30th May 2007 07:02
Aminex PLC30 May 2007 30 MAY 2007 AMINEX PLC ("Aminex" or the "Company") Approval of Farm-Out Aminex PLC announces that it has secured formal approval from the authorities inTanzania to farm-out a 25% interest in the Nyuni / East Songo Songo ProductionSharing Agreement ("Nyuni PSA") offshore Tanzania. The farm-out, details ofwhich were announced to shareholders on 15 May, was conditional only on thisapproval. RAK Gas will pay 37.5% of the cost of two wells at Nyuni to earn its25% interest. RAK Gas is incorporated in Ras Al Khaimah, a member state of theUnited Arab Emirates, under the chairmanship of His Highness Shaikh Saud binSaqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. RAK Gas hasother exploration and production efforts currently underway in Tanzania. After the farm-out the interest owners in the Nyuni PSA will be: Ndovu Resources Ltd. (100% Aminex subsidiary - operator) 39%Key Petroleum Ltd. 20%RAK Gas Ltd. 25%Bounty Oil & Gas Ltd. 6%East Africa Exploration Company Ltd. 10% Commenting on the announcement, Aminex CEO Brian Hall said: "This approval completes the terms of the farm-out agreement and we welcome RAKGas as a partner in the Nyuni joint venture. The Caroil-6 drilling rig will bereleased to the Nyuni PSA as soon as it has completed a nearby well on behalf ofanother operator which it is currently drilling. The Nyuni PSA partners havecontracted the Caroil-6 rig to drill two back-to-back wells over the licencethis year and plans are well advanced." END Enquiries: Aminex PLC +44 (0) 20 7291 3100Brian Hall - Chief Executive Pelham Public Relations +44 (0) 20 7743 6679Archie Berens This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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