Offshore staff

LONDON, UK -- Aminex has signed a PSC with the Minister of Energy in Kenya. The PSC covers two contiguous near-shore blocks with a combined surface area of just under 5,000 sq km (1,930 sq mi). The blocks, designated L17 and L18, are centered on the port city of Mombasa, stretching between the Tanzanian border and the Kenyan coastal town of Kilifi.

Aminex and its partners previously held a technical evaluation agreement for L17 and L18 and have already acquired new 2D marine seismic. According to the company, a seabed core sampling operation has also been conducted, which has revealed encouraging shows of hydrocarbons.

The PSC is for seven years, with an obligation to acquire seismic in an initial two-year period, and drilling commitments in subsequent periods. This is the first time that a technical evaluation agreement in Kenya has been converted to PSC status and the first time that a Kenyan company (partner SomKen Ltd.) has embarked on frontier exploration in the country, according to Aminex.

Aminex is the nominated operator of this PSC with a 25% share. Partners are SomKen Ltd. (35%) and East African Exploration Ltd. (40%).

"While other countries in the East African region have recently witnessed an unprecedented boom in exploration activity, Kenya has been relatively quiet," says Brian Hall, chairman of Aminex. "Our exploration targets in L17 and L18 are a logical extension of the work we are already doing in Tanzania and Madagascar and we are very pleased to have signed this PSC with the Kenyan Minister today."

10/25/2007