TIDMAEX

RNS Number : 9456P

Aminex PLC

22 October 2021

22 October 2021

Aminex plc

("Aminex" or "the Company")

Ruvuma Operations Update

Aminex i s pleased to provide the following operational update on the Ruvuma PSA.

The Ruvuma JV has approved the 2022 work programme and budget which is designed to meet all work obligations under the terms of the licence extension previously announced on 18 August 2021, and further advance the appraisal and de-risking of the existing gas discovery on the licence.

The work programme will concentrate on shooting 3D seismic on the licence area and drilling the Chikumbi-1 well. The associated project budget for the 2022 work programme is approximately US$25 million and under the Farm-Out agreement completed with ARA Petroleum Tanzania Limited ("APT") in October 2020, Aminex is fully carried for its 25% participating share of an estimated US$6.25 million.

APT, the operator, has confirmed that mobilisation of the seismic team has commenced, and the first phase of the seismic shoot will begin on 15 November 2021. The team will then complete the second phase of the seismic shoot in Q1 2022 after the Tanzanian rainy season. The Chikumbi-1 well is expected to commence drilling in Q3 2022.

The seismic acquisition and subsequent interpretation will seek to refine and confirm the exploitable gas resources of the Ntorya field. As previously announced, through a re-interpretation of the existing 2D seismic dataset, APT's revised mapping and internal management estimates suggest a mean risked gas in place ("GIIP") for the Ntorya accumulation of 3,024 Bcf (8,236 Bcf unrisked), in multiple lobes to be tested and a mean risked recoverable gas resource of 1,990 Bcf (5,419 Bcf unrisked).

Charlie Santos, Executive Chairman of Aminex commented:

"This is another positive step in the development of the Ruvuma project, following the extension of the license and the award of the seismic acquisition contract. These developments demonstrate the professionalism and capacity of the operator and the significant progress made on the licence by the JV partners. As we enter this important phase of activity, we would like to thank APT for the significant progress made. We look forward to updating shareholders on further progress in due course."

 
 For further information: 
 Aminex PLC                            +44 20 3198 8415 
 Charles Santos, Executive Chairman 
 
 Davy                                   +353 1 679 6363 
 Brian Garrahy 
 
 Camarco                               +44 20 3781 8331 
 Billy Clegg / James Crothers 
  / Daniel Sherwen

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDVLLBLFBLLFBL

(END) Dow Jones Newswires

October 22, 2021 05:00 ET (09:00 GMT)

Aminex (LSE:AEX)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Aminex Charts.
Aminex (LSE:AEX)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Aminex Charts.