Aminex signs PSC in Kenya

Oct 25, 2007 02:00 AM

Aminex has signed a Production Sharing Contract (PSC) with the Minister of Energy in Kenya. The PSC covers two contiguous near-shore blocks designated L17 and L18, partly onshore but mostly offshore, centred on the port city of Mombasa and stretching between the Tanzanian border and the Kenyan coastal town of Kilifi, with a combined surface area of just under 5,000 sq km.
Aminex and its partners previously held a Technical Evaluation Agreement for L17 and L18 and have already acquired new 2D marine seismic.

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) has embarked on frontier exploration in the country.

Aminex is the nominated operator of this PSC with a 25 % share. Aminex’s partners are SomKen (35 %) and East African Exploration (40 %).
Aminex Chairman Brian Hall commented: "While other countries in the East African region have recently witnessed an unprecedented boom in exploration activity, Kenya has been relatively quiet. 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."

Source / Aminex PLC
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