Exploration company Aminex said drilling of the Nyuni-1 exploration well offshore Tanzania is making good progress, and it expects to reach the planned debth of some 3,000 metres in December of this year.
It also said its partner for development of the Nyuni field, Romania's state oil company Petrom SA, has now executed the joint operating agreement for the licence, following delays due to privatisation negotiations.
Petrom is paying 50 per cent of the cost of a two-well drilling programme to earn a 30 per cent interest in the entire Nyuni licence area.
The Nyuni permit is held under a production sharing agreement with state oil company Tanzania Petroleum Development Corp. The Nyuni licence operator is Ndovu Resources Ltd, a wholly-owned subsidiary of Aminex.
Partners in the drilling programme are Ndovu Resources with 60 per cent, Bounty Oil & Gas NL with 10 per cent and Petrom SA with 30 per cent.