Aminex PLC Appointment of io oil & gas consulting (5185K)
July 10 2017 - 1:00AM
UK Regulatory
TIDMAEX
RNS Number : 5185K
Aminex PLC
10 July 2017
10 July 2017
Aminex plc
("Aminex" or "the Company")
Appointment of io oil & gas consulting to Conduct Gas
Development Study
Aminex is pleased to report the appointment of io oil & gas
consulting, a Baker Hughes, a GE Company, and McDermott joint
venture, to prepare a gas commercialisation study to assist with
the development of the Ntorya field, part of the Company's Ruvuma
PSA acreage in Tanzania. The study is designed to identify gas
monetisation options available to the Company including potential
early development facilities to supply gas to local market and
enable near term revenue generation.
The Ntorya-2 appraisal well was drilled earlier this year and
successfully tested in March 2017 at a stabilized rate of 17
million cubic feet per day. The well was suspended for future
production. Aminex's management estimates that the Ntorya appraisal
area has Pmean GIIP of 466 billion cubic feet.
Gas from longer-term development of the field is expected to be
supplied to the Natural Gas Pipeline and in conjunction with this
Aminex is keen to implement solutions for early monetisation of
Ntorya gas prior to full field development and construction of
associated infrastructure. The Company may explore options to
collaborate further in the future with io oil & gas consulting
and to leverage Baker Hughes, a GE Company, and McDermott expertise
in developing gas infrastructure in Tanzania.
The Company is in the process of applying for a 25-year
development licence and is working directly with the Tanzanian
Government to fast-track gas production for the benefit of the
Company's shareholders and the Tanzanian national economy.
Jay Bhattacherjee, CEO of Aminex, said:
"Working with io, which is a joint venture between GE and
McDermott lends further evidence to the importance of the Ruvuma
basin to local Tanzanian markets. The Company continues to work
directly with the Tanzanian government on the Ntorya Development
licence and is expecting to apply for this by early September."
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:
Ruvuma Production Sharing Agreement (75%) Operator
The Ruvuma acreage includes Aminex's Ntorya-1 and Ntorya-2
onshore Cretaceous gas discoveries in the Ntorya appraisal area, a
component of the Ruvuma PSA. The Company considers that the Ntorya
appraisal area has Pmean GIIP of 466 Billion Cubic Feet ('BCF'),
being a three-fold increase over the previous estimate of 153 BCF
which was audited by LR Senergy in May 2015. The Ntorya-1 well
tested at 20 MMscd with 139 bbls of associated condensate and the
Ntorya-2 well tested at an average flow rate of 17MMscd on a 40/64'
choke.
Kiliwani North Development Licence (57.4474%) Operator
The Kiliwani North Field has been independently ascribed with 28
BCF gross contingent (2C) resource and is currently in production
at 15 MMscd. 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.
Nyuni Area Production Sharing Agreement (93.3333%) 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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