Aminex PLC Ntorya Gas Field Basin Model Update (6598P)
September 04 2017 - 2:00AM
UK Regulatory
TIDMAEX
RNS Number : 6598P
Aminex PLC
04 September 2017
4 September 2017
Aminex plc
("Aminex" or "the Company")
Ntorya Gas Field Basin Model Update - Further Material Resource
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Aminex is pleased to announce a further material increase in its
management estimate of gas initially in place ('GIIP') in its
Ntorya appraisal area in the onshore Ruvuma Basin of Tanzania.
The Company has upgraded its unrisked resource estimates from
466 BCF ('billion Standard Cubic Feet') Pmean GIIP to approximately
1.3 TCF Pmean GIIP. This update is based on ongoing technical work
which includes data from the successful Ntorya-2 appraisal well and
subsequent re-evaluation of existing seismic, including
reprocessing of select seismic lines and detailed review of Ruvuma
PSA well data.
These management estimates cover the Ntorya appraisal area only
and do not include the potential of the adjoining exploration
acreage. The Company is in the process of engaging an independent
third party auditor to prepare an updated reserves and resource
report.
Aminex is currently working with io oil & gas consultancy (a
joint venture between Baker Hughes, a GE Company, and McDermott) to
prepare a gas commercialisation plan which, together with
submission of the Ntorya Field development plan to the Tanzania
Petroleum Development Corporation, is expected to be completed in
early September.
An updated presentation which details the mapping and resource
numbers is available on the Company website.
Jay Bhattacherjee, CEO of Aminex, said:
"The updated modelling, mapping and corresponding resource
numbers continue to confirm that the Ruvuma Basin is of significant
importance to Tanzania and the Company. We continue to work
directly with the Tanzania Petroleum Development Corporation to
create an optimal development plan so as to begin gas production
from the licence as quickly as possible."
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
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 1.3 Trillion Cubic Feet ('TCF').
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 10 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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