Aminex PLC Completion of Competent Person's Report (1080N)
May 14 2015 - 2:00AM
UK Regulatory
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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