Aminex announce Ntorya-1 update

Monday, April 30, 2012
  • The Caroil-6 rig has now been released from the Ntorya-1 well and will be demobilised to make way for the rigless testing equipment that has been mobilised and is due to arrive on-site in the coming weeks.

Aminex PLC, an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces the completion of drilling operations and an update on plans for testing the gas discovery made in the Ntorya-1 well in the Ruvuma Basin onshore in southern Tanzania.

The Caroil-6 rig has now been released from the Ntorya-1 well and will be demobilised to make way for the rigless testing equipment that has been mobilised and is due to arrive on-site in the coming weeks. A production string has been run in the well, and a Christmas tree installed in preparation for the planned test sequence.

On the 27th February 2012, Aminex reported that a gas discovery had been made in a 25 metre (80 foot) gross Cretaceous sandstone interval between 2,660 metres and 2,685 metres. This interval will now be tested to establish the level of production that can be obtained. Results of the testing will be announced once available.

Aminex has also commissioned new geological and seismic studies to establish the extent of the Ntorya discovery and to locate further prospects in the Ruvuma Production Sharing Agreement (PSA) where the Company plans to invite offers from potential partners to participate in the next round of exploration, commencing with the acquisition of additional seismic data later in 2012.

Participants in the Ruvuma PSA are: Ndovu Resources Ltd (Aminex) 75% (operator), Solo Oil Plc 25%.

Aminex CEO, Stuard Detmer, commented: "The Ntorya-1 well has the potential to flow gas at commercial rates and is located only about 20 kilometres from an existing gas-to-power facility at Mtwara, where further gas transport infrastructure is planned. Aminex sees tremendous potential in its acreage in the Ruvuma Basin where nearby offshore gas discoveries total over 70 tcf. Our onshore gas has a potential first mover advantage and can be produced at lower cost; advantages we plan to exploit."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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