Aminex Lands Key Petroleum PSA in Tanzania

Aminex PLC announced the award of a further Production Sharing Agreement in Tanzania.

This new offshore PSA, known as Songo-Songo West, is adjacent to the western boundary of the producing Songo-Songo gas field and close to Aminex's recent gas discovery at Kiliwani North, currently under test.

The new PSA is held 50% by Ndovu Resources Ltd., an Aminex wholly-owned subsidiary, and 50% by Funguo Petroleum Pty Ltd., a wholly-owned subsidiary of Key Petroleum of Australia. Key, an existing 20% joint-venture partner with Aminex in the nearby Nyuni PSA which includes the Kiliwani North discovery, has been nominated operator of the new PSA for Songo-Songo West.

Songo-Songo West covers an area of 504 square kilometers and benefits from comprehensive, existing seismic coverage. The full PSA term is for eleven years and there is an obligation to drill one firm well in a first three year period.

"Songo-Songo West is a logical extension of our existing interests in Tanzania and we have been pursuing it for some time," said Aminex Chairman Brian Hall. "Based on extensive knowledge we have gained through exploring the region over several years we consider that the new PSA has high potential for the discovery of commercial quantities of hydrocarbons. We appreciate this further co-operation with Tanzania's state oil company, TPDC, and with the Tanzanian Ministry for Energy and Minerals. We are also pleased to be expanding our relationship with Key, which proved to be a strong and technically competent partner in our recent drilling campaign at Nyuni."


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