StockMarketWire.com - Aminex reports better than expected results from the Ntorya-2 appraisal well which has been successfully drilled to a depth of approximately 2,750 metres.

Aminex said that at 2,596 metres drilling depth the well encountered a gross gas bearing reservoir unit of approximately 51 metres.

It said: "Preliminary petrophysical analysis of the logging while drilling (LWD) logs indicates a porous and hydrocarbon bearing reservoir with a potential net pay of between 25 and 30 metres.

"Drilling of the reservoir section was associated with significant gas influxes and higher than expected pressures.

"The result is well ahead of the company's pre-drill expectations."

The well is currently being deepened to a total depth of approximately 2,780 metres, prior to a wireline logging programme being run, to allow for the setting of a 7-inch liner below the reservoir interval.

Detailed petrophysical analysis will be conducted on both the LWD and wireline logs.

Preparations are currently under way for a comprehensive well testing programme and the company expects to have results of the flow-testing and ongoing petrophysical analysis by late February.

Ntorya-2 also encountered traces of oil in the gross reservoir interval and the company is now evaluating the implications of this positive development through an updated basin model.

The well was spudded in the onshore Ruvuma Basin of Tanzania (Mtwara licence: Aminex 75% and operator) on 21 December in order to appraise further the Ntorya Appraisal Area.

Depending on the results of the well test, the Company intends to apply for a 25-year development licence over the Ntorya Appraisal Area.

Chief executive Jay Bhattacherjee said: "We are delighted with the progress of the Ntorya-2 appraisal well, which is ahead of our expectations.

"The reservoir is both thick and high quality.

"Aminex looks forward to providing the results of the flow-testing which will enable the joint venture to consider its options for development of the Ntorya field."




At 8:00am: [LON:AEX] Aminex PLC share price was +0.31p at 3.1p



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