Business
New Agreement in Kenya
New Agreement in Kenya.
About this update from Aminex Plc
[{"type":"text","content":"\n Aminex PLC\n15 March 2006\n\n\n\n\n15 MARCH 2006\n\n AMINEX PLC\n\n\n ACQUISITION OF SEISMIC OPTION IN KENYA\n\n\nAminex PLC (\"Aminex\"), the oil and gas company listed in London and Dublin,\ntoday announces that it has signed a Participation Agreement with Upstream\nPetroleum Services Limited (\"UPSL\") in respect of Blocks L9 and L10 offshore\nKenya.\n\n\n\nUPSL is a party to a Technical Evaluation Agreement with the Kenyan Government\nfor Blocks L9 and L10, pursuant to which it has, in February 2006, acquired new\nseismic and will in the next 3 months acquire additional seismic and geochemical\ndata. The cost of the preliminary seismic programmes and geochemical surveys\nwill be approximately $2 million and Aminex will participate with a 25%\ninterest, financed partly by a cash payment of $300,000 and partly through the\nissue to UPSL of new Aminex shares to a value of $250,000.\n\n\n\nThe Technical Evaluation Agreement covers approximately 5,000 square kilometres\nand lies in relatively shallow water close to potential gas markets in Mombassa.\n\n\n\n\nThe Participation Agreement will provide Aminex and partners with exclusive\naccess to the data until 30 September 2006 with a view to negotiating a full\nProduction Sharing Contract with the Kenyan Government during 2006. This will\nbe conditional upon first obtaining satisfactory results from a preliminary\nseismic acquisition programme, anticipated in the near future. Aminex's\ninvestment may become repayable if a Production Sharing Contract is not\nultimately granted.\n\n\n\nPartners are: Aminex 25%\n UPSL 50%\n Somken 25%\n\nCommenting, Aminex Chief Executive Brian Hall said: \"Expansion into Kenya is a\nlogical step from our existing base of operations in Tanzania and provides us\nwith further good acreage on the East African margin on ground floor terms, in\nline with our strategy for the region. We are very pleased to have developed\nthis association with UPSL whose skills are complementary to our own.\"\n\n\n\nFurther info:\n\n\nBrian Hall Chief Executive, Aminex +44 (0) 20 7240 1600\nArchie Berens Pelham Public Relations +44 (0) 20 7743 6679 or\n +44 (0)7802 442486\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":2466,"tagName":"div"}]