Aminex: Ruvuma Drilling Program To Begin This Week

Likonde-1, the first well to be drilled on the Ruvuma PSA in Tanzania, is due to be spudded on 7 January 2010 and drilled to a programmed total depth of 3,200 meters. Drilling time is estimated to be around two months, subject to any operational delays which can occur in a remote frontier area.

The Likonde prospect is a robust faulted rollover structure with the potential for 500 million barrels of oil in place and estimated P10 recoverable reserves in excess of 150 million barrels of oil, risked by Aminex at a 1 in 4 chance of success. The Likonde-1 well will test multiple targets in the Tertiary, Cretaceous, and Permo-Trias Karoo intervals.

A further announcement will be made to confirm that the well has actually been spudded. Pursuant to a recent farm-out, finalisation of which was announced on 15 December, interests in Likonde-1 are Tullow Oil (operator) 50%, Aminex 37.5% and Solo Oil PLC 12.5%.