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| Going Up! |
Aminex and Solo Oil shares advance after Tanzania well
success
Aminex said drilling in the reservoir section was
associated with associated with significant gas influxes and higher than
expected pressures.
Aminex and Solo Oil shares climbed 11.9% and 10.8%
respectively to 3.12p and 0.493p each.
Craig Howie, analyst at stockbroker Shore Capital, in
a note, said the well result is an excellent outcome that de-risks the project
considerably.
“With a thick, high quality reservoir indicated, we
anticipate a material upgrade to our 3.9p/share risked net-asset value (NAV)
estimate and look forward to incorporating the final results from Ntorya-2 into
our valuation following the completion of evaluation work including well
testing in the short term,” Howie said in a note.
Elsewhere, SP Angel described it as a “solid step
forwards” and said the result should provide greater confidence in the size and
scale of the Ntorya field.
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