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%.

Offshore staff

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.

09/11/2009

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