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Ad-hoc Report - Petrom SA and Ndovu Resources Limited (“Ndovu”), a subsidiary of Aminex PLC, have agreed to resolve the dispute with regard to drilling costs of the Nyuni-1 well offshore in Tanzan

In compliance with Regulation no. 2/1996

Date of report: February 22, 2005
Name of issuer: PETROM S.A.
Headquarters: Bucharest, 239 Calea Dorobantilor, district 1
Telephone/fax number: 021 4060101/021 4060436
Sole registration number at the Trade Register Office: 1590082
Fiscal attribute: R
Trade Register Number: J 40/8302/1997
Share capital: 5,600,050,607.8 RON
Regulated market on which the issued shares are traded: Bucharest Stock Exchange

We would like to inform you that Petrom SA and Ndovu Resources Limited (“Ndovu”), a subsidiary of Aminex PLC, have agreed to resolve the dispute with regard to  drilling costs of the Nyuni-1 well offshore in Tanzania drilled in late 2003 / early 2004.

Under the terms of a formal settlement agreement (1) Petrom will pay Ndovu the sum of US$ 3,400,000 with respect to past costs due for the Nyuni-1 well (2); Petrom will pay Ndovu the sum of US$1,275,000 in settlement of all of its  other obligations as a joint-venture partner for the Nyuni project. Ndovu is simultaneously withdrawing all legal claims against Petrom in the English High Court. Petrom will have no further obligations or claims under the Nyuni Farm-in and Nyuni joint operating agreements. Ndovu is providing an option expiring on June 30, 2006 for Petrom to rejoin the Nyuni project.

NOTE:

  • Aminex PLC is an oil and gas company listed in London and Dublin.
  • Nyuni is a license area offshore in Tanzania, acquired by Aminex as a consequence of the acquisition of Tanzoil NL in February 2002.
  • Nyuni-1 was drilled to a depth of 3,900 m and was the first new offshore exploration well in Tanzania for many years.