Aminex plc
("Aminex" or
"the Company")
Ntorya Appraisal Area -
Material Resource Upgrade
Aminex is pleased to report a
material increase in its estimate of gas initially in place ('GIIP') in the
Ntorya appraisal area, Tanzania. The potential of the Ntorya appraisal area, a
component of the Ruvuma PSA operated by Aminex, has been successfully tested by
two gas wells. The Company now considers that the Ntorya appraisal area
has Pmean GIIP of 466 Billion Cubic Feet ('BCF'), being a three-fold increase
over the previous estimate of 153 BCF which was audited by LR Senergy in May
2015. The upgraded resource follows the drilling and testing of the
Ntorya-2 appraisal well earlier this year which encountered a net pay zone of
31 metres and tested gas at an average flow rate of 17MMscd on a 40/64' choke.
Highlights:
·
Pmean GIIP increase to 466 BCF from 153 BCF
· P90
GIIP increase to 62 BCF from 31 BCF
· P10
GIIP increase to 1.13 TCF from 332 BCF
These management estimates
cover the Ntorya appraisal area only and do not include the potential of the
adjoining exploration acreage. The Company is currently updating its
basin model in order to optimise the likelihood of intersecting the maximum
stratigraphic reservoir sections and to target potentially liquid hydrocarbons
bearing reservoirs in future wells, including Ntorya-3.
Aminex is currently in the
process of applying for a 25-year development licence and is working directly
with the Tanzanian Government to fast-track gas production for the benefit of
the Company's shareholders and the Tanzanian national economy.
Jay Bhattacherjee, CEO of
Aminex, commented:
"A tripling of resources
in the Ntorya appraisal area is clearly excellent news for shareholders and
partners and highlights that the Ruvuma PSA is a basin that is of national
importance for Tanzania. We continue to work directly with the Government
to gear the near-term work programme to fast track production to both local
industry and ultimately into the national pipeline."
Ends