Aminex and Solo Oil Seeking Partner for Ruvuma PSA

Source: www.gulfoilandgas.com 10/8/2012, 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 that it has engaged FirstEnergy Capital LLP (FirstEnergy) to manage a formal farm-out process for its interest in the Ruvuma Production Sharing Agreement (PSA), which is estimated to contain a total 5.75 trillion cubic feet (TCF) discovered and undiscovered Pmean Gas Initially-in-Place.

The Ruvuma PSA covers 6,079 km² on the Tanzanian border with Mozambique and is located within the Ruvuma Basin where over 100 TCF of gas has been discovered offshore in recent years. Earlier this year gas was discovered onshore in the Ruvuma PSA at the Aminex-operated Ntorya-1 well which was successfully flow tested at 20 million standard cubic feet per day and 139 barrels per day of 53 degrees API condensate on a 1” choke. The Ntorya-1 discovery has strong commercial potential and is estimated to contain 1.2 TCF discovered and undiscovered Pmean Gas Initially-In-Place. Future production from the Ntorya discovery is planned to be transported via the 36” diameter gas pipeline, which is now under construction and due to be completed in early 2014, from near Mtwara to Dar es Salaam, the largest gas market in Tanzania.

Aminex operates and holds a 75% working interest in the Ruvuma PSA. Solo Oil plc has a 25% working interest and will participate alongside Aminex in the farm-out process by way of a Vendor Collaboration Agreement. The two companies expect to farm-out jointly up to a 50% working interest in the Ruvuma PSA, for which the current work requirements include two wells to be drilled by the end of 2013. A programme to acquire additional 2D seismic over the PSA is being prepared and is expected to commence during the current quarter.

FirstEnergy is a leading international energy-focused investment bank, providing full-service energy expertise including a dedicated technical advisory group to oil and gas property acquisitions and divestitures.

Aminex CEO, Stuard Detmer, commented: “Aminex has initiated a formal farm-out for the Ruvuma PSA to manage its future capital expenditure exposure on this highly prospective block. FirstEnergy's experience and capabilities are expected to be of significant assistance to the Company in order to access a full spectrum of potential farm-in partners and to maximise the potential farm-in terms to the benefit of the Company’s shareholders.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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