Aminex Farms Out Stake in Tanzania License

Aminex PLC said that its farm-out of a 20% interest in the Nyuni / East Songo Songo license in Tanzania to Key Petroleum Ltd., announced to shareholders on 5 February 2007, has been finalized. The two outstanding conditions of the farm-out, being (1) completion of an underwriting agreement for a proposed financing by Key and (2) formal consent from the Government of Tanzania, have now been met.

Aminex also announces that East Africa Exploration has now completed its obligations under a seismic program on the Nyuni / East Songo Songo PSA at a cost of $2 million and has now earned a 10% working interest in the PSA.

Interest owners are:

--Ndovu Resources Ltd. (Aminex subsidiary), 64%
--Bounty Oil, 6%
--Key Petroleum, 20%
--East Africa Exploration, 10%

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours