Aminex Regulatory News (AEX)

17 Mar 2008 07:02

Aminex PLC17 March 2008 AMINEX PLC 17 March 2008 GAS DISCOVERY IN TANZANIA Aminex PLC ("Aminex") announces a successful result from the drilling ofKiliwani North -1 ("KN-1"), offshore Tanzania in the Nyuni/East Songo-Songolicence area. KN-1 has intersected a substantial gas column in Lower Cretaceous sandstones,the same reservoir that produces gas commercially in the neighbouringSongo-Songo gas field. Electric logging has been completed and formationpressures taken which confirm the presence of gas over a gross interval ofapproximately sixty metres. This vertical well was drilled to a depth of 2030metres (6,687 ft), ahead of schedule. KN-1 will now be completed as a gas production well pending hook-up forproduction and a test will be conducted to determine flow capacity and reservoirproperties. Further appraisal drilling will be required to define the extent ofthis discovery. Preliminary evaluation indicates a gas-water contact approximately 30 metresdeeper than at the adjacent Songo-Songo Gas field. This is a positive outcomefor the potential of other exploration prospects and leads in the Nyuni licencearea. This deeper gas-water contact demonstrates that the KN-1 discovery is ina separate structure to the Songo-Songo field and this further enhances theprospectivity of the remaining leads and prospects within the Nyuni licence. KN-1 also encountered minor oil shows in the Neocomian reservoir section, aswell as confirming the presence of potential reservoirs in the Tertiary sectionat an earlier stage in the well. The Nyuni/East Songo-Songo licence is only one component of Aminex's acreageportfolio in East Africa, which includes the highly prospective Ruvuma Basinarea of Tanzania as well as large acreage positions in Madagascar and Kenya, onall of which new seismic has now been acquired. In addition, Aminex iscurrently participating in the Malak-1 exploration well in the West esh elMellahah concession in Egypt, which spudded on 25 February and is drilling aheadon schedule. Aminex chairman Brian Hall commented: "We are now seeing the first real fruitsof our work on the East African margin over several years. Our exploration teamhas long believed in the potential of this area, both for oil and gas. KN-1 isa totally new, deep structure which opens up several avenues for furtherexploration on the licence and strengthens the case for oil on the East Africanmargin. This frontier area, where we were an early pioneer, is now the subjectof strong industry interest. Credit is due to our explorationists andoperations personnel, as well as to our JV partners who have made a strongtechnical input to this project and to TPDC (Tanzanian national oil company) andthe Tanzanian Ministry who have provided invaluable cooperation from the outset." Partners in the well are: Ndovu Resources Ltd. (Aminex subsidiary and operator) 40% RAK Gas Commission 25% Key Petroleum Ltd. 20% East African Exploration Ltd. 10% Bounty Oil & Gas Ltd. 5% For further information: Brian Hall Aminex +44 20 7291 3100 Archie Berens Pelham +44 20 7743 6679 ENDS This information is provided by RNS The company news service from the London Stock Exchange