Further Farmout of Nyuni Licence in Tanzania

Source: www.gulfoilandgas.com 4/3/2006, Location: Africa

Aminex PLC has signed a Farmout Agreement with East African Exploration Limited ("EAX"). The Farmout Agreement provides for EAX to earn into part of Aminex’s Nyuni licence, offshore Tanzania by acquiring new "transition zone" 2D seismic over Area "B" of the licence. Area "A" of the Nyuni licence in Tanzania was partly farmed out to East Coast Energy last year. Splitting the licence remains subject to approval by the Government of Tanzania.

EAX may further increase its interest by arranging the acquisition of 3D seismic over the same area, if appropriate, after review of the first stage programme. 330 kilometres of new conventional 2D marine seismic was acquired over this area by Aminex in 2005 and the additional transition zone seismic to be acquired by EAX will add significant value to the existing data. Transition zone seismic involves special equipment to conduct seismic surveys in extremely shallow marine environments not accessible to a conventional seismic vessel. This is particularly important at Nyuni where the majority of the potential drilling locations underlie shoals, limestone reefs and small islands, many of which are partly submerged at high tide.

EAX will acquire 2D transition zone data to a value of $2 million to earn an interest of 15% in Area "B" of the Nyuni licence. Subject to a review of the 2D transition zone dataset, EAX will have the option to finance the acquisition of prospect-specific 3D transition zone seismic to a value of $4 million, to earn an additional 30% interest in Area "B". In the event that the Government of Tanzania does not approve the split of the Nyuni licence into Areas "A" and "B", EAX will earn 10% of the entire licence area by shooting 2D transition zone seismic rather than 15% of the smaller "B" area. Similarly, by shooting 3D transition zone seismic EAX will earn a further 20% interest in the entire licence area rather than 30% of the smaller "B" area. The transition zone seismic and, if necessary, 3D seismic will be acquired during the second and third quarters of 2006 with the aim of firming up drilling targets for exploration wells. The seismic crew will use state-of-the art Sercel 428 TZ equipment and a custom-designed fleet of handling vessels.

The Government of Tanzania has formally consented to the introduction of EAX as a farm-in partner to the Nyuni licence.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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