NTORYA-1 DRILLING UPDATE - GAS DISCOVERY

RNS Number : 1364Y

Aminex PLC

27 February 2012

 



DISCOVERY EXTENDS THE RUVUMA BASIN GAS FAIRWAY ONSHORE

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 gas discovery at the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania. 

Further to the Company's update on 15 February 2012, which reported strong gas shows in a good quality Cretaceous reservoir sand at a depth of 2,660 metres, the open hole has now been logged from total depth of 2,750 metres across the zone of interest.  Electric logs show a gross sand interval of 25 metres between 2,660 metres and 2,685 metres with a 3 metre net gas bearing pay zone in sandstones with 20% porosity at the top and a 16.5 metre thick lower sandstone interval with further possible gas pay.  Proving the presence of reservoired hydrocarbons in Cretaceous sands in Ntorya-1 opens up the potential for additional plays in thick Mesozoic sands encountered by Aminex and partners in the Likonde-1 well just 14 kilometres north of the Ntorya-1 well. 

A 7 inch liner will now be run to total depth and the well will then be deepened by a further 250 metres to investigate a prominent seismic event at approximately 3,000 metres.  Having previously logged oil shows in the Likonde-1 well drilled in 2010, drilling to deeper targets offers the possibility of finding liquid hydrocarbons.

After the well has been deepened, Ntorya-1 will be suspended for testing at a later date.

Aminex Chief Executive, Stuard Detmer, commented:  "Following recent high-profile exploration successes in the offshore Ruvuma Basin of Tanzania and Mozambique, the Ntorya-1 well has established for the first time the presence of reservoired hydrocarbons onshore.  Given current plans to develop major gas infrastructure on the coast just 25 kilometres away, this has the potential for commercial development and opens new possibilities in the underexplored onshore regions of our Ruvuma block PSA."

Participants in the discovery and deepening of the well below 2,500 metres are:

Ndovu Resources Ltd (Aminex)                         75% (operator)

Solo Oil plc                                                           25%

For further information:

Aminex PLC                                          [phone]

Stuard Detmer - CEO

M: Communications                           

Patrick d'Ancona                                 [phone] or  [phone]

Chris McMahon                     [phone] or  [phone]

 

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