Aminex PLC
24 March 2006
24 March 2006
AMINEX PLC
FARMOUT OF RUVUMA BASIN, TANZANIA
Aminex PLC, the oil and gas company listed in London and Dublin, is pleased to
announce that its wholly-owned subsidiary Ndovu Resources Limited ("Ndovu") has
signed a Farmout Agreement with Hardman Resources Ltd. ("Hardman"), the
Australian based oil and gas company.
The Farmout Agreement provides for Hardman to earn a 50% interest in the Ruvuma
Production Sharing Agreement ("PSA") in exchange for funding 100% of the costs
of an onshore 2D seismic survey, at an estimated cost of US$3,000,000. On
completion of the earning commitment the interests in the PSA will be:
Ndovu 50%
Hardman 50%
334 kilometres of new 2D marine seismic were acquired within the PSA area by
Aminex in 2005 and the additional onshore seismic to be acquired by Hardman will
add significant value to the PSA area. The onshore seismic survey is expected
to consist of approximately 500 kilometres of data and is scheduled to be
carried out during 2006 with a view to firming up drilling targets for the joint
venture's first exploration wells in this area.
The PSA is located approximately 500 km south of Dar es Salaam along the
Mozambique border and comprises the Mtwara and Lindi licences, covering a total
area of 12,360 square kilometres over the onshore and near shore Tanzanian part
of the Ruvuma Basin. The PSA is adjacent to the Mnazi Bay gas field currently
under commercial development. Prior to the award of the PSA to Aminex in late
2005 less than 1,400 kilometres of seismic data had been recorded. Several
leads have been identified by previous operators over the PSA area, some with
potential reserves in excess of 100 million barrels.
Initial targets will be Tertiary and Cretaceous reservoirs, expected at depths
of 1,000 - 3,000 metres. Oil seeps have been recorded in the area.
The Mozambique portion of the Ruvuma Basin attracted significant interest in a
recent bidding round and all five blocks offered for exploration were fully
subscribed with substantial work commitments.
Hardman is an Australian oil and gas company listed on the Australian Stock
Exchange Limited and on the AIM market in London. It has established itself as
Australia's fifth largest oil exploration and production company, and is
currently the seventh largest company on AIM in terms of market capitalisation.
Hardman has projects in five countries and a major presence in the emerging
offshore Mauritania petroleum province.
The Farmout is subject to formal approval from the Tanzanian government.
Commenting, Aminex Chief Executive Brian Hall said: "We are very pleased to have
reached this agreement and welcome Hardman to Tanzania and as our partner in the
Ruvuma Basin. Hardman brings additional African experience to the joint venture
and its recent successes in Uganda are particularly relevant. We are confident
that Hardman will make a significant technical contribution to the joint venture
and we very much look forward to working with them on this exciting project".
Further info:
Brian Hall Chief Executive, Aminex +44 (0) 20 7240 1600
Archie Berens Pelham Public Relations +44 (0) 20 7743 6679 or
+44 (0)7802 442486
This information is provided by RNS
The company news service from the London Stock Exchange