Aminex PLC
31 October 2005
31 OCTOBER 2005
AMINEX PLC
NEW PRODUCTION SHARING AGREEMENT IN TANZANIA
Aminex PLC ("Aminex") announces the signing of a Production Sharing Agreement
("PSA") in Tanzania between its wholly-owned subsidiary Ndovu Resources Ltd.,
the Tanzanian Minister of Energy and Minerals and the Tanzanian state oil
company, Tanzania Petroleum Development Corporation ("TPDC").
The PSA is in the Ruvuma Basin area of southern Tanzania, partly onshore and
partly offshore. The Ruvuma River is Tanzania's southern border with Mozambique
and on the Mozambique side there is a current international licensing round in
progress. Aminex's new PSA is adjacent to Tanzania's Mnazi Bay gas field
development.
This Ruvuma Basin acreage was previously held by Ndovu Resources Ltd. under a
Technical Evaluation Agreement.
The PSA is divided into two areas, Mtwara and Lindi, with a combined surface
area of approximately 12,000 square kilometres. The PSA is for an initial four
year term with options to extend for two further periods of four and three years
respectively. In the initial term there is a commitment to shoot 250 kilometres
and drill one new well in each permit.
Aminex is hoping to take advantage of the presence of a seismic vessel in the
region and shoot new seismic over the offshore areas of the PSA as soon as
possible, subject to contractual arrangements, with a view to making rapid
progress on the exploration of this area.
Commenting on the award Aminex Chief Executive Brian Hall said: "Conversion of
the large Ruvuma Basin permit to PSA status further strengthens our portfolio.
Together with the Nyuni licence, now partly farmed-out and with new seismic
acquisition in progress, and a recent licence award onshore Madagascar, Aminex
now has a significant position on the East African margin".
For further info:
Brian Hall Chief Executive 020 7240 1600 (UK)
Didier Murcia Executive Director 0618 9221 9888 (Australia)
Archie Berens ICIS 020 7651 8688 / 07802 442486 (UK)
This information is provided by RNS
The company news service from the London Stock Exchange