Aminex PLC Submission of Ntorya Development Plan (9026P)
September 06 2017 - 2:00AM
UK Regulatory
TIDMAEX
RNS Number : 9026P
Aminex PLC
06 September 2017
06 September 2017
Aminex plc
("Aminex" or "the Company")
Submission of Ntorya Development Plan
Aminex is pleased to announce that a Development Plan for the
Ntorya field, located onshore in the Ruvuma Basin, Tanzania has
been submitted to the Tanzania Petroleum Development Corporation
('TPDC') for approval. The Development Plan is a key step towards
obtaining a development licence and the commercialising of the
resources from the Ntorya appraisal area which sits within the
Ruvuma Basin.
The Development Plan, which incorporates the findings from io
oil and gas consulting's Gas Commercialisation Study, is a
comprehensive review of the existing data and includes the findings
of recent mapping and the upgraded unrisked resource estimates of
approximately 1.3 TCF Pmean GIIP.
The Plan takes into account several options for gas monetisation
including Compressed Natural Gas, Gas to Power and directly
connecting the gas produced from the Ntorya field to the Madimba
Plant in South Eastern Tanzania via an approximately 35 km spur
line. The Company has applied for a staged development of the field
to allow for an early production system with existing wells and a
programme that drills further development wells based on
demand.
The Development Plan is now subject to review by the Tanzanian
authorities and the Company will provide an update on this and the
timing for spudding the Ntorya-3 well during Q4 2017.
Jay Bhattacherjee, CEO of Aminex, said:
"Submission of the Ntorya field Development Plan is a major
milestone for the Company as we progress towards unlocking the
value across Ntorya and Ruvuma as a whole. The Company continues to
work on further well plans in order to maximise development of the
field and looks forward to updating shareholders in Q4 on the
status of the Ntorya-3 well."
Ends
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 / James Crothers +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 1,344 Trillion Cubic Feet ('TCF'),
being a nine-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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