Friday 18 August 2017

Revealed: Aminex shares up by 10pc after estimate of gas at African site triples

Aminex specialises in exploration in Africa. Picture courtesy Aminex
Aminex specialises in exploration in Africa. Picture courtesy Aminex

Sean Duffy

Shares in Irish oil and gas exploration company Aminex are up by 10pc this morning following the news that the company has trebled the amount of gas estimated to be at a site it controls in Tanzania .

Aminex said that exploration of two wells at the Ntorya appraisal area had shown that there is around 466 billion square feet worth of gas located there. Previous estimates had put the amount at 153 billion square feet.

Aminex is currently in the process of applying for a 25-year development licence and is working with the Tanzanian government to speed up gas production.

Aminex said the estimates cover the Ntorya appraisal area only and do not include the potential of the adjoining exploration acreage.

“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,” said Aminex ceo Jay Bhattacherjee.

“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," Mr Bhattacherjee added.

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