Edinburgh-based Bowleven, the Africa focused oil and gas exploration firm, said it will not pursue the proposed acquisition of stakes in gas projects in Tanzania from Aminex.
Bowleven shares fell 1.6% as it said it will not, as proposed, buy a 25% interest in the Kiliwani North Development Licence and a 50% interest in the Ruvuma PSA “following the completion of due diligence.”
Aminex said: “In discussions during the due diligence process, a forward work programme could not be agreed which would be acceptable to Aminex, its lender, the Tanzanian authorities and Solo Oil plc.”
When the deal was proposed in November, Bowleven said it would provide “a low cost entry into a rapidly expanding Tanzanian gas market.”
Bowleven also holds equity interests in two permits in Cameroon — one offshore and one onshore — an equity interest in an onshore block in Kenya, and has been awarded three blocks in Zambia, with applications on two blocks pending.