Aminex PLC Operations Update (1630B)
January 08 2018 - 2:00AM
UK Regulatory
TIDMAEX
RNS Number : 1630B
Aminex PLC
08 January 2018
8 January 2018
Aminex plc
("Aminex" or "the Company")
Operations Update
Aminex is pleased to provide the following operations update on
its assets in Tanzania.
Ntorya-3
The Company is actively engaged with the Tanzanian authorities
and with third-party engineering firms on advanced well planning
and drilling management for the Ntorya-3 well which it is committed
to drill as soon as operationally possible. A tender process is in
progress for a rig to drill Ntorya-3 as well as for other
exploration and development drilling in the Ntorya gas field and
potentially other assets which the Company operates in Tanzania.
The anticipated spud date for Ntorya-3 will be announced once a rig
has been secured.
Kiliwani North
At Kiliwani North, the Company advises that total gross
production from the Kiliwani North-1 well in 2017 was approximately
3600 MMcf (3.6 Bcf). The well produced 95 MMcf of gas during the
month of December, without intervention and due to natural pressure
recharge, with flow at rates up to 9 MMcf/d. In order to maximise
recovery from Kiliwani North-1, the Company and Tanzania Petroleum
Development Corporation are working together on the installation of
compression facilities.
Aminex is currently reprocessing existing seismic data over the
Kiliwani North block and the adjoining Nyuni Area acreage close to
the Songo Songo Island gas processing plant with the aim of
identifying potential new drilling targets which could be brought
on stream relatively quickly to supplement gas production from the
existing Kiliwani North-1 well.
Independent Report and Development Licence
Work is well advanced on the Company's independent evaluation
report covering all its Tanzanian resources and this is on track to
be completed in early 2018. The new report will supersede and
update all previous reports on the Company's concessions in
Tanzania, based on newly acquired data and the ongoing
reinterpretation of technical data across all assets.
Positive discussions are ongoing with the Tanzanian authorities
to progress the outstanding Ntorya Development Licence application
and shareholders will be updated as significant milestones are
achieved.
Change of Office
Aminex advises that it has changed its London representative
office to Kings Buildings, 16 Smith Square, London SW1P 3JJ with
immediate effect.
Ends
For further information, please contact:
Aminex PLC
Jay Bhattacherjee, Chief Executive +44 (0) 20
Officer 3198 8415
Max Williams, Chief Financial Officer
Investec Bank plc
+44 (0) 207
Chris Sim 597 4000
Shore Capital
+44 (0) 20
Jerry Keen 7408 4090
Davy
+353 (0) 1
Brian Garrahy 679 6363
Camarco
Billy Clegg / Gordon Poole / James +44 (0) 20
Crothers 3757 4980
Notes to Editors
Aminex PLC is a low cost operator focused on the production and
development of oil and gas assets. The Company is premium listed on
the London Stock Exchange and primary-listed on the Irish Stock
Exchange.
The Company's current focus is on its three interests in
Tanzania, where it was one of the early independent oil companies
to enter the country in 2002:
-- Ruvuma Production Sharing Agreement (75%) - onshore, Operator
- The Ruvuma hydrocarbon basin is of national importance and
includes Aminex's Ntorya-1 and Ntorya-2 Cretaceous gas discoveries
in addition to a multitude of exploration opportunities. Management
estimates that the Ntorya discovery has unrisked Pmean resources in
excess of 1.3 TCF of gas initially in place.
-- Kiliwani North Development Licence (57.4474%) -
onshore/shallow water, Operator - Kiliwani North Field has produced
since April 2016 out of one well and the Company is looking to
develop further wells to put on to production at the nearby Songo
Songo Island Gas processing plant. Gas is sold at the well head in
US Dollars at a fixed price and fed directly into the Tanzania's
pipeline infrastructure to Dar es Salaam.
-- Nyuni Area Production Sharing Agreement (93.3333%) -
onshore/shallow water/deep water, Operator - Nyuni Area acreage
offers both near term development opportunities on the shallow
water portion of the licence and high impact low risk exploration
in the proven world class deep water portion of the licence.
Demand for domestic gas is strong in Tanzania, which is
currently producing in excess of 120 MMscf/d with demand expected
to grow to in excess of 850 MMscf/d.
Aminex is actively progressing the development of the Ntorya
discovery, the Kiliwani North development and its other assets with
the aim of creating a balanced full cycle asset portfolio which
includes production, development and exploration activities.
www.aminex-plc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDFMGGMVNZGRZM
(END) Dow Jones Newswires
January 08, 2018 02:00 ET (07:00 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