NTORYA-1 DRILLING UPDATE

RNS Number : 2736W

Aminex PLC

27 January 2012

 



NTORYA-1 DRILLING UPDATE

Aminex PLC ('Aminex' or the 'Company'), an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces a further update on drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania. 

The well was spudded on the 22 December 2011 and has been drilled to 1,535 metres where an intermediate casing string has been set.  The well is now drilling ahead towards the target interval of approximately 1,800 to 1,900 metres depth. Ntorya-1 is expected to reach total depth around the end of January.

The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north.  Aminex estimates that the Ntorya Prospect has a probability of success of around 20%, with mean recoverable resource potential of 100 million barrels of oil equivalent.

Partners in the well are:

Ndovu Resources Ltd (Aminex)                         56.25% (operator)

Tullow Tanzania B.V.                                          25%

Solo Oil plc                                                          18.75%

For further information:

Aminex PLC                                          [phone]

Stuard Detmer - CEO

M: Communications                           

Patrick d'Ancona                                 [phone] or  [phone]

Chris McMahon                     [phone] or  [phone]

 

END

 

 

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