Aminex to Withdraw from Tanzania PSA

- Aminex to Withdraw from Tanzania PSA

Tuesday, September 13, 2011
Aminex plc

Aminex and Key Petroleum Ltd. ('Key') currently participate 50-50 in the West Songo-Songo Production Sharing Agreement ('PSA') in Tanzania, with Key as the operating partner. Progress has been slow to date and the work program is behind schedule, creating uncertainty about the future of the PSA. As a consequence, Aminex has agreed with Key that it will withdraw from the PSA, transferring its 50% interest to Key which will then hold 100%. In exchange, Key will relinquish its 5% interest in the new 'Nyuni Area PSA' in favor of Aminex. The West Songo-Songo transfer is being submitted to the Tanzanian authorities for formal approval but the practical aspects of the transfer will be implemented immediately.

The 'Nyuni Area PSA' will replace the existing 'Nyuni-East Songo-Songo PSA', operated by Aminex's wholly-owned subsidiary, Ndovu Resources Ltd., which is now time-expired and where work obligations have been fulfilled, with two gas discoveries recorded. The new Nyuni Area PSA has already been initialed by both Aminex and the Tanzanian authorities, as previously announced, and will be formally executed by the Minister of Energy and Minerals at an appropriate time. The Nyuni Area PSA will be materially larger than the earlier one and will comprise 4 additional blocks directly to the north, as well as the area covered by the existing Nyuni-East Songo-Songo PSA. Key will retain a 5% working interest in the Kiliwani North gas development license, which was carved out from the Nyuni PSA earlier this year. Interest holdings will now be as follows:

• Nyuni Area PSA (1,690 km², including 338km² making up the 4 additional blocks)
  • Ndovu Resources (Aminex) 70%
  • RAK Gas 25%
  • Bounty Oil 5%
• Kiliwani North Development License (85 km²)
  • Ndovu Resources (Aminex) 65%
  • RAK Gas 25%
  • Bounty Oil 5%
  • Key Petroleum 5%

Aminex considers that the new acreage included in the Nyuni Area PSA will provide greater scope for establishing a new play fairway on the continental shelf which could share similarities to some of the recent deep water drilling successes.

Aminex Chairman Brian Hall commented, "Although West Songo-Songo is potentially promising acreage, we believe that our strategy of increasing our interest and acreage in the Nyuni PSA area together with our recently announced increase in our percentage interest in the Ruvuma Basin will be more effective and valuable than our existing portfolio mix."

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Gazprom Neft, Petronas Sign PSA with Cuba on 4 Offshore Blocks

- Gazprom Neft, Petronas Sign PSA with Cuba on 4 Offshore Blocks

Monday, August 01, 2011
Dow Jones Newswires
MOSCOW
by Alexander Kolyandr

Gazprom Neft, which is controlled by state gas company Gazprom, said Monday it has signed a product-sharing contract on four blocks in the Gulf of Mexico offshore Cuba with Petronas, the Malaysian national oil company, and Cubapetroleo, the Cuban national oil company.

Following the signing, Gazprom Neft becomes a party in the contract and acquires 30% stake in the project, while Petronas retains 70% in the project. Prior to the agreement Petronas had a 100% stake in the project.

In October 2010, Gazprom Neft and Petronas signed the Farm-out Agreement

"This partnership with Petronas will help Gazprom Neft to enforce its competence in the sphere of deep water development and expand its expertise in projects outside of Russia," Alexander Dyukov, chairman of Gazprom Neft management board said.

Apart from Cuba, Gazprom Neft participates in international exploration and production projects in Iraq, Equatorial Guinea, Venezuela and--through its Serbian affiliate company--in Angola, Romania and Hungary.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Black Elk Finalizes PSA in GOM

- Black Elk Finalizes PSA in GOM

Monday, June 06, 2011
Black Elk Energy Offshore Operations, LLC

Black Elk has closed on its Purchase & Sale Agreement with a private equity company to acquire 40 fields with current production of approximately 8,200 net BOEPD. This acquisition includes a geographically diversified set of Gulf of Mexico assets with significant proved non-producing and proved undeveloped opportunities. This transaction represents the eighth acquisition by Black Elk since 2008. The purchase includes 399 wells, with an estimated 20 net million barrel equivalent of proven reserves.

"This acquisition shifts Black Elk Energy into the next level within the oil and gas industry. Black Elk has once again doubled in size within a very short time frame and this acquisition moves us into the top Quartile of Private E & P producers within the United States," said John Hoffman, President and CEO of Black Elk Energy. "Though I see continued growth for our company, our level of commitment to safety and the environment will not change as our portfolio expands. We will continue to apply our experienced exploitation skills to our enhanced asset base while fully-employing our operating expertise. This acquisition is a step forward in Black Elk's focus within the Gulf of Mexico and is consistent with our pledge to deliver resources to satisfy America's growing energy needs." Future drilling and recompletion projects within these new fields and current properties within Black Elk's asset portfolio hold substantial resource potential for the company and highlight a very positive road ahead.

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Azerbaijan Parliament Ratifies Shafag-Asiman PSA

Azerbaijan Parliament Ratifies Shafag-Asiman PSA

Tuesday, May 10, 2011
BP plc

On May 6, the Parliament of the Republic of Azerbaijan ratified the new production sharing agreement (PSA) between BP and SOCAR on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea, BP reported Tuesday.

Rashid Javanshir, BP's Regional President, said: "We are particularly pleased that the PSA was ratified by a unanimous vote. This is a good demonstration of the country's acknowledgement of BP's track record here and trust in our long-term commitment to Azerbaijan. We look forward to working in partnership with the State Oil Company of Azerbaijan (SOCAR) to expand our mutual cooperation in exploration and development."

The ratification follows the signing of the PSA in Baku in October, 2010. Under the PSA, which is for 30 years, BP Exploration (Azerbaijan) Limited will be the operator with 50 percent interest while SOCAR will hold the remaining 50 percent equity.

The block lies some 125 kilometers (78 miles) to the SE of Baku. It covers an area of some 1,100 square kilometers and has never been explored before. It is located in a deepwater section of about 650-800 meters with reservoir depth of about 7000 meters.

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Aminex Receives Extension for Nyuni PSA

Aminex Receives Extension for Nyuni PSA

Thursday, April 14, 2011
Aminex plc

Aminex has received a formal extension of 6 months to the Nyuni East Songo-Songo Productions Sharing Agreement (Nyuni PSA) from the Tanzanian Ministry of Energy and Minerals. This extension is to cover the likely eventuality that the Nyuni-2 well, due to be spudded in the next few weeks, will not be completed within the life of the existing Nyuni PSA which expires this year.

As announced on April 12, the Minister of Energy and Minerals has now signed a 25-year Development License for the Kiliwani North Gas Field. This license area has been carved out from the Nyuni PSA. Terms for a new and expanded PSA to replace the expiring Nyuni PSA have been negotiated and agreed and are expected to be formally concluded in due course.

Aminex chairman Brian Hall commented, "We are very grateful for the co-operation we have received from the Tanzanian authorities in facilitating completion of our current drilling program and we are looking forward to continuing activity in this interesting part of the East African coastal margin."

The Nyuni PSA is held as follows:

* Ndovu Resources Ltd. 65% (operator)
* RAK Gas Commission 25%
* Bounty Oil 5%
* Key Petroleum 5%