Aminex plc
("Aminex" or "the Company")
Appointment of io oil & gas consulting to Conduct Gas
Development Study
Aminex is pleased to report the appointment of io oil &
gas consulting, a Baker Hughes, a GE Company, and McDermott joint venture, to
prepare a gas commercialisation study to assist with the development of the
Ntorya field, part of the Company's Ruvuma PSA acreage in Tanzania. The study
is designed to identify gas monetisation options available to the Company
including potential early development facilities to supply gas to local market
and enable near term revenue generation.
The Ntorya-2 appraisal well was drilled earlier this year
and successfully tested in March 2017 at a stabilized rate of 17 million cubic
feet per day. The well was suspended for future production. Aminex's
management estimates that the Ntorya appraisal area has Pmean GIIP of 466 billion
cubic feet.
Gas from longer-term development of the field is expected to
be supplied to the Natural Gas Pipeline and in conjunction with this Aminex is
keen to implement solutions for early monetisation of Ntorya gas prior to full
field development and construction of associated infrastructure. The Company
may explore options to collaborate further in the future with io oil & gas
consulting and to leverage Baker Hughes, a GE Company, and McDermott expertise
in developing gas infrastructure in Tanzania.
The Company is 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, said:
"Working with io, which is a joint venture between GE
and McDermott lends further evidence to the importance of the Ruvuma basin to
local Tanzanian markets. The Company continues to work directly with the
Tanzanian government on the Ntorya Development licence and is expecting to
apply for this by early September."
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