Aminex Updates Ops at Ruvuma Basin

Aminex announced plans for drilling a further exploration well in the Ruvuma Basin Production Sharing Agreement area of Tanzania. The well is designated Ntorya-1 and will be drilled in the Mtwara Block, in the southern part of the Ruvuma PSA.

Partners in the well are Tullow Oil (operator-50%), Aminex (37.5%) and Solo Oil (12.5%).

In 2010 the joint venture drilled the Likonde-1 well in the Lindi Block which forms the northern part of the Ruvuma PSA. Likonde-1 reached a total depth of 3,647 meters and intersected two sandstone intervals with a combined thickness of over 250 meters (820 feet), containing evidence of residual oil and gas. Likonde-1 was terminated due to high gas influx.

Ntorya-1 well will be drilled about 14 kilometers to the south of Likonde-1, to a planned total depth of 2020 meters, targeting the same high quality Lower Tertiary reservoir sands encountered in the Likonde-1 well. Seismic interpretation places the sands at Ntorya-1 structurally up-dip relative to Likonde-1. Aminex estimates that the well has a probability of success for the discovery of hydrocarbons of approximately 20%, with a mean recoverable resource potential of 100 million barrels oil equivalent.

The Tanzanian authorities have now formally approved the drilling of Nyorya-1 and a rig has been secured. Spud date is likely to be September-October this year.

Aminex chairman Brian Hall commented, "The Ruvuma basin is a significant frontier exploration area which has witnessed important discoveries offshore in the last two years, in neighboring Mozambique and most recently with BG's discovery in a deep water license directly adjoining the Ruvuma PSA. The Ruvuma PSA covers a large, mainly onshore area which has only been lightly explored to date and we welcome the approval of the Tanzanian authorities to the Ntorya-1 location which will enable an exciting drilling program to continue."

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