Aminex Gets Government Approval for Tanzanian Farm-In

Source: www.gulfoilandgas.com 2/24/2011, Location: Africa

Aminex PLC announces that it has received formal approval from the Tanzanian Ministry of Energy and Minerals to acquire an additional 15% working interest from Key Petroleum Ltd. in the Nyuni East Songo-Songo Production Sharing Agreement (Nyuni PSA) offshore Tanzania.

The agreement with Key was announced on 4 February 2011 and was subject only to this single condition. Aminex is acquiring the additional 15% interest through undertaking to pay 20% of the costs of drilling the Nyuni-2 well, due to be spudded in April this year.

After the farm-in, Aminex (operator) will have a 65% interest in the Nyuni PSA, held through its wholly-owned subsidiary Ndovu Resources Ltd., including existing gas discoveries. Other interests in the Nyuni PSA will be: RAK Gas Commission 25%, Key 5% and Bounty Oil & Gas Pty Ltd. 5%.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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