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Market: LSE
Sector: Energy
EPIC: AEX
Latest Price: 3.78p  (-0.53% Descending)
52-week High: 8.75p
52-week Low: 2.61p
Market Cap: 30.95M
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Aminex is an oil and gas exploration, development and production company with a 19 year track-record of fulfilling projects in many areas of the world. Its shares are traded on the Full List of the London Stock Exchange.

The company’s principal focus areas are the East African coastal margin of Tanzania and the US onshore Gulf Coast of Texas and Louisiana.

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Aminex spuds Ntorya-1 well in Ruvuma Basin

23rd Dec 2011, 9:53 am by Philip Whiterow The Ruvuma Basin has become extremely active for  the oil and gas industry

Aminex (LON:AEX) has spudded the Ntorya-1 well in the Ruvuma Basin onshore in Tanzania. 

The firm added the well is located 14 kilometres south of the Likonde-1 well, drilled in 2010, which proved the presence of an active petroleum system.

Ntorya-1 will target the same high quality Basal Tertiary and Upper Cretaceous sands encountered at Likonde-1.

Aminex estimates that the Ntorya Prospect has a probability of success of around 20%, with mean recoverable resource potential of 100 million barrels of oil equivalent. 

Ntorya-1 will be drilled as a vertical well to a planned total depth of 2026m and is expected to reach the main target in around 30 days from spud. 

Aminex subsidiary Ndovu Resources owns 56.25% of the prospect and is the well operator. Tullow (LON:TLW), with 25%, and Solo Oil (LON:SOLO) 18.75% are partners in the project.

The Ruvuma Basin has become extremely active for  the oil and gas industry in recent years. 

Anadarko (NYSE:APC) of the US with partner Cove Energy (LON:COV) have drilled several successful deep water gas wells offshore in the Mozambique sector of the basin.

BG (LON:BG) and partner Ophir Energy (LON:OPHR) also made an offshore gas discovery in the Tanzanian sector this year, in a licence which adjoins Ruvuma.

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