Red Sea Petroleum Starts Exploration for oil in Egypt

Source: www.oilegypt.com 9/23/2004, Location: Africa

In September 2004 Aminex signed a bidding agreement with First Energy Ltd. of Dubai, together with First Energy’s local Egyptian partners to create a company called Red Sea Petroleum Ltd. (“Red Sea”) in which Aminex will initially have a 55% interest.

Red Sea has identified several interesting application areas in Egypt and is currently working on acreage applications. Under the agreement with First Energy, Aminex will carry out technical work with the option to limit its financial exposure to a fully carried interest of 10% in any acreage awarded if it so chooses or elect to keep a 40% interest. The agreement has been structured in this way to avoid binding new obligations at a time of financial stringency.



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