Aminex PLC Ntorya Appraisal Area - Material Resource Upgrade (0563D)
24 April 2017 - 4:00PM
UK Regulatory
TIDMAEX
RNS Number : 0563D
Aminex PLC
24 April 2017
24 April 2017
Aminex plc
("Aminex" or "the Company")
Ntorya Appraisal Area - Material Resource Upgrade
Aminex is pleased to report a material increase in its estimate
of gas initially in place ('GIIP') in the Ntorya appraisal area,
Tanzania. The potential of the Ntorya appraisal area, a component
of the Ruvuma PSA operated by Aminex, has been successfully tested
by two gas wells. The Company now considers that the Ntorya
appraisal area has Pmean GIIP of 466 Billion Cubic Feet ('BCF'),
being a three-fold increase over the previous estimate of 153 BCF
which was audited by LR Senergy in May 2015. The upgraded resource
follows the drilling and testing of the Ntorya-2 appraisal well
earlier this year which encountered a net pay zone of 31 metres and
tested gas at an average flow rate of 17MMscd on a 40/64'
choke.
Highlights:
-- Pmean GIIP increase to 466 BCF from 153 BCF
-- P90 GIIP increase to 62 BCF from 31 BCF
-- P10 GIIP increase to 1.13 TCF from 332 BCF
These management estimates cover the Ntorya appraisal area only
and do not include the potential of the adjoining exploration
acreage. The Company is currently updating its basin model in order
to optimise the likelihood of intersecting the maximum
stratigraphic reservoir sections and to target potentially liquid
hydrocarbons bearing reservoirs in future wells, including
Ntorya-3.
Aminex is currently in the process of applying for a 25-year
development licence and is working directly with the Tanzanian
Government to fast-track gas production for the benefit of the
Company's shareholders and the Tanzanian national economy.
Jay Bhattacherjee, CEO of Aminex, commented:
"A tripling of resources in the Ntorya appraisal area is clearly
excellent news for shareholders and partners and highlights that
the Ruvuma PSA is a basin that is of national importance for
Tanzania. We continue to work directly with the Government to gear
the near-term work programme to fast track production to both local
industry and ultimately into the national pipeline."
Ends
For further information, please contact:
Aminex PLC
Jay Bhattacherjee, Chief Executive Officer +44 (0) 20 3198
8415
Max Williams, Chief Financial Officer
Investec Bank plc
Chris Sim +44 (0) 207 597 4000
Shore Capital
Jerry Keen
+44 (0) 20 7408 4090
Davy
Brian Garrahy +353 (0) 1 679 6363
Camarco
Billy Clegg / Gordon Poole / Tom Huddart +44 (0) 20 3757
4980
Notes to editors
Aminex PLC is a producing company which is premium listed on the
London Stock Exchange and primary-listed on the Irish Stock
Exchange. The Company's focus is its three licences in Tanzania,
where it was one of the first independent oil companies to enter
the country in 2002:
Ruvuma Production Sharing Agreement (75%) Operator
The Ruvuma acreage includes Aminex's Ntorya-1 and Ntorya-2
onshore Cretaceous gas discoveries in the Ntorya appraisal area, a
component of the Ruvuma PSA. The Company considers that the Ntorya
appraisal area has Pmean GIIP of 466 Billion Cubic Feet ('BCF'),
being a three-fold increase over the previous estimate of 153 BCF
which was audited by LR Senergy in May 2015. The Ntorya-1 well
tested at 20 MMscd with 139 bbls of associated condensate and the
Ntorya-2 well tested at an average flow rate of 17MMscd on a 40/64'
choke.
Kiliwani North Development Licence (57.4474%) Operator
The Kiliwani North Field has been independently ascribed with 28
BCF gross contingent (2C) resource and is currently in production
at 15 MMscd. Gas is sold at the well head in $US at a fixed price
and fed directly into the Tanzania's pipeline infrastructure to Dar
es Salaam.
Nyuni Area Production Sharing Agreement (93.3333%) Operator
The Nyuni Area acreage offers high impact exploration and has
been ascribed 4.2 TCF prospective resource. Drilling success in the
region based on 3D seismic has been over 90%.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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