Aminex Regulatory News (AEX)

TANZANIA RESOURCES UPDATE

NYUNI AND RUVUMA EVALUATIONS SHOW 11.4 TCF POTENTIAL

Aminex PLC ('Aminex' or the 'Company'), an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces results of the independent technical evaluation of the Ruvuma and Nyuni Area Licences in Tanzania.

Earlier this year, Aminex commissioned a technical evaluation of the Ruvuma and Nyuni Area PSAs by ISIS Petroleum Consultants in Perth, Australia and the results of the study can now be reported.

Headline results are as follows:

·; 11.4 TCF total discovered and undiscovered mean Gas Initially-in-Place* for the Ruvuma and Nyuni Area PSAs combined

RUVUMA PSA

·; Total 1.17 TCF mean unrisked Gas Initially-in-Place at Ntorya of which 178 billion cubic feet (BCF) is discovered

·; Total undiscovered mean Gas Initially-in-Place for all leads of 5.57 TCF

·; Total discovered and undiscovered mean Gas Initially-in-Place for the Ruvuma PSA area of 5.75 TCF

NYUNI PSA

·; Total undiscovered mean Gas Initially-in-Place for all structural leads of 2.44 TCF

·; Total undiscovered mean Gas Initially-in-Place for all stratigraphic leads of 3.23 TCF

·; Total undiscovered mean Gas Initially-in-Place for all leads of 5.67 TCF

RUVUMA PSA SUMMARY

Ntorya Discovery and Prospect

On 27th June 2012, Aminex announced the results of flow testing of the Ntorya-1 discovery well with a final flow of 20.1 million standard cubic feet per day of gas and an estimated 139 barrels per day of condensate from a 3.5 metre perforated section in Lower Cretaceous sands. Based on the reservoir data from the well and seismic mapping, discovered Gas-Initially-in Place (GIIP) is estimated at 178 BCF. Taking into account updip potential for the Ntorya prospect area as defined from seismic mapping, undiscovered mean GIIP is estimated at 990 BCF unrisked. The Ntorya sands are interpreted from seismic to be part of a marine channel fill sequence.

Other Ruvuma PSA Prospects

Updip to the west of Ntorya, a further channel fill complex (the 'Namisange Lead') has been identified from seismic, for which an undiscovered mean GIIP of 2.62 TCF unrisked has been assessed.

A seismic infill programme is planned for later this year to image in detail the Greater Ntorya area together with the Namisange Lead area.

To the north in the area of the Likonde-1 well drilled in 2010, the mapping has identified remaining updip stratigraphic potential in the excellent reservoir quality Lower Tertiary sands penetrated in that well, with undiscovered mean GIIP of 504 BCF unrisked.

Further north, the previously identified Sudi Lead has been mapped as a large Base Tertiary channel fill system with undiscovered mean GIIP of 436 BCF unrisked. As for the areas to the south, the Likonde updip lead and the Sudi Lead require additional seismic in order to upgrade these leads to drillable status. Four other smaller leads have also been mapped, two to the west of Sudi and two on the eastern side of the block.

Although not quantified due to lack of seismic control, the report also recognises additional potential in the Karoo section, especially in the north of the Ruvuma PSA. Traps present in the Karoo have potential for oil, given the oil-prone nature of the Karoo section in the Lukeledi-1 well drilled in this area in 1992.

In addition to the onshore discovery and leads, re-mapping of the offshore part of the Ruvuma PSA has identified a channel fill lead, 'Kiswa', at the Base Tertiary Unconformity level with undiscovered mean GIIP of 709 BCF unrisked.

NYUNI AREA PSA SUMMARY

Aminex commissioned a technical re-evaluation of the Nyuni Area Licence in light of the drilling results from the Nyuni-2 and Nyuni-1A re-entry in 2011 together with final reprocessed 2D seismic and courtesy seismic data from an adjoining licence.

In summary, the re-evaluation of the Nyuni Area Licence has provided an estimate of mean undiscovered Gas-Initially-in-Place (GIIP) unrisked for various structural and stratigraphic plays of 5.67 TCF an increase of over 220% versus previously reported estimates.

