Tuesday, February 28, 2012

Aminex reveals new gas find in Tanzania

StockMarketWire.com - Aminex has revealed a gas discovery at the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania. 

Aminex said that further to its update on 15 February, which reported strong gas shows in a good quality Cretaceous reservoir sand at a depth of 2,660 metres, the open hole has now been logged from total depth of 2,750 metres across the zone of interest. 

Electric logs show a gross sand interval of 25 metres between 2,660 metres and 2,685 metres with a three-metre net gas bearing pay zone in sandstones with 20% porosity at the top and a 16.5 metre thick lower sandstone interval with further possible gas pay. 

Proving the presence of reservoired hydrocarbons in Cretaceous sands in Ntorya-1 opens up the potential for additional plays in thick Mesozoic sands encountered by Aminex and partners in the Likonde-1 well just 14 kilometres north of the Ntorya-1 well. 

A 7-inch liner will now be run to total depth and the well will then be deepened by a further 250 metres to investigate a prominent seismic event at approximately 3,000 metres. 

Having previously logged oil shows in the Likonde-1 well drilled in 2010, drilling to deeper targets offers the possibility of finding liquid hydrocarbons.

After the well has been deepened, Ntorya-1 will be suspended for testing at a later date.

At 8:08am: (LON:AEX) Aminex share price was +0.58p at 6.18p

Story provided by StockMarketWire.com

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