Aminex Estimates 278 Bcfe Offshore Tanzania

Source: www.gulfoilandgas.com 2/17/2011, Location: Africa

Aminex PLC provides the following announcement regarding its reserves in volumetric calculations in connection with its 'Nyuni' project, offshore Tanzania.

An independent assessment of the potential of the Nyuni Production Sharing Agreement (PSA), held through the Company's wholly-owned subsidiary Ndovu Resources Ltd. (Ndovu), has been carried out by Isis Petroleum Consultants. This shows the gas potential from two wells already drilled by the Company to be 278 billion cubic feet gas in place (equivalent to 46 million barrels of oil) on a P.mean basis, from the combination of two separate accumulations. These are categorised as 'contingent resources' and not as 'reserves', as only one well has been drilled on each accumulation so far.

Independently assessed 'prospective resources' at Nyuni, that is hydrocarbons independently mapped from seismic but not yet drilled, amounted to 2.548 trillion cubic feet gas ('tcf') in place (equivalent to 425 million barrels of oil) from three separate prospect areas on the licence.

'Pmean' refers to the average probability of the existence of the volumes reported. Ndovu holds a 50% interest in the Nyuni PSA, which will be increased to 65% pursuant to a farm-in agreement which will take effect once Nyuni-2, an exploration well designed to test a large prospect underlying Nyuni Island in the north east part of the concession, has been drilled. Nyuni-2 is expected to be spudded in April. The Nyuni PSA consortium holds the rights to the Nyuni area under production sharing terms with the Tanzanian petroleum Development Corporation.

Aminex chairman Brian Hall commented: 'The independently evaluated volumetrics of the Nyuni PSA alone demonstrate the upside potential for the Company of its licences on the East African coastal margin, which is enjoying a surge in exploration activity.'


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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