AEX Aminex Plc

TIDMAEX

RNS Number : 5141S

Aminex PLC

21 December 2016

Aminex plc

("Aminex" or "the Company")

Spudding of Ntorya-2

Aminex is pleased to announce that it has commenced drilling the Ntorya 2 appraisal well in the Ruvuma Basin, Tanzania.

The well is being drilled to an estimated total depth of 2860 metres and is targeting the same channel complex as Ntorya 1 but further updip of the reservoir. The well location is a 1,500-metre step-out from the Company's Ntorya 1 discovery which flow-tested gas at 20 mmcf/d, with 139 barrels of associated condensate, from a 3.5-metre sand interval.

The Company has a 75% operating interest in the well and initial results are expected early next year.

Jay Bhattacherjee, CEO of Aminex said:

"We are delighted to have commenced the drilling of the Ntorya 2 appraisal well in the Ruvuma Basin. Aminex is one of the few oil and gas companies actively drilling in East Africa and this a very exciting time for the Company."

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. 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

DRLTBBITMBITBBF

(END) Dow Jones Newswires

December 21, 2016 10:00 ET (15:00 GMT)

Aminex (LSE:AEX)
Historical Stock Chart
From Aug 2024 to Sep 2024

Aminex (LSE:AEX)
Historical Stock Chart
From Sep 2023 to Sep 2024