DUBAI, UAE -- Under an agreement with Aminex, East African Exploration (EAX) has increased its interest in the Kenyan block L17/L18 Production Sharing Contract by 25%.
EAX is a joint venture participant in the Nyuni in Tanzania and in the L17 & 18 PSC in Kenya. The terms of agreement, which has been approved by the governments of both countries, are as follows:
• Aminex will transfer its 25% interest in L17 & 18 to EAX increasing EAX's interest to 65%
• EAX will transfer its 10% interest in Nyuni to Aminex
• Aminex will make a cash payment to EAX of $1 million
• EAX will become operator of the L17/L18 concession.
EAX plans a shallow water/TZ seismic acquisition in L17/L18 during the fourth quarter to identify new shallow water- and land-based leads prior to drilling in 2010/2011. Mombasa and its power station and crude oil refinery lie within the L17/L18 concession area, offering an immediate market for any hydrocarbons found, the company says.
EAX ups Kenyan block interest
Under an agreement with Aminex, East African Exploration (EAX) has increased its interest in the Kenyan block L17/L18 Production Sharing Contract by 25%.