Business
Increased Interest in Nyuni P
Increased Interest in Nyuni P.
About this update from Aminex Plc
[{"type":"text","content":"\n RNS Number : 7284Y Aminex PLC 09 September 2009 \n \n\n\n\n \n9 SEPTEMBER 2009\n\n\nAMINEX INCREASES ITS INTEREST IN THE NYUNI AREA \nAND KILIWANI NORTH GAS DISCOVERY TO 50%\n\nAminex PLC (\"Aminex\") announces that it has increased its interest in the Nyuni Production Sharing Agreement, Tanzania (\"Nyuni\") by 10%, including the 40 million cubic feet/day gas discovery at Kiliwani North under an agreement reached with East African Exploration Ltd. (\"EAX\").\n\nEAX is a joint venture participant in the Nyuni PSA (\"Nyuni\") in Tanzania and also in the L17 & 17 PSA (\"L17 & 18\") in Kenya. Aminex holds 25% in L17 & 18 while EAX holds 10% in Nyuni which includes the 2008 40 million cubic feet/day gas discovery at Kiliwani North. The terms of agreement, which has been approved by the governments of both countries, are as follows:\n\n\n\nAminex will transfer its 25% interest in L17 & 18 to EAX. \n\n\nEAX will transfer its 10% interest in Nyuni to Aminex, increasing Aminex's interest in Nyuni from 40% to 50%.\n\n\nAminex will make a cash payment to EAX of $1 million.\n\n\n\nAminex values its cumulative investment in Kenya at its historic cost of approximately $700,000 and on the basis that it will recover its costs in Kenya and apply this recovery plus $1 million cash to the purchase of an additional 10% in Nyuni, the consideration for the purchase of this additional interest in Nyuni is $1.7 million.\n\nNew seismic has recently been acquired over Songo-Songo Island which will better define the Kiliwani North discovery at Nyuni. There are signs of progress in achieving regulatory consent for the expansion of the gas processing plant on Songo-Songo Island which will open the way for commercial development of Kiliwani North. Reprocessing of existing seismic on other prospects at Nyuni is currently well-advanced.\n\nCommenting on the announcement, Aminex Chairman Brian Hall said: \n\n\"This agreement not only increases our interest in the discovery we made last year at Kiliwani North by 25% but also consolidates our overall position in Tanzania where we are a well-established operator. In addition to Kiliw...