Aminex PLC announces that it has now received formal approval from the Tanzanian Ministry of Energy and Minerals to acquire an additional 15% working interest from Key Petroleum Ltd. (“Key”) in the Nyuni East Songo-Songo Production Sharing Agreement (“Nyuni PSA”) offshore Tanzania.
The agreement with Key was announced on 4 February 2011 and was subject only to this single condition. Aminex is acquiring the additional 15% interest through undertaking to pay 20% of the costs of drilling the Nyuni-2 well, due to be spudded in April this year. After the farm-in, Aminex (operator) will have a 65% interest in the Nyuni PSA, held through its wholly-owned subsidiary Ndovu Resources Ltd., including existing gas discoveries. Other interests in the Nyuni PSA will be: RAK Gas Commission 25%, Key 5% and Bounty Oil & Gas Pty Ltd. 5%.
Aminex is an oil and gas exploration, development and production company with a 19 year track-record of fulfilling projects in many areas of the world. Its shares are traded on the Full List of the London Stock Exchange.
The company’s principal focus areas are the East African coastal margin of Tanzania and the US onshore Gulf Coast of Texas and Louisiana.
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Source:Aminex, February 24, 2011;