StockMarketWire.com - Aminex has confirmed that the Ntorya-2 appraisal well has now been successfully tested and is being suspended for future production.

Ntorya-2 was drilled in the onshore Ruvuma Basin of southern Tanzania, on the Mtwara licence (Aminex 75%, operator) which is governed by the Ruvuma production sharing agreement.

Highlights:

- 51 metres gross reservoir section associated with significant gas influx and pressure

- Company was required to increase drilling mud weights in order to maintain well control and operate within safety parameters - higher mud weights resulted in reservoir invasion

- Company limited test flow rates with a 40/64-inch choke and the well flowed dry, high quality gas at average stable rate of 17 MMscfd (2,833 BOED)

- No formation water was produced during the test, leading the company to conclude that the Ntorya-1 and Ntorya-2 area contains a significant volume of gas in place

Chief executive Jay Bhattacherjee 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.

"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."




At 9:35am: [LON:AEX] Aminex PLC share price was -0.88p at 5.85p



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