The company said it was transferring the entirety of its Tanzanian assets, including its Tanzanian subsidiary Funguo Petroleum and a 5% interest in the Kiliwani North development licence (operated by London-listed Aminex), to Australia’s Bounty Oil & Gas.
In consideration for the acquisition, Bounty will pay A$259,271 (US$250,000) in cash to Key, with more than 80% going towards the developments costs of the Kiliwani North gas project.
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