Aminex Plc nearly triples estimate for Ntorya gas resources
Tuesday, Sep 05, 2017
Aminex is pleased to announce a further material increase in its management estimate of gas initially in place (‘GIIP’) in its Ntorya appraisal area in the onshore Ruvuma Basin of Tanzania.

The Company has upgraded its unrisked resource estimates from 466 BCF (‘billion Standard Cubic Feet’) Pmean GIIP to approximately 1.3 TCF Pmean GIIP. This update is based on ongoing technical work which includes data from the successful Ntorya-2 appraisal well and subsequent re-evaluation of existing seismic, including reprocessing of select seismic lines and detailed review of Ruvuma PSA well data.

These management estimates cover the Ntorya appraisal area only and do not include the potential of the adjoining exploration acreage. The Company is in the process of engaging an independent third party auditor to prepare an updated reserves and resource report.

Aminex is currently working with io oil & gas consultancy (a joint venture between Baker Hughes, a GE Company, and McDermott) to prepare a gas commercialisation plan which, together with submission of the Ntorya Field development plan to the Tanzania Petroleum Development Corporation, is expected to be completed in early September.

An updated presentation which details the mapping and resource numbers is available on the Company website.

Jay Bhattacherjee, CEO of Aminex, said:

“The updated modelling, mapping and corresponding resource numbers continue to confirm that the Ruvuma Basin is of significant importance to Tanzania and the Company. We continue to work directly with the Tanzania Petroleum Development Corporation to create an optimal development plan so as to begin gas production from the licence as quickly as possible.”

For more information, please visit: http://aminex-plc.com

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