The Farmout Agreement provides for Hardman to earn a 50% interest in the Ruvuma Production Sharing Agreement (“PSA”) in exchange for funding 100% of the costs of an onshore 2D seismic survey, at an estimated cost of US$3,000,000. On completion of the earning commitment the interests in the PSA will be:

Ndovu 50%

Hardman 50%

334 kilometres of new 2D marine seismic were acquired within the PSA area by Aminex in 2005 and the additional onshore seismic to be acquired by Hardman will add significant value to the PSA area. The onshore seismic survey is expected to consist of approximately 500 kilometres of data and is scheduled to be carried out during 2006 with a view to firming up drilling targets for the joint venture’s first exploration wells in this area.

The PSA is located approximately 500 km south of Dar es Salaam along the Mozambique border and comprises the Mtwara and Lindi licences, covering a total area of 12,360 square kilometres over the onshore and near shore Tanzanian part of the Ruvuma Basin. The PSA is adjacent to the Mnazi Bay gas field currently under commercial development. Prior to the award of the PSA to Aminex in late 2005 less than 1,400 kilometres of seismic data had been recorded. Several leads have been identified by previous operators over the PSA area, some with potential reserves in excess of 100 million barrels.

Initial targets will be Tertiary and Cretaceous reservoirs, expected at depths of 1,000 – 3,000 metres. Oil seeps have been recorded in the area.

The Mozambique portion of the Ruvuma Basin attracted significant interest in a recent bidding round and all five blocks offered for exploration were fully subscribed with substantial work commitments.

Hardman is an Australian oil and gas company listed on the Australian Stock Exchange Limited and on the AIM market in London. It has established itself as Australia’s fifth largest oil exploration and production company, and is currently the seventh largest company on AIM in terms of market capitalisation. Hardman has projects in five countries and a major presence in the emerging offshore Mauritania petroleum province.

The Farmout is subject to formal approval from the Tanzanian government.

Commenting, Aminex Chief Executive Brian Hall said: "We are very pleased to have reached this agreement and welcome Hardman to Tanzania and as our partner in the Ruvuma Basin. Hardman brings additional African experience to the joint venture and its recent successes in Uganda are particularly relevant. We are confident that Hardman will make a significant technical contribution to the joint venture and we very much look forward to working with them on this exciting project".