Kiliwani North Update
Wed, 29th Aug 2018 07:00
RNS Number : 0483Z
Aminex plc
("Aminex" or "the Company")
Kiliwani North Update
As previously announced, pressure at the Kiliwani North-1
well has continued to build up and the Company has commenced remediation work
on the well.
The Company initially plans to repair a faulty valve during the current quarter, which is expected to allow for gas to flow from the well and evaluate operational parameters at the reservoir and gas processing facility Pending approvals, the Company will then proceed to perforate a lower untested and potentially gas bearing section of the reservoir system which is anticipated to occur during the fourth quarter with the intent to bring the well back to full time production.
The Company initially plans to repair a faulty valve during the current quarter, which is expected to allow for gas to flow from the well and evaluate operational parameters at the reservoir and gas processing facility Pending approvals, the Company will then proceed to perforate a lower untested and potentially gas bearing section of the reservoir system which is anticipated to occur during the fourth quarter with the intent to bring the well back to full time production.
The Company has identified areas on its Kiliwani North
and Nyuni Area concessions over which it is planning to acquire up to 275 km2 of
3D seismic in order to de-risk prospects and leads. Pending approval to acquire seismic over both
concessions simultaneously, which will optimise expenditure and benefit the
data acquisition process itself, the 3D seismic programme is intended to identify
undrained compartments in the Kiliwani North structure and high-grade the
Kiliwani South prospect to drill-ready status. Kiliwani South is estimated to have 57 BCF mean un-risked GIIP, as
reviewed by RPS Energy as part of its Competent Persons Report. The
Kiliwani North Development Licence has existing gas terms, a 25-year
development licence to 2036, and any further drilling success could be produced
and monetised through the national pipeline.
Jay Bhattacherjee, Chief Executive Officer said:
"The Company believes that, given the significant
production surrounding Songo Songo Island and the geological properties
identified in Kiliwani North, there remain significant opportunities to pursue
additional development of the Kiliwani North Development Licence as the
commercial terms are already in place."
Ends