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Tanzania Resources Updates Area Nyuni Evaluations

Source: www.gulfoilandgas.com 7/2/2012, 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, announces results of the independent technical evaluation of Nyuni Area Licences in Tanzania.

NYUNI AREA PSA SUMMARY

Aminex commissioned a technical re-evaluation of the Nyuni Area Licence in light of the drilling results from the Nyuni-2 and Nyuni-1A re-entry in 2011 together with final reprocessed 2D seismic and courtesy seismic data from an adjoining licence. In summary, the re-evaluation of the Nyuni Area Licence has provided an estimate of mean undiscovered Gas-Initially-in-Place (GIIP) unrisked for various structural and stratigraphic plays of 5.67 TCF an increase of over 220% versus previously reported estimates.

Nyuni Prospect Area

For the Nyuni Prospect area, the results of the Nyuni-2 well downgraded the potential as originally defined pre-drill. At the Aptian/Albian reservoir level, the Nyuni-2 well did not intersect any sands and the re-entry of the Nyuni-1A well failed to confirm moveable gas in the Aptian/Albian sands, thus downgrading the potential for the Aptian/Albian in this area. In particular, the previously assessed 233 BCF of ‘contingent’ GIIP for the Aptian/Albian can no longer be supported. The post-drill evaluation has identified two smaller structural closures at Neocomian level with combined undiscovered mean GIIP of 347 BCF, thus demonstrating remaining potential at Nyuni.

Other Nyuni Area Prospects

Other structural leads on the block at Neocomian level together with the Nyuni closures contain a total undiscovered mean GIIP of 1.76 TCF unrisked. In addition, other structural closures at Aptian/Albian, Top Cretaceous and Base Eocene levels have a combined undiscovered mean GIIP unrisked of 682 BCF.

With the latest reprocessed seismic and the benefit of courtesy seismic data in the deepwater portion of the Nyuni Area Licence, the stratigraphic potential of the block has been re-evaluated with very significant potential identified in the deepwater area on the east side of the Licence. In particular, a lead identified by the operator of the adjoining East Pande Licence, has been mapped extending into the Nyuni Licence. Lead 3 has an estimated 1.3 TCF undiscovered mean GIIP unrisked, within the Nyuni Licence. Other stratigraphic leads in the transition zone areas on the shelf identified from multiple seismic criteria including amplitude anomalies at various Tertiary and Upper Cretaceous levels, have a combined undiscovered mean GIIP of 1.9 TCF unrisked. The aggregate total of all stratigraphic leads mapped in the Nyuni Area amounts to 3.2 TCF.

With this updated evaluation of the Nyuni Area Licence, Aminex is well positioned to high-grade the structural and stratigraphic potential on the block with the transition zone seismic and planned deep water 2D seismic to be acquired in 2012, leading to a new drilling campaign in 2014.

The estimate for Kiliwani North discovered mean GIIP remains at 45 BCF based on the independent technical evaluation carried out by ISIS in 2010. This discovered volume for Kiliwani North is not included in the summary numbers quoted for the Nyuni Area Licence.

Aminex Chief Executive, Stuard Detmer, commented: “This independent report has identified a total 11.4 TCF of discovered and undiscovered mean GIIP for the Aminex Tanzanian exploration properties – a 400% increase compared to the previous report. In the Nyuni Licence, while the results of the Nyuni-2 well and Nyuni-1A re-entry led to a downgrade in discovered mean GIIP, the report confirms the excellent potential of both structural and stratigraphic plays in the block by increasing total undiscovered mean GIIP by over 220% to 5.67 TCF compared with the prior period report. What is particularly exciting is the new potential identified in the deepwater sector of the Nyuni Licence where Aminex will be acquiring 2D seismic data in the coming months.”

Partners in the Nyuni Area PSA are: Ndovu Resources Limited (Aminex) 70% (Operator); RAK Gas Commission 25%; and Bounty Oil and Gas NL 5%.

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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 

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