Business
Tanzania Farmout
Tanzania Farmout.
About this update from Aminex Plc
[{"type":"text","content":"\n Aminex PLC\n24 March 2006\n\n24 March 2006\n\n AMINEX PLC\n\n FARMOUT OF RUVUMA BASIN, TANZANIA\n\nAminex PLC, the oil and gas company listed in London and Dublin, is pleased to\nannounce that its wholly-owned subsidiary Ndovu Resources Limited (\"Ndovu\") has\nsigned a Farmout Agreement with Hardman Resources Ltd. (\"Hardman\"), the\nAustralian based oil and gas company.\n\nThe Farmout Agreement provides for Hardman to earn a 50% interest in the Ruvuma\nProduction Sharing Agreement (\"PSA\") in exchange for funding 100% of the costs\nof an onshore 2D seismic survey, at an estimated cost of US$3,000,000. On\ncompletion of the earning commitment the interests in the PSA will be:\n\n Ndovu 50%\n Hardman 50%\n\n\n334 kilometres of new 2D marine seismic were acquired within the PSA area by\nAminex in 2005 and the additional onshore seismic to be acquired by Hardman will\nadd significant value to the PSA area. The onshore seismic survey is expected\nto consist of approximately 500 kilometres of data and is scheduled to be\ncarried out during 2006 with a view to firming up drilling targets for the joint\nventure's first exploration wells in this area.\n\nThe PSA is located approximately 500 km south of Dar es Salaam along the\nMozambique border and comprises the Mtwara and Lindi licences, covering a total\narea of 12,360 square kilometres over the onshore and near shore Tanzanian part\nof the Ruvuma Basin. The PSA is adjacent to the Mnazi Bay gas field currently\nunder commercial development. Prior to the award of the PSA to Aminex in late\n2005 less than 1,400 kilometres of seismic data had been recorded. Several\nleads have been identified by previous operators over the PSA area, some with\npotential reserves in excess of 100 million barrels.\n\nInitial targets will be Tertiary and Cretaceous reservoirs, expected at depths\nof 1,000 - 3,000 metres. Oil seeps have been recorded in the area.\n\nThe Mozambique portion of the Ruvuma Basin attracted significant interest in a\nrecent bidding round and all five blocks offered for exploration were fully\nsubscribed with substantial work commitments.\n\nHardman is an Australian oil and gas company listed on the Australian Stock\nExchange Limited and on the AIM market in London. It has established itself as\nAustralia's fifth largest oil exploration and production company, and is\ncurrentl...