Aminex clears last major hurdle for Ruvuma farm-out approval

Aminex updated the market on progress towards completion of the Ruvuma farm-out, on Tuesday, reporting that following payment by its subsidiary of the capital gains tax bill, and payment by ARA Petroleum Tanzania of the stamp duty bill, the Tanzania Revenue Authority has issued a tax clearance certificate to the company.

The London-listed firm said the tax clearance certificate has now been submitted to the Tanzania Petroleum Development Corporation, to be forwarded to the Ministry of Energy.

It said it has now completed all the requirements to allow the minister to grant approval of the assignment of the 50% interest in the Ruvuma PSA to ARA Petroleum Tanzania, which is the final remaining condition to completion of the farm-out.

“This is a major milestone,” said chief executive officer Robert Ambrose.

“With the receipt of the tax clearance certificate from the TRA and with the onward submission to the TPDC, Aminex has now accomplished all of the conditions within our control in order to complete the Ruvuma farm-out.”

At 1145 BST, shares in Aminex were up 9.68% at 0.85p.