Aminex PLC Issues its Interim Management Statement

Source: 5/16/2012, Location: Africa

Aminex PLC, 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, issues its Interim Management Statement (IMS) for the period 1 January to the date of this statement.

Ruvuma PSA

On 27 February Aminex reported a gas discovery at the Ntorya-1 well. Ntorya-1 represents the first onshore gas discovery in the Ruvuma Basin, where over 70 Tcf of recoverable gas has been discovered in the offshore portion of the basin in Tanzania and Mozambique. Two giant discoveries have recently been made within just 22 kilometres of Aminex’s Ruvuma block – Anadarko’s 20 Tcf recoverable Golfinho discovery and Ophir’s 4.6 Tcf recoverable Jodari-1 discovery. The Ntorya-1 electric logs showed a gross 25 metre (80 feet) Cretaceous sandstone interval between 2,663 and 2,688 metres and a 3 metre net gas bearing pay zone in sandstones with 20% porosity. A 7-inch liner was set at 2,745 metres to case off the pay zone.

A production string has been run in the well and a wellhead has been installed in preparation for flow testing in the coming weeks. With new pipeline infrastructure currently being planned to deliver gas from the Ruvuma area to Dar es Salaam, the Ntorya discovery clearly has the potential to be commercially viable.

An extensive seismic campaign, which will include the offshore area is planned for the Ruvuma PSA for Q4 2012 in preparation for further exploration drilling in 2013. The Company plans to invite offers from potential partners to participate in the next round of exploration. Aminex has commissioned new geological and seismic studies to establish the extent of the Ntorya discovery, identify further prospects, refine the upcoming seismic programme and establish the first resource estimates for the Ruvuma PSA.

Nyuni Area PSA

The Nyuni Area PSA, signed in October last year, comprises onshore, transition zone and deep water acreage. The deep water area in the eastern portion of the block accounts for approximately 30% of the PSA.

Ophir Energy, operator of the adjoining East Pande block, has announced that it is acquiring 3D seismic across its block including a large stratigraphic feature with multi-Tcf gas potential, identified in a published Ophir paper as Lead 3, that appears to extend from East Pande into the deep water sector of the Nyuni Block. Aminex’s own analysis of existing seismic data partially covering this feature within the Nyuni block supports this conclusion.

To investigate the full potential of the deep-water zone, Aminex initially plans to shoot 500 kilometres of 2D seismic in the deep water in the second half of 2012. An additional 350 kilometres of 2D seismic is planned to commence in the transition zone in the coming weeks. The combined transition zone and deep water seismic programmes will fulfil the seismic work required under the initial work period of the Nyuni Area PSA., This seismic will further enhance Aminex’s understanding of the geology of the licence and will be used to target future drilling, including deep water targets. A new geological and seismic study has been commissioned to identify further prospects and update resource estimates for the Nyuni Area PSA.

Kiliwani North Development Licence

As previously announced Aminex has completed the engineering design for the Kiliwani North-1 (KN-1) tie-in to the Songas Processing plant. The 6” line pipe to connect KN-1 to the processing plant is expected to be delivered by the end of June.

Efforts to secure access to infrastructure for Kiliwani North gas have been hampered by capacity restrictions to the existing processing plant and pipeline. The Government of Tanzania is finalising financing arrangements with the Chinese Exim Bank for new pipeline and processing plant infrastructure that will include additional processing and transportation capacity from Songo Songo Island.

In the meantime, Aminex has been negotiating a short-term agreement to tie-in to the existing facilities. However, despite best efforts, Aminex has not reached an agreement for tie-in on commercially acceptable terms. Aminex looks forward to resuming investment in Kiliwani North when the new processing plant and gas pipeline plans have been finalised.

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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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