Master RSI
- 05 Feb 2007 09:15
- 30 of 54
AEX 18.75 - 19p + 1p
up with news ..........
FARMOUT OF INTEREST IN NYUNI LICENCE, TANZANIA
PROGRESS REPORT ON EAST AFRICA ACTIVITIES
Aminex PLC, the oil and gas company listed in London and Dublin, ("Aminex" or
the "Company") today announces that its wholly-owned Tanzanian subsidiary Ndovu
Resources Ltd. ("Ndovu") has signed an agreement with Key Petroleum Ltd. ("Key")
to farm out an interest in the Nyuni East Songo Songo licence ("Nyuni"),
offshore Tanzania. Aminex is also providing an update on the status of all its
East African projects.
FARMOUT OF NYUNI INTEREST
Key, an Australian company based in Perth, has agreed to farm into Nyuni for a
20% working interest. In order to earn its 20% interest Key will:
* contribute 30% towards the costs of two exploration wells on Nyuni, the
first of which is due to be spudded in the second quarter of this year and
the second of which will be drilled later in the year;
* issue 2 million new, fully-paid shares in Key to Aminex or such number of
shares which will be valued at the time of its forthcoming admission to the
Full List of the Australian Stock Exchange at A$600,000, whichever number of
shares is the greater; and
* contribute 10% of all licence costs arising in addition to drilling with
effect from 1 November 2006 to the date of this agreement, estimated to be
$2.5 million which will include the current seismic programme...........