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Aminex PLC (AEX.LN), an independent oil company listed with exploration and development assets in the emerging hydrocarbon province of East Africa, said Monday it has resumed drilling at the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania.
-A 7-inch liner has been run to total depth of 2,750 meters and drilling is proceeding at 2,845 meters to investigate a prominent seismic event at 3,000 meters.
-After reaching total depth and logging, a test program will be carried out once the rig has been moved off location.
-As previously announced, Tullow Oil PLC (TLW.LN) elected not to participate in the deepening of the Ntorya-1 well below 2,500 meters and a deed of assignment was executed amongst Aminex, Solo Oil PLC (SOLO.LN) and Tullow.
-Government of Tanzania has now given their consent to the assignment and Tullow's 25% working interest has now been transferred pro-rata to Aminex and Solo, bringing their interests to 75% and 25% respectively.
-Aminex and Solo have committed to the first extension period of the Ruvuma PSA with an active program of seismic acquisition planned for later in 2012.
-Having increased their respective interests in the Ruvuma PSA, Aminex and Solo have agreed to seek partners to participate in the ongoing evaluation of the PSA area, including the 676 km(2) offshore area of the Ruvuma PSA immediately adjacent to BG/Ophir Block 1.
-Aminex shares in London at 1210 at up 1 pence, or 13%, at 5.69 pence valuing the company at GBP41.26 million; Solo Oil shares up 5% at 0.63 pence valuing the company at GBP15.35 million.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; firstname.lastname@example.org