REG - Aminex PLC - Strategy/Company/Ops Update

AminexAnnouncement

01/08/2022 07:00

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RNS Number : 3517U  Aminex PLC  01 August 2022

1 August 2022

 

Aminex plc

("Aminex" or "the Company")

Ruvuma Operations Update

Aminex is pleased to announce that operational activities on the Ruvuma PSC
continue to progress under the direction of the operator, ARA Petroleum
Tanzania Limited ("APT"):

·    APT has recently received the first batch of field seismic data and
expects to have processed and interpreted sufficient data to confirm the final
drilling location of the Chikumbi-1 ("CH-1") well before the end of August.
Field acquisition continues in order to complete the 338km2 3D seismic
programme.

·    APT continues to advance the planning and preparation of the final
programme for the CH-1 well and reports that the target spud date for the CH-1
well remains on schedule.

Aminex, with a 25% non-operated interest, is carried throughout the ongoing
work programme to a maximum gross capital expenditure of $140 million ($35
million net to Aminex) and the carry is expected to see the Company through to
the commencement of commercial gas production from the Ntorya gas-field,
currently scheduled for the end of 2024, at zero cost to the Company.

Charles Santos, Executive Chairman of Aminex commented:

"We are approaching exciting times for Aminex.  The seismic acquisition
programme is close to producing results over the core area of the Ntorya
gas-field with the delineation of the final location for the CH-1 well. We are
pleased that the target spud date for the well remains on track for November
2022.  Moreover, the 3D seismic data will refine and hopefully confirm the
exploitable gas resources of the Ntorya gas-field in which APT's revised
mapping and internal management estimates currently suggest a risked
prospective gas in place ("GIIP") of 3,024 Bcf (gross basis, mean case) within
multiple reservoir sand lobes and a prospective risked recoverable gas
resource of 1,990 Bcf (gross basis, mean case)."

 For further information:

 Aminex PLC                          +44 203 355 9909
 Charles Santos, Executive Chairman

 Davy                                +353 1 679 6363
 Brian Garrahy

 Shard Capital
 Damon Heath
                                     +44 20 7186 9952

 

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