15th Mar 2006 07:00
Aminex PLC15 March 2006 15 MARCH 2006 AMINEX PLC ACQUISITION OF SEISMIC OPTION IN KENYA Aminex PLC ("Aminex"), the oil and gas company listed in London and Dublin,today announces that it has signed a Participation Agreement with UpstreamPetroleum Services Limited ("UPSL") in respect of Blocks L9 and L10 offshoreKenya. UPSL is a party to a Technical Evaluation Agreement with the Kenyan Governmentfor Blocks L9 and L10, pursuant to which it has, in February 2006, acquired newseismic and will in the next 3 months acquire additional seismic and geochemicaldata. The cost of the preliminary seismic programmes and geochemical surveyswill be approximately $2 million and Aminex will participate with a 25%interest, financed partly by a cash payment of $300,000 and partly through theissue to UPSL of new Aminex shares to a value of $250,000. The Technical Evaluation Agreement covers approximately 5,000 square kilometresand lies in relatively shallow water close to potential gas markets in Mombassa. The Participation Agreement will provide Aminex and partners with exclusiveaccess to the data until 30 September 2006 with a view to negotiating a fullProduction Sharing Contract with the Kenyan Government during 2006. This willbe conditional upon first obtaining satisfactory results from a preliminaryseismic acquisition programme, anticipated in the near future. Aminex'sinvestment may become repayable if a Production Sharing Contract is notultimately granted. Partners are: Aminex 25% UPSL 50% Somken 25% Commenting, Aminex Chief Executive Brian Hall said: "Expansion into Kenya is alogical step from our existing base of operations in Tanzania and provides uswith further good acreage on the East African margin on ground floor terms, inline with our strategy for the region. We are very pleased to have developedthis association with UPSL whose skills are complementary to our own." Further info: Brian Hall Chief Executive, Aminex +44 (0) 20 7240 1600Archie 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 ExchangeRelated Shares:
Aminex