Aminex To Evaluate High Grade Leads To Drill Ready Targets In Tanzania

Aminex has said it is evaluating high grade leads in its licenses in Tanzania in a bid to add to near term cash flow according to its most recent presentation.

According to Aminex the company has already identified a new lead in Kiliwani South through re-interpretation of existing Kiliwani seismic. The company has had to deal with reducing well pressure at Kiliwani North 1 well in the license and is currently working on installing compression facilities to increase production and maximise cashflows from KN-1 hence a new well could be opportune in assisting stabilize production. This is as the Ruvuma / Kiliwani development is expected to remain the core of the company activities.

Already the company is planning to drill the Ntorya 3 well proposed to spud in H2 2018 in the Ruvuma license that will allow the company to proceed to a gas development project involving at Ntorya including Ntorya 1, 2 and 3 wells to be initiated through an early production system that should generate cash for full field development. Ntorya is estimated to have 13MMBOE (development pending) and 113MMBOE development unclarified.

Aminex adds that it is interested in lower cost operations which can attract debt financing and technical benefits in drilling and development.

Aminex is the operator in the three licenses with 75% stake in Ruvuma PSA, 57.447% in Kiliwani North Development License and 93.33% in the Nyuni PSA.