Aminex PLC Ntorya-2 Well Drilling Result (0515W)
February 06 2017 - 1:00AM
UK Regulatory
TIDMAEX
RNS Number : 0515W
Aminex PLC
06 February 2017
Aminex plc
("Aminex" or "the Company")
NTORYA-2 WELL DRILLING RESULT
Ntorya-2 Well Result Ahead of Expectations with 25 to 30 Metre
Net Gas Column
Final Preparations for Well Test
Aminex is pleased to announce that the Ntorya-2 appraisal well
has been successfully drilled to a depth of approximately 2,750
metres. At 2,596 metres drilling depth the well encountered a gross
gas bearing reservoir unit of approximately 51 metres. Preliminary
petrophysical analysis of the Logging While Drilling (LWD) logs
indicates a porous and hydrocarbon bearing reservoir with a
potential net pay of between 25 and 30 metres. Drilling of the
reservoir section was associated with significant gas influxes and
higher than expected pressures. The result is well ahead of the
Company's pre-drill expectations.
The well is currently being deepened to a total depth of
approximately 2,780 metres, prior to a wireline logging programme
being run, to allow for the setting of a 7-inch liner below the
reservoir interval. Detailed petrophysical analysis will be
conducted on both the LWD and wireline logs. Preparations are
currently underway for a comprehensive well testing programme and
the Company expects to have results of the flow-testing and ongoing
petrophysical analysis by late February.
Ntorya-2 also encountered traces of oil in the gross reservoir
interval and the Company is now evaluating the implications of this
positive development through an updated basin model.
The well was spudded in the onshore Ruvuma Basin of Tanzania
(Mtwara Licence: Aminex 75% and operator) on 21 December 2016 in
order to appraise further the Ntorya Appraisal Area. Ntorya-1 had a
net pay of 3.5 metres and flow-tested at 20 million cubic feet per
day, with 139 barrels of associated condensate. The Ntorya field is
approximately 40 kilometres from the Madimba gas processing plant,
which receives gas into the National Gas Pipeline system.
Depending on the results of the well test, the Company intends
to apply for a 25-year development licence over the Ntorya
Appraisal Area.
Jay Bhattacherjee, CEO of Aminex said:
"We are delighted with the progress of the Ntorya-2 appraisal
well, which is ahead of our expectations. The reservoir is both
thick and high quality. Aminex looks forward to providing the
results of the flow-testing which will enable the joint venture to
consider its options for development of the Ntorya field."
Ends
For further information, please contact:
Aminex PLC
Jay Bhattacherjee, Chief Executive Officer +44 (0) 20 3198
8415
Max Williams, Chief Financial Officer
Investec Bank plc
Chris Sim +44 (0) 207 597 4000
Shore Capital
Jerry Keen
+44 (0) 20 7408 4090
Davy
Brian Garrahy +353 (0) 1 679 6363
Camarco
Billy Clegg / Gordon Poole / Tom Huddart +44 (0) 20 3757
4980
Notes to editors
Aminex PLC is a producing company which is premium listed on the
London Stock Exchange and primary-listed on the Irish Stock
Exchange. The Company's focus is its three licences in Tanzania,
where it was one of the first independent oil companies to enter
the country in 2002:
Kiliwani North Development Licence (54.575%) Operator
The Kiliwani North Field has been independently ascribed with 28
BCF gross contingent (2C) resource and is currently in production
at 15 mmcfd. Gas is sold at the well head in $US at a fixed price
and fed directly into the Tanzania's pipeline infrastructure to Dar
es Salaam.
Ruvuma Production Sharing Agreement (75%) Operator
The Ruvuma acreage includes Aminex's Ntorya-1 onshore Cretaceous
gas discovery which has been independently ascribed 70 BCF gross
contingent (2C) resource in the Ruvuma Basin. The well tested at 20
mmcfd with 139 bbls of associated condensate.
Nyuni Area Production Sharing Agreement (90%) Operator
The Nyuni Area acreage offers high impact exploration and has
been ascribed 4.2 TCF prospective resource. Drilling success in the
region based on 3D seismic has been over 90%.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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