Petrom Signs Nyuni Joint Operating Agreement

Petrom has now executed the joint operating agreement for the Nyuni license, offshore Tanzania. As previously advised to shareholders Petrom was delayed in executing this agreement earlier due to privatization negotiations. Petrom is paying 50% of the cost of a two well drilling program to earn a 30% interest in the entire Nyuni licence area. The Nyuni permit is held under a Production Sharing Agreement with Tanzania Petroleum Development Corporation, the state oil company of Tanzania.

The Nyuni license operator is Ndovu Resources Ltd., a wholly-owned subsidiary of Aminex. Partners in the drilling program are Ndovu Resources Ltd. (60%), Bounty Oil & Gas NL (10%) and Petrom SA (30%).

The first well in the program, the Nyuni-1 exploration well which is drilling from Nyuni Island, is making good progress. The well is drilling ahead in 9-7/8' hole after reaching a depth of 1,890 meters subsea in Palaeocene/Upper Cretaceous shale and setting 10-3/4' casing, as planned.

The primary target for this well is the Neocomian formation, the reservoir formation in the adjacent Songo Songo gas field. Top Neocomian is expected at approximately 2,350 meters subsea. Total depth for Nyuni-1 is planned to be approximately 3,000 meters subsea and is expected to be reached in December 2003.

Nyuni-1 is the first of two sequential wells being drilled on the Nyuni offshore license using an F200 rig owned by Dafora Drilling of Romania. The second well, Okuza-1, will test a separate but adjacent structure and will be drilled from nearby Okuza Island.

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