Oil exploration and production company Aminex (LON:AEX) reported on 24th April 2017 a material increase in its estimate of gas initially in place (GIIP) in the Ntorya appraisal area in Tanzania.
The Company now 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 that was audited by LR Senergy in May 2015.
P90 GIIP increased to 62 BCF from 31 BCF and P10 GIIP increased to 1.13 TCF from 332 BCF.
The company stresses that the estimates cover the Ntorya appraisal area only and do not include the potential of the adjoining exploration acreage.
Jay Bhattacherjee, CEO of Aminex, commented: “A tripling of resources in the Ntorya appraisal area is clearly excellent news for shareholders and partners and highlights that the Ruvuma PSA is a basin that is of national importance for Tanzania. We continue to work directly with the Government to gear the near-term work program to fast track production to both local industries and ultimately into the national pipeline.”
Aminex focus is its three licenses in Tanzania, where it was one of the first independent oil companies to enter in 2002:
-Ruvuma Production Sharing Agreement (75%) Operator
-Kiliwani North Development Licence (57.4474%) Operator
-Nyuni Area Production Sharing Agreement (93.3333%) Operator
The company is currently in the process of applying for a 25-year development license and is working directly with the Tanzanian Government to fast-track gas production for the benefit of the Company’s shareholders and the Tanzanian national economy.