Aminex PLC
02 November 2005
2 November 2005
AMINEX PLC
Exploration Licence award in Egypt
Aminex PLC ("Aminex" or the "Company") today announces that Red Sea Petroleum
Ltd. ("Red Sea"), in which it has a 51% shareholding, has been awarded an
onshore exploration licence close to Egypt's Red Sea coast, pursuant to the
Egyptian government's 2005 First International Bidding Round.
The licence area is known as West Esh El Mellaha ("WEEM") and covers 1,328
square kilometres. It is close to significant existing oil production and has
been awarded in a competitive bidding situation. The licence will be held under
a Production Sharing Contract ("PSC") which will call for exploration drilling
during the first three year period of the contract.
Other shareholders in Red Sea are: Petrosino Ltd., First Energy Pty. Ltd. and FS
International Corp. Financing arrangements for the work programme are subject to
negotiation between Red Sea's shareholders following formal execution of the PSC
and will be disclosed when finalised.
Commenting, Aminex Chief Executive Brian Hall said: "We are very pleased to have
been awarded acreage in this very promising area following the creation of Red
Sea in 2004. The WEEM permit is a valuable addition to Aminex's African
exploration portfolio."
For further information:
Brian Hall Aminex PLC 020 7240 1600 (UK)
Archie Berens ICIS 07802 442486 (UK)
This information is provided by RNS
The company news service from the London Stock Exchange