LONDON (Alliance News) - Aminex PLC and Solo Oil PLC Thursday said that 2D seismic studies to appraise part of their Ntorya-1 discovery at the Ruvuma Licence in Tanzania have been completed and processing has started.
The oil and gas exploration and development companies said the overall project remains on budget and on time, with fully interpreted results expected during the third quarter.
The new seismic data, which was carried out by Aminex over roughly 180 kilometres, should help to delineate the Ntorya discovery and allow optimisation of its future wells.
Aminex has a 75% shareholding as operator on the site and Solo Oil holds the remaining 25%.
There is currently a regional gas pipeline being built which passes through the Ruvuma licence and should increase the value of the Ntorya discovery. Aminex said on Thursday that construction of the line remains on schedule and that a gas sales agreement for part of the Ruvuma Licence is largely complete.
"The board expects the well to begin production in early 2015, a milestone which will mark Aminex's first production in East Africa," Aminex Chief Executive Jay Bhattecherjee said in a statement ahead of the company's annual general meeting on Thursday.
Solo Oil shares were up 5.3% to 0.200 pence, while Aminex shares were up 4.6% to 0.848 pence on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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