Last checked at 14 May 2015 07:00
Aminex plc
("Aminex" or "the Company")
Completion of Competent Person's Report
Kiliwani North 1 and Ntorya 1 wells attributed Contingent Resources
Aminex is pleased to announce that Senergy (GB) Limited ('LR Senergy'), an independent oil and gas consultancy firm, has completed a technical evaluation on the resources of Kiliwani North Development Licence and Ruvuma PSA. The results of the report are summarised below:
Key Highlights
Kiliwani North Development Licence (58.5% Working Interest, Operated)
· PMean Gas Initially in Place (GIIP) of 44 BCF (gross) of which 28 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)
· Company expects to book its first categorised reserves in Tanzania upon signing of a Gas Sales Agreement and commencement of production
Ruvuma PSA (75% Working Interest, Operated)
· Total Pmean GIIP for discovered and undiscovered resources of 4.17 TCF (gross)
· Ntorya 1 Discovery attributed 153 BCF Pmean GIIP (gross) of which 70 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)
· Four main drillable targets attributed 3 TCF PMean GIIP (gross) (Ntorya Updip, Likonde Updip, Namisange, Sudi)
· Basin remains significantly underexplored according to international standards and it is likely that as further development occurs on the licence area additional leads will be identified and high graded to prospects
Nyuni Area PSA (70% Working Interest, Operated)
· Company remains focused on the deeper water potential of the licence
· The identified deep water leads are analogous to the numerous large discoveries to the east of the Nyuni Area licence
The Company would like to inform shareholders that an updated corporate presentation will be presented at its forthcoming AGM on May 20th which will incorporate the new resource numbers.
Aminex Chief Executive Jay Bhattacherjee commented:
"We are extremely pleased with the results of the report which takes us a step closer to realising the considerable potential in the Ruvuma basin and validates the recent seismic and additional detailed technical work. In addition, the classification of Ntorya 1 as Contingent Resources establishes a second potential development asset within the company. With the recently completed pipeline and new industry developing in proximity, we will now undertake an evaluation of the development options for this asset. Combined with the commencement of production at Kiliwani North, which should allow the Company to book its first Tanzania gas reserves, we are entering into a very exciting time for Aminex."
For further information:
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Aminex PLC | +44 20 7291 3100 |
Jay Bhattacherjee, Chief Executive Officer |
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Max Williams, Chief Financial Officer |
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Corporate Brokers |
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Shore Capital Stockbrokers-Jerry Keen | +44 20 7408 4090 |
Davy Corporate Finance-Brian Garrahy | +35 3 1679 7788 |
GMP Securities Europe LLP-Rob Collins | +44 20 7647 2816 |
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Yellow Jersey PR (Financial PR) |
+44 7768 537 739 |
Dominic Barretto Kelsey Traynor |
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Glossary of Technical Terms
BCF: Billion Cubic Feet
Best Estimate: An estimate representing the best technical assessment of projected volumes. Often associated with a central (2C), P50 or Mean Value
Contingent Resources: Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies
GIIP: Gas Initially In Place
TCF: Trillion Cubic Feet