Business
Approval of Farm-Out
Approval of Farm-Out.
About this update from Aminex Plc
[{"type":"text","content":"\n Aminex PLC\n30 May 2007\n\n\n\n\n\n\n30 MAY 2007\n\n\n\n AMINEX PLC\n\n (\"Aminex\" or the \"Company\")\n\n\n\n Approval of Farm-Out\n\n\n\nAminex PLC announces that it has secured formal approval from the authorities in\nTanzania to farm-out a 25% interest in the Nyuni / East Songo Songo Production\nSharing Agreement (\"Nyuni PSA\") offshore Tanzania. The farm-out, details of\nwhich were announced to shareholders on 15 May, was conditional only on this\napproval. RAK Gas will pay 37.5% of the cost of two wells at Nyuni to earn its\n25% interest. RAK Gas is incorporated in Ras Al Khaimah, a member state of the\nUnited Arab Emirates, under the chairmanship of His Highness Shaikh Saud bin\nSaqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. RAK Gas has\nother exploration and production efforts currently underway in Tanzania.\n\n\n\nAfter the farm-out the interest owners in the Nyuni PSA will be:\n\n\nNdovu Resources Ltd. (100% Aminex subsidiary - operator) 39%\nKey Petroleum Ltd. 20%\nRAK Gas Ltd. 25%\nBounty Oil & Gas Ltd. 6%\nEast Africa Exploration Company Ltd. 10%\n\n\n\nCommenting on the announcement, Aminex CEO Brian Hall said:\n\n\n\n\"This approval completes the terms of the farm-out agreement and we welcome RAK\nGas as a partner in the Nyuni joint venture. The Caroil-6 drilling rig will be\nreleased to the Nyuni PSA as soon as it has completed a nearby well on behalf of\nanother operator which it is currently drilling. The Nyuni PSA partners have\ncontracted the Caroil-6 rig to drill two back-to-back wells over the licence\nthis year and plans are well advanced.\"\n\n\n\nEND\n\n\n\nEnquiries:\n\n\n\nAminex PLC +44 (0) 20 7291 3100\nBrian Hall - Chief Executive\n\n\n\nPelham Public Relations +44 (0) 20 7743 6679\nArchie Berens\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":2330,"tagName":"div"}]