Business
East Africa Update
East Africa Update.
About this update from Aminex Plc
[{"type":"text","content":"\n Aminex PLC\n03 April 2006\n\n3 APRIL 2006\n\n AMINEX PLC\n\n EAST AFRICAN PROGRESS\n\nFURTHER FARMOUT OF NYUNI LICENCE IN TANZANIA\n\nAminex PLC (\"Aminex\"), the oil and gas company listed in London and Dublin, is\npleased to announce that it has signed a Farmout Agreement with East African\nExploration Limited (\"EAX\"), a Dubai-based oil and gas exploration company.\n\nThe Farmout Agreement provides for EAX to earn into part of Aminex's Nyuni\nlicence, offshore Tanzania by acquiring new \"transition zone\" 2D seismic over\nArea \"B\" of the licence. Area \"A\" of the Nyuni licence in Tanzania was partly\nfarmed out to East Coast Energy last year. Splitting the licence remains\nsubject to approval by the Government of Tanzania.\n\nEAX may further increase its interest by arranging the acquisition of 3D seismic\nover the same area, if appropriate, after review of the first stage programme.\n330 kilometres of new conventional 2D marine seismic was acquired over this area\nby Aminex in 2005 and the additional transition zone seismic to be acquired by\nEAX will add significant value to the existing data. Transition zone seismic\ninvolves special equipment to conduct seismic surveys in extremely shallow\nmarine environments not accessible to a conventional seismic vessel. This is\nparticularly important at Nyuni where the majority of the potential drilling\nlocations underlie shoals, limestone reefs and small islands, many of which are\npartly submerged at high tide.\n\nEAX will acquire 2D transition zone data to a value of $2 million to earn an\ninterest of 15% in Area \"B\" of the Nyuni licence. Subject to a review of the 2D\ntransition zone dataset, EAX will have the option to finance the acquisition of\nprospect-specific 3D transition zone seismic to a value of $4 million, to earn\nan additional 30% interest in Area \"B\". In the event that the Government of\nTanzania does not approve the split of the Nyuni licence into Areas \"A\" and \"B\",\nEAX will earn 10% of the entire licence area by shooting 2D transition zone\nseismic rather than 15% of the smaller \"B\" area. Similarly, by shooting 3D\ntransition zone seismic EAX will earn a further 20% interest in the entire\nlicence area rather than 30% of the smaller \"B\" area.\n\nThe transition zone seismic and, if necessary, 3D seismic will be acquired\nduring the second and ...