AEX Aminex Plc

TIDMAEX

RNS Number : 1080N

Aminex PLC

14 May 2015

Aminex plc

("Aminex" or "the Company")

Completion of Competent Person's Report

Kiliwani North 1 and Ntorya 1 wells attributed Contingent Resources

Aminex is pleased to announce that Senergy (GB) Limited ('LR Senergy'), an independent oil and gas consultancy firm, has completed a technical evaluation on the resources of Kiliwani North Development Licence and Ruvuma PSA. The results of the report are summarised below:

Key Highlights

Kiliwani North Development Licence (58.5% Working Interest, Operated)

-- PMean Gas Initially in Place (GIIP) of 44 BCF (gross) of which 28 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)

-- Company expects to book its first categorised reserves in Tanzania upon signing of a Gas Sales Agreement and commencement of production

Ruvuma PSA (75% Working Interest, Operated)

   --     Total Pmean GIIP for discovered and undiscovered resources of 4.17 TCF (gross) 

-- Ntorya 1 Discovery attributed 153 BCF Pmean GIIP (gross) of which 70 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)

-- Four main drillable targets attributed 3 TCF PMean GIIP (gross) (Ntorya Updip, Likonde Updip, Namisange, Sudi)

-- Basin remains significantly underexplored according to international standards and it is likely that as further development occurs on the licence area additional leads will be identified and high graded to prospects

Nyuni Area PSA (70% Working Interest, Operated)

   --     Company remains focused on the deeper water potential of the licence 

-- The identified deep water leads are analogous to the numerous large discoveries to the east of the Nyuni Area licence

The Company would like to inform shareholders that an updated corporate presentation will be presented at its forthcoming AGM on May 20(th) which will incorporate the new resource numbers.

Aminex Chief Executive Jay Bhattacherjee commented:

"We are extremely pleased with the results of the report which takes us a step closer to realising the considerable potential in the Ruvuma basin and validates the recent seismic and additional detailed technical work. In addition, the classification of Ntorya 1 as Contingent Resources establishes a second potential development asset within the company. With the recently completed pipeline and new industry developing in proximity, we will now undertake an evaluation of the development options for this asset. Combined with the commencement of production at Kiliwani North, which should allow the Company to book its first Tanzania gas reserves, we are entering into a very exciting time for Aminex."

 
 
   For further information: 
 Aminex PLC                            +44 20 7291 3100 
 Jay Bhattacherjee, Chief 
  Executive Officer 
 Max Williams, Chief 
  Financial Officer 
 
 
   Corporate Brokers 
 Shore Capital Stockbrokers-Jerry 
  Keen                                 +44 20 7408 4090 
 Davy Corporate Finance-Brian 
  Garrahy                               +35 3 1679 7788 
 GMP Securities Europe 
  LLP-Rob Collins                      +44 20 7647 2816 
 
 
   Yellow Jersey PR (Financial 
   PR)                                 +44 7768 537 739 
 Dominic Barretto 
  Kelsey Traynor 
 

Glossary of Technical Terms

   BCF:                                            Billion Cubic Feet 

Best Estimate: An estimate representing the best technical assessment of

projected volumes. Often associated with a central (2C), P(50) or

Mean Value

   Contingent Resources:             Contingent Resources are those quantities of petroleum 

estimated, as of a given date, to be potentially recoverable from

known accumulations, but the applied project(s) are not yet

considered mature enough for commercial development due to one or more contingencies

   GIIP:                                        Gas Initially In Place 
   TCF:                                        Trillion Cubic Feet 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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