06 September 2017
Aminex plc
("Aminex" or "the Company")
Submission of Ntorya Development Plan
Aminex is pleased to announce that a Development Plan for
the Ntorya field, located onshore in the Ruvuma Basin, Tanzania has been
submitted to the Tanzania Petroleum Development Corporation ('TPDC') for
approval. The Development Plan is a key step towards obtaining a
development licence and the commercialising of the resources from the Ntorya
appraisal area which sits within the Ruvuma Basin.
The Development Plan, which incorporates the findings
from io oil and gas consulting's Gas Commercialisation Study, is a
comprehensive review of the existing data and
includes the findings of recent
mapping and the upgraded unrisked resource estimates of approximately 1.3 TCF
Pmean GIIP.
The Plan takes into account several options for gas
monetisation including Compressed Natural Gas, Gas to Power and directly
connecting the gas produced from the Ntorya field to the Madimba Plant in South
Eastern Tanzania via an approximately 35 km spur line. The Company has
applied for a staged development of the field to allow for an early production
system with existing wells and a programme that drills further development
wells based on demand.
The Development Plan is now subject to review by the
Tanzanian authorities and the Company will provide an update on this and the timing
for spudding the Ntorya-3 well during Q4 2017.
Jay Bhattacherjee, CEO of Aminex, said:
"Submission of the Ntorya field Development Plan is
a major milestone for the Company as we progress towards unlocking the value
across Ntorya and Ruvuma as a whole. The Company continues to work on
further well plans in order to maximise development of the field and looks
forward to updating shareholders in Q4 on the status of the Ntorya-3
well."
Ends