Corporate Update and New Website

RNS Number : 5625L

Aminex PLC

20 July 2017

 

20 July 2017

Aminex plc

 ("Aminex" or "the Company")

Corporate Update and New Website

Aminex is pleased to report that it has now received a further payment from Tanzania Petroleum Development Corporation ('TPDC') for Kiliwani gas sales. The Company continues to work with TPDC to bring arrears fully up to date. Aminex has a strong balance sheet and is a debt-free gas producer. Production from the Kiliwani North 1 well continues to average 15 MMcf/d during 2017.    

In the Ruvuma area the Company is fully engaged on its updated basin model which includes preliminary re-mapping of multiple stratigraphic fairways and updated resource numbers. A gas development plan is being prepared by io oil & gas consultancy. These, together with submission of the Ntorya Field development plan to TPDC,  are expected to be completed in early September. 

Aminex is also re-evaluating existing data over its licence interests around Songo Songo Island to identify further drilling targets which could ultimately produce additional gas into the Songo Songo Island processing plant.

The Company's new mobile-friendly website has been launched this morning and can be accessed using the following link, www.aminex-plc.com.

Ends

For further information, please contact:

Aminex PLC  

Jay Bhattacherjee, Chief Executive Officer                                 [phone]

Max Williams, Chief Financial Officer

Investec Bank plc                                                                            

Chris Sim                                                                                                    [phone]

Shore Capital 

Jerry Keen                                                                                                 [phone]

Davy 

Brian Garrahy                                                                                           [phone]

Camarco 

Billy Clegg / Gordon Poole / James Crothers                              [phone]

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 466 Billion Cubic Feet ('BCF'), being a three-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%.

 

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