Completion of Competent Person's Report

RNS Number : 1080N

Aminex PLC

14 May 2015

 

Aminex plc

("Aminex" or "the Company")

Completion of Competent Person's Report

Kiliwani North 1 and Ntorya 1 wells attributed Contingent Resources

Aminex is pleased to announce that Senergy (GB) Limited ('LR Senergy'), an independent oil and gas consultancy firm, has completed a technical evaluation on the resources of Kiliwani North Development Licence and Ruvuma PSA. The results of the report are summarised below:

Key Highlights

Kiliwani North Development Licence (58.5% Working Interest, Operated)

·     PMean Gas Initially in Place (GIIP) of 44 BCF (gross) of which 28 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)

·     Company expects to book its first categorised reserves in Tanzania upon signing of a Gas Sales Agreement and commencement of production

Ruvuma PSA (75% Working Interest, Operated)

·     Total Pmean GIIP for discovered and undiscovered resources of 4.17 TCF (gross)

·     Ntorya 1 Discovery attributed 153 BCF Pmean GIIP (gross) of which 70 BCF (gross) booked as Contingent Resources (Best Estimate, 2C)

·   Four main drillable targets attributed 3 TCF PMean GIIP (gross) (Ntorya Updip, Likonde Updip, Namisange,  Sudi)

·     Basin remains significantly underexplored according to international standards and it is likely that as further development occurs on the licence area additional leads will be identified and high graded to prospects

     Nyuni Area PSA (70% Working Interest, Operated)

·     Company remains focused on the deeper water potential of the licence

·     The identified deep water leads are analogous to the numerous large discoveries to the east of the Nyuni Area licence

The Company would like to inform shareholders that an updated corporate presentation will be presented at its forthcoming AGM on May 20^th which will incorporate the new resource numbers.

Aminex Chief Executive Jay Bhattacherjee commented:

"We are extremely pleased with the results of the report which takes us a step closer to realising the considerable potential in the Ruvuma basin and validates the recent seismic and additional detailed technical work. In addition, the classification of Ntorya 1 as Contingent Resources establishes a second potential development asset within the company. With the recently completed pipeline and new industry developing in proximity, we will now undertake an evaluation of the development options for this asset. Combined with the commencement of production at Kiliwani North, which should allow the Company to book its first Tanzania gas reserves, we are entering into a very exciting time for Aminex."

For further information:
Aminex PLC	[phone]
Jay Bhattacherjee, Chief Executive Officer
Max Williams, Chief Financial Officer
Corporate Brokers
Shore Capital Stockbrokers-Jerry Keen	[phone]
Davy Corporate Finance-Brian Garrahy	[phone]
GMP Securities Europe LLP-Rob Collins	[phone]
Yellow Jersey PR (Financial PR)	[phone]
Dominic Barretto Kelsey Traynor

Glossary of Technical Terms

BCF:                                            Billion Cubic Feet

Best Estimate:                             An estimate representing the best technical assessment of                                                                         projected volumes.  Often associated with a central (2C), P₅₀ or
                                                      Mean Value

Contingent Resources:             Contingent Resources are those quantities of petroleum                                                      estimated, as of a given date, to be potentially recoverable from
                                                    known accumulations, but the applied project(s) are not yet
                                                    considered mature enough for commercial development due to                                                     one or more contingencies  

GIIP:                                        Gas Initially In Place

TCF:                                        Trillion Cubic Feet                  

 

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