29th Aug 2018 11:37
LONDON (Alliance News) - Aminex PLC on Wednesday said it has identified areas on two concessions in Tanzania where it can buy 3D seismic data.
The data purchase, covering parts of Kiliwani North and Nyuni Area, will allow Aminex to de-risk the sites, the company said.
Aminex said the 3D seismic programme, covering 275 square kilometres, will held identify undrained parts of Kiliwani North and take Kiliwani South to drillable status. The latter has an estimated 57 billion cubic feet of un-risked gas in place.
Looking at Kiliwani North-1, a well on which Aminex is currently working, the company has started remediation work and it will repair a faulty valve during the current quarter.
This will allow gas to flow, Aminex said, and the company will then perforate a lower and untested potentially gas-bearing section of the reservoir, hopefully in the fourth quarter of 2018.
Chief Executive Jay Bhattacherjee said: "The company believes, given the significant production surrounding Songo Songo Island and the geological properties identified in Kiliwani North, there remain significant opportunities to pursue additional development of the Kiliwani North development licence as the commercial terms are already in place."
The announcement was noted by Solo Oil PLC, which has a 7.6% stake in Kiliwani North-1.
Aminex shares were trading 3.4% lower Wednesday at 1.98 pence, while Solo shares were down 1.0% at 2.23p.
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