Aminex Inks PSA in Egypt for West Esh El Mellaha Area
Aminex has signed a Production Sharing Agreement (PSA) for Onshore Block 2 in the West Esh El Mellahah area ('WEEM') in upper Egypt at a formal signing ceremony with the Egyptian Minister of Petroleum on September 17th. This concession had previously received presidential and parliamentary approval, as announced to shareholders, but today's signing marks the start of the first concession period.
The license has been awarded to Aminex Petroleum Egypt Ltd., in which Aminex PLC has a 10% working interest.
Speaking from Cairo yesterday, Aminex Chief Executive Brian Hall said:
'This concludes a lengthy process of concession finalization and we are very pleased now to be able to start work on WEEM. The first exploration period calls for three exploration wells. There is existing, modern 3D seismic data already available on Block 2 and it is likely that early drilling can be accomplished, two wells being scheduled for 2007 subject to any operating constraints. We regard WEEM as a very prospective area for hydrocarbons and in addition we are in early stage negotiations on other exploration blocks in Egypt.'
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