Last checked at 4 Jul 2016 07:00
Aminex plc
("Aminex" or "the Company")
Kiliwani North well reaches 30 mmcf per day during commissioning
Aminex PLC (LSE: AEX), is pleased to announce that over the weekend, gas production from the Kiliwani North-1 well in Tanzania reached 30 mmcf per day (approximately 5,000 barrels of oil equivalent per day) with stable pressure recordings at that rate. The commissioning process is expected to be concluded with the testing of the well to determine optimal rates which the Company believes will be around 30 mmcf per day based on previous well-test data. Aminex has 54.575% of the Kiliwani North Development Licence. Aminex is the sole producer into the new Songo Songo Island Gas Processing plant and anticipates that post well testing that the plant will continue to require in excess of 23 mmcf per day to operate.
The gas produced will be paid for under the terms of the Gas Sales Agreement signed with the sole buyer, Tanzania Petroleum Development Corporation ("TPDC"). Aminex will receive US$3.00 per mmbtu (approximately US$3.07 per mcf).
Jay Bhattacherjee, CEO commented:
"The commissioning of the production well at Kiliwani North is proceeding as expected, with production reaching 30mmcf per day at the weekend. Commissioning of the well, pipeline and associated plant are going well and TPDC advises that the process will be concluded by the end of the month, after which we plan to test the well to determine optimal flow rates."
Ends
For further information:
| |
Aminex PLC | +44 20 7291 3100 |
Jay Bhattacherjee, Chief Executive Officer | |
Max Williams, Chief Financial Officer | |
Corporate Brokers | |
Shore Capital Stockbrokers, Jerry Keen | +44 20 7408 4090 |
Davy, Brian Garrahy | +353 1 679 6363 |
Camarco |
+44 20 3757 4980 |
Billy Clegg Gordon Poole |
Notes to editors
Aminex PLC is a gas and oil production, development and exploration company which is premium listed on the London Stock Exchange and primary-listed on the Irish Stock Exchange. Aminex is run by an established management team which is aligned with shareholders through its 11.5% equity stake. 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:
Kiliwani North Development Licence (54.575%) Operator
The Kiliwani North Field has been independently ascribed with 28 BCF gross contingent (2C) resource and will produce dry clean gas under high natural pressure (1,600 psi) from the high quality Neocomian late Cretaceous reservoir. The Kiliwani North -1 well tested at 40 mmcfd. The gas will be sold at the well head in $US at a fixed price and fed directly into the Tanzania's new pipeline infrastructure to Dar es Salaam. As operator, Aminex has control of the production ramp up, work programme and quantity and timing of future capital expenditure.
Ruvuma Production Sharing Agreement (75%) Operator
The Ruvuma acreage includes Aminex's Ntorya-1 onshore Cretaceous gas discovery which has been independently ascribed 70 BCF gross contingent (2C) resource in the Ruvuma Basin. The well tested at 20 mmcfd. Aminex is currently appraising the discovery as well as continuing exploration activity on the licenced area in the prospective Ruvuma Basin.
Nyuni Area Production Sharing Agreement (90%) 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%.