Nyuni Prospect Area

For the Nyuni Prospect area, the results of the Nyuni-2 well downgraded the potential as originally defined pre-drill. At the Aptian/Albian reservoir level, the Nyuni-2 well did not intersect any sands and the re-entry of the Nyuni-1A well failed to confirm moveable gas in the Aptian/Albian sands, thus downgrading the potential for the Aptian/Albian in this area. In particular, the previously assessed 233 BCF of 'contingent' GIIP for the Aptian/Albian can no longer be supported. The post-drill evaluation has identified two smaller structural closures at Neocomian level with combined undiscovered mean GIIP of 347 BCF, thus demonstrating remaining potential at Nyuni.

Other Nyuni Area Prospects

Other structural leads on the block at Neocomian level together with the Nyuni closures contain a total undiscovered mean GIIP of 1.76 TCF unrisked. In addition, other structural closures at Aptian/Albian, Top Cretaceous and Base Eocene levels have a combined undiscovered mean GIIP unrisked of 682 BCF.

With the latest reprocessed seismic and the benefit of courtesy seismic data in the deepwater portion of the Nyuni Area Licence, the stratigraphic potential of the block has been re-evaluated with very significant potential identified in the deepwater area on the east side of the Licence. In particular, a lead identified by the operator of the adjoining East Pande Licence, has been mapped extending into the Nyuni Licence. Lead 3 has an estimated 1.3 TCF undiscovered mean GIIP unrisked, within the Nyuni Licence. Other stratigraphic leads in the transition zone areas on the shelf identified from multiple seismic criteria including amplitude anomalies at various Tertiary and Upper Cretaceous levels, have a combined undiscovered mean GIIP of 1.9 TCF unrisked. The aggregate total of all stratigraphic leads mapped in the Nyuni Area amounts to 3.2 TCF.

With this updated evaluation of the Nyuni Area Licence, Aminex is well positioned to high-grade the structural and stratigraphic potential on the block with the transition zone seismic and planned deep water 2D seismic to be acquired in 2012, leading to a new drilling campaign in 2014.

The estimate for Kiliwani North discovered mean GIIP remains at 45 BCF based on the independent technical evaluation carried out by ISIS in 2010. This discovered volume for Kiliwani North is not included in the summary numbers quoted for the Nyuni Area Licence.

Aminex Chief Executive, Stuard Detmer, commented: "This independent report has identified a total 11.4 TCF of discovered and undiscovered mean GIIP for the Aminex Tanzanian exploration properties - a 400% increase compared to the previous report. Most of the increase comes from the Ruvuma PSA, evaluated now for the first time. The results are extremely encouraging, following on from the testing success at Ntorya announced last week. The evaluation confirms our view that the onshore Ruvuma Basin is highly prospective not only for gas but also with the possibility of finding reservoired oil. 

In the Nyuni Licence, while the results of the Nyuni-2 well and Nyuni-1A re-entry led to a downgrade in discovered mean GIIP, the report confirms the excellent potential of both structural and stratigraphic plays in the block by increasing total undiscovered mean GIIP by over 220% to 5.67 TCF compared with the prior period report. What is particularly exciting is the new potential identified in the deepwater sector of the Nyuni Licence where Aminex will be acquiring 2D seismic data in the coming months."

*Note: The terms 'Discovered and Undiscovered Gas Initially-in-Place are used in accordance with the SPE Petroleum Resources Management System classification of 2007. Previously reported Contingent and Prospective Gas Initially-in-Place numbers are equivalent to the Discovered and Undiscovered GIIP classification.

Partners in the Ruvuma PSA are:

Ndovu Resources Limited (Aminex) 75% (Operator)

Solo Oil Plc 25%

Partners in the Nyuni Area PSA are:

Ndovu Resources Limited (Aminex) 70% (Operator)

RAK Gas Commission 25%

Bounty Oil and Gas NL 5%

For further information:

Aminex PLC +44 (0) 20 7291 3100

Stuard Detmer - CEO

M: Communications

Patrick d'Ancona +44 (0) 20 7920 2347 or +44 (0) 7768 981 256

Chris McMahon +44 (0) 207 920 2358 or +44 (0) 7703 045 103