Aminex Granted Nyuni East Songo-Songo PSA Extension

Source: www.gulfoilandgas.com 4/14/2011, Location: Africa

Aminex PLC is pleased to announce that it has received a formal extension of 6 months to the Nyuni East Songo-Songo Productions Sharing Agreement (Nyuni PSA) from the Tanzanian Ministry of Energy and Minerals. This extension is to cover the likely eventuality that the Nyuni-2 well, due to be spudded in the next few weeks, will not be completed within the life of the existing Nyuni PSA which expires this year.

As announced on 12 April, the Minister of Energy and Minerals has now signed a 25-year Development Licence for the Kiliwani North Gas Field. This licence area has been carved out from the Nyuni PSA. Terms for a new and expanded PSA to replace the expiring Nyuni PSA have been negotiated and agreed and are expected to be formally concluded in due course.

Aminex chairman Brian Hall commented: "we are very grateful for the co-operation we have received from the Tanzanian authorities in facilitating completion of our current drilling programme and we are looking forward to continuing activity in this interesting part of the East African coastal margin".

The Nyuni PSA is held as follows: Ndovu Resources Ltd. (65%) (operator), RAK Gas Commission (25%), Bounty Oil (5%), Key Petroleum (5%).


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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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