DPRK

In 2004, Aminex signed a Petroleum Co-operation Agreement with the government of the Democratic Peoples Republic of Korea (North Korea). Under this Agreement, Aminex provides technical, commercial and legal support to the government in its efforts to construct an international oil and gas exploration and production industry. In return for providing these services, Aminex enjoys the rights of first choice for the licensing of new exploration areas.

Since the 2004 Agreement was signed North Korea has been through a period of turbulent change which has had the effect of slowing down progress in the oil and gas sector.

In 2010 Aminex sold a 50% stake in Korex Ltd, a subsidiary holding its Korean interests, to Chosun Energy. Subsequently Korex Ltd signed a new PSC for the Korean East Sea, shallow and deep water, covering 50,680 km². The exploration period of the PSC is 10 years and requires new marine seismic in an initial 2 year period.