The Board announces that Dan Maling has stepped down from the Board.Alastair Ferguson, currently in role as Non-Executive Chairman since his appointment at the AGM in August 2018 will assume the role of Executive Chairman with immediate effect.
Ruvuma PSC – Operational Update Following the successful farmout of Aminex’s interest in the Ruvuma Gas development to The Zubair Corporation (subject to government approval), the Company has received several expressions of interest from industry players interested in working with the Company to expedite the development of the Ruvuma Gas Development project including through farm-out, general strategic partnership or an outright sale of the Company’s interest.
These discussions are all at an early stage and there can be no assurance that any of them will result in a transaction acceptable to the Company.
· Fit for purpose: The Board has undertaken a full review of all internal business systems, including joint venture management, finance and communications and has taken the appropriate actions to reduce the overall cost structure of the business.
· Developing the growth story: Board, and senior management, now turning its attention to the future with the intention of building a distinctive portfolio through disciplined investment, to be delivered by smart, capital efficient transactions.
· Fully funded: fully funded through this year’s proposed drilling of Chikumbi-1 well in the Ruvuma PSC, onshore Tanzania.