Aminex Takes on Partner for Tanzania Development

Aminex has established a strategic partnership for development of its interests offshore Tanzania. The Company's wholly-owned Tanzanian subsidiary Ndovu Resources Ltd. has signed a farm-in agreement with Petrom SA. Under the agreement Petrom will pay 50% of all costs of drilling and completing the two wells to earn a 30% working interest in the licence. The 100% cost of the two well program is estimated to be $15 million.

In addition to the farmin agreement, Aminex and Petromar, have executed heads of agreement for the use of Petromar's jackup, Atlas to drill the two wells on Nyuni. A definitive drilling contract is due to be executed no later than January 31, 2003 and the Atlas is scheduled to leave the Romanian port of Constanza during the first week of February 2003 with a view to being ready to spud the Nyuni #1 well in late March. The initial license term and well commitments for Nyuni expire in May 2003 but Ndovu has applied to the government of Tanzania for an extension of the license to cater for the new timetable and anticipates an early and favorable response.

It has taken longer to reach this point than initially estimated. However Aminex is pioneering a new drilling initiative in offshore Tanzania and considers it essential that such a program is carried out properly and on the most advantageous terms possible for the company's shareholders. Aminex believes that the agreements with Petrom and Petromar will help to ensure this.

Commenting on the announcement, Aminex Chief Executive Brian Hall said: 'We are very pleased to have established this partnership with Petrom which is an experienced international company. Having held an international drilling tender earlier in the year we have carefully reviewed all the drilling options for Nyuni and conclude that a jack-up rig is the most effective and appropriate option for drilling in this area. We consider that the two prospects to be drilled at Nyuni represent first class exploration opportunities for Aminex.'


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