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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...Read more
UPDATE: Aminex and Solo Oil to start Ntorya flow tests tomorrowJune 21 2012, 3:57pm
Within a matter of days investors will receive hotly anticipated news from the Ntorya onshore gas discovery in Tanzania.
In making the discovery, Aminex, and its partner Solo Oil (LON:SOLO), were rewarded for their perseverance, as the gas find followed an initially disappointing outcome - which signalled Tullow Oil's exit from the venture.
Aminex and Solo however elected to deepen the well from its original depth, and it was in this deeper hole that the discovery was made in February.
The gas discovery could not be properly examined at that time and investors have eagerly awaited further testing since then.
Ntorya is located near existing gas infrastructure which means that opportunities exist to develop the project relatively quickly, should the flow tests yield commercial rates.
It may also boost the partners planned farm-out process as both companies are looking to scale back their current interests (which increased with Tullow's exit).
This afternoon Aminex said that a 25 metres gross interval will be tested to help establish the potential level of gas production possible from the well.
It added that 3.5 metres of net pay had been perforated, and after an initial clean-up gas flowed to surface before the well was shut-in. Pressure gauges are now being installed.
Aside from the straight production numbers the tests will also provide further insight into an emerging.
Aminex has a 75 per cent stake in the Ntorya project while Solo owns the remaining 25 per cent.