Aminex Regulatory News (AEX)

31 Oct 2005 07:01

Aminex PLC31 October 2005 31 OCTOBER 2005 AMINEX PLC NEW PRODUCTION SHARING AGREEMENT IN TANZANIA Aminex PLC ("Aminex") announces the signing of a Production Sharing Agreement("PSA") in Tanzania between its wholly-owned subsidiary Ndovu Resources Ltd.,the Tanzanian Minister of Energy and Minerals and the Tanzanian state oilcompany, Tanzania Petroleum Development Corporation ("TPDC"). The PSA is in the Ruvuma Basin area of southern Tanzania, partly onshore andpartly offshore. The Ruvuma River is Tanzania's southern border with Mozambiqueand on the Mozambique side there is a current international licensing round inprogress. Aminex's new PSA is adjacent to Tanzania's Mnazi Bay gas fielddevelopment. This Ruvuma Basin acreage was previously held by Ndovu Resources Ltd. under aTechnical Evaluation Agreement. The PSA is divided into two areas, Mtwara and Lindi, with a combined surfacearea of approximately 12,000 square kilometres. The PSA is for an initial fouryear term with options to extend for two further periods of four and three yearsrespectively. In the initial term there is a commitment to shoot 250 kilometresand drill one new well in each permit. Aminex is hoping to take advantage of the presence of a seismic vessel in theregion and shoot new seismic over the offshore areas of the PSA as soon aspossible, subject to contractual arrangements, with a view to making rapidprogress on the exploration of this area. Commenting on the award Aminex Chief Executive Brian Hall said: "Conversion ofthe large Ruvuma Basin permit to PSA status further strengthens our portfolio.Together with the Nyuni licence, now partly farmed-out and with new seismicacquisition in progress, and a recent licence award onshore Madagascar, Aminexnow has a significant position on the East African margin". For further info: Brian Hall Chief Executive 020 7240 1600 (UK)Didier Murcia Executive Director 0618 9221 9888 (Australia)Archie Berens ICIS 020 7651 8688 / 07802 442486 (UK) This information is provided by RNS The company news service from the London Stock Exchange