LONDON (Alliance News) - Aminex PLC and Solo Oil PLC said that drilling has commenced at the Ntorya-2 appraisal well in the Ruvuma Basin, Tanzania.
Aminex holds a 75% operating interest in the well, whilst Solo has the remaining 25% non-operating interest.
The well is being drilled to an estimated total depth of 2,860 metres, and is a 1,500 metre step out from the Ntorya-1 discovery, which flow tested at 20 million cubic feet per day, with 139 barrels of associated condensate.
Initial results are expected early next year.
"We are delighted to have commenced the drilling of the Ntorya-2 appraisal well in the Ruvuma Basin. Aminex is one of the few oil and gas companies actively drilling in East Africa and this a very exciting time for the company," said Chief Executive Officer of Aminex Jay Bhattacherjee.
"We are delighted to have confirmation of the start of drilling at the Ntorya-2 appraisal well in the Ruvuma Basin. This low risk step-out from the discovery well is anticipated to provide significant encouragement for the development of the field and the results are eagerly awaited," said Solo Oil Chairman Neil Ritson in a statement.
Shares in Aminex were up 2.5% at 2.19 pence, whilst Solo Oil was down 1.1% at 0.267p Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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