Ntorya Gas Field Basin Model Update
Mon, 4th Sep 2017 07:00
RNS Number : 6598P
Aminex PLC
4 September 2017
Aminex plc
("Aminex" or "the Company")
Ntorya Gas Field Basin Model Update - Further Material
Resource Upgrade
Aminex is pleased to announce a further material increase
in its management estimate of gas initially in place ('GIIP') in its Ntorya
appraisal area in the onshore Ruvuma Basin of Tanzania.
The Company has upgraded its unrisked resource estimates
from 466 BCF
('billion Standard Cubic Feet') Pmean GIIP to approximately 1.3
TCF Pmean GIIP. This update is based on ongoing technical work which includes
data from the successful Ntorya-2 appraisal well and subsequent re-evaluation
of existing seismic, including reprocessing of select seismic lines and
detailed review of Ruvuma PSA well data.
These management estimates cover the Ntorya appraisal
area only and do not include the potential of the adjoining exploration
acreage. The Company is in the process of engaging an independent third
party auditor to prepare an updated reserves and resource report.
Aminex is currently working with io oil & gas
consultancy (a joint venture between Baker Hughes, a GE Company, and McDermott)
to prepare a gas commercialisation 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.
An updated presentation which details the mapping and
resource numbers is available on the Company website.
Jay Bhattacherjee, CEO of Aminex, said:
"The updated modelling, 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 licence as quickly as
possible."
Ends
Image Source: Aminex-PLC