Aminex PLC: Tanzania Update

Source: www.gulfoilandgas.com 7/16/2004, Location: Africa

Aminex PLC, the oil and gas company listed in London and Dublin, announces further developments associated with its Nyuni Licence, offshore Tanzania.

The Government of Tanzania ("the Government") has agreed to deem the recent drilling of the Nyuni-1 well by Aminex and partners as having satisfied the work obligation for the first exploration phase of the Nyuni Licence. Aminex is pleased to announce that the Government has therefore agreed to extend the Licence into its second exploration phase and is additionally allowing the joint venture until 30 November 2004 to finalise a work programme and complete a re-appraisal of the licence in order to select acreage to be retained in accordance with statutory requirements.

Nyuni-1, the group’s first well on the licence, established the presence of crude oil in an area previously regarded as purely gas-prone and confirmed the prospectivity of the region, providing valuable information about the potential of the permit. Aminex intends to carry out a further exploration drilling programme within the Licence. It is likely that initial work on the second phase work programme will include the reprocessing of existing seismic data and the acquisition of new seismic within the licence area.

Tanzania is witnessing an increase in exploration activity following the recent signing of three new Production Sharing Agreements by the Government; with Maurel & Prom of France and Petrobras of Brazil for areas close to the Nyuni Licence area and with the Artumas Group of Canada for the Mnazi Bay area in southern Tanzania.

Partners in the licence are:

Ndovu Resources Ltd. 60% (100% subsidiary of Aminex plc)
Petrom SA 30%
Bounty Oil & Gas NL 10%



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