Last checked at 1 Aug 2016 07:00
1 August 2016
Aminex plc
("Aminex" or "the Company")
Mtwara licence extension and Ntorya-2 Appraisal Well Update
Aminex PLC, an independent oil and gas production and development company premium-listed on the London Stock Exchange and primary-listed on the Irish Stock Exchange with operations in Tanzania, is pleased to announce that the Mtwara Licence, of the Ruvuma Production Sharing Agreement ('Ruvuma PSA'), which was due to expire in December 2016, has received formal Ministerial approval and signature for an extension of one year until December 2017.
The Mtwara Licence includes the Ntorya Appraisal Area where the Company has an existing discovery well, which tested at 20 mmcf per day with 139 bbls of associated condensate.
Within the licence, civil work for the Ntorya-2 appraisal well has commenced and it is expected that the well pad will be completed within 10 weeks.
The Company has a 75% working interest and is the operator of this well which is positioned approximately 1500m South West of the Ntorya-1 discovery well. The well will satisfy the Company's appraisal drilling obligation after which the Company intends to apply for a 25-year development licence subject to its success.
London Address Change
Aminex also advices shareholders that it has changed its London representative office and the new address is 60 Sloane Avenue, London, SW3 3DD with immediate effect.
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%.