Monday 19 February 2018

ARA Petroleum acquires 30pc stake in Aminex

Aminex specialises in exploration in Africa. Picture courtesy Aminex
Aminex specialises in exploration in Africa. Picture courtesy Aminex

Sean Duffy

Oil exploration firm Aminex has announced the completion of a deal to sell 29.9pc of the business to ARA Petroleum, a subsidiary of the Zubair Corporation at an extraordinary general meeting.

The news comes a day after the company was granted a year’s extension to its Mtwana exploration field in Tanzania.

The deal means that ARA, an unnamed financial institution and Aminex management will now control 45pc of shareholders voting rights.

The company also confirmed that its facility in Kiliwani North is now in production, while the firm’s Ruvuma site is financed and is ready to proceed.

Aminex’s share price has recovered to £1.29(€1.52) having fallen to £1.26 €1.49) on the announcement.

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