Aminex Says Nyuni-1 Well in Tanzania Reaches Total Depth

Drilling on the Nyuni-1 well has now been completed to a Total Depth of 3,895 meters, finishing in the Upper Jurassic formation. The target formation was the Lower Cretaceous Neocomian sandstone of which approximately an 1,100 meter section has been identified in the well. Wireline log and Repeat Formation Test data have now been successfully acquired after earlier difficulties and provide encouraging indications for hydrocarbons despite the geologically complex nature of the formation.

The next stage is to conduct a series of downhole tests, using a Modular Formation Dynamics Tester tool ('MDT') to provide information on the extent of net sand intervals, the nature of the formation fluids and properties of the reservoir rocks. The MDT arrived in Dar es Salaam on April 6th and will be mobilized to Nyuni Island as soon as Tanzanian Customs formalities have been completed.

Results of geochemical analysis conducted on down-hole samples are consistent with the theory of a wide-spread oil-mature source rock offshore Tanzania.

A further announcement will be made when the results of the MDT test are known.

Partners in the Nyuni block are Ndovu Resources, a subsidiary of Aminex, as operator with a 60% stake; Bounty Oil & Gas with 10% and Petrom SA with 30%.