2nd Jun 2008 07:00
2 June 2008
AMINEX PLC
NEW ACREAGE AWARD IN TANZANIA - SONGO-SONGO WEST
Aminex PLC, the oil and gas company listed in London and Dublin ("Aminex" or the "Company") is pleased to announce the award of a further Production Sharing Agreement ("PSA") in Tanzania.
This new offshore PSA, known as Songo-Songo West, is adjacent to the western boundary of the producing Songo-Songo gas field and close to Aminex's recent gas discovery at Kiliwani North, currently under test.
The new PSA is held 50% by Ndovu Resources Ltd., an Aminex wholly-owned subsidiary, and 50% by Funguo Petroleum Pty Ltd., a wholly-owned subsidiary of Key Petroleum of Australia ("Key"). Key, an existing 20% joint-venture partner with Aminex in the nearby Nyuni PSA which includes the Kiliwani North discovery, has been nominated operator of the new PSA for Songo-Songo West.
Songo-Songo West covers an area of 504 square kilometres and benefits from comprehensive, existing seismic coverage. The full PSA term is for eleven years and there is an obligation to drill one firm well in a first three year period.
Commenting on the award Aminex Chairman Brian Hall said: "Songo-Songo West is a logical extension of our existing interests in Tanzania and we have been pursuing it for some time. Based on extensive knowledge we have gained through exploring the region over several years we consider that the new PSA has high potential for the discovery of commercial quantities of hydrocarbons. We appreciate this further co-operation with Tanzania's state oil company, TPDC, and with the Tanzanian Ministry for Energy and Minerals. We are also pleased to be expanding our relationship with Key, which proved to be a strong and technically competent partner in our recent drilling campaign at Nyuni".
For further information:
Brian Hall Aminex PLC London 020 7291 3100
Archie Berens Pelham PR London 020 7743 6679
ENDS
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