Business Irish

Thursday 18 January 2018

Aminex shares up on gas estimate

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

Sean Duffy

Shares in Irish oil and gas exploration company Aminex rose 10pc yesterday 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 466bn sq ft worth of gas located there.

Previous estimates had put the amount expected at the site at 153bn sq ft.

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.

Irish Independent

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