The farm-out, details of which were announced to shareholders on 15 May, was conditional only on this approval. RAK Gas will pay 37.5% of the cost of two wells at Nyuni to earn its 25% interest. RAK Gas is incorporated in Ras Al Khaimah, a member state of the United Arab Emirates, under the chairmanship of His Highness Shaikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. RAK Gas has other exploration and production efforts currently underway in Tanzania.
After the farm-out the interest owners in the Nyuni PSA will be:
--Ndovu Resources Ltd. (100% Aminex subsidiary - operator), 39% --Key Petroleum Ltd., 20% --RAK Gas Ltd., 25% --Bounty Oil & Gas Ltd., 6% --East Africa Exploration Company Ltd., 10%
"This approval completes the terms of the farm-out agreement and we welcome RAK Gas as a partner in the Nyuni joint venture," said Aminex CEO Brian Hall. "The Caroil-6 drilling rig will be released to the Nyuni PSA as soon as it has completed a nearby well on behalf of another operator which it is currently drilling. The Nyuni PSA partners have contracted the Caroil-6 rig to drill two back-to-back wells over the license this year and plans are well advanced."
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