StockMarketWire.com - Aminex has confirmed a tripling of resources in the Ntorya appraisal area in Tanzania.

It said the potential of the Ntorya appraisal area, a component of the Ruvuma PSA operated by Aminex, had been successfully tested by two gas wells.

The company now considered that the area had Pmean GIIP of 466 bn cubic feet, being a three-fold increase over the previous estimate of 153 BCF which was audited by LR Senergy in May 2015.

It said the upgraded resource followed the drilling and testing of the Ntorya-2 appraisal well earlier this year which encountered a net pay zone of 31 metres and tested gas at an average flow rate of 17MMscd on a 40/64' choke.

Chief executive Jay Bhattacherjee said: "A tripling of resources in the Ntorya appraisal area is clearly excellent news for shareholders and partners and highlights that the Ruvuma PSA is a basin that is of national importance for Tanzania.

"We continue to work directly with the Government to gear the near-term work programme to fast track production to both local industry and ultimately into the national pipeline."






At 8:41am: [LON:AEX] Aminex PLC share price was +1.18p at 6.13p



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