Aminex drilling progresses

EXPLORATION company Aminex reported good progress in its drilling operations off the coast of Tanzania yesterday. The oil and gas company, which is listed on the Dublin and London stock exchanges, also announced it had reached agreement with its joint venture partner in Tanzania, Petrom, over the operation of its licence in an area near the island of Nyuni.

Petrom, Romania’s state oil company, will pay 50% of the cost of drilling and will receive 30% of the interest in the area covered by the licence. The licence is held under a production sharing agreement with the Tanzania Petroleum Development Corporation, the local state oil and gas company.

Aminex said drilling would reach the target depth of three kilometres below the seabed next month.

Davy stockbrokers said Aminex’s share price would benefit considerably if the drilling programme began to show signs of results. The company's share price is 74% ahead in the year to date but was unchanged in yesterday’s trading at 33c, valuing the company at €30m.