Another Mining News:
Aminex get exploration rights in Madagascar
18/10/2005 - 07:45:47
ISEQ-listed exploration company Aminex has been awarded onshore exploration acreage in Madagascar.
Aminex, with partner Mocoh Resources Ltd, has been awarded the rights to Block 3108, known as Manja, on the west coast of Madagascar, which covers an area of 10,725 square kilometres.
The rights to this block are held through a production sharing agreement between OMNIS, the Madagascar state oil and mining organisation and Amicoh Resources Ltd, a newly formed company in which Aminex and Mocoh each hold an equal number of shares and through which shareholders will fund exploration activity in equal proportions.
Mocoh is an active African petroleum group with existing assets and distribution operations in a number of countries including Madagascar.
Several wells have been drilled in the past on Manja, some of which found significant shows of oil and gas without the benefit of modern seismic and other exploration tools available today.
The geology is similar to the east coast of Tanzania, where Aminex is already a well-established explorer.
A number of international oil and gas companies have become active in Madagascar recently, including Exxon-Mobil, Norsk-Hydro, Vanco, Sterling Energy, Vuna Resources and Sun-Pec.
The Manja PSA calls for seismic in an initial two-year period followed by exploration drilling in subsequent periods.
The effective commencement date of the PSA will be upon the signing of a Presidential decree, estimated to take place in 30 to 45 days’ time.
Aminex chief executive Brian Hall said: "We are very pleased to have secured the exploration rights to this interesting block and to be participating in Madagascar's fast-growing exploration effort."
18/10/2005 - 07:45:47
ISEQ-listed exploration company Aminex has been awarded onshore exploration acreage in Madagascar.
Aminex, with partner Mocoh Resources Ltd, has been awarded the rights to Block 3108, known as Manja, on the west coast of Madagascar, which covers an area of 10,725 square kilometres.
The rights to this block are held through a production sharing agreement between OMNIS, the Madagascar state oil and mining organisation and Amicoh Resources Ltd, a newly formed company in which Aminex and Mocoh each hold an equal number of shares and through which shareholders will fund exploration activity in equal proportions.
Mocoh is an active African petroleum group with existing assets and distribution operations in a number of countries including Madagascar.
Several wells have been drilled in the past on Manja, some of which found significant shows of oil and gas without the benefit of modern seismic and other exploration tools available today.
The geology is similar to the east coast of Tanzania, where Aminex is already a well-established explorer.
A number of international oil and gas companies have become active in Madagascar recently, including Exxon-Mobil, Norsk-Hydro, Vanco, Sterling Energy, Vuna Resources and Sun-Pec.
The Manja PSA calls for seismic in an initial two-year period followed by exploration drilling in subsequent periods.
The effective commencement date of the PSA will be upon the signing of a Presidential decree, estimated to take place in 30 to 45 days’ time.
Aminex chief executive Brian Hall said: "We are very pleased to have secured the exploration rights to this interesting block and to be participating in Madagascar's fast-growing exploration effort."
posted by Teboka at
5:21 PM
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