Aminex to refocus on African operations

Nyuni-2_rig_site_from_the_airAminex’s Nyuni-2 rig site in Tanzania. (Image source: Aminex)Oil and gas explorer Aminex has announced plans to sell its US assets and focus on its African operations

 

The company, whose principal focus areas are the East African coastal margin of Tanzania and the US onshore Gulf Coast of Texas and Louisiana, said it was looking to position itself for a “step-change in growth and value creation”.

Aminex started a strategic review last year that concluded with the view that the greatest potential among its existing holdings was in its Tanzanian interests.

The company said that it wanted to build a diverse portfolio through acquisitions and farm-ins, which would support an “aggressive” drilling campaign, and that it would use any money raised from the sale of its US assets to develop the African side of its business.

The company is currently looking for farm-in partners for its Nyuni and Ruvuma assets in Tanzania where it currently has 70 per cent and 75 per cent working interests respectively.

Recently, Aminex agreed to sell its Texas-based Somerset field for US$701,000 and has said that it is looking to also reduce its exposure within the Korean market.

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