Solo Oil plc (LON:SOLO) notes the announcement made today by Aminex plc relating to the transfer of a defaulting party’s interest in the assets and as set out in Appendix 1 below.
As a result of the Transfer, Solo is deemed to have proportionally increased its share in the Kiliwani North Development Licence by 0.8418% to 8.3918% subject to the completion of certain formalities
Aminex plc announced that as a result of payment defaults by Bounty Oil & Gas NL under the joint operating agreements relating to the Kiliwani North Development Licence and the Nyuni Area PSA, that Bounty is now deemed to have transferred its interests in such assets to the Company’s wholly-owned subsidiary, Ndovu Resources Limited, and the other non-defaulting parties. The transferred interests include all rights and liabilities except that Bounty will, pursuant to the joint operating agreements, remain liable for its share of any outstanding work commitments and abandonment costs.
Subject to the completion of certain formalities, Aminex’s interests in the Kiliwani North Development Licence (which contains the Kiliwani North field and Kiliwani South prospect) and the offshore Nyuni Area PSA have therefore increased by 6.383% and 6.6667% respectively.
The non-defaulting parties’ interests in the assets are now:
|
Kiliwani North Development Licence |
Nyuni Area PSA |
||
|
Ndovu Resources Limited |
63.8304% |
Ndovu Resources Limited |
100% |
|
RAK Gas LLC |
27.7778% |
||
|
Solo Oil plc |
8.3918% |
