Preparations Underway at Aminex's Rovuma Well

Aminex announced important progress on preparations to drill the Ntorya-1 exploration well in the Ruvuma Production Sharing Agreement ("Ruvuma PSA") Area in southern Tanzania.

The Ntorya-1 drill site was completed at the end of October and the rig camp is now fully installed. The Caroil-6 rig contracted for the well has been barged from its previous location on Nyuni Island to the southern port of Mtwara and is currently being trucked 30 kilometers to the drill site. The well is expected to spud in the second half of December and to reach the main target around 30 days from spud.

Ntorya-1 is located onshore in the Mtwara license 14 kilometers south of the Likonde-1 well, which was drilled in 2010 and proved the presence of an active petroleum system in the onshore Ruvuma Basin. Ntorya-1 will be drilled to a planned total depth of 2026m and targets the same high quality Basal Tertiary and Upper Cretaceous sands encountered in the Likonde-1 well.

Aminex estimates a 20% probability of discovering hydrocarbons in the Ntorya prospect, with a mean recoverable resource potential of 100 million barrels of oil equivalent.

Partners are: Ndovu Resources Ltd. (Aminex), operator, 56.25%, Tullow Tanzania B.V., 25%, Solo Oil PLC, 18.75%.