Aminex Plc

Aminex Plc (London: AEX.L) has retained FirstEnergy Capital LLP to farm out a portion of its interest in the Ruvuma production sharing agreement (PSA) on the Tanzanian border with Mozambique.

The Ruvuma production sharing agreement covers 6,079 square kilometers within the Ruvuma Basin where over 100 trillion cubic feet of gas has been discovered offshore in recent years. Earlier this year, gas was discovered onshore within the Ruvuma PSA and the Aminex-operated Ntorya-1 well was successfully flow tested at 20 million cubic feet per day of natural gas and 139 barrels per day of 53-degree API condensate. The agreement is estimated to contain 5.75 trillion cubic feet of gas initially in place.

The Ntorya-1 discovery has strong commercial potential and is estimated to contain 1.2 trillion cubic feet discovered and undiscovered Pmean natural gas. Future production from the Ntorya discovery is planned to be transported via the 36” diameter gas pipeline, which is now under construction and due to be completed in early 2014, from near Mtwara to Dar es Salaam, the largest gas market in Tanzania.

Aminex operates and holds a 75% working interest in the Ruvuma PSA. Solo Oil Plc has a 25% working interest and will participate alongside Aminex in the farm-out process. The two companies expect to farm-out jointly up to a 50% working interest in the Ruvuma PSA, for which the current work requirements include two wells to be drilled by the end of 2013. A program to acquire additional 2D seismic over the PSA is being prepared and is expected to commence during the current quarter.

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