Aminex Inks New Productions Sharing Agreement in Tanzania

Aminex's subsidiary, Ndovu Resources Ltd, has signed a Production Sharing Agreement in Tanzania with the Tanzanian Minister of Energy and Minerals and the Tanzanian state oil company, Tanzania Petroleum Development Corporation ('TPDC').

The PSA is in the Ruvuma Basin area of southern Tanzania, partly onshore and partly offshore. The Ruvuma River is Tanzania's southern border with Mozambique and on the Mozambique side there is a current international licensing round in progress. Aminex's new PSA is adjacent to Tanzania's Mnazi Bay gas field development.

This Ruvuma Basin acreage was previously held by Ndovu Resources Ltd. under a Technical Evaluation Agreement.

The PSA is divided into two areas, Mtwara and Lindi, with a combined surface area of approximately 12,000 square kilometers. The PSA is for an initial four year term with options to extend for two further periods of four and three years respectively. In the initial term there is a commitment to shoot 250 kilometers and drill one new well in each permit.

Aminex is hoping to take advantage of the presence of a seismic vessel in the region and shoot new seismic over the offshore areas of the PSA as soon as possible, subject to contractual arrangements, with a view to making rapid progress on the exploration of this area.

Commenting on the award Aminex Chief Executive Brian Hall said: 'Conversion of the large Ruvuma Basin permit to PSA status further strengthens our portfolio. Together with the Nyuni license, now partly farmed-out and with new seismic acquisition in progress, and a recent license award onshore Madagascar, Aminex now has a significant position on the East African margin'.