Aminex seals $5m deal with wealthy Al-Zubair family
Irish oil and gas explorer Aminex has done a $5m (€4.2m) farm-out deal with Omani giant the Zubair Corporation.
The deal is designed to accelerate the development of an Aminex asset in Tanzania.
It will see Zubair take a 50pc interest in the project, known as Ntorya, and cover Aminex's share of costs up to $35m (€29.8m).
The Zubair entity taking the stake, as well as operator of the project, is ARA Petroleum. ARA CEO Sultan Al-Ghaithi said the announcement "emphasises our firm belief in the Aminex portfolio and in Tanzania, where the Zubair Corporation group of companies has existing business interests and enjoys strong relationships and an excellent reputation".
Aminex boss Jay Bhattacherjee said: "It is now expected that the company will be self-funded for further development."
He said Aminex was continuing to develop other assets including the Kiliwani project which is producing gas, and "is undertaking a review of other opportunities which will deliver robust shareholder returns".
The deal is conditional on approval by Aminex shareholders.
The company said the deal would "accelerate development of the company's principal asset and substantially reduce project and other risks".
The Zubair corporation, owned by the wealthy Al-Zubair family, is already a shareholder in Aminex.