all stakeholders working closely to complete as soon as possible while extension over Mtwara Licence area supported by Tanzania Petroleum Development Corporation and Petroleum Upstream Regulatory Authority and is pending approval by Ministry of Energy.
An outstanding gross debt of $7.4 million is owed by TPDC due to gas sales including interest supplied in the past. Last year, Aminex and ARA Petroleum Tanzania which is an affiliate of Eclipse Investments, the largest shareholder in Zubair Corporation, said the latter will take over operatorship of the Ruvuma PSA after Ndovu Resources signed a binding farm-out agreement with the Zubair Corporation.