Aminex Subsidiary Wins Exploration License in Egypt
Aminex says that Red Sea Petroleum Ltd., in which it has a 51% shareholding, has been awarded an onshore exploration license close to Egypt's Red Sea coast, pursuant to the Egyptian government's 2005 First International Bidding Round.
The license area is known as West Esh El Mellaha ('WEEM') and covers 1,328 square kilometers. It is close to significant existing oil production and has been awarded in a competitive bidding situation. The license will be held under a Production Sharing Contract which will call for exploration drilling during the first three year period of the contract.
Other shareholders in Red Sea are: Petrosino Ltd., First Energy Pty. Ltd. and FS International Corp. Financing arrangements for the work program are subject to negotiation between Red Sea's shareholders following formal execution of the PSC and will be disclosed when finalized.
Commenting, Aminex Chief Executive Brian Hall said: 'We are very pleased to have been awarded acreage in this very promising area following the creation of Red Sea in 2004. The WEEM permit is a valuable addition to Aminex's African exploration portfolio.'
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