Aminex Says Nothing Significant at Kiliwani-1 Yet

Aminex provides an update on the Kiliwani-1 well on the Nyuni / East Songo-Songo license offshore Tanzania.

A 12-1/4" directional pilot hole has now been drilled to 1,322 meters measured depth (1,147 meters true vertical depth) and the hole is currently being opened from 12-1/4" to 17-1/2" at a depth of 590 meters in preparation for running 13-3/8" surface casing. The well is proceeding satisfactorily on schedule and the target drilled depth is approximately 2,500 meters.

Contrary to reports, but as expected by Aminex, the well has not so far encountered any significant hydrocarbon shows. At this stage, it is far too early to make any prognosis on the outcome of the well. Further reports will be provided as soon as it is appropriate to do so.

The Kiliwani-1 well is being operated by Aminex's wholly-owned subsidiary Ndovu Resources Ltd. on behalf of a five company consortium. Joint venture partners are:

Ndovu Resources Ltd. (Aminex) 39% (operator); Key Petroleum Ltd. 20%; RAK Gas Commission 25%; East African Exploration Ltd. 10%; Bounty Oil & Gas NL 6%