Exploration company Aminex has set up a new strategic partnership for the development of its interest off the coast of Tanzania with the state oil company of Romania, Petrom.
Under the terms of the deal with Aminex's wholly owned Tanzania subsidiary Ndovo, Petrom will pay 50% of all the costs of drilling and completing the two wells of Tanzania to earn a 30% working interest in the licence. The exploration of the wells is expected to cost $15 million.
Aminex and Petromar, a subsidiary of Petrom, has also agreed to use Petromar's jack-up rig 'Atlas' to drill the two wells at Nyuni. A definitive drilling contract is expected to be drawn up by the end of January and the Atlas rig is expected to leave Romania during the first week of February with a view to being ready to start work on the Nyuni well in late March.
The initial licence term and well commitments for Nyuni expire in May 2003, but Ndovo has applied to the Tanzanian government for an extension and Aminex said it anticipates an early, and favourable, response.
Aminex chief executive Brian Hall said the company was pleased to have established the partnership with Petrom. 'Having held an international drilling tender earlier in the year, we carefully reviewed all the drilling options for Nyuni and conclude that a jack rig is the most effective and appropriate option for drilling in this region,' he said.
'We consider that the two prospects to be drilled at Nyuni represent first class exploration opportunities for Aminex,' he added.
