Gas Reservoir at Ntorya-2 in Ruvuma Has Potential for Commercial Development
Oil
exploration and production company Aminex (LON:AEX) recently announced that
during the production testing on the recently drilled Ntorya 2 appraisal well,
no formation water was produced, leading the company to conclude that the area
contains a significant volume of gas.
Jay Bhattacherjee, CEO of Aminex said: “The overall results of Ntorya-2 have
substantially exceeded Aminex’s expectations and now we have the potential for
a commercial development project in the Ruvuma Basin. Ntorya-2 is currently
being suspended for future production. Further analysis of the well results is
ongoing and we will keep shareholders informed of progress.” He added:
“Despite the measures we had to take to
control the well during drilling, due to a large gas influx in the reservoir
section, the Ntorya-2 test clearly supports our belief that there is a
considerable gas basin to be exploited in our Ruvuma onshore acreage which we
are looking forward to developing.
This project should ultimately be of immense
benefit to the Tanzanian economy and is an excellent result for our patient and
supportive shareholders and all other stakeholders.
” Aminex
will now complete a full analysis of all technical data prior to applying for a
25-year development license over the Ntorya appraisal area.
Ntorya-2 was drilled in the onshore Ruvuma Basin
of southern Tanzania, on the Mtwara Licence (Aminex 75%, operator) that is
governed by the Ruvuma Production Sharing Agreement.
In an exclusive interview with TanzaniaInvest
in July 216, Bhattacherjee explained that Aminex does not have the financing needed
to develop Ruvuma and that the appraisal was needed first.
“After we have the gas volume approved, we’ll decide what to do: dive into the project with financing investors, or raise the bank finance necessary to continue”, Bhattacherjee concluded. SHARE TWEET PIN SHARE
“After we have the gas volume approved, we’ll decide what to do: dive into the project with financing investors, or raise the bank finance necessary to continue”, Bhattacherjee concluded. SHARE TWEET PIN SHARE
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