AMINEX, THE Dublin-listed oil exploration company, has signed a production-sharing agreement to explore an area of the seabed larger than Switzerland off the coast of North Korea.

Aminex, listed in London and Dublin, has formed a company, Korex, to pursue the project jointly with Chosun Energy, a Singapore-listed company that identifies New York-based fund manager James Passin as one of its directors, according to a filing with Singapore’s Accounting and Corporate Regulatory Authority.

Officials from North Korea’s state oil company travelled to London two weeks ago to conclude the 10-year contract.

Brian Hall, chairman of Aminex, acknowledged the contract had been concluded at a sensitive time given the rising tensions between Seoul and Pyongyang, but stressed he had opened ties with energy-starved North Korea in 1998. Since then, securing output rights from an exploration block had been “stop-go”. (Copyright The Financial Times Limited 2010)