Results Encouraging for Prelim Tanzania License Results - Aminex

New seismic acquired in summer 2009 to define the Kiliwani North discovery in Tanzania is being integrated into reprocessed data covering the remainder of the Nyuni license and the preliminary results of the broader exercise are extremely encouraging for the unexplored prospects on this license. Aminex increased its interest in Nyuni from 40% to 50% in summer 2009 and the Nyuni Joint Venture has now voted to drill an exploration well in about one year's time.

Aminex is not yet in a position to quantify the Kiliwani North discovery but should be able to do so in the first quarter of 2010. Kiliwani North-1 flowed gas at 40 million cubic feet per day (equivalent to approximately 6,000 barrels of oil per day using the industry standard conversion factor) in 2008 under full production test conditions. Gas commercialisation terms have now been agreed in principle with the Tanzanian authorities and are likely to be finalised early in 2010 while approval for plant upgrading to handle Kiliwani North gas is still awaited. Kiliwani North is still held under an appraisal license and when appraisal is complete a development license will be applied for.


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