Aminex (LON: AEX) has announced a further material
increase in its estimates of gas initially in place (‘GIIP’) in its Ntorya
appraisal area in the onshore Ruvuma Basin of Tanzania.
The Africa-focused oil and gas exploration and production
company has upgraded its unrisked resource estimates to approximately 1.3
trillion cubic feet (TCF) Pmean GIIP.
Already in April 2017, Aminex announced a material
increase in its estimates of GIIP in Ntorya from 153 to 466 billion cubic feet
(BCF).
The new estimates cover the Ntorya appraisal area only
and do not include the potential of the adjoining exploration acreage.
The company indicated that it is in the process of
engaging an independent third party auditor to prepare an updated reserves and
resource report.
Jay Bhattacherjee, CEO of Aminex, commented: “The updated
modeling, mapping, and corresponding resource numbers continue to confirm that
the Ruvuma Basin is of significant importance to Tanzania and the Company. We
continue to work directly with the Tanzania Petroleum Development Corporation
to create an optimal development plan so as to begin gas production from the
license as quickly as possible.”
Aminex is currently preparing a gas commercialization
plan which, together with submission of the Ntorya Field development plan to
the Tanzania Petroleum Development Corporation, is expected to be completed in
early September 2017.
Source: Tanzania Invest