NTORYA-1 DRILLING UPDATE

RNS Number : 6106A

Aminex PLC

02 April 2012

 



DRILLING UPDATE ON NTORYA-1 ONSHORE IN THE RUVUMA BASIN

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 the resumption of drilling at the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania. 

On February 27^th 2012, Aminex reported that a gas discovery had been made in a 25 metre gross sand interval between 2,660 metres and 2,685 metres with a 3 metre net gas bearing pay zone in sandstones having 20% porosity at the top and a 16.5 metre thick lower sandstone interval with further possible gas pay. 

A 7-inch liner has been run to total depth of 2,750 metres and drilling is proceeding at 2,845 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 reaching total depth and logging, a test programme will be carried out once the rig has been moved off location.

As previously announced, Tullow elected not to participate in the deepening of the Ntorya-1 well below 2,500 metres and a Deed of Assignment was executed amongst Aminex, Solo and Tullow.   The Government of Tanzania has now given their consent to the Assignment and Tullow's 25% working interest has now been transferred pro-rata to Aminex and Solo, bringing their interests to 75% and 25% respectively.  Aminex and Solo have committed to the first extension period of the Ruvuma PSA with an active programme of seismic acquisition planned for later in 2012. 

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

Ndovu Resources Ltd (Aminex)                         75% (operator)

Solo Oil plc                                                           25%

Having increased their respective interests in the Ruvuma PSA, Aminex and Solo have agreed to seek partners to participate in the ongoing evaluation of the PSA area, including the 676 km² offshore area of the Ruvuma PSA immediately adjacent to BG/Ophir Block 1.  BG and Ophir recently announced the 4.5 TCF Jodari-1 gas discovery in Block 1 approximately 27 kilometres from the Ruvuma block. 

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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