Aminex PLC Kiliwani North well reaches 30 mmcf per day (0669D)
July 04 2016 - 2:00AM
UK Regulatory
TIDMAEX
RNS Number : 0669D
Aminex PLC
04 July 2016
Aminex plc
("Aminex" or "the Company")
Kiliwani North well reaches 30 mmcf per day during
commissioning
Aminex PLC (LSE: AEX), is pleased to announce that over the
weekend, gas production from the Kiliwani North-1 well in Tanzania
reached 30 mmcf per day (approximately 5,000 barrels of oil
equivalent per day) with stable pressure recordings at that rate.
The commissioning process is expected to be concluded with the
testing of the well to determine optimal rates which the Company
believes will be around 30 mmcf per day based on previous well-test
data. Aminex has 54.575% of the Kiliwani North Development Licence.
Aminex is the sole producer into the new Songo Songo Island Gas
Processing plant and anticipates that post well testing that the
plant will continue to require in excess of 23 mmcf per day to
operate.
The gas produced will be paid for under the terms of the Gas
Sales Agreement signed with the sole buyer, Tanzania Petroleum
Development Corporation ("TPDC"). Aminex will receive US$3.00 per
mmbtu (approximately US$3.07 per mcf).
Jay Bhattacherjee, CEO commented:
"The commissioning of the production well at Kiliwani North is
proceeding as expected, with production reaching 30mmcf per day at
the weekend. Commissioning of the well, pipeline and associated
plant are going well and TPDC advises that the process will be
concluded by the end of the month, after which we plan to test the
well to determine optimal flow rates."
Ends
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, Brian Garrahy +353 1 679 6363
Camarco +44 20 3757 4980
Billy Clegg
Gordon Poole
Notes to editors
Aminex PLC is a gas and oil production, development and
exploration company which is premium listed on the London Stock
Exchange and primary-listed on the Irish Stock Exchange. Aminex is
run by an established management team which is aligned with
shareholders through its 11.5% equity stake. 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 will produce dry clean gas
under high natural pressure (1,600 psi) from the high quality
Neocomian late Cretaceous reservoir. The Kiliwani North -1 well
tested at 40 mmcfd. The gas will be sold at the well head in $US at
a fixed price and fed directly into the Tanzania's new pipeline
infrastructure to Dar es Salaam. As operator, Aminex has control of
the production ramp up, work programme and quantity and timing of
future capital expenditure.
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. Aminex is currently appraising the discovery as well as
continuing exploration activity on the licenced area in the
prospective Ruvuma Basin.
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
DRLSSAFUDFMSEEW
(END) Dow Jones Newswires
July 04, 2016 02:00 ET (06:00 GMT)
Aminex (LSE:AEX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aminex (LSE:AEX)
Historical Stock Chart
From Apr 2023 to Apr 2024