Aminex updates Nyuni No. 1 well

Aminex's drilling project offshore Tanzania is on course and the first well, Nyuni No. 1, is to be spudded in August. Nyuni No. 1 will be the first offshore exploration well in Tanzania for 12 years. The Dafora F200 rig, to be transported from Romania to Tanzania, has now passed inspection and shipping details are being finalized.

Aminex's drilling project offshore Tanzania is on course and the first well, Nyuni No. 1, is to be spudded in August. Nyuni No. 1 will be the first offshore exploration well in Tanzania for 12 years. The Dafora F200 rig, to be transported from Romania to Tanzania, has now passed inspection and shipping details are being finalized.

Aminex is negotiating contracts for supplies, equipment, and personnel. The Nyuni No. 1 location, close to the Songo Songo gas field and the Songas pipeline system, is to be drilled to a total depth of 3,050 m to test the Neocomian formation.

"Aminex is focused on its drilling program over the Nyuni license offshore Tanzania and on the expansion of its natural gas business in the USA, where high prevailing gas prices being achieved are currently almost double the average price achieved in the year 2002," said a company spokesperson at the annual meeting.

In the US, the Sabine Lake State Tract No. 8-1 well, originally drilled as a discovery in late 2001, came on production on June 10 following completion of complex production facilities and is producing 6 MMcf/d of gas and 608 b/d on a restricted choke. Aminex has a 10.67% interest in this lease where further drilling is anticipated. Production is restricted at present due to existing pipeline capacity but will be materially increased over the next few weeks.

06/19/03

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