Aminex PLC Kiliwani North Operations Update (5899V)
06 November 2017 - 6:00PM
UK Regulatory
TIDMAEX
RNS Number : 5899V
Aminex PLC
06 November 2017
6 November 2017
Aminex plc
("Aminex" or "the Company")
Kiliwani North Operations Update
Production from the Kiliwani North-1 well is currently
fluctuating below 1 million standard cubic feet per day due to low
reservoir pressure and inlet pressure restrictions of the gas
processing plant. A review of the existing technical data leads the
Company to conclude that Kiliwani North-1 is currently draining a
compartment within the greater Kiliwani North structure and is
exhibiting slow recharge across faults or via tortuous
pathways.
The Company is in advanced discussions with the Tanzania
Petroleum Development Corporation ('TPDC') to lower inlet pressure
at the gas processing plant and for the installation of compression
facilities so as to boost production rates. Suitable compressors
are currently being sourced. As previously advised to shareholders
in the 2017 Half Year Report, there may eventually be an adjustment
to the carrying value of the Kiliwani North asset, which the
Company does not at present expect to be material. Following
drilling of the successful Ntorya-2 appraisal well earlier this
year in the Ntorya gas field, which management estimates has a
Pmean gas initially in place of 1.3 TCF, the Company has
commissioned a new independent report on all its Tanzanian
resources which is due to be completed in early 2018.
Information contained within this announcement is deemed by the
Company to constitute inside information for the purposes of the EU
Market Abuse Regulation No. 596/2014.
Aminex is debt-free and its cash balances are in line with the
figures reported in the 2017 half year report with ongoing
operations supported by gas sales revenues, due and being settled
on a monthly basis.
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 / James Crothers +44 (0) 20 3757
4980
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDOKPDNCBDDBDK
(END) Dow Jones Newswires
November 06, 2017 02:00 ET (07:00 GMT)
Aminex (LSE:AEX)
Historical Stock Chart
From Apr 2024 to May 2024
Aminex (LSE:AEX)
Historical Stock Chart
From May 2023 to May 2024