26th Sep 2005 07:00
Aminex PLC26 September 2005 Aminex PLC Tanzania Farm-Out Aminex PLC, the oil and gas company listed on the London and Irish StockExchanges, today announces that it has completed an agreement with East CoastEnergy Ltd. of Canada and its wholly-owned Tanzanian subsidiary Pan-AfricanTanzania Ltd. ("PAT") to farm out part of the Nyuni Production Sharing Agreement("PSA") offshore Tanzania, subject to formal approval of the Tanzanianauthorities. Under the agreement, the Nyuni PSA will be formally divided into two areas, "A"and "B". Area "A", which is the subject of the agreement, covers the west partof the Nyuni PSA and represents approximately 25% of the total PSA area. It isadjacent to the producing Songo-Songo gas field operated by PAT. Area "B",which is not being farmed out, covers the rest of the PSA area and includes theNyuni prospect which was drilled by Aminex and partners in 2003/4, establishingthe presence of Jurassically-sourced crude oil in the region for the first time. Commencing in October, PAT will undertake, at its own cost, new seismic surveysover Area "A". Upon completion of seismic PAT will have the right toparticipate in an exploration well in Area "A". In this case it will, inaddition to having borne the cost of seismic in Area "A", pay 64% of the costsof that well to earn an aggregate 50% interest in Area "A". Should PAT decidenot to participate in this exploration well, Aminex will be entitled to retainall the seismic data paid for by PAT in area "A" In addition to the seismic programme over Area "A", Aminex will use the sameseismic vessel to acquire further new data over Area "B", making efficient useof the vessel's presence in the area. This survey will focus on leads andprospects previously identified by Aminex for better delineation of futuredrilling locations. The seismic survey vessel "Geomariner" is due to arrive in Tanzanian waters inearly October to begin work on this project. Commenting on the announcement Aminex Chief Executive Brian Hall said: "We are very pleased to have reached this agreement with East Coast Energy Ltd.and look forward to a constructive partnership. As Area "A" of the Nyunilicence is close to the producing Songo-Songo gas field operated by PAT, asuccessful discovery of gas could be rapidly integrated into PAT's existingproduction operations. The seismic programme planned for fourth quarter 2005represents the re- start of operations at Nyuni and is part of a programme forwhich Aminex raised new equity earlier this year." 26 September 2005 Enquiries: Aminex PLC Brian Hall +44 (0) 20 7240 1600 College Hill Ben Brewerton +44 (0) 20 7457 2020 Nick Elwes +44 (0) 20 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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