Aminex PLC
16 June 2004
Aminex Plc
As shareholders are aware, following the signing of the farmout agreement in
Tanzania in December 2002, Ndovu Resources Limited ("Ndovu"), Aminex's wholly
owned subsidiary, entered into a joint operating agreement with Petrom S.A
("Petrom") in November 2003.
Ndovu had difficulty last year securing payment from Petrom of the sums due
under the farmout agreement, being 50% of the cost of the two well drilling
programme. In August 2003, Ndovu commenced proceedings against Petrom and took
various other steps which resulted in the payment by early February 2004 of
substantially all sums due from Petrom in respect of 2003.
Since February Petrom has paid a further $1 million but there is now an overdue
sum of approximately $3.5 million outstanding to Ndovu. Ndovu is therefore
pursuing the recovery of these sums through legal action and other commercial
avenues open to it. Although Petrom is disputing part of the sums owed, the
directors, having taken legal advice, believe that all the outstanding money is
recoverable. Non-payment by Petrom of its obligations on a timely basis has
created financial difficulties for Ndovu. However, Aminex believes that the
steps now being taken should ensure that this will only be a temporary
situation.
16 June 2004
Enquiries:
Aminex Plc
Brian Hall +44 (0) 20 7240 1600
College Hill
James Henderson +44 (0) 20 7457 2020
Nick Elwes
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