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Aminex says it's making significant progress in Tanzania

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by ngoshwe, Nov 16, 2011.

  1. ngoshwe

    ngoshwe JF-Expert Member

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    Nov 16, 2011
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    In this morning’s interim management statement the firm highlighted that it will spud the Ntorya exploration well in the Ruvuma basin next month.
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    Aminex (LON:AEX) today told investors that it is making significant progress in strengthening its position in the highly prospective Rufiji Delta and Ruvuma Basin regions of Tanzania.
    In this morning’s interim management statement, the firm highlighted that it will spud the Ntorya exploration well in the Ruvuma basin next month.
    Meanwhile it is continuing the development work on the Kiliwani North gas field which is moving the project towards commercialisation. Also it recently signed a production sharing agreement for the new Nyuni Area – which covers the area around Kiliwani North.
    “Aminex believes that its acreage in the Ruvuma and Nyuni PSAs are part of the same play fairway,”Aminex said.
    It added: “Through extensive seismic reprocessing in its license areas, the company believes it is now able to recognize feeder channels supplying the deep-water fan systems where BG, Anadarko and ENI have recently made world-class gas discoveries.”
    As well as the Ntorya drilling Aminex plans to carry out seismic acquisition programmes so that it can “better image and de-risk these plays.”
    The company said it is well funded to meet its commitments for drilling and seismic exploration in these core licenses.
    Aminex, as of October 31, had around $18 million in cash, cash equivalents and term deposits.
    The company also explained that it is currently conducting a thorough review of its global asset portfolio. The review will assess the group’s geographic focus and value creation. It is expected to be completed in the first quarter of next year.
    Aside from its interests in Tanzania Aminex also owns assets in North America, Egypt and the Korean Peninsula.

    Aminex says it?s making significant progress in Tanzania - Proactiveinvestors (UK)


     
